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The amount it would pay, however, is capped on the size of the reimbursement relative to the size of their rate base.

"We have this rate base that's investable at a higher return than those local distribution companies offer in terms of incremental returns ... that kind of lower return doesn't make a whole lot of sense for us," Armstrong said at the Barclays CEO Energy-Power Conference in New York.

Ratepayers will also see considerable and persistent cost increases in their utility bills as utilities make those investments and recover what costs they can from their rate base.

The rate base of the assets proposed to be transferred is about $3.5 billion, which is about 7% of PG&E's total rate base.

Annual growth in average employee pay is being affected by temporary factors that have inflated the increase in the headline growth rate: base effects where the latest months are now compared with low base periods when earnings were first affected by the pandemic, and compositional effects where there has been a fall in the number and proportion of lower-paid employee jobs, therefore increasing average earnings.