Sacramento, CA– The California Public Utilities Commission has approved a plan allowing PG&E to charge its customers more for electricity to make up for profits lost when SmartMeters were installed.
Approval by the California regulators today gives PG&E shareholders a 6.3 percent rate of return on their investment in PG&E’s old, analog electricity meters over the next six years.
According to PG&E President Michael Peevey, shareholders needed to be compensated because the old meters were pulled out of homes and businesses early.
Although PG&E maintains that the meters are safe, dozens of people and advocacy groups testified at the commission meeting. They said exposure to radio frequencies and radiation from the wireless devices is harmful to people’s health.
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