With California electric rates stuck at nearly the highest in the nation, the state’s utility regulator is poised to lower the payout shareholders can receive from California’s three large investor-owned power companies.

In a proposed decision , the California Public Utilities Commission recommended dropping the “return on equity” by 0.35% each for Pacific Gas & Electric, Southern California Edison and San Diego Gas & Electric. If approved, shareholders of all three companies would see a potential return next year of just under 10%. Such returns for PG&E and Edison haven’t dipped below double digits in at least 20 years.

Utilities said the decline would affect their ability to bring in needed investment for their work. Critics of the decision said that the decline is too small to meanin

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