SAN FRANCSICO (KRON) -- Pacific Gas and Electric Company (PGE) has announced it will cut electric rates on Jan. 1, with natural gas rates also set to go down. The cuts, according to the utility, mark the fourth time rates have been cut in the past two years. Thursday's cut, combined with previous d ecreases, mean that rates will be 11% lower than they were in January of two years ago, PGE said. NYE weather: Widespread rain expected to impact Bay Area Wednesday "We know how important stable and predictable bills are for families and businesses," said PGE in a news release. "That's why we are lowering rates, even as national prices are expected to rise." The announced rate cuts come as the company faces ongoing scrutiny following a days-long power outage in San Francisco that left a third of the city in the dark on a busy holiday weekend. The outage, which was caused by a fire in a substation, has led to criticism from San Francisco Mayor Daniel Lurie and calls from other officials for the city to buy out PGE and run its own power. According to PGE, the Jan. 1 decrease will see residential electric rates come down about 5% for customers who get both electricity supply and delivery service from the company. Natural gas rates are set to fall by 3%, PGE said. ...read more read less