Utility profits grow along with anti-rooftop solar action

AI generated summary

A recent report by the Center for Biodiversity highlights the growing profits of corporate utilities in the U.S. amid rising energy costs and increasing disconnections for non-payment. The report examines six major utilities, which collectively serve over 200 million customers, revealing a nearly 21% increase in shutoffs from January to September 2024 compared to the previous year. Despite these disconnections, the utilities reported over $10 billion in net income while raising rates by at least $3.5 billion during the same period. The report criticizes these utilities for prioritizing investments in fossil fuels and other non-renewable energy sources, while simultaneously suppressing the growth of distributed energy resources like rooftop solar.

The report specifically calls out utilities such as Georgia Power and Duke Energy for their opposition to renewable energy initiatives, which they view as threats to their profitability. It also details how these companies have manipulated regulations to undermine solar net metering programs and impose discriminatory charges on solar customers. In light of these findings, the report suggests several policy solutions, including taxing utility profits to fund energy justice initiatives and reforming public utility commissions to better serve community interests.