Apparently the only thing rising faster than energy rates in California is utility profits. Year-over-year earnings show that shareholders are profiting handsomely, all at ratepayer expense.
Southern California Edison parent company Edison International led the way with a whopping 269% increase in the first quarter (Q1) of 2023, followed by another 47% increase in Q2 of 2023. While Californian’s faced exorbitant natural gas rates last Winter, Sempra (the parent company of SoCalGas) saw earnings balloon 58% in Q1.
See for yourself: