Oakland, CA – TURN is proud to announce a significant victory for California ratepayers. The California Public Utilities Commission (CPUC) has issued a decision to reduce shareholder profits for the state’s largest energy utilities, including PG&E, SCE, SoCalGas, and SDG&E. Effective January 1, 2025, this change will lower utility rates and save consumers hundreds of millions of dollars.
This achievement follows years of TURN’s advocacy for reforms to the Cost of Capital Mechanism (CCM), which has historically favored utility shareholders. As a result of this decision, the Return on Equity (ROE) increase for 2025 will be substantially smaller, saving customers more than $350 million for the year.
“While this reduction is a positive step, TURN emphasizes that it is only a small step given the numerous utility rate increase requests still awaiting Commission action. We urge the CPUC to seize every opportunity within its authority to reject rate increases and, where possible, deliver rate decreases,” said TURN’s Communications Director Lee Trotman. “TURN remains committed to providing the Commission with analysis and recommendations that prioritize ratepayer relief.”
Additionally, TURN encourages Central California residents to stay informed about ongoing efforts to hold PG&E accountable. For more information, visit STOPPGECentralCA.com, where you can find updates and resources to take action against unjust rate hikes and corporate mismanagement.
