The Pacific Gas and Electric Company saw over $500 million in profits in the last three months. But the increase in profits has also left customers paying a higher bill.
Before seeing a price hike, Mark Toney, the executive director of Turn, said his bill went up to by $400.
“My bill went to $500 from around $100," he said.
PG&E said the price hikes were necessary to pay for wildfire safety improvements and to offset the rise in business costs.
However, quarterly figures from the company show its profits rose 28%, or $520 million.
"Bills will be higher than what they've ever seen,” said Patricia Poppe, the utility company’s CEO. “It's really important, number one, that we let our customers know that we know."
Poppe added that the company eventually foresees costs dropping, but there are challenges ahead.
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The company said it is looking at spending more capital to invest in infrastructure and preventative measures for fires and other climate-related events.
“We see a path forward where our prices start to fall, and that will be driven by modernizing the methods of our work, and re-thinking mandates that exist in the state,” Poppe said.
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