SAN FRANCISCO – (INT) - The California Public Utilities Commission (CPUC) Thursday (December 18th) established the 2026-2028 Cost of Capital for the state’s four largest energy investor-owned utilities. They include just under 10 percent for Pacific Gas and Electric Company, Southern California Gas Company, and San Diego Gas & Electric, and slightly over 10 percent for Southern California Edison.

The financial parameters have been set that guide how utilities secure funding to maintain and modernize California’s electric and natural gas systems.

Utilities rely on a mix of long-term borrowing, preferred equity, and shareholder investment to fund infrastructure such as poles, wires, substations, and wildfire safety upgrades.

Story Date: December 19, 2025