Archive | Financial news RSS feed for this section

Generator Earnings Mixed in First Quarter

9 May

Generators latest earnings report were not as grim as reported in previous quarters but also nothing to write home about. AES: This Virginia-based company continues to suffer losses. The first quarter of 2017 it reported a loss of $24 million, or minus 4 cents per share. That compares with net earnings of $126 million reported […]

Utility Parents Report Flush Earnings

9 May

California’s investor-owned utilities all reported healthy increases in net income for the first three months of 2017, with Pacific Gas & Electric reporting the most significant growth. Edison International: The parent company of the regulated utility Southern California Edison reported earnings of $362 million, or $1.11 a share, in the first quarter of 2017. That’s […]

The Buzz

13 Apr

Eggs gathered in Current’s Easter news basket include approval of two controversial and large natural gas project redos along the SoCal coast. The California Energy Commission unanimously approved the Huntington & Alamitos replacement projects, which are to be cooled with air, not seawater-cooled. On the agenda at this week’s Energy Commission post business meeting closed […]

Edison Tells Investors EV Charging is Big Business

12 Apr

One of California’s biggest electric utilities is banking on a growing number of electric vehicles on the state’s highways to provide  a business growth opportunity over the coming decade. In an April 12 briefing for investment banks, Southern California Edison executives outlined a growing need for both grid modernization to meet electric vehicle charging demand […]

Generator Earnings Largely Head Down Hill

28 Feb

AES earnings last year took a nosedive. This giant international power company based in Arlington, Virginia, suffered a loss of $1.13 billion, or minus $1.71 per share, compared to net profits of $306 million in 2015, or $0.44 a share. (more…)

PG&E Cuts Jobs and Contractors

12 Jan

Pacific Gas & Electric is laying off nearly 400 employees and eliminating eight of its 44 officers to cut costs this year. The company also is getting rid of 800 contractors and won’t fill 500 vacant “non-critical” positions. “We understand that these decisions create personal hardships,” Geisha William, PG&E president for electric, said Jan. 11. […]

SHORTS

29 Nov

Pacific Gas & Electric will give San Luis Obispo County $85 million to compensate for the loss of taxes stemming from the planned closure of the Diablo Canyon Nuclear Power Plant. The money will mostly go to the San Luis Obispo Unified School District. The county, which also will get some of the funds, is […]

JUICE: CA Green Ain’t the New Black

17 Nov

Last week’s national election was demoralizing for clean energy advocates and many others but it also had the inverse effect of galvanizing state and local leadership. A few days after the election, Gov. Jerry Brown pledged to “protect the precious rights of our people and continue to confront the existential threat of our time, devastating […]

Private Utilities Earnings Rise/Stable, Thanks Partly to CA Carbon Lite Policies

10 Nov

Edison International: The utility holding company saw third quarter 2016 earnings of $419 million, or $1.29 a share, similar to earnings in the third quarter of 2015, which totaled $421 million or $1.29 a share. For the first nine months of 2016, earnings were $965 million, or $2.96 a share. During the first nine months […]

Generator Earnings Mixed in Third Quarter

10 Nov

Major power generation companies operating in California had a mixed picture when it came to earnings in the third quarter of 2016, with one experiencing deepening losses. AES: This giant international power company based in Arlington, Virginia, saw lower earnings of $819 million in the third quarter of 2016 compared to $915 million in the […]

What Goes Up Must Come Down, Including Utility Profits

18 Aug

Earnings of the parents of all four of California’s investor-owned utilities fell in the second quarter, including due to disallowed expenses, offsets of tax benefits and penalties. (more…)

More Downs than Ups for Merchant Companies

18 Aug

Most of the independent generators in California largely continue to struggle, according to their latest quarterly earnings reports. Key causes of the income drops for four of the six merchant companies are low fossil fuel prices. Some also complain that California’s wholesale trading market doesn’t allow them to make a profit. (more…)

This Week’s Buzz

15 Jul

  Regionalizing California’s grid to lower the cost and improve the integration of rising levels of solar and wind power gets a bit of a black eye. In spite of the California grid operator’s intentions to increase grid efficiency and transparency and lower costs by eliminating the current “balkanization,” its first western grid partner, PacifiCorp, […]

Generator Earnings Largely Slide Downhill

12 May

Independent generators in California, except for NRG Energy, saw their earnings fall in the most recent quarter. (more…)

Private Utility Earnings Mixed

5 May

It was mixed news on earnings for the parent companies of California’s three investor-owned utilities, with PG&E’s first quarter earnings soaring above the previous year’s in spite of hundreds of millions of dollars in potential liabilities. (more…)

PG&E Boosts Top Executives’ Compensation

14 Apr

In spite of penalties, fines and an ongoing criminal case related to the 2010 San Bruno gas pipeline blast—which is scheduled to go to trial at the end of this month— Pacific Gas & Electric Corp’s executive salaries rose, with half of them also seeing higher total compensation levels. (more…)

Generator’s Earnings Remain in Drought

3 Mar

Economic challenges hit the earnings of most of the independent power companies operating in California last year. To improve financial prospects, some are continuing to cut costs and repurchasing shares. (more…)

Two IOU Earnings Down, One Up in 2015

26 Feb

Edison International and Pacific Gas & Electric Corp saw their 2015 earnings drop, with PG&E seeing the bigger decline largely because of record penalties last year. In contrast, Sempra earnings rose in spite of the months-long Aliso Canyon gas storage leak. (more…)

Utility Trio’s Overall Earnings Fall

6 Nov

California’s investor-owned energy utilities reported diminished earnings in the third quarter this year compared to the same period last year. Each had its particular reasons for the drop—ranging from regulatory matters to a fall in demand for natural gas this summer. (more…)

Financing Efficiency at Issue as State Hikes Goal

17 Sep

As California ups its goal for energy efficiency, financing is becoming increasingly important to help home and business owners carry out the deep retrofits inherent in doubling energy efficiency by 2030. (more…)