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Sempra’s Earnings Jump, Edison’s Fall

6 Nov

California’s investor-owned utilities in the southern half of the state reported solid earnings, with those of San Diego Gas & Electric and SoCal Gas rising significantly. Southern California Edison’s margin dropped, however. Pacific Gas & Electric, with little notice, reported its third quarter net income Nov. 7. Edison International: the utility’s corporate parent saw its net […]

Shorts

14 Oct

Updated Oct. 17. The California Independent System Operator upgraded its power grid operating technology last week, saying it now has the most advanced system in the industry. CAISO launched the Siemens Spectrum PowerTM 7 energy management system after five years of study, competitive bidding, design, and implementation. “CAISO now has the most sophisticated energy management […]

Shorts

30 Sep

Updated Oct. 3. A ratepayer advocate group is taking Pacific Gas & Electric to task for its legal bills as the giant utility moves through its bankruptcy proceeding. The Utility Reform Network Oct. 3 blasted PG&E for spending $140 million on legal fees in the first few months of the  proceeding, paying attorneys $1,500 an […]

The Buzz

26 Sep

So. Cal Gas and SDG&E get whopping increases in their 2019-21 general rate cases. State energy regulators say the hefty revenue hikes are needed to fully fund the gas and electric companies’ safety programs. It is a long shot but bondholders try again to inject their plan for paying off PG&E’s massive debts at the […]

CPUC OKs 27% & 17% Revenue Rise for Sempra Utilities

26 Sep

The California Public Utilities Commission Sept. 26 unanimously adopted a 13.78 percent increase in SoCal Gas’ 2019 test year revenue requirement over last year’s rates to reach nearly $2.8 billion. The hike was made as part of the Sempra utility’s 2019-21 general rate case. The five commissioners also signed off on a higher revenue requirement […]

California IOU Earnings in the Black

5 Aug

California investor-owned utilities showed profits during the second quarter this year, as PG&E announced ahead of its quarterly earnings statement it hopes to deliver shareholder returns even while it’s in bankruptcy. California energy companies credited Gov. Gavin Newsom and state lawmakers for creating a new wildfire liability insurance fund for state utilities earlier this summer, […]

CPUC to Investigate SoCal Gas Safety

27 Jun

The California Public Utilities Commission June 27 launched an investigation into the safety cultures of SoCal Gas and its parent company following large and small gas pipeline explosions and leaks since 2015. “There are significant questions about SoCal Gas’ safety practices and priorities,” said Commissioner Liane Randolph. She pointed to a report released mid-May on […]

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 […]