True that SVP benefits from not serving a rural area, but we also need to consider again that PGE is a for-profit organization that in 2024 posted $2.5B in profits, which were distributed to shareholders[1]. If PGE were owned by the state with no such fiduciary duty, this money could instead be used to lower rates and/or invest in infrastructure.
[1] - https://www.zacks.com/stock/quote/PCG/income-statement?icid=...
My napkin math is that the $2.5B in profits accounts for about $0.14/kWH.
This is based on total electrical energy production of 17,301 GWh, since PG&E doesn't seem to publish their total distributed energy.
https://www.google.com/search?q=%242.5+billion+%2F+17%2C301+...
https://www.eia.gov/state/print.php?sid=CA#tabs-1