San Francisco-based utility company, Pacific Gas and Electric Company (PG&E), announced a significant increase in profits for 2023, with earnings totaling over $2.2 billion, marking a nearly 25 percent surge. The news came shortly after the company implemented rate hikes at the beginning of 2024, leaving many customers dismayed.

Mark Toney, a representative from The Utility Reform Network (TURN), expressed concern over the substantial profits earned by PG&E shareholders, highlighting that these gains appear to come at the expense of the customers who have been facing high energy bills even before the 2024 rate hikes were enforced.

While PG&E aims to make investments in 2024 and beyond to ensure safety, reliability, and sustainability of the energy system, customers like Lisa Warren expressed frustration over bill increases and lack of transparency regarding where their payments are allocated.

Despite PG&E's plans for further growth in profits, TURN advocates for concrete measures to prevent escalating bills, suggesting a cap on rate increases to align with the cost of living adjustments provided by social security. With PG&E's financial success contrasting the challenges faced by customers, the ongoing discussion around energy costs and company profits continues to spark controversy in San Francisco.