Excluding an array of one-time or unusual items that aren’t related to the company’s core operations, PG&E earned $2.63 billion in 2023, an increase of 12.2% compared to the prior y…
OAKLAND — PG&E’s profits soared higher in 2023, buoyed by surging electricity and natural gas revenues.
“TURN believes it is unacceptable for PG&E shareholders to pocket billions in profits at the expense of its customers who have seen bills skyrocket by 33% last year alone,” said Mark Toney, the group’s executive director. The state Public Utilities Commission responded that it is doing its job to supervise PG&E’s operations, including the utility’s requests for additional revenue from its customers.
That combined bill was 22.3% higher than the average monthly charges that went into effect at the start of January 2023 when combined bills were $240.73 for the typical residential customer. Both electricity and gas revenue in 2023 hopped at a pace that greatly exceeded the Bay Area inflation rate, as measured by the consumer price index, over the same 12 months. In 2023, Bay Area consumer prices rose 2.6%.