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Sempra Earnings Improve

7 May

Sempra Energy earned $441 million in the first quarter of 2019, up from $347 million during the same period in 2018, according to the San Diego-based company’s latest financial statement. On a per share basis, earnings during the first three months of 2019 were $1.59, up from $1.33 during the first quarter of 2018. “Sempra […]

Undercurrents: Gas Prices to Remain Low

22 Apr

Natural gas will remain plentiful and reasonably priced in California through 2030, according to an analysis presented to the California Energy Commission April 22. Ample natural gas supplies from both Western Canada and the Permian Basin in Texas—which are connected to California by interstate pipelines—will keep prices lower in the Golden State than at Henry […]

Shorts

11 Feb

Updated Feb. 12. Sempra Energy is selling its remaining wind power plants to American Electric Power for $551 million in cash, the San Diego-based company said Feb. 12. Under the agreement, it will sell wind projects in Hawaii and east of the Rockies with 724 MW of combined capacity. The deal is subject to regulatory […]

Shorts

8 Jan

Updated Jan. 10   Southern California Gas announced Jan. 10 that the utility was awarded $1.7 million from the South Coast Air Quality Management District for two projects to reduce greenhouse gas emissions in residential and commercial buildings. Of those fund, $1.2 million is to support a commercial water heating incentive program that provides rebates […]

The Buzz

4 Jan

With the New Year comes the sad news of the death of Federal Energy Regulatory Commissioner, and former chair, Kevin McIntyre. The exit fee slapped on former PG&E customers is estimated to add $100 million. But, the exact tab for community choice customers should be known at the end of next week. CA’s Attorney General […]

Sempra Sells Off Solar Plants to Con Edison

17 Dec

Sempra Energy has sold its U.S. operating solar assets, solar and battery storage development projects, and one wind facility to New York-based Consolidated Edison for about $1.6 billion in cash. The deal, completed Dec. 13, covers facilities with a total capacity of 980 MW. California plants included in the sale are the Alpaugh, Corcoran, Great […]

California IOUs Show Handy Profits

6 Nov

Updated Nov. 7. California’s three major investor-owned utilities were profitable during the third quarter of this year. That includes Pacific Gas & Electric, which lost money last quarter and faces ongoing uncertainties over wildfire liability. Here’s a breakdown of the third quarter results. Edison International: Edison reported third quarter earnings this year of $513 million, […]

Shorts

18 Sep

Sempra Energy is selling its non-utility solar energy assets to Consolidated Edison, the San Diego-based company revealed Sept. 20. Sempra also is selling battery energy storage development projects and one wind facility. The total sale will bring it $1.54 billion in cash. The assets included are: Mesquite Solar 2 and 3 in Arizona; Copper Mountain […]

$120M Aliso Canyon Gas Leak Deal Inked

8 Aug

State and local agencies and SoCal Gas Aug. 8 agreed to a $119.5 million settlement to resolve the public claims arising from the massive methane leak that occurred at the utility’s Aliso Canyon natural gas storage facility in Los Angeles in 2015. Attorney General Javier Becerra emphasized, however, that the company still faces hundreds of […]

PG&E & Sempra Report Big Losses

6 Aug

Earnings of two of the three parent companies of California’s major investor-owned utilities took a turn for the worse in the second quarter of 2018. Pacific Gas & Electric reported the largest earnings hit because of wildfire liability followed by big losses at Sempra Energy. Meanwhile, Edison International’s earnings were largely level and could be […]

Undercurrents

17 Jul

The state’s investor-owned utilities will release their second quarter earnings statements later this month, and the results likely will be mixed. Pacific Gas & Electric announced that it expects to post a big loss. There is no indication, however, that the other two utility holding companies, Edison International and Sempra Energy, will do so. PG&E […]

The Buzz

28 Jun

The big squeeze from a duo of powerful hedge funds leads Sempra Energy to sell off all of its green portfolio and some of its gas assets. More significantly, this is just the first round of spin offs. A proposed CPUC settlement would reduce ratepayers’ share of the closure costs of San Onofre Nuclear Generating […]

Sempra To Sell Renewable Power and Gas Assets

28 Jun

In response to pressure from two powerful hedge fund stockholders, Sempra Energy announced June 28 it was selling off a significant portion of its assets to generate cash for its shareholders. Elliot Management and Bluescape Resources together own nearly 5 percent of Sempra stock valued at $1.3 billion. The two claim Sempra’s stock is largely […]

“Vulture Capitalist” Pushes for Sale of Sempra Assets

12 Jun

Will Sempra Energy suffer a fate similar to NRG? The same two private investment firms bought up a substantial number of shares of the parent company of San Diego Gas & Electric and SoCal Gas and are trying to force a sale of assets to generate cash, like they successfully did with NRG. The equivalent […]

Earnings Down for Two of Three IOUs

8 May

Utility earnings varied during the first quarter of 2018, with Sempra Energy up and Edison and Pacific Gas & Electric down compared to the first three months of 2017. Edison International: The parent company of Southern California Edison had lower earnings in the first quarter of 2018 compared to the same period in 2017, with […]

PG&E, Edison & SDG&E Earnings Slump

27 Feb

The state’s investor-owned utilities and their parent companies saw lower earnings in the final quarter of last year, including because of the wildfires, regulatory decisions and the 2017 tax law. Executives warned that liability for the wildfires is expected to worsen the companies’ financial health. Edison, Pacific Gas & Electric and Sempra Energy all reported […]

Utility Financial Stability Concerns Come to Fore

8 Feb

In an unusual move, four members of the California Public Utilities Commission Feb. 8 answered written questions submitted by the so called “public” concerning the financial stability of the state’s investor-owned utilities in the face of regulatory policy and the growing impacts of climate change, particularly wildfires. The one-hour webinar—called an experiment in communications by […]

Utility Earnings Up, But SDG&E Takes Hit on Wildfire Costs

1 Nov

Updated Nov. 2 Earnings were up at Edison International and its utility Southern California Edison, as well as at Pacific Gas & Electric and Sempra Energy’s SoCal Gas utility in the third quarter of 2017. However, San Diego Gas & Electric was hampered by a continuing dispute over whether it will be able to recover […]

Solar & Storage Project Aims to Cut Muni’s Gas Use

19 Oct

The Los Angeles Department of Water & Power is eyeing whether it can downsize a planned natural gas power plant in Utah designed to replace the coal-fired Intermountain Power Plant when it closes in 2025, according to the muni’s general manager. LADWP General Manager Dave Wright told the muni’s board Oct. 18 that it might […]

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 […]