Time to limit excessive profits of investor-owned utilities

Re “State regulator recommends smaller profit rate for SDG&E” (Nov. 19): More than one in three SDG&E customers are behind on their utility bills — the highest rate of any California investor-owned utility. State regulators are right to cut SDG&E’s profits, but our team at Climate Action Campaign believes this proposed reduction by the California Public Utilities Commission falls short of what ratepayers need.

In March, Assemblymember Cottie Petrie-Norris, D-Irvine, led 38 lawmakers in urging the CPUC to reject utility requests for higher profits. The commission should heed that call.

Public utilities charge roughly 50% less for electricity because they operate at cost — without profits funneled to Wall Street shareholders or incentives to overspend.

Fair returns could save ratepayers $6.1 billion annually — about $455 per household. That requires nothing more than regulators doing their job.

SDG&E profited $891 million last year, nearly matching its 2023 record. The CPUC votes Dec. 18. Commissioners should reject half-measures and deliver the rate relief San Diegans need.

— Anthony Dang, Normal Heights