Wahab: Bill Would Limit Rate Increases for Investor-Owned Utilities

Sacramento, CA — State Senator Dr. Aisha Wahab (D-Silicon Valley) introduced The Investor-Owned Utility Accountability Act, SB 332, which addresses ongoing issues of affordability and safety with California’s investor-owned utilities (IOUs).

“People care about affordability and safety. What we do matters to protect and support 40 million Californians. This bill gives power back to the people on rates, safety, and holds investor-owned utilities accountable,” said Dr. Wahab.

The Investor-Owned Utility Accountability Act is a multi-prong approach that will:

1. Cap IOU rate increases for residential customers to no more than the Consumer Price Index
2. Prohibit the shut-off of utilities for specified vulnerable ratepayers to ensure their health and safety needs are met
3. Reduce ratepayer contributions to the Wildfire Fund, and increase IOUs responsibility for the fund
4. Require annual audits of equipment and the replacement of equipment that’s outlived its usable life  in high fire risk areas
5. Require proposed executive compensation be contingent on safety metrics
6. Require undergrounding for replacement equipment
7. Fund resilience hubs and community infrastructure to meet power needs during emergencies
8. Fund a feasibility study to determine what form of utility best serves ratepayers

SB 332 is sponsored by Reclaim our Power and Center for Biological Diversity, and must pass Senate policy committees and pass off of the Senate Floor no later than June 6, 2025, before moving to the Assembly for consideration.

“California can lead the nation with Sen. Wahab’s bill and stop utilities from forcing families to choose between keeping the lights on and having enough to eat. The state’s top corporate utilities can avoid shutting off their customers’ power with just a tiny fraction of the nearly $2.4 billion they sent to shareholders last year,” said Selah Goodson Bell, energy justice campaigner at the Center for Biological Diversity.

“We can build a better energy system,” said Emi Yoko-Young, Reclaim Our Power’s policy organizer. “This bill addresses the immediate needs of our communities and utility workers who are most impacted by the harms of the investor-owned utilities, and is an important step in creating a more equitable and sustainable energy system that would put people and the planet over profits.”

PG&E Corporation Delivers on Guidance for Full-Year 2024 and Updates 2025 Earnings Guidance

OAKLAND, Calif., Feb. 13, 2025 /PRNewswire/ — PG&E Corporation (NYSE: PCG) delivered solid financial results in 2024 and is on track to deliver beyond:

• GAAP earnings were $0.30 per share for the fourth quarter of 2024, compared to earnings of $0.43 for the same period in 2023.
• GAAP earnings were $1.15 per share for the full year of 2024, compared to earnings of $1.05 per share for the same period in 2023.
• Non-GAAP core earnings were $0.31 per share for the fourth quarter of 2024, compared to earnings of $0.47 per share for the same period in 2023.
• Non-GAAP core earnings were $1.36 per share for the full year of 2024, compared to earnings of $1.23 per share for the same period in 2023.
• Equity needs fully satisfied to fund the five-year capital plan of $63 billion through 2028.
• 2025 GAAP EPS guidance reaffirmed at $1.30 to $1.36 per share.
• 2025 non-GAAP core EPS guidance increased from $1.47 to $1.51 per share (previously) to $1.48 to $1.52 per share.
• 2024 non-fuel operating and maintenance (O&M) costs reduced by 4%, as compared to 2023, exceeding 2% target; saved over $200 million in non-fuel O&M costs in each of the past three years.
• Operating cash flow of $8.0 billion in 2024 is up from $4.7 billion in 2023.
• Targeting a dividend payout ratio of approximately 20% of core earnings by 2028.

Operational progress during 2024 continued to focus on physical safety and delivery of affordable and resilient energy:

• Achieved a second consecutive year of zero major wildfires caused by the company’s equipment.
• For long-term wildfire risk reduction, completed 366 miles of system hardening including 258 miles of underground powerlines and 108 miles of stronger poles and overhead powerlines in the highest fire-risk areas.
• Residential combined gas and electric bills remained flat in January 2025 compared to January 2024, assuming similar usage.
• Exceeded non-fuel O&M cost reduction target through continuous efforts to deliver longer-term energy bill stability for customers.
• Signed a $15 billion loan guarantee agreement with the U.S. Department of Energy’s Loan Programs Office to finance grid modernization projects and potentially save customers up to $1 billion on a net present value basis through lower-cost financing.
• Connected nearly 14,000 new customers to the electric system, approximately 30% more than plan. Incremental service connections were completed at an average unit cost 50% lower than plan. Also installed more than 3,800 new electric vehicle charging ports. More beneficial new load in the years ahead can help reduce electricity prices for all customers.
• Interconnected four new renewable natural gas (RNG) facilities in 2024, enabling more California-produced RNG to reach consumers and help reduce greenhouse-gas emissions.

“In 2024, we continued progress in ways that matter to both customers and investors. We delivered energy safely—our system has never been safer, and we are working to make it even safer. We stabilized combined gas and electric bills for residential customers. And we connected more new customers to our grid than we have in decades. We believe clean, climate-resilient energy can be accessible for all, and we’re showing it’s possible,” said PG&E Corporation CEO Patti Poppe.

Full release from PG&E – click here

Editors note: PG&E: Gas Rates Increase by 8.6% to Kick off 2025