Leno wants ratepayers to decide how PG&E spends profits 

Ratepayers could decide how Pacific Gas & Electric Corp. spends its profits if legislation authored by Sen. Mark Leno, D-San Francisco, becomes law.

Senate Bill 1441, which is opposed by PG&E, is due to be discussed by lawmakers for the first time on Tuesday during a Senate Energy Committee hearing.

The legislation would prohibit a public utility from paying or transferring money to its holding company unless approved by a two-thirds vote of the company’s customers.

“Ratepayers are the ones who generate utility company profits, yet these public companies have no legal responsibility to be fiscally accountable to the people from whom they profit,” Leno said in a statement.

PG&E wrote to lawmakers on Thursday opposing the legislation.

“The California Constitution and the Public Utilities Code provide the California Public Utilities Commission broad authority to regulate utilities in the state, including providing a public utility with an opportunity to earn a reasonable return for shareholders,” PG&E State Government Relations Director Kent Kauss wrote in the April 15 letter.

 

 

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