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The Buzz

7 May

Pacific Gas & Electric’s $7.5 billion bond issuance gets final approval. Regulators sign off on its financing order, which includes oversight by a finance team tasked with protecting customers. Ratepayer advocates welcome the oversight on condition it is robust, but object to the legal basis of the approved ratepayer-backed securitization. San Diego Gas & Electric […]

The Buzz

22 Apr

State regulators green light Pacific Gas & Electric’s whopping $7.5 billion ratepayer-backed bond proposal to cover its 2017 fire liability. The tab soars to $11 million when adding in the interest, which PG&E promises to repay over 30 years but with no guarantees. Consumer advocates are appalled. One calls the decision “reprehensible.” A new issue […]

PG&E’s Groundbreaking $7.5B PG&E Ratepayer-Backed Bond Set to Go

22 Apr

Pacific Gas & Electric ratepayers are now presumed to be on the hook for more than $11 billion over the next 30 years for a $7.5 billion bond, plus about $4 billion in interest. The unprecedented ratepayer-backed bond is to refinance PG&E’s $6 billion in short-term bankruptcy debt taken on to compensate fire victims last […]

Shorts

22 Mar

The grid operator’s Western Energy Imbalance Market officially added four community-owned utilities and a federal power agency March 25. The newest members are Turlock Irrigation District and the Balancing Area of Northern California. BANC members are the Modesto Irrigation District, the City of Redding, the City of Roseville, and the Western Area Power Administration–Sierra Nevada […]

Independent Generator Earnings Suffer

9 Mar

All of the generator’s earnings took a hit during the pandemic last year, though those operating in California remained profitable. AES: This global power generator posted 2020 earnings of $46 million, or 7 cents a share, compared to a net of $303 million in 2019, or 46 cents per share. Fourth quarter earnings were far […]

The Buzz

25 Feb

The 2020 and quarterly earnings of the parent corporations of the four investor-owned utilities are a mixed bag. Annual net income for Edison International and PG&E Corp. drops while fourth quarter earnings rise. Sempra Energy’s reported income goes the opposite direction. While utility leaders sing the praises of increased investments and revenue to analysts, economists, […]

Utility Annual Earnings & 4th Quarter Go North and South

25 Feb

Edison International’s earnings for 2020 fell, but its fourth quarter net income was higher than in 2019. For Sempra Energy, the reverse was true. Edison International–Annual earnings for Southern California Edison’s parent company dropped to $700 million in 2020, or $1.98 per share. That compares to $1.3 billion in 2019, or $3.78 per share. Fourth […]

SCE Ratepayer-Backed Bonds for Fire Costs Save Million$

23 Feb

Southern California Edison issued $338 million in securitized bonds to cover part of its wildfire capital expenditures on Feb 17. The bond offering closed Feb. 24. It is the first utility to issue what will be billions of dollars of mortgage type, ratepayer-backed bonds to recover fire mitigation and other costs under new state laws. […]

Northern and Central Calif CCAs Team Up to Buy Power

8 Feb

Eight community energy organizations have joined forces to purchase clean power in an effort to lower costs through economies of scale. Realized savings would in turn be viewed favorably by credit rating agencies, potentially further improving community aggregators’ bottom lines. Several northern and central coast aggregators representing 6.6 million people and 32,600 GW hours of […]

The Buzz

28 Jan

Tis the season for new legislation and among the new bills is one setting a financial bar for major companies to report their greenhouse gas emissions. In addition, big businesses would be required to report both direct and indirect carbon emissions. Other legislation would curb gas use in new buildings, seek to grow green hydrogen […]

SCE Reaches Another $2B Wildfire Settlement

27 Jan

Southern California Edison will pay $2.2 billion to insurance companies for payouts they made for losses resulting from the 2018 Woolsey Fire. But that is not all. Under this new settlement, SCE will pay additional amounts for policyholder claims that continue to come in until July 15, 2023. There is a cap in the settlement, […]

Newsom Proposes $2.5B for Electric Transportation & Fire Mitigation

11 Jan

Gov. Gavin Newsom’s 2021-22 budget proposes spending more than $1.5 billion to accelerate electric and other non-fossil fueled vehicles and charging stations, particularly in polluted poor communities. He also plans to direct another $1 billion to reduce wildfire risks in high threat areas—forests and communities.  Newsom’s proposal released Jan. 8 highlights significant exacerbation of climate […]

More Community Aggregators Come of Age, Get Rated

7 Jan

Community energy organizations in California continue to do well on their early investment credit ratings, with five of the entities now rated. Two Bay Area community energy organizations, which supply energy to former private utility ratepayers, are the most recent to receive solid grades. Silicon Valley Clean Energy received an “A” from S&P Global Ratings […]

News Roundup: New CPUC Executive Director

6 Jan

The California Public Utilities Commission named a new executive director to replace the former chief Alice Stebbins, who was fired in August. Rachel Peterson, who has been the Acting Executive Director, became the new director Jan. 5. “It is a great move for the CPUC,” Arthur O’Donnell, energy analyst and journalist, and former CPUC staffer, […]

PG&E Rates Climb and Climb Again

3 Dec

As Californians pay higher electric bills because work and other activities are confined to home, the California Public Utilities Commission unanimously approved a request from Pacific Gas & Electric to increase its revenue this year by $9.1 billion, a nearly 7% increase over last year. In 2021, there will be an additional $316 million rise […]

News Roundup: GM Sees the EV Light

24 Nov

General Motors announced it will cease its opposition to California’s tailpipe emissions reduction work, asserting it is now committed “to an all-electric, zero emission future.” For about a year and a half, General Motors led the effort to strip California of its vehicle emissions regulatory power. Three weeks after the election that took down the […]

Guest Juice: Solar Gets Better, Cheaper

24 Nov

By Feiridoon Sioshansi Solar projects, particularly the utility-scale variety, are now considered the cheapest way to generate power in California and many other parts of the U.S., according to the Lawrence Berkeley National Laboratory’s new report 2020 Utility-Scale Solar Data Update. It provides the latest trends in ground-mounted solar projects larger than 5 MWAC. It […]

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 […]

The Buzz

6 Nov

Neil Chatterjee, who has served as the Federal Energy Regulatory Commission chair for more than two years, is suddenly replaced. President Trump late Thursday names James Danly the new FERC chief. In blue California, state utility regulators approve Southern California Edison’s plan to issue $337 million in ratepayer-backed bonds to recover the costs of making […]

SCE $337M Ratepayer-Funded Bond Approved

5 Nov

With no discussion, the California Public Utilities Commission unanimously voted to allow Southern California Edison to issue $337 million in bonds fully backed by ratepayers early next year. They are to cover the first round of the utility’s recent grid hardening costs. Intervenors who opposed SCE’s initial bond proposal, led by The Wild Tree Foundation, […]

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