Please read what I wrote. The PUC caps the profit any given utility can make as part of the rate making process. Electric rates are high because most of our electricity is generated with natural gas. Natural gas prices, like all fossil fuel prices, have risen dramatically recently.

As I’ve stated elsewhere in this thread, utilities pass the commodity through at no markup according to state law. They make no money on the gas or the electricity itself - they pass it through at cost. Their income generating opportunity comes from fixed monthly fees and generation/transmission charges which are priced per quantity used.