SAN FRANCISCO – The California Public Utilities Commission, or CPUC, today rubber-stamped Pacific Gas & Electric’s plan to dump onto its captive customers the $1 billion cost of moving its headquarters.
The utility is likely to raise rates to recover the massive expense.
PG&E moved its main office last year from San Francisco to Oakland. The five CPUC members voted unanimously to allow the investor-owned utility to recover its costs – “$927 million in capital investment, $66 million in financing costs, and $86.039 million in operating expenses incurred through July 2023 associated with moving its headquarters,” according to the commission (page 18).
It’s the latest in a long line of CPUC decisions approving the reviled utility’s plans, which appear focused more on boosting profits and gouging ratepayers than on providing reliable, clean energy.
Given that the company reported soaring profits earlier this year, Californians already facing sky-high electricity bills may wonder why they’re stuck footing the bill for PG&E’s sparkling new corporate office building.
“There isn’t a dime’s worth of daylight between the CPUC and PG&E when it comes to squeezing every penny from the company's struggling ratepayers, who are already burdened with some of the highest electricity bills in the nation,” said EWG President and Bay Area resident Ken Cook.
The CPUC decision comes just days after PG&E reported an eye-popping $520 million in profits from April to June, a 28 percent increase from the first quarter of the year.
Meanwhile, the average monthly bill for the utility’s customers is set to rise to $300, as reported by the Bay Area News Group.
“This blatant collusion between the utility and its lapdog regulators puts corporate profits over the financial well-being of hardworking families, leaving them with nowhere to turn for relief,” said Cook.
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The Environmental Working Group is a nonprofit, non-partisan organization that empowers people to live healthier lives in a healthier environment. Through research, advocacy and unique education tools, EWG drives consumer choice and civic action.
