Household Energy Bills Rose Over 50% In 3 States Over Past 5 Years But Remained Stable In This Region
Portfolio Pulse from Hayden Buckfire
A new S&P Global report reveals that household energy bills have risen significantly in several U.S. states over the past five years, with Maine experiencing the highest increase at 65.6%. California's PG&E Corp (NYSE:PCG) has also seen substantial rate hikes due to wildfire mitigation costs. Meanwhile, energy prices remained stable or declined in some Middle American states.
July 30, 2024 | 3:42 pm
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PG&E Corp (NYSE:PCG) has been allowed to raise $2.6 billion through multiyear rate increases to mitigate wildfire risks, contributing to a 47.8% rise in household energy bills in California.
The approval to raise $2.6 billion through rate increases for wildfire mitigation is a significant regulatory move that directly impacts PG&E's revenue and operational stability. This is likely to have a positive short-term impact on PCG's stock price as it secures funding for essential risk mitigation.
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