PUC Affirms Edison, PG&E; Rate Increase
SAN FRANCISCO — Regulators kept in place a rate increase for customers of California’s two largest utilities, units of PG&E; Corp. and Edison International.
The California Public Utilities Commission voted 4 to 1 to deny the request for a rehearing on the 2001 rate increase by the Utility Reform Network, a San Francisco-based consumer group, Commissioner Richard Bilas said. The commission did decide to hold a new hearing on the end of a rate freeze in place since 1998.
The commission raised rates 46% in March after Pacific Gas & Electric and Southern California Edison accrued billions of dollars in debts after buying power at prices far above what they were allowed to charge customers.
The rate increase “was put in place in very different circumstances than are in place right now,” said Mindy Spatt, a Utility Reform Network spokeswoman.
The commission also denied a request by PG&E; and Edison to reconsider a related change in how the utilities account for debt, Bilas said after the closed-door meeting.
San Francisco-based PG&E;’s shares rose 21 cents to $19.45. Rosemead, Calif.-based Edison’s shares rose 35 cents to $15.45.Both trade on the New York Stock Exchange.
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