E Corp

PG&E Corp., owner of California's largest utility, said second-quarter profit rose 16% on higher electricity rates. Net income climbed to $269 million, or 74 cents a share, from $232 million, or 65 cents, a year earlier, the San Francisco-based company said. Sales rose to $3.19 billion from $3.02 billion. PG&E's utility, Pacific Gas & Electric, has been successful in gaining regulatory approval for general rate increases and investments in power plants and upgraded meters.

PG&E Corp., owner of California's largest utility, said second-quarter profit rose 16% on higher electricity rates. Net income climbed to $269 million, or 74 cents a share, from $232 million, or 65 cents, a year earlier, the San Francisco-based company said. Sales rose to $3.19 billion from $3.02 billion. PG&E's utility, Pacific Gas & Electric, has been successful in gaining regulatory approval for general rate increases and investments in power plants and upgraded meters.

Utility regulators have approved $350 million in rebates to encourage Californians to install water-heating systems powered by solar energy. The state Public Utilities Commission on Thursday established the California Solar Initiative Thermal Program, which will be funded using $250 million to replace natural-gas-powered water heaters, with $25 million set aside for low-income customers. An additional $100.8 million will be used to swap out water heaters powered by electricity. The rebates could reduce the cost of a solar water heater by 15% to 25%, industry experts said.

Faced with jittery creditors, the parent company of California's largest utility, Pacific Gas & Electric Co., took dramatic steps Friday to protect itself from being dragged into Bankruptcy Court but did nothing to prop up its debt-ridden subsidiary. After disclosures that PG&E Corp. had secured a $1-billion loan to pay its own creditors, Wall Street credit rater Fitch Inc. warned that the company's San Francisco-based utility was facing the "near-term possibility of bankruptcy."

Off the western coast of Scotland, on the Isle of Islay, science teacher Ray Husthwaite turns on the light in his classroom. The electricity comes from a power cable that runs to the mainland. But it also comes from the ocean. A few miles from the school, wave action compresses and decompresses air in a chamber. The moving air powers a turbine, which generates electricity.

Swatch watches--colorful, plastic Swiss quartz watches that sell for $30 each and are water- and shock-resistant--have become the hottest new fashion accessory on the market. Department and specialty stores can't keep up with the demand for Swatch watches, which have spawned a school of imitators and have created a new genre of fun, inexpensive watches that can be matched with outfits, moods and life styles. Among the competitors are Guess?, Awatch, Mwatch, Brooks and Totes.

Del E. Webb Corp. has announced plans for a $92.4-million corporate headquarters in Phoenix, on 7th Street between Catalina and Earll streets. Construction is expected to begin in April, 1986, on the 1.4-million-square-foot complex, which will include two 12-story, 250,000-square-foot office towers, a 16-story, 270,000-square-foot residential tower with 160 condominiums, and a six-level, partially underground, 670,000-square-foot parking facility.

Faced with jittery creditors, the parent company of California's largest utility, Pacific Gas & Electric Co., took dramatic steps Friday to protect itself from being dragged into Bankruptcy Court but did nothing to prop up its debt-ridden subsidiary. After disclosures that PG&E Corp. had secured a $1-billion loan to pay its own creditors, Wall Street credit rater Fitch Inc. warned that the company's San Francisco-based utility