Legislation at a Glance

CA Current

• The Buzz February 26, 2021
  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, […]
  Elizabeth Mc Carthy
• Utility Annual Earnings & 4th Quarter Go North and South February 26, 2021
  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 […]
  Elizabeth Mc Carthy
• PG&E Reports Loss in 2020, Smaller than 2019 February 26, 2021
  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 […]
  Elizabeth Mc Carthy
• Rising Rates Drown Equity and Decarbonization February 26, 2021
  The burden of continually rising utility bills will derail California’s decarbonization work if left unaddressed, regulators, economists and ratepayer advocates warn. The rising costs are bearing down on struggling customers who’ve been hit hard by pandemic-driven job losses and sheltering at home. Higher bills undermine California’s equity policy goals and jeopardize the state’s clean energy […]
  Elizabeth Mc Carthy
• Budget Committee Eyeing Governor’s EV Charging Spending February 24, 2021
  A Senate Budget Subcommittee is scrutinizing the governor’s nearly $1.5 billion proposal to fund largely electric and hydrogen vehicle charging stations. It includes $1 billion of continuous appropriations over many years, raising eyebrows. Sen. Bob Wieckowski (D-Fremont), subcommittee chair, objected to Gov. Gavin Newsom’s proposal of recurring annual appropriations for electric and hydrogen-powered vehicle stations […]
  Elizabeth Mc Carthy
• Will Controversial Aliso Canyon Gas Field Get a New Lease on Life? February 24, 2021
  Despite the state’s legal commitment to decarbonize the energy sector, staff at the California Public Utilities Commission have concluded the large Aliso Canyon natural gas storage field in Los Angeles needs to remain open. There has been a forceful effort to close the field since a months-long eruption of methane gas from a failed well […]
  Elizabeth Mc Carthy
• SCE Ratepayer-Backed Bonds for Fire Costs Save Million$ February 24, 2021
  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. […]
  Elizabeth Mc Carthy
• Shorts February 23, 2021
  The Federal Energy Regulatory Commission will exam whether there was market manipulation in the wholesale natural gas and electricity markets during last week’s extreme cold weather in Texas and the Midwest. “If the Office of Enforcement finds any potential wrongdoing that can be addressed under FERC’s statutory authority, it will pursue those matters as non-public […]
  Elizabeth Mc Carthy
• The Buzz February 19, 2021
  The Federal Energy Regulatory Commission Chief calls the multi-day power outage in Texas a “humanitarian crisis.” FERC is looking into what went wrong during the unusually icy conditions. It urges politicians, the media, and others to not speculate on the cause of the loss of power. Soaring demand in Texas, frozen power plants, and massive […]
  Elizabeth Mc Carthy
• FERC Chair: Texas Outages a “Humanitarian Crisis,” Agency Opens Door to Enviro Justice February 19, 2021
  The massive days-long power outage caused by frigid weather across Texas and the Midwest, resulting in numerous deaths, is a “humanitarian crisis,” Federal Energy Regulatory Commission Chair Rich Glick declared. He and his fellow commissioner urged against pointing fingers at any one energy resource causing the power shortages, whether gas plants or wind turbines, at […]
  Elizabeth Mc Carthy