All articles tagged with #rate increases
The Minnesota Public Utilities Commission approved BlackRock's acquisition of Minnesota Power despite warnings from an Administrative Law Judge and opposition from consumer advocates, raising concerns about higher bills, less oversight, and the prioritization of profits over public interest.
Lawmakers in Washington state warn that due to federal spending cuts on renewable energy projects, electricity rates are expected to rise significantly over the next decade, with potential risks of blackouts during hot spells as local capacity struggles to meet demand.
California is facing an insurance crisis as many customers are being dropped by their insurance companies, leading to increased rates and policies being canceled. Homeowners and drivers are finding it difficult to obtain coverage, with some experiencing significant premium increases. Insurance companies are pulling out of the state, making it harder to find policies, and regulators are allowing rate hikes, exacerbating the situation.
North Carolina's Insurance Commissioner denied a proposal to raise homeowners insurance rates by an average of 42.2%, while other states like California are seeing record high rate increases. Homeowners insurance rates have risen about 35% nationwide over the last two years, with states facing increased natural disasters experiencing the highest hikes. Auto insurance costs have also increased by 43% in the last three years, leading some drivers to cut back on coverage. It's important for consumers to compare rates and coverage options to find the best insurance plan for their needs.
Allstate suffered significant losses and struggled to secure desired rate increases, leading the insurance company to threaten to stop renewing auto insurance for customers in three states that resisted its demands. This move would have left policyholders scrambling for coverage, prompting the states to yield to Allstate's demands.
California Insurance Commissioner Ricardo Lara finds himself at the center of the country's biggest insurance crisis as insurers, including Allstate, State Farm, and Farmers Insurance, stopped or restricted new home-insurance business after Lara blocked their rate increases. Lara had campaigned on the risk of climate change, which insurers tried to address through rate hikes and coverage reductions.
The Maryland Public Service Commission has authorized Baltimore Gas and Electric's multi-year rate plan, which includes a rate increase over three years totaling nearly $408 million. The approved rates will result in average year-one bill increases of $4.08 per month for residential electric customers and $10.43 per month for residential gas customers in 2024. The increases will decline in subsequent years, reaching 34 cents per month for electric and $2.80 per month for gas in year three. The use of federal tax credits will partially offset the rate increases in year one. BGE has expressed appreciation for the decision and stated that it will continue to engage with stakeholders to ensure transparency and clarity in implementing the plan.
Many residents in California, including Angelica Vásquez, are struggling to pay their electric bills as the state's regulators consider proposed rate increases. Pacific Gas & Electric (PG&E) is seeking a 26% rate hike, while the California Public Utilities Commission is considering a 9% increase. The cost of living in California has already led to significant increases in electric bills for residents, with PG&E rates having gone up by 92% from January 2014 to September 2023. Low-income households are particularly impacted by these rate increases, and many are at risk of having their power disconnected due to non-payment.
Many residents in California, including Angelica Vásquez, are struggling to pay their electric bills as the state's regulators consider proposed rate increases. Pacific Gas & Electric (PG&E) is seeking a 26% rate hike, while the California Public Utilities Commission is considering a 9% increase. The cost of living in California has already led to significant increases in electric bills for residents, with PG&E rates having gone up by 92% from January 2014 to September 2023. Low-income households are particularly impacted by these rate increases, and many are at risk of having their power disconnected due to non-payment.
The New York State Public Service Commission is set to vote on Thursday on proposed rate increases for RG&E, with the utility company seeking a 19% increase for electric and a 20% increase for gas. Customers and politicians have raised concerns about poor service during storms and customer service issues. RG&E argues that the rate increases are necessary to invest in clean energy, grid infrastructure, and customer service.
Power bills for about 16 million people in Northern California are likely to increase as the California Public Utilities Commission released two rate proposals for Pacific Gas & Electric (PG&E). The proposals would increase PG&E's revenue by a maximum of 13%, far less than the 26% initially requested by the company. PG&E had sought the rate increases to fund burying power lines and reduce the risk of wildfires. However, the commission's proposals suggest insulating power lines as a faster and cheaper alternative. The Utility Reform Network argues that the proposed rate increases go beyond the cost of inflation and should be capped. The commission is set to consider the proposals on November 2nd.
Illinois Governor JB Pritzker has signed two bills that will significantly impact the state's health insurance market. The first bill establishes a state-based exchange for policies sold under the Affordable Care Act, allowing Illinois residents to have a one-stop shop for enrolling in ACA or Medicaid plans. This change will provide more flexibility in enrollment periods and protect consumers from potential changes in federal policy. The second bill grants the Illinois Department of Insurance the authority to review and modify proposed health insurance rate increases, ensuring transparency and preventing consumers from being overcharged. These measures aim to make healthcare more accessible and equitable for Illinois residents.