Tom Steyer Calls on CPUC to Reject Utility Profit Increases, Unveils New Campaign Ad on Busting Utility Monopolies

State Senator Henry Stern Endorses Steyer: "The Only Candidate Who Can Drive Meaningful Change on Affordability AND Climate"

SAN FRANCISCO — Tom Steyer today urged the California Public Utilities Commission to reject proposed profit increases for the state's utility companies and announced a new statewide advertising campaign focused on breaking up their monopoly power. 

These announcements come alongside an endorsement from State Senator Henry Stern (D-Los Angeles), who praised Steyer as uniquely positioned to tackle California's dual affordability and climate challenges.

“Californians utility bills are too high. We cannot approve another increase,” Steyer said. “Utility companies and their lobbyists have too much influence over politicians in Sacramento. We need to finally start holding these companies accountable and end the utility monopoly that is driving up prices in California.”

Steyer announced his campaign for governor last month pledging to lower electric bills by 25% by ending utility monopolies. In his letter to the CPUC, Steyer outlined three further steps to address skyrocketing electricity costs that have increased 34 percent over the last six years, adjusted for inflation:

1. Reject excessive returns on equity that fund out of control corporate profits. Steyer called on the CPUC to deny the double-digit profit rates requested by PG&E, Southern California Edison, and San Diego Gas & Electric – rates he says amount to a "giveaway to stockholders" costing ratepayers hundreds of millions of dollars annually – and significantly reduce the alternative rates under consideration.
2. Appoint CPUC commissioners committed to increasing oversight of utility infrastructure spending. Steyer argued that high profit margins incentivize expensive projects over cost-effective alternatives like reconductoring and insulating wires, with costs passed directly to consumers.
3. Enforce grid interconnection timelines. Citing findings that utilities have missed state-mandated deadlines to connect new solar and storage projects to the grid as much as 73 percent of the time over five years, Steyer demanded accountability to unlock these investments that can deliver clean energy savings.

Alongside Steyer’s letter, State Senator Henry Stern, a longtime leader on energy affordability and climate in the state legislature, announced his endorsement of Steyer's campaign for governor, stating: "Tom Steyer is the only candidate who will drive forward meaningful change on affordability AND climate. His decades of experience in energy and financial markets, combined with his proven commitment to California's clean energy future, make him uniquely qualified to make California more affordable for working families and small businesses."

The campaign also unveiled a new 30-second paid television and digital advertisement highlighting utility monopoly power and Steyer's plan to restore accountability to California's energy system. The ad will run statewide across broadcast and digital platforms.