The California Public Utilities Commission unanimously approved a rate hike for PG&E customers on Thursday as the utility continues to navigate bankruptcy proceedings.
The company requested, and the commission approved, an interim $373 million rate hike. For the average customer, the hike will equate to a $42 annual bump in prices, or $3.50 per month.
The approved rate hike is in place to defray costs associated with fire, wind, and rain-caused disasters in 2016 and 2017. According to PG&E, there were nine such events requiring the funds.
For PG&E customers, that means one thing: more rate hikes are on the way since the $373 million doesn’t cover the devastating 2018 fires that pushed the company in to bankruptcy protection.
Earlier this week, PG&E requested another rate hike that would bump the bill of the average customer roughly $22 per month.
The company pitched the higher rate hike as a method to fund wildfire prevention and safety efforts and aid in attracting investment in the company.