PG&E reports profit of $2.47B for 2024, shattering records for second year in a row

SAN FRANCISCO -- PG&E shattered profit records for the second year in a row.

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.