Pacific Gas & Electric argued to California regulators Wednesday that it needed to hike rates by 22% to cover the cost of inflation and risk reduction projects.

During the first quarter of 2023, PG&E earned $623 million, an 18.2% jump in profits from the $527 million the company tallied during the same quarter in 2022, PG&E said Thursday in a quarterly report filed with the Securities and Exchange Commission.

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