Carbon auction revenue shared with Californians
California electric customers are getting a credit on their bills to cushion subscriber’s against rate increases caused by the state’s climate-change law.
Major investor owned utilities like Pacific Gas & Electric (PG&E), Southern California Edison (SCE), and San Diego Gas & Electric (SCG&E) are sharing the rebates which range from $25-$41.
Individuals will see bi-annual rebates ranging from $25-41, while businesses and hospitals will also see a credit.
The rebates are funded from the revenue that PG&E, SCE, and SCG&E have generated from the sale of carbon allowances at state-run auctions.
The six auctions held so far have produced over $1.6 billion in revenue.
In addition to being used to offset increases in electric prices, these revenues will be used to fund other emissions reductions projects in the state.
About $750 million will be distributed to electric customers this year.