{"id":2172,"date":"2020-01-02T10:30:26","date_gmt":"2020-01-02T17:30:26","guid":{"rendered":"https:\/\/sandiegonewsdesk.com\/?p=2172"},"modified":"2020-01-02T14:07:22","modified_gmt":"2020-01-02T21:07:22","slug":"pge-prevented-from-increasing-profits-following-catastrophic-failures-in-2019","status":"publish","type":"post","link":"https:\/\/sandiegonewsdesk.com\/?p=2172","title":{"rendered":"PG&E Prevented from Increasing Profits Following Catastrophic Failures in 2019"},"content":{"rendered":"

Pacific Gas & Electric (PG&E) took another big loss near the end of 2o19. As per usual, they\u2019ve brought it upon themselves.<\/span><\/p>\n

Recently, the California Public Utilities Commission (CPUC) unanimously ruled that profit margins for major electric companies will remain the same as the state\u2019s other primary utilities, denying PG&E the higher shareholder returns they sought. The energy giant claimed that higher profits were essential to continue attracting investment capital to fund their operations, especially due to the wildfire liabilities that cost them billions and prompted their decision to file for bankruptcy.<\/span><\/p>\n

They\u2019re correct on one account: investors won\u2019t be eager to fund their operations. PG&E has more than proven their incompetence on many levels, most notably their faulty infrastructure being the cause of last year\u2019s most devastating wildfires.<\/span><\/p>\n

<\/p>\n

However, their attempts to use their own failures to receive more profit didn\u2019t fly with the commission. The CPUC pointed out that Assembly Bill 1054 potentially gave utility companies access to billions of dollars in aid to pay for fire damage ignited by equipment. That, coupled with investor-supportive policies already in play, were already helping mitigate California\u2019s utilities.<\/span><\/p>\n

Thanks to the actions of CPUC, profit margins for PG&E will stay at 10.25% for the coming year. For customers, this results in an additional 10 cent charge for the company\u2019s shareholders.<\/span><\/p>\n

Though it\u2019s not the change that some groups were hoping for, it’s certainly better than the dramatically higher profits asked by the monopoly energy utility earlier last year\u2014which would have resulted in monthly electric bill hikes of $7.85 for consumers.<\/span><\/p>\n

Suffice it to say that the same profit margins as last year is anything but a win for the suffering energy company, but we can\u2019t feel too sorry for their loss. It\u2019s their own failures that got them where they are.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Pacific Gas & Electric (PG&E) took another big loss near the end of 2o19. As per usual, they\u2019ve brought it upon themselves. Recently, the California Public Utilities Commission (CPUC) unanimously ruled that profit margins for major electric companies will remain the same as the state\u2019s other primary utilities, denying PG&E the higher shareholder returns they…<\/p>\n","protected":false},"author":3,"featured_media":1840,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-2172","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics"],"yoast_head":"\nPG&E Prevented from Increasing Profits Following Catastrophic Failures in 2019 - San Diego News Desk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sandiegonewsdesk.com\/?p=2172\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PG&E Prevented from Increasing Profits Following Catastrophic Failures in 2019 - San Diego News Desk\" \/>\n<meta property=\"og:description\" content=\"Pacific Gas & Electric (PG&E) took another big loss near the end of 2o19. 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