The deal with Sempra Energy, parent company of San Diego Gas& Electric, could erase a balloon payment that would haveaveraged $400 for residential consumers, $1,400 for smallbusinesses and $12,000 for commercial customers, according to thegovernor.

SDG&E customers saw their power bills double and triple, asthe utility became the first in the state to lift a cap on retailelectricity rates. The utility began passing higher wholesale ratesonto their customers.

The agreement announced today would modify a previous dealstruck by Davis in September, which capped rates but allowed debtdeferral, with utility customers paying it off over a period ofyears.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.