California regulators maintain high utility profit margins despite customer complaints
By
connor11528
Not artisan, but a perfectly fine bagel. Hits the spot.
Summary
The California Public Utilities Commission voted 4-1 to maintain high profit margins for investor-owned utilities like Southern California Edison, despite customer complaints about rising electric bills. While the decision slightly reduces profit margins from 10.3% to 10.03%, consumer groups argue these rates remain inflated and customers will see little impact on their bills. The utilities continue to spend on infrastructure, which contributes to higher costs for consumers.
Key quotes
· 3 pulledDespite complaints from customers about rising electric bills, the California Public Utilities Commission voted 4 to 1 on Thursday to keep profits at Southern California Edison and the state's other big investor-owned utilities at a level that consumer groups say has long been inflated.
The commission vote will slightly decrease the profit margins of Edison and three other big utilities beginning next year. Edison's rate will fall to 10.03% from 10.3%.
Customers will see little impact in their bills from the decision. Because the utilities are continuing to spend more on wires and other infrastructure.
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