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CPUC Increases Oversight of PG&E, Pulls Vote on Utility Safety Certification

15 Apr

Advocates for ratepayers and for local power, together with members of the public were incensed when state energy regulators at the last minute cancelled a vote on a fire safety certification for Pacific Gas & Electric. Annual certifications, required by AB 1054, are a condition of utilities recovering from ratepayers their wildfire costs. PG&E, which […]

News Roundup: LA City Council Pressures SoCalGas to Close Playa del Rey Field

8 Apr

The Los Angeles City Council voted unanimously April 7 to close the Playa del Rey underground natural gas storage facility owned by Southern California Gas. The Playa del Rey field is smaller but considered riskier than the Aliso Canyon gas storage field. The Playa facility, which is near the LA International Airport, is located in […]

Sonoma County DA Charges PG&E with Five Felonies

6 Apr

The Sonoma County District Attorney filed criminal charges against Pacific Gas & Electric April 6, alleging it ignited the Oct. 23, 2019, Kincaid Fire. It harmed six fire fighters, destroyed 374 buildings, and torched nearly 78,000 acres of land over a period of two weeks. The utility also was charged with causing air pollution through […]

Commission Proposal Okays PG&E $7.5B Ratepayer Bonds

31 Mar

The California Public Utilities Commission is on the verge of green lighting Pacific Gas & Electric’s plan to issue an unprecedented $7.5 billion in ratepayer-backed bonds to cover part of its 2017 wildfire liability. Rejecting multiple intervenors’ warnings about possible ratepayer harm, the Commission proposal specifically would allow PG&E to refinance its $6 billion short-term […]

PG&E Reports Loss in 2020, Smaller than 2019

25 Feb

Pacific Gas & Electric Corp. reported continued losses for last year, at $1.3 billion, or $1.05 per share. That is far smaller than the utility loss of $7.7 billion, or $14.50/share, in 2019. Fourth quarter earnings for the utility’s parent company were in the black at $200 million, or 9 cents/share, contrasted with a loss […]

PG&E Touts Biggest Ratepayer Bond in U.S. History

24 Nov

Pacific Gas & Electric argues that its proposal before utility regulators to issue $7.5 billion in 30-year bonds to be repaid by ratepayers is a good deal for its customers. This low-cost refinancing of shareholder debt to cover utility wildfire costs “will enable PG&E to promptly move $6 billion in debt off its balance sheet,” […]

PG&E’s $7.5B Ratepayer Bond Would Assume Shareholder Debt

10 Nov

Pacific Gas & Electric is seeking regulatory permission to shift $7.5 billion of its 2017 wildfire costs from shareholders to ratepayers. Ratepayer advocate groups, both large and small, strenuously object on grounds it places an inordinate financial risk on utility customers while providing them little or no benefit. “It is morally reprehensible,” April Rose Maurath […]

Edison’s Earnings Drop, PG&E’s Losses Less Grim

30 Jul

Two of California’s three investor-owned utilities reported second quarter earnings this week. Edison International’s earnings were not as rosy as the same quarter last year, Pacific Gas & Electric Corp’s were not as bad. Sempra reports earnings next week. Edison International, the parent company of Southern California Edison, reported a drop in second quarter earnings […]

PG&E Sparked Last Fall’s Kincaid Fire, CalFire Finds

16 Jul

Following an investigation, Cal-Fire concluded July 16 that Pacific Gas & Electric was responsible for starting the Kincaid Fire near Geyserville, in Sonoma County, last October. The fire began Oct. 23 and burned until Nov. 6, destroying 374 structures and scorching nearly 78,000 acres. The announcement comes less than a month after PG&E emerged from […]

Newsom Beefs Up Fire Fighting Budget, Adds Social Distancing Plan

9 Jul

As summer temperatures increase, Gov. Gavin Newsom announced the addition of 858 fire fighters in CaFire ranks and six new California Conservation crews. Safety protocols to avoid the spread of Covid-19 will be in place for firefighters and those evacuated. “Even in a challenging budget climate, we have undertaken major action and made significant investments […]

The Buzz

2 Jul

Before the start of the fireworks, Pacific Gas & Electric announced it funded most of the $6.75 billion cash payment to fire victims. It also lined up another $12 billion to pay insurance claims as well as cities impacted by utility-sparked fires that burned from 2015-2018. Hydrogen fuel to lower transportation emissions, California’s biggest source […]

PG&E Has $17B on Hand for Fire Victims & Cities

1 Jul

Updated July 2 Pacific Gas & Electric announced July 1 it funded much of the cash portion of its $13.5 billion settlement with victims of wildfires from 2015-18, as well as the Oakland Ghost Ship warehouse fire. PG&E funded the victim trust with $5.4 billion in cash. It will receive a further $650 million cash […]

CA Budget Seeds PG&E Alternative

1 Jul

There is a clue in the new budget agreed to by lawmakers and the governor that they are serious about taking over PG&E and turning it into a non-profit utility. The budget contains a provision for a $50 million loan to the new entity under the newly enacted SB 350. That law says PG&E would […]

Bill Creating a Public Gas & Electric Becomes Law

30 Jun

Gov. Gavin Newsom signed into law June 30 legislation creating a state takeover of Pacific Gas & Electric if it is unable to complete its $58 billion in post bankruptcy financing by Sept. 30. If poorly maintained utility equipment causes another fire or disaster that also would trigger the takeover under SB 350 by Sen. […]

The Buzz

25 Jun

California sets the nation’s first statewide mandate to electrify medium- and heavy-duty trucks beginning in 2024. State energy regulators and utilities will play key roles in the success of the transition away from polluting diesel trucks to electrified ones by getting needed charging infrastructure built. The California Public Utilities Commission expands the local resources adequacy […]

Court Approves PG&E $60B Financing Scheme, Company Issues More Debt

23 Jun

The U.S. Bankruptcy Court confirmed Pacific Gas & Electric’s $58 billion reorganization to resolve massive claims—from wildfire victims and other creditors—10 days ahead of a legislative June 30 deadline. That is the final date for accessing the $21 billion utility ratepayer and shareholder funded fire trust, which PG&E and the court have kept their eyes […]

Shorts

16 Jun

Pacific Gas & Electric pled guilty June 16 in Butte County Superior Court to 84 counts of manslaughter and one count of illegally starting the 2018 Camp Fire. “I have heard the pain and the anguish of victims as they’ve described the loss they continue to endure, and the wounds that can’t be healed,” Bill […]

The Buzz

11 Jun

After months of few energy items on the California Public Utilities Commission business meeting agendas, this week’s one is dense, and action packed. After honoring the death of George Floyd, the five utility regulators approve Pacific Gas & Electric’s plan to install diesel-fueled generators to provide power during safety outages. The CPUC also signs off […]

Shorts

11 Jun

Pacific Gas & Electric announced it will have a new 11-member board after it emerges from bankruptcy. Of those 11 directors, six will be Californians, PG&E announced June 10. The new board members include Mike Niggli, former head of San Diego Gas & Electric, Arno Harris, Recurrent CEO and founder, the former Federal Emergency Management […]

PG&E Takeover Bill Passes Key Assembly Vote

9 Jun

Updated June 10 Legislation to allow California to seize Pacific Gas & Electric’s electric and gas infrastructure if the company fails to finance its $58 billion reorganization plan by the end of September or starts another large fire passed the Assembly Utilities & Energy Committee on a 12-2 vote. “It is a bill I hope […]

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