Calif OKs PG&E rate hike to pay for old meters

SAN FRANCISCO

Three of four members of the California Public Utilities Commission approved the proposal Thursday. It gives PG&E shareholders a 6.3 percent rate of return on their investment in PG&E's old, analog electricity meters over the next six years.

PG&E President Michael Peevey says shareholders needed to be compensated because the old meters were pulled out of homes and businesses before their useful life was up.

Dozens of people and advocacy groups testified at the commission meeting saying exposure to radio frequencies and radiation from the wireless devices is harming people's health. PG&E maintains that the meters are safe.

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