Southern California Edison Hits Record Profits in 2024 Amid Rising Rates

Southern California Edison announced record profits of $1.69 billion in 2024, marking a 9.8% increase from 2023, despite continued rate hikes for customers.

While the utility's profits grow, customer rates have also risen, with a reported 26% increase over the past three years. As of February, more than 800,000 customers are behind on payments, owing an average of over $1,000.

Wildfire mitigation costs and increased infrastructure spending are two key factors driving the rate increases.

In response, CPUC Commissioner Darcie Houck criticized the situation, stating, "The authorized returns currently granted to utilities far exceed market norms, contributing to the state’s ongoing electricity affordability crisis."