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The Buzz

16 May

It is better late than never for Southern California Edison, which finally gets its 2018-2020 rate case approved. State energy regulators okay a revenue requirement for 2018 of nearly $5.2 billion. Over the three-year period, Edison will reap a 4 percent increase, not counting recovery of its wildfire safety costs. Utility regulators this week also […]

Fog City Explores Take Over of PG&E Wires

14 May

If San Francisco replaced bankrupt Pacific Gas & Electric’s power delivery services and assets with its public utility, the city could reap considerable benefits. That is according to an explorative study by the San Francisco Public Utilities Commission staff released May 13. “While any sort of acquisition of PG&E property would be a lengthy process, […]

The Buzz

2 May

PG&E’s first quarter earnings this year are far from rosy, but not as grim as expected. Earnings take an expected hit from wildfire, bankruptcy and safety expenses, which PG&E hopes to more than recoup from energy regulators and ultimately ratepayers. Southern California Edison’s parent earnings rise but that doesn’t stop its CEO from whining that […]

PG&E Earnings Fall

2 May

Pacific Gas & Electric Corp’s latest earnings show income that is one-third of what it reported a year earlier, falling to $136 million at the end of the first quarter of 2019, or 25 cents per share. That compares to $442 million in net income reaped a year earlier, or 86 cents a share. The […]

PG&E Wants a 50%-plus Hike on its ROE

24 Apr

Pacific Gas & Electric is seeking an unprecedented increase in its rate of return that would raise its revenue requirement by $1.2 billion next year. In a filing to the California Public Utilities Commission, PG&E asked for a 56 percent boost in its return on equity, from the current 10. 25 percent rate to 16 […]

Senate Panel Backs Irrigation Big Hydro as Renewable

24 Apr

A state Senate committee April 24 voted to let the Turlock and Modesto Irrigation Districts meet their renewable portfolio standard requirements with power generated by the 203 MW Don Pedro Hydropower Project on the Tuolumne River. Today, power from such large dams is not considered eligible as a renewable resource. The panel also backed bills […]

PG&E Bankruptcy Watch

17 Apr

The U.S. Trustee asked the court handling Pacific Gas & Electric’s bankruptcy proceeding to not allow the unsecured creditors’ committee to hire an investment banker because of potential conflicts of interest. In an April 15 filing, the U.S. Trustee warned the U.S. Bankruptcy Court for the Northern District of California that Centerview Partners hides whether […]

New PG&E Head to Reap $9M in Year One

16 Apr

The new chief executive officer of bankrupt Pacific Gas & Electric will receive $9 million his first year on the job at the troubled company. According to PG&E’s April 16 Securities & Exchange Commission filing, the base salary of Bill Johnson, former head of the Tennessee Valley Authority, is $2.5 million. He also is to […]

PG&E Safety Gaps Highlighted

16 Apr

In spite of ongoing safety issues and problems at Pacific Gas & Electric, the company lacks a “comprehensive safety strategy,” the California Public Utilities Commission was told April 15. PG&E does not have “a coordinated safety strategy that takes a look at the whole,” said Angela Anderson, project manager for Northstar Consulting. The company has […]

PG&E Board Approves New Directors

9 Apr

Two days after announcing its new slate of directors in response to concerns about the direction of the company that entered bankruptcy protection because of huge wildfire liability claims, Pacific Gas & Electric’s board approved 10 new directors. Last week, PG&E also appointed as its chief executive officer and president, former head of the Tennessee […]

The Buzz

4 Apr

Bankrupt Pacific Gas & Electric announces a new slate of directors. The Tennessee Valley Authority’s former chief is named the new CEO, with final voting to take place at the end of May. California energy and waste regulators start to grapple with surging quantities of aging solar panels and batteries. Steps needed to avert a […]

PG&E Proposes New CEO & Board

4 Apr

In response to significant pressure to overhaul its board after filing for Chapter 11 bankruptcy, Pacific Gas & Electric announced a new slate of directors April 3. It would put the former President and Chief Executive Officer of the Tennessee Valley Authority, William Johnson, at the head.  As part of its board “refreshment process,” PG&E […]

Bankruptcy Watch: Gov. Blasts PG&E Board Replacements

28 Mar

Gov. Gavin Newsom criticized Pacific Gas & Electric for its proposed new board members that include hedge fund managers and non-Californian executives. “With this move, PG&E would send a clear message that it is prioritizing quick profits for Wall Street over public safety and reliable and affordable energy service,” Newsom wrote in a March 28 […]

The Buzz

21 Mar

Two federal energy regulators warn of litigation risks the Federal Energy Regulatory Commission has been creating with its deficient greenhouse gas impact assessments of commission-approved projects. California’s top lawyer throws his weight behind the Bay Area Cities climate change suit against the oil majors. Also, it is mixed messages from FERC. The right wing chief […]

PG&E’s Proposal to Break Green Deals Raises Costs

19 Mar

If Pacific Gas & Electric is allowed to abrogate its long-term renewable contracts as part of a bankruptcy reorganization, bankers will increase the risk premiums on clean energy project loans. That will drive up the price of renewable resources in California, attorneys warned at a legal seminar held March 18 by the Environmental Law Institute […]

JUICE: Bankruptcy Basics

12 Mar

Pacific Gas & Electric’s unsurprising bankruptcy filing has rocked the energy utility industry, legislators and the state. Tens of billions of dollars are at stake, largely from what is now about 5,600 claims from wildfire victims. The amount of money and impact will soar if Southern California Edison also enters federal bankruptcy court. It faces […]

Shorts

12 Mar

Updated March 14. A U.S. District Court for the Northern District of California ruled that the federal bankruptcy court shall decide the fate of up to $42 billion in contracts Pacific Gas & Electric signed and may void. In late January, the Federal Energy Regulatory Commission ruled that it has concurrent authority over the fate of […]

The Buzz

7 Mar

House Dems blast the Department of Energy’s foot dragging on efficiency standard implementation while Republicans point elsewhere. Both sides agree, however, that saving energy is a good thing. State lawmakers, regulators, other power providers and generators agree that ensuring the energy caterpillar becomes a butterfly requires that decarbonization of the energy sector be affordable and […]

Senate Panel Queries PG&E Bankruptcy Impacts

5 Mar

The implications of Pacific Gas & Electric’s second bankruptcy filing this century, including a probable rejection of some or all of its long-term power contracts and the role of the legislature will play, were weighed by the Senate Energy, Utilities & Communications Committee March 5. “PG&E encompasses the largest geographical area [of the private utilities] […]

Blue Mountain Pushes for New PG&E Board

4 Mar

An activist New York hedge fund that owns about 2 percent of Pacific Gas & Electric Corp’s shares proposed a new PG&E board last Friday. Blue Mountain Master Fund’s pick for the new chair of its proposed 13-member board is California’s former State Treasurer, Phil Angelides. Other proposed PG&E director replacements include former utility executives, […]