Posted on 07/21/2019 2:06:30 PM PDT by upchuck
California’s proposed $26 billion bailout of bankrupt PG&E’s wildfire liability will push the state’s average residential electric rates to 70 percent higher than national average.
California Gov. Gavin Newsom signed a bill on July 18 that supposedly will share equally between Pacific Gas & Electric (PG&E) shareholders and its customer the estimated $21 billion liability for 2017 and 2018 wildfire losses. The deal is also contingent on PG&E and the state’s other two investor-owned utilities, Southern California Edison and San Diego Gas, contribute another $5 billion to cover losses.
According to the latest U.S. Energy Information Agency report, California’s residential electric rates currently average 18.05 cents per kilowatt hour (kwh) versus a national average for the other states of 13.16 cents / kwh. Despite already being 37 percent higher than the national average, the bailout will push rates up to about 22.22 cents / kwh, or almost 70 percent higher than the national average.
PG&E is the seventh largest U.S. electric utility. The company has 106,681 circuit miles of electric distribution lines, 18,466 circuit miles of interconnected transmission lines, and 24,000 employees to service 5.4 million customer accounts for 16 million residents.
The State of California has implemented a series of disastrous policies since the 1990s to slash utility profit margins, demand conversion to much more expensive sustainable electricity generation, and shriveled spending money on forest management.
The California Public Utilities Commission slashed investor-owned utilities’ return on shareholder equity from 13 percent in 1990 to about 9.45 percent since 2016. The very low return on equity clearly encouraged PG&E to cut back on maintenance spending.
(Excerpt) Read more at americanthinker.com ...
My rate in Virginia is 14.8 cents including all taxes (bill amount / kWh). My rate per kWh would be even lower if I used more electricity.
I have told many people on here that sooner or later they’ll all be California. They don’t believe it.
CA electrical rates were already a major rip-off. I don’t know how the lower income or elderly fixed income folks can keep up.
I wonder how much newsoms lawyer buddies are getting. Guaranteed it’s a fleece job
Do you always say stupid things, or just today?
I would remind you that trump collects more donations from Californians than anywhere else. So your arrogant uninformed comments are wrong, in addition to just being obnoxious.
This is all so,so,so very,very sad. Am I right? (: / :).
OOPS, maybe I meant ): / :(
I’m sure Gavin Nobrain will find a way for the taxpayers to pay the gas bill for illegal aliens.
If this proposal goes through, those donations will very likely decrease significantly.
“Under my plan electricity rates would necessarily skyrocket.”
Guess who (along with his “fundamental transformation”) ?
I live in Central Florida, with Duke Power, and my electric cost last month was .1245 cents per KWH.
Well not’ban’ ban. They grandfathered in everyone who currently has it.
They basically made every natural gas place a nyc cab medallion license holder.
Pfft. Who do you think you’re fooling? I’ve been to California. I’ve bought lunch in Santa Cruz. Cost twice what it does where I live, and it was mediocre to boot.
You don’t like the California “attitude tax” ? Don’t blame me for it.
Cali is the 60 year experiment in socialism. By every standard they have failed, and all of it, easily predictably so.
That is the price you pay for neglecting your forests and having them turn into tinder fields.
I am at the ave, .1311 per kwh. but it will be going up.
The article is way off on “current price”...the last time the CA price per KWH was 18 cents was 2011. I live within 10 miles of “FR HQ” and my last bill was 24 cents per KWH.
Pushing SOLAR POWER on CALIFORNIANS instead of water power.
and all those customers who drive electric cars are happy? Sad? Angry? ready to leave if only their cars held enough charge to get them over the mountains ...?
There’s almost nothing more corrupted than californication’s utility “regulation,” which observation includes the legislature and governors imho and that of probably millions more - thinking of the Maria except the mafia did have a code of honor
I lived there. I escaped. California sucks...big time.
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