Big PG&E rate hike and improved earnings, more SoCalGas fines

Pacific Gas & Electric Corp’s losses shrunk in 2021. Its latest report also shows higher earnings for the fourth quarter. That does not stop financial analysts from pushing for specifics on its unprecedented plan to bury 10,000 miles of overhead lines in risky fire regions. Concerns are raised about continually rising rates. PG&E Corp’s president reveals little but points out the utility is working to cut some costs. A few hours later though, state utility regulators approve a 12% rate hike for PG&E’s electric customers, pushing up rates 20% this year. The California Public Utilities Commission also okays San Diego Gas & Electric’s 161 megawatts of battery storage to help the grid on really hot summer afternoons and evenings starting in 2023. The utility can recover from ratepayers the estimated $400 million for the three contracts for lithium-ion batteries to be built near utility substations, with the smallest project expected to provide six hours of output. SoCalGas may get hit with more than $10 million in fines for charging its ratepayers for fighting against reductions in gas used in home space and water heating, stoves and in the new buildings to reduce climate pollution. A CPUC judge would set a big penalty because of the gas utility’s work undermining efficiency codes from 2018 onward but she doesn’t think one is merited for similar tactics used in 2014-17. A state regulator disagrees, calling for a $150,000 penalty . For many years, there has been talk about putting solar panels on top of California’s water canals running down the state to reduce evaporation of precious water supplies and build more solar projects free of land use impacts. It is finally being tested out in the Central Valley thanks to $20 million in state funding. The California grid operator broke with tradition and issued a 20-year transmission plan to clean the grid within a quarter of a century. Its draft proposal comes with a $30 billion cost, which some say is too high and others say is too low.

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Big PG&E rate hike and improved earnings, more SoCalGas fines

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