In California specifically, IOUs like PG&E run off of a cost plus model on T&D and make no profit on generation (legacy of Enron) - surprise surprise T&D is growing by a CAGR of ~12% every year. Abhorrent set of incentives and the CPUC generally rubber stamps all of it.
toomuchtodo|2 years ago
> PG&E reports it made a $2.24 billion dollar profit last year — a 24% increase from the year before.
> In a call with investors, PG&E credits last year's rate increases with boosting its bottom line and said it expects to remain profitable through 2028.
> "Shareholders are pocketing money based on record rate increases," said Mark Toney, executive director of the non-profit TURN, the Utility Reform Network.
> Toney said PG&E is planning to ask state regulators to approve more rate hikes in the future.
> "PG&E has currently sitting on the desk of the California Public Utilities Commission, no less than 12 separate proposals for increases – twelve," he said.