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Pacific Gas and Electric files general rate case seeking 12.4% increase

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Pacific Gas and Electric files general rate case seeking 12.4% increase

Pacific Gas and Electric Co. submitted a general rate case application Dec. 13 with the California Public Utilities Commission, seeking base revenues of $9.6 billion for the 2020 test year, an increase of $1.1 billion, or 12.4%, compared to the prior year.

The revenue requirements include $5.11 billion for electric distribution, $2.10 billion for gas distribution and $2.37 billion for electric generation.

The PG&E Corp. utility proposed a weighted average rate base for 2020 of nearly $30 billion, an increase of roughly $2.7 billion compared to 2019.

The utility also asked the commission to establish a ratemaking mechanism that would increase authorized revenues in 2021 by $454 million and in 2022 by $486 million. Over 2020 to 2022, the company said it plans to make average annual capital investments of approximately $4.5 billion in electric and gas distribution and electric generation infrastructure and improve safety mechanisms.

Additionally, the utility seeks authorization to invest approximately $5 billion, including $3 billion in capital expenditures, between 2018 and 2022 on its Community Wildfire Safety Program measures.

In June, Pacific Gas and Electric requested an extension in filing the rate case due to uncertainty over wildfire liabilities. California lawmakers passed Senate Bill 901 on Aug. 31 to help shield investor-owned electric utilities from extensive financial damages due to wildfires. But PG&E Corp.'s share price has been volatile, and the utility has faced political backlash due to questions over the company's role in the most destructive wildfires in California's history.