After rate hikes this year, PG&E announces nearly 25% increase in profits to $2.2B for 2023

PG&E customers already paid immoderate of the highest vigor bills successful the state earlier 2024's hikes.

SAN FRANCISCO (KGO) -- The Pacific Gas and Electric Company (PG&E) announced connected Thursday that it saw an astir 25 percent summation successful profits for 2023. This comes aft the inferior institution slapped customers with important complaint hikes astatine the opening of this year.

"It's a joke. It's an implicit joke."

Shock connected the streets of San Francisco Thursday.

RELATED: PG&E requests different complaint increase. Here's however overmuch you could wage successful 2024

Earlier successful the day, PG&E announced its profits for 2023 surged to implicit $2.2 cardinal - a leap of astir 25 percent.

"These outrageous profits that the PG&E shareholders are pocketing are coming retired of the pockets of customers," said Mark Toney.

Toney works for The Utility Reform Network oregon TURN.

He says the profits are a slap successful the look to customers aft important complaint hikes astatine the opening of this year.

"I deliberation a batch of radical get upset and say, PG&E cries mediocre maine and yet they person plentifulness of money," Toney said.

MORE: California inferior companies suggest charging customers based connected however overmuch wealth they make

PG&E customers already paid immoderate of the highest vigor bills successful the state earlier 2024's hikes.

PG&E declined to bash an on-camera interrogation with ABC7 News, but sent america a connection that says:

"The investments we program successful 2024 and beyond absorption connected 3 goals: keeping our vigor strategy harmless and reliable for customers, gathering increasing vigor request and adding adjacent much renewables to our vigor mix. At the aforesaid time, we're aggressively focused connected backing caller ways to enactment truthful that we tin support aboriginal measure increases astatine oregon beneath a broader, semipermanent ostentation complaint of 2 percent to 4 percent."

Those words of small comfortableness though to respective PG&E customers.

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Many of whom archer america they don't spot wherever their wealth is really going.

"It conscionable takes a histrion to travel down and we're retired of powerfulness for, what I deliberation the past tempest was a mates of days for immoderate people," said Lisa Warren.

And with PG&E anticipating possibly adjacent amended profits for this year, TURN says it wants factual enactment to halt bills from rising further.

"We request a headdress connected complaint increases to beryllium nary much than the outgo of surviving accommodation provided by societal security," Toney said.

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