The utility announced Thursday it made $2.47 billion in profits in 2024.
Over that same time, California state regulators agreed to six separate rate increases.
MORE: California regulators approve PG&E's 6th rate hike of 2024
East Bay State Senator Aisha Wahab is proposing a new plan to limit utility companies to only one rate increase a year.
It would also cap increases so they don't outpace inflation.
PG&E says it is taking action to stabilize bills.