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Calpine Lands $5.6 B Purchase, Sempra Buys Texas Utility for $9.5 B

21 Aug

Reflecting the contrasting financial health of investor-owned utilities and merchant generators in California are Calpine and San Diego Gas & Electric. Calpine put itself up for sale and the parent of the latter is going to pay big bucks to buy a Texas wires company. Calpine, which was the golden independent generator during California’s 2000-01 […]

Earnings Grow at PG&E & Sempra & Remain Flat at Edison

4 Aug

Utility holding company second quarter earnings reports show gains at two companies and stability at a third. Here’s a rundown of the latest results. Edison International: The parent company of Southern California Edison had earnings of $278 million in the second quarter of 2017, or 85 cents a share. That’s down from earnings of $280 […]

Calpine Seeks Buyer, Other Generators Report Lower Income

3 Aug

While the results are not all in yet, the second quarter 2017 earnings statements for merchant generators with substantial operations in California show lower net income for some, with Calpine’s continued decline driving it to put itself up for sale. AES: The company plans to release its second quarter earnings results Aug. 8. Altagas: This […]

Spending Plans Propel Electric Transportation

31 Jul

Big money is flowing into electric vehicles in California following two actions late last week. One took place in Sacramento and the other in Los Angeles. The California Air Resources Board July 27 approved the first part of a four-part spending plan on electric vehicles and vehicle charging stations by Volkswagen. The automaker’s subsidiary, Electrify […]

Shorts

31 Jul

The western Energy Imbalance Market produced $39.52 million in benefits in the second quarter of 2017 for the market participants, the grid operator reported July 31. Total benefits since the California Independent System Operator launched the EIM with PacifiCorp in 2014 were $213.24 million, with carbon emissions reductions of 28,700 metric tons from using 67,055 […]

CPUC Trims Utilities’ Return on Equity

13 Jul

Utility regulators July 13 cut the allowable return on equity for the state’s major investor-owned energy utilities between 0.05 percent and 0.15 percent for the years 2018 and 2019. The California Public Utilities Commission also promised to review the future allowable rate. The CPUC decision came this week on July 13 in response to a […]

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…)