PG&E eyes higher electric and gas bills as utility seeks more revenue: SEC filing
PG&E, in what could represent a fresh jolt for customers, is seeking state approval to capture more revenue from ratepayers to help bankroll costs for an array of facilities and operations, according to a new regulatory filing.
The utility is seeking revenue increases — which typically are extracted from ratepayers — for its estimated capital costs, the filing with the Securities and Exchange Commission states.
PG&E has requested approval from the state Public Utilities Commission for the utility’s cost of capital proceeding, the SEC documents show.
“Electric generation, electric distribution, natural gas distribution, and natural gas transmission and storage” projects and facilities would be financed through the revenue request, PG&E stated in the filing.
The filing didn’t disclose what increases would appear for monthly electric and gas bills for the average PG&E residential customer as a result of the higher revenue from ratepayers.
For 2023, PG&E anticipated that the utility’s proposed cost of capital, if approved by the state PUC, would result in a combined total increase of $226 million in required revenue.
The utility offered estimates for revenue increases to finance capital costs in three major areas:
— $138 million more for electric generation and distribution
— $53 million additional for gas distribution operations
— $35 million more for gas transmission and storage operations.
The changes in monthly bills are expected to materialize as soon as Jan. 1, 2023.
“The utility is unable to predict the timing and outcome of this proceeding,” PG&E stated in the SEC filing.