As a deluge of adverse circumstances in 2022 nearly doubled natural gas spending by Pacific Gas and Electric Corp. (PG&E), CEO Patricia Poppe said the San Francisco-based company is “laser focused on affordability” as customers face higher-than-normal bills.
The cost of natural gas nearly doubled year/year to $2.1 billion in 2022 from $1.15 billion in 2021. The cost of electricity, meanwhile, fell by about $500 million to $2.8 billion year/year.
“I want to take a moment to reflect on the higher bills our customers have been experiencing this winter compared to last winter, largely as a result of higher natural gas prices across the West Coast,” said CFO Christopher Foster during the quarterly conference call to discuss results.
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