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Share Name | Share Symbol | Market | Type |
---|---|---|---|
PG&E Corporation | NYSE:PCG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.01 | 0.06% | 18.03 | 18.21 | 18.00 | 18.13 | 10,979,021 | 01:00:00 |
PG&E Offers Customers Many Ways to Manage Energy Use, Bills
CPUC-approved Rate Changes Take Effect January 1, 2024
OAKLAND, Calif., Nov. 16, 2023 /PRNewswire/ -- Pacific Gas and Electric Company (PG&E) energy rates will change on January 1, 2024, to pay for continued critical safety investments for its customers and hometowns. The California Public Utilities Commission (CPUC) today approved PG&E's 2023-2026 General Rate Case (GRC). More than 85% of PG&E's proposed increase, originally submitted in June 2021, was to reduce risk in PG&E's gas and electric operations.
As part of the GRC, the CPUC approved placing 1,230 miles of powerlines underground in PG&E's highest fire-risk areas. Undergrounding is permanent risk reduction that eliminates nearly 98% of risk of wildfire ignition from electrical equipment, increases electric reliability by reducing the need for safety-related power shutoffs, and saves customers billions of dollars in reduced annual tree trimming and overhead line maintenance costs.
"We are committed to being the safe operator that the people of California expect and deserve. We appreciate the Commission for recognizing the important safety and reliability investments we are making on behalf of our customers, including undergrounding powerlines to permanently reduce wildfire risk. Undergrounding is the best tool in the highest fire-risk areas to protect our customers and hometowns and improve reliability year-round at the lowest cost to our customers," said PG&E Corporation CEO Patti Poppe.
The GRC funds these key safety and reliability investments for the benefit of customers:
Ways PG&E Helps Customers Manage Energy Use and Costs
PG&E offers no- and low-cost actions to help customers reduce energy use and better manage monthly energy bills, and financial assistance programs for income-eligible customers.
Customer Bill Impacts
Customer bills may vary based on where they live, energy usage, rate plan, program enrollment, weather in their region, and other factors.
The GRC will increase typical residential non-CARE monthly combined gas and electric bills by an average of 3.6% over three years. It will increase monthly bills by approximately 12.8% in 2024, and have a net decrease in the following years, 2025 and 2026. For example, the typical bill will increase by approximately $32.50 in 2024, $4.50 in 2025, and decrease by almost $8.00 in 2026.
For the typical residential CARE customer, the monthly combined bill would increase by an average of 3.8% over three years. Typical bills will increase by about $21.50 in 2024, $3 in 2025, and decrease by about $5.50 in 2026.
Non-CARE | 2024 | 2025 | 2026 | Annual |
Annual incremental change | $32.50 | $4.50 | $(8) | |
% Annual Change | 12.8 % | 1.6 % | -2.8 % | 3.6 % |
CARE | ||||
Annual incremental change | $21.50 | $3 | $(5.50) | |
% Annual Change | 13.1 % | 1.6 % | -2.8 % | 3.8 % |
In addition to the GRC, PG&E will implement additional rate changes as part of an annual process called the "true-up" which consolidates rate changes authorized by the CPUC. These amounts will be final at the end of December.
Rates take effect January 1, 2024, however, customers may not see the change in their bill until February depending on their billing cycle.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit www.pge.com/ and http://www.pge.com/about/newsroom/.
1 Based on the methodology established by the CPUC in the Safety Model Assessment Proceeding and implemented by PG&E, accordingly.
View original content to download multimedia:https://www.prnewswire.com/news-releases/pges-general-rate-case-will-fund-permanent-wildfire-risk-reduction-critical-gas-and-electric-safety-and-reliability-investments-and-electric-capacity-upgrades-to-support-new-business-connections-and-californias-bold-clean-ene-301991387.html
SOURCE Pacific Gas and Electric Company
Copyright 2023 PR Newswire
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