OAKLAND — PG&E’s profits and revenues both rose during 2025, but at a reduced pace compared with prior years, a possible sign that the utility’s top exec’s vow to rein in monthly bill increases has begun to materialize.
The utility titan posted a profit of $2.59 billion in 2025, which was 4.8% higher than the company’s profit of $2.48 billion in 2024, PG&E’s reported Thursday as part of the release of its latest financial results.
PG&E’s profit and revenue picture comes into view on the heels of the company’s report at the end of 2025 that monthly bills for residential customers who receive combined electricity and gas services would drop starting in January.
Oakland-based PG&E reported that revenue totaled $24.94 billion in 2025, up 2.1% from 2024.
Electricity operations revenue rose 2.8% and totaled 18.32 billion in 2025, PG&E stated in the financial results. Revenue from natural gas operations totaled $6.62 billion, up 0.1% from the year before.
These increases are at a greatly reduced pace compared to the jumps of prior years.
Overall revenue in 2024 was roughly unchanged from 2023. But in 2023, overall revenue hopped higher by 12.7% compared with 2022.
Electricity revenue in 2024 was up 2.2% over the prior year. In 2023, electricity revenue skyrocketed by 15.7% compared with the revenue total in 2022.
In 2024, gas revenue fell 5.7% compared with 2023. Gas revenue totals jumped 5.8% in 2023 compared with the year before.
PG&E also said it’s making progress in its efforts to connect major electricity users to the company’s grid.
The company stated that large electricity projects totaling 3.55 gigawatts are in final engineering. That’s up from a prior total of 1.6 gigawatts of large-load projects that were in final engineering.
PG&E officials said these large projects, as well as several other company endeavors, all have the goal of attempting to keep customer bills rising slowly or even decreasing.
“We are looking at zero bill inflation,” PG&E Chief Executive Officer Patricia Poppe said during a conference call with Wall Street analysts to discuss the financial results. “That’s a number to be proud of.”
Leave a Reply