AECA Energy Affordability Gains Erased as CPUC Approves Massive SoCal Edison Rate Hike

Late last week legislators passed energy legislation providing important, but modest, long-term energy cost savings. This week, the California Public Utilities Commission (CPUC) erased those important gains by granting SoCal Edison a massive rate hike — nearly 25% over the next three years. Edison customers will pay over 9% more on their monthly bills, effective October 1st, and an additional ~5% each year compounded over the next three years. The total combined increase is roughly 25%, or about $2.5 billion more each year when fully implemented.

But that's not all, consider:

• The CPUC has already awarded Edison a 1% increase to collect an additional $1.6 billion from ratepayers for their liability from the 2017 Thomas Fire in Santa Barbara County.

• Edison is seeking an additional 2% increase to cover $5.4 billion in damages from the 2018 Woolsey Fire.

• Edison is also seeking a 2.1% rate hike to increase shareholder profits following the deadly 2025 Eaton Fire. 

• Since 2014, Edison rates have risen more than 80% — more than twice the rate of inflation.

• More than 860,000 Edison customers are already behind in paying their electricity bills. 

• Despite spending billions on wildfire mitigation and prevention work, Edison's equipment sparked 178 fires last year — up from 90 in 2023. 

So much for energy affordability!