Pacific Power Requests 57% Rate Increase from California Regulators
Pacific Power, a subsidiary of Berkshire Hathaway, has formally requested approval from California regulators for a 57% increase in electricity rates. If approved, the hike would result in an average residential bill increase of approximately $120 per month. The utility company stated that the proposed adjustment is necessary to support significant capital spending requirements. The rate change is projected to increase Pacific Power's annual base revenue by $103 million.
Topics: capital expenditure regulatory approval utility rates