Pacific Gas & Electric, a California utilities company, has contributed nearly $10 million to an anti-Steyer PAC called Californians for Resilient and Affordable Energy, in an effort to stop billionaire Tom Steyer's bid for governororship. The PAC has been airing ads against Steyer, who has been running on a platform of higher taxes on the wealthy and plans to break up electric monopolies. Steyer has accused PG&E of contributing to California's high energy bills and pledged to cut utility rates by 25% in a bid to reduce the state's high-demand energy bills. However, this could pose a challenge for investor-owned utilities. The company responded by saying it is already delivering energy at the lowest possible cost and pointing out a $12 drop in typical residential monthly bills over the past two years.