SAN FRANCISCO–(BUSINESS WIRE)–Pacific Gas and Electric Company’s (PG&E) property taxes increased sharply this year as the utility continued to make significant investments in its gas and electric infrastructure to improve safety and reliability for its customers.
PG&E recently paid property taxes of nearly $193 million to 50 California counties. These payments cover the period from July 1 to December 31, 2015. Total payments for the tax year of July 1, 2015 to June 30, 2016 will be nearly $385 million—an increase of $40 million over the prior fiscal year, or 11 percent.
“Property tax payments are one of the important ways PG&E helps contribute to the local economies, supporting essential public services like education and public safety for the 16 million Californians we serve. This year’s higher payments reflect the substantial local investments we are making in our gas and electric infrastructure to create one of the safest and most reliable utility systems in the country,” said Kent Harvey, senior vice president and chief financial officer for PG&E.
PG&E invested more than $5 billion this year to maintain and upgrade its gas and electrical infrastructure across Northern and Central California.
One such investment is the recently completed $40 million state-of-the-art electric distribution control center in Concord. PG&E opened a $28.5 million-control center in Fresno last year and expects to open another control center in Rocklin in early 2016. PG&E also recently broke ground to construct a $75 million-gas operations technical training center in Winters. These investments will result in additional property tax revenues in future years.
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric utilities in the United States. Based in San Francisco, with more than 20,000 employees, the company delivers some of the nation’s cleanest energy to nearly 16 million people in Northern and Central California. For more information, visit www.pge.com/ and www.pge.com/en/about/newsroom/index.page.
1st Installment Property
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Dec. 10, 2015
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