(Daily Caller)—A major utility company serving millions of Americans wants to jack up its electricity rates because of climate change, according to Fox KTVU.
The Pacific Gas and Electric Company (PG&E), a California-based utility provider with more than five million customers, has requested state regulators allow the firm to raise rates by an average of up to $20 each month because of climate change, according to Fox KTVU, a local outlet that cited analysis conducted by The Utility Reform Network.
This requested hike would supplement an already-approved increase scheduled to kick in on January 1, 2024, which is expected to raise utility bills by an average of $33 each month.
California is suing oil companies over climate change https://t.co/jM65aSB2px
— Daily Caller (@DailyCaller) September 17, 2023
PG&E asserts that the rate hikes, if approved, will provide it with the billions of extra dollars needed to fortify its infrastructure to endure climate change and its impacts, according to its filing with the California Public Utilities Commission (CPUC), the state’s utility regulator.
“It’s gonna be between $12 and $20 additional each month. That’s on top of the $33 that’s coming January 1,” Mark Toney, the executive director for The Utility Reform Network, told Fox KTVU. “They want them to start collecting in March, even before the CPUC has held a proceeding and decided whether PG&E should get paid back by rate payers; two billion dollars for overspending … PG&E has several requests for at least another $3 billion.”
The company’s power lines sparked several massive wildfires in the state in the late 2010s, but the utility instead blamedglobal warming for the tragedies.
“There needs to be serious auditing of this organization to make sure that they’re not being wasteful, inefficient as passing costs onto people, particularly those that don’t have income that are unfair,” Edward Voss, a retired accountant and a PG&E customer, told Fox KTVU.
“I think it’s a complete rip-off,” another PG&E customer, Ron Rosaia, told the outlet.
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The Biggest Threat to Your Retirement Is Actually a Very Good Thing
When you look at the headlines today, you’ll see experts in the retirement industry warning about big threats to your financial security:
- De-dollarization and the rise of BRICS
- Soaring national debt
- Unstable interest rates
- Weakened U.S. dollar
All of these are real concerns. But they aren’t the biggest threat to your retirement savings. The true risk isn’t political, monetary, or global.
It’s longevity.
Why Longevity Is the Silent Threat
For most of human history, the problem was the opposite — life expectancy was short, and few people even reached retirement. Today, thanks to medical advancements, healthier lifestyles, and better living conditions, people are living longer than ever before.
And while that’s a wonderful thing, it comes with a financial catch: Your retirement account has to last far longer than you might expect.
- A 65-year-old couple today has a 50% chance that one of them will live to 90.
- Some projections suggest that many of us will live well into our 90s, even 100+.
- This means your nest egg may need to stretch not for 15 years, but 25, 30, or even 40 years.
That’s where the real danger lies: running out of money before you run out of life.
The Retirement Equation Has Changed
While market volatility, debt crises, or central bank policies may feel like the scariest threats, they’re temporary storms. Longevity, however, is a structural shift. Every extra year of life is another year of expenses, another year of inflation erosion, and another year of financial pressure.
If your retirement plan doesn’t account for longevity, you could face tough choices later in life — downsizing, working when you’d rather not, or becoming financially dependent on others.
How to Take Control
The good news? Longevity is a blessing — as long as you’re prepared for it. With the right planning, your retirement savings can work for you instead of against you. The key is learning how to protect your wealth, outpace inflation, and ensure your savings grow even as you live longer.
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