Business News Today
No Result
View All Result
Thursday, December 7, 2023
  • Login
  • News
  • Market
  • Finance
  • Financial Advice
  • Cryptocurrency
  • Innovative
  • Tech
Contact
Business News Today
  • News
  • Market
  • Finance
  • Financial Advice
  • Cryptocurrency
  • Innovative
  • Tech
No Result
View All Result
Business News Today
No Result
View All Result
Home News

PG&E bills will increase to help protect against wildfires. Everything leading to a decision is here

by
November 17, 2023
in News
Reading Time: 5 mins read
0
PG&E bills will increase to help protect against wildfires. Everything leading to a decision is here
152
SHARES
Share on FacebookShare on Twitter

Nearly 16 million people in California will see their electric and gas bills rise by an average of more than $32 a month over the next year to reduce the likelihood that one of the nation’s largest utility companies will bury more of its power lines. . A forest fire is starting. Pacific Gas & Electric initially asked state regulators for permission to raise rates by more than $38 a month so it could bury 2,100 miles (3,380 kilometers) of power lines in areas that are at high risk for wildfires. But consumer advocacy groups complained, arguing that PG&E could save ratepayers money and still reduce the risk of wildfires by placing protective coverings on power lines rather than burying them. Thursday’s decision by the California Public Utilities Commission tried to find a middle ground. Commissioners decided to allow PG&E to dig up 1,230 miles (1,979 kilometers) of power lines, which would be $1.7 billion cheaper than PG&E’s proposal. The commission rejected a proposal from a pair of administrative law judges that would have allowed PG&E to bury only 200 miles (322 kilometers) of power lines. While installing protective covering over 1,800 miles (2,897 km) of power lines, power lines were installed. “As a commission we have struggled forcefully with the additional hardships these increases will create for families,” said Commissioner John Reynolds, who wrote to regulators proposing the proposal. allowed. “All I can say is that I’m confident you’re getting something out of this investment.” PG&E said 85% of the increase was to improve safety at its gas and electric operations. It says typical bills will increase by about $32.50 next year, followed by an increase of $4.50 in 2025 and a decrease of $8 per month in 2026. For low-income customers who qualify for discounted rates, PG&E said typical monthly bills will increase by $21.50 next year. , followed by an increase of $3 per month in 2025 and a decrease of $5.50 per month in 2026. “We are committed to being the safe operator that Californians expect and deserve,” PG&E CEO Patty Pope said in a written statement. “We appreciate the Commission recognizing the important safety and reliability investments we are making on behalf of our customers, including undergrounding power lines to permanently reduce wildfire risk ” Electric rates have been rising in California over the past decade largely because utility companies have been doing so. In a race to upgrade their aging infrastructure to prevent wildfires. PG&E’s residential rates have more than doubled since 2006, according to The Utility Reform Network, an advocacy group for ratepayers. The turning point for PG&E came in 2018 when a storm downed one of its power lines and sparked wildfires in the Sierra Nevada foothills. , Within hours, the fire spread to Paradise, where it destroyed most of the town and killed 85 people. PG&E ultimately pleaded guilty to 84 counts of manslaughter and filed for bankruptcy after suffering more than $30 billion in losses related to the Paradise fire. And other explosions started from its equipment. The company has promised to bury 10,000 miles (16,093 kilometers) of power lines over the next decade. The five people on the commission, appointed by Democratic Governor Gavin Newsom, unanimously approved the rate increase, expressing concern for ratepayers. Commissioner Darcy Hawk said, “The rates we are asking payers to pay are increasing at a rate that will become unaffordable in the near future unless we put mechanisms in place to better control costs.” Let’s look for it.” Before the vote, dozens of people had called the commission. Complaining that PG&E’s rates are already unaffordable, one woman testified that she doesn’t watch TV or turn on the pilot light for her gas stove because she can’t afford it. Cheryl Maynard, who identified herself as a Paradise Fire survivor, called the rate increases “outrageous” and accused the company of secretly recovering billions of dollars paid in settlements to wildfire victims. Accused of trying. “PG&E is taking our settlements away from us by raising rates. This has to stop,” he said.

Sacramento, California –

Nearly 16 million people in California will see their electric and gas bills rise by an average of more than $32 a month over the next year to reduce the likelihood that one of the nation’s largest utility companies will bury more of its power lines. . Starting a forest fire.

Pacific Gas & Electric had initially asked state regulators for permission to raise rates by more than $38 a month so it could bury 2,100 miles (3,380 kilometers) of power lines in areas that are at high risk for wildfires. But consumer advocacy groups complained, arguing that PG&E could save ratepayers money and still reduce the risk of wildfires by placing protective coverings on power lines rather than burying them.

Thursday’s decision by the California Public Utilities Commission attempted to find a middle path. Commissioners decided to allow PG&E to lay 1,230 miles (1,979 km) of power lines, which would be $1.7 billion cheaper than PG&E’s proposal.

The commission rejected a proposal from a pair of administrative law judges that would have allowed PG&E to bury 200 miles (322 kilometers) of power lines while installing protective cover on only 1,800 miles (2,897 kilometers) of power lines. .

“As a commission we have fought forcefully the additional hardship these increases will create for families,” said Commissioner John Reynolds, who wrote the proposal approved by regulators. “All I can say is that I have full confidence that you are getting something out of this investment.”

