Commission approves SoCal Edison rate increase to cover cost of 2017 fire sparked by its equipment

Your electricity rates could be going up to help Southern California Edison cover more than $1.6 billion in payments the utility has made to victims of the devastating 2017 Thomas Fire.

Investigators found the utility's equipment sparked the fire, which burned thousands of homes in Ventura and Santa Barbara counties. The blaze also brought about disastrous debris flows in Montecito, which killed 23 people.

On Thursday, the California Public Utilities Commission voted 4-0 to allow SoCal Edison to raise electric rates despite objections from countless customers and lawmakers. According to a report from the Los Angeles Times, customers will cover more than $1.6 billion of the $2.7 billion that Edison paid to more than 5,000 victims of the fire. The rest will be paid by shareholders of the company.

Edison says it plans to minimize the impact on customers by spreading the cost over 30 years - meaning most customers will see an increase of about $1 on their monthly bills.

Meanwhile, a second rate increase is still pending. The utility has also asked the commission to approve another hike to cover the $5.4 billion it paid to victims of the 2018 Woolsey Fire, which investigators said was also sparked by its equipment.

The Times reported the two proposals combined would increase rates by more than 2%.