California regulators have approved a nearly $2.4 billion rate hike for Pacific Gas and Electric Co. customers that will see the typical customer's monthly bill increase by $7.50 starting in the fall.

The California Public Utilities Commission voted unanimously in favor of the increase on Thursday. It will be phased in over three years.

According to PG&E, the average residential customer's $129 monthly gas and electricity bill will climb by $7.50. Part of the increase is expected to go into effect in September, with the rest following in October.

Further increases will then follow in 2015 and 2016.

The San Francisco Chronicle reports that the money is not connected to the deadly 2010 gas pipeline explosion in the San Francisco Bay Area, though at least some of it is intended to fund improvements to PG&E's natural gas pipeline network.

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