PG&E posts $2.6 billion in profits as it seeks 30% rate hike

As PG&E seeks a 30% rate hike by 2030, the utility announced massive profits today. The utility made $820 million in the third quarter of 2026 alone, its second-highest Q3 earnings in the past five years. For the first nine months of 2026, the utility’s profits reached $2.6 billion, the highest in at least five years and a 17.3% increase from last year. 

Meanwhile, PG&E customers have seen rates climb over the past decade by 69%, a rate far outpacing inflation. Millions of California families cannot afford basic necessities, and with nearly one in four PG&E customers are behind on their bills. 

As customers struggle to keep the lights on, PG&E has submitted a proposed rate hike to the California Public Utilities Commission that would raise the average customer’s monthly bill by $70 or $840 annually by 2030.

Consumer advocates are calling on the CPUC to reject the proposed increase and rein in excessive utility profits.