this post was submitted on 20 Oct 2023
73 points (97.4% liked)
Bay Area
1330 readers
1 users here now
Discussion for all things Bay Area.
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
You have read these charts wrong. The 17B figure is 12-month trailing gross profit. You are referencing quarterly net income (and you've also made a typo, saying 406 thousand instead of 406 million). If you want to compare the "per resident" calculation (which I don't even see the point of), make your units match. Trailing 12-month net income is 1.944B, so more like $50 per person.
Now to make the "per resident" metric actually have any meaning:
First, if we're talking yearly profit skimming off of a utility, our goal is to estimate overcharges per billing address. Census data reports about 38.9 million residents and an average family size of 2.92 - but that's not enough, because PG&E doesn't serve the entire state. They serve about two thirds of the state - taking this into account, a very rough estimate (because population isn't evenly spread across a state) is that they service 8.7 million households. Thankfully for us, they directly report how many households they serve, and the actual number is about 5.2 million.
$374. The average yearly bill for a PG&E customer is $374 pure profit for the company. Now that's a more useful metric.
Oh, and that's assuming none of their operating expenses are inflated - which they likely are. So that's a lower bound for how much they're ripping off each household.