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 ...
With all the rip off the elderly, as well as the lower income families, are totally broke. They rely on help from relatives and credit cards, which are being maxed out.
8.4 cents here in Kentucky. Thank goodness for coal fired power plants.
You're referring to the coastal plain regions. What about inland, like Riverside, San Berdo, the high deserts etc?
I would guess the lower income and fixed income folks will get hammered with these punitive increases.
AKA the densely populated areas.
The Berkeley ban on natural gas will spread like a wildfire...or an avalanche...or an earthquake...or a flood...take your pick, Californians!!
Yet the above disasters only compete for second place in California’s disaster list. The Democrats are first!
No one ripped you off because youre a tourist.
And no one insulted you.
You need some counseling. Paranoia is not a normal state.
That is true, but there are still millions inland who will be hammered by these punitive electrical rates. In addition, those on the coastal plains will still be hit with significant higher electric bills, as they still use power for everything, not just A/C.
Weird. I live there, same utility. 3 people in house, 2 electric cars, bill went from $40 to $53 with the ac credit. All lites are led.
I knew people who lived in western Riverside and San Berdo counties who were paying well over 500 per month during summer and that was about 7 years ago...Wait till they get hit with these new rate$!
I respectfully disagree, since I believe the "STEM crisis" is mostly propaganda put forth by leftists as another excuse to flood the country with Third world immigrants, and to displace (and deny employment for) native born Americans.
Incredible! Never had a bill that low in the 32 years we’ve been at this address.
We have surpassed $500.00 electrical in the past. It’s easy to do in California.
Summer with the ac credit used to run 15. Now rates went up this last year plus 2 plug ins, up to 40-45. Use the ac and its 50-60.
Winter with the FA heater 50-60, x,as lights, etc could go as hi as 75-80$.
You in an RV, or what!?
Good for us
Solar contractor since 1990
Yay!!!!!, higher prices!
Gas, electric, water etc.
Fat pensions all around except for the peasants.
I’ve gone over your heads that upchuck wrote that he paid as low as 0.1433 of a Penny per KW.
Got any plans as to where you’ll go when you escape?
And California cities are trying to ban natural gas, too, driving up electricity demand.
ping
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