PG&E planning to ask for rate hike

July 2, 2012 12:00:00 AM PDT
PG&E says it plans to ask for a $2 billion rate increase to modernize its distribution systems.

PG&E President Chris Johns issued a statement late Monday saying, "It is critical to the 15 million people we serve, and to the economic health of California, that PG&E continues to invest in a safe, reliable, and affordable energy future."

PG&E says the rate increases will cost the typical gas customer less than $7 per month and less than $5 more for electricity.