PG&E said 85% of the increase was to improve safety at its gas and electric operations. It says typical bills will increase by about $32.50 next year, followed by an increase of $4.50 in 2025 and a decrease of $8 per month in 2026.

For low-income customers who qualify for the discounted rates, PG&E said typical monthly bills will increase by $21.50 next year, followed by $3 per month in 2025 and $3 per month in 2026. There will be a decrease of $5.50.

“We are committed to being the safe operator that Californians expect and deserve,” PG&E CEO Patty Pope said in a written statement. “We appreciate the Commission recognizing the important safety and reliability investments we are making on behalf of our customers, including moving power lines underground to permanently reduce wildfire risk.”

Electric rates have been rising massively over the past decade in California as utility companies race to upgrade their aging infrastructure to prevent wildfires. PG&E’s residential rates have more than doubled since 2006, according to The Utility Reform Network, an advocacy group for ratepayers.

The turning point for PG&E came in 2018 when a storm downed one of its power lines and sparked a wildfire in the Sierra Nevada foothills. Within hours, the fire spread to Paradise, where it destroyed much of the city and killed 85 people.

PG&E ultimately pleaded guilty to 84 counts of manslaughter and filed for bankruptcy after facing losses of more than $30 billion related to the Paradise fire and other fires started by its equipment. The company has promised to lay 10,000 miles (16,093 kilometers) of power lines over the next decade.

The five people on the commission, appointed by Democratic Governor Gavin Newsom, unanimously approved the rate increase, expressing concern for ratepayers.

Commissioner Darcy Hawk said, “The rates we are asking ratepayers to pay are increasing at a rate that will become unaffordable in the near future if we don’t find mechanisms to better control costs.” “

Before the vote, dozens of people called the commission complaining that PG&E’s rates were already unaffordable, with one woman testifying that she doesn’t watch TV or turn on the pilot light for her gas stove because she Can’t afford it.

Cheryl Maynard, who identified herself as a survivor of the Paradise fire, called the rate increases “outrageous” and accused the company of secretly recovering billions of dollars paid to wildfire victims in a settlement. Accused of trying.

“PG&E is taking our settlements away from us by raising rates. This has to stop,” he said.

Source: www.kcra.com

Related Posts

Bank CEOs bring Basel III fight to Congress

Bank CEOs bring Basel III fight to Congress

by
December 7, 2023
0

From left, Charles Scharf, chief executive officer of Wells Fargo & Co.; Brian Moynihan, chief executive officer of Bank of...

BOJ rate-hike bets ramp up as Ueda and Himino spook traders

BOJ rate-hike bets ramp up as Ueda and Himino spook traders

by
December 7, 2023
0

(Bloomberg) — Traders are increasingly speculating that the Bank of Japan will end the world's last negative interest rate regime...

McDonald’s to open first CosMc spinoff in suburban Bolingbrook this week

McDonald’s to open first CosMc spinoff in suburban Bolingbrook this week

by
December 7, 2023
0

A week after photos of its new spinoff CosMc in suburban Bolingbrook surfaced on social media, McDonald's officially announced the...

The spice that is fast becoming a hot property

The spice that is fast becoming a hot property

by
December 7, 2023
0

hot sauce Britain is officially a nation of spice lovers, after Waitrose saw sales of hot sauce rise by more...

  • Trending
  • Comments
  • Latest
A Bullish Market Is Coming – 1 Amazing Artificial Intelligence (AI) Growth Stock That You Can Buy With a Fistful of Hands and Hold Forever

A Bullish Market Is Coming – 1 Amazing Artificial Intelligence (AI) Growth Stock That You Can Buy With a Fistful of Hands and Hold Forever

November 5, 2023
Beware of these massive token unlocks in November

Beware of these massive token unlocks in November

0
The UAW is already looking forward to its next auto strike

The UAW is already looking forward to its next auto strike

0
Google, Lendlease plan $15 billion development in Bay Area cnn business

Google, Lendlease plan $15 billion development in Bay Area cnn business

0
Byju misses revenue projection in much-delayed financial accounts. techcrunch

Byju misses revenue projection in much-delayed financial accounts. techcrunch

0
How XRP Price Could Rise to $1.5: Crypto Analyst Explains Key Factors

How XRP Price Could Rise to $1.5: Crypto Analyst Explains Key Factors

December 7, 2023
Bank CEOs bring Basel III fight to Congress

Bank CEOs bring Basel III fight to Congress

December 7, 2023
Would you still dare to invest in NVIDIA Corporation (NVDA)?

Would you still dare to invest in NVIDIA Corporation (NVDA)?

December 7, 2023
Canada FX DEBT-C$ lags G10 peers as bearish bets reach 6-year high

Ruble recovers against dollar after hitting one-month low

December 7, 2023

© Copyright 2023 Naijaonpoint Business News. All Rights Reserved

  • Home
  • Advertisement
  • Contact Us
  • Privacy & Policy
  • Other Links
No Result
View All Result
  • News
  • Market
  • Finance
  • Financial Advice
  • Cryptocurrency
  • Innovative
  • Tech

© Copyright 2023 Naijaonpoint Business News. All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In