Peoples Gas releases first quarter financial statement

Peoples Gas released its first quarter financial statement today, revealing $173.5 million in profit. 

While this figure may be eye-popping, it is not unexpected. Despite our important wins in the Peoples Gas rate case last fall, Peoples Gas nonetheless was granted the largest gas utility rate hike in Illinois history and a huge bump in authorized profits – up to $279 million, well above the record $209 million in 2022.

Peoples Gas Annual Profits / Q1 2024Photo by Staff | TPIN

The huge rate hike and jump in profits are primarily due to the last decade of unchecked Peoples Gas spending on its pipe replacement program, underscoring the importance of reforming the SMP through this year’s investigation.