Peoples Gas earned record profits in 2024, breaking its record for the 7th time in 8 years
It's a problem when utility profits soar out of proportion to the utility’s delivery of quality utility services.
Peoples Gas filed its 2024 annual report with federal financial regulators today, confirming that it earned record profits for the 7th time in the past 8 years.
Photo by Staff | TPIN
2023 was the only year it did not break its profit record since 2017, a result of strong action by utility regulators at the Illinois Commerce Commission.
Peoples Gas credited its record breaking rate hike in 2023 as the primary driver in increased profits in 2024.
Our system of utility regulation creates the opportunity for private profit in exchange for delivering a public good – so we don’t take issue with utility profits per se. It is a problem, however, when utility profits soar out of proportion to the utility’s delivery of quality utility services.
And that is exactly the problem here. Peoples Gas profit increase have been overwhelmingly driven by its failing pipe replacement program, which the ICC ordered an overhaul of one month ago.
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