Tom Steyer Slams CPUC for ‘Sweetheart Deal’ with Utilities as Californians Face Soaring Electric Bills

SAN FRANCISCO — Tom Steyer today released the following statement blasting the California Public Utilities Commission for guaranteeing even larger profits for the state's utility companies:

“It's unconscionable that the state regulators decided, behind closed doors, to make a sweetheart deal for corporate utilities even sweeter. While Californians are stuck paying some of  the highest electricity bills in the nation, corporate utilities and their shareholders are guaranteed record multibillion dollar profits. We need real protection for California ratepayers, not protection for monopolies and their shareholders.”

Earlier this week, Steyer called on the CPUC to reject proposed profit increases for the state's utility companies. He has made lower electric bills a key pillar of his campaign – pledging to cut Californians’ bills by 25% by ending utility monopolies. On Monday, Steyer unveiled a new 30-second paid television and digital advertisement highlighting utility monopoly power and his plan to restore accountability to California's energy system. 

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Politico Pro: California regulators propose softening cuts to utilities' return on equity

California regulators on Tuesday softened their proposed cuts to the profits that investor-owned utilities are allowed to pass on to their shareholders in 2026, frustrating ratepayer advocates aiming to slash energy bills amid a nationwide affordability push.

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The new proposal calls for a 2026 cost of common equity rate ranging from 9.78 percent to 10.03 percent for the four utilities, a reduction of 0.3 percent from the current rate. Last month, the CPUC proposed a 0.35 percent reduction, sparking utility pushback. The utilities' requested return on equity rates range from 11 percent to 11.75 percent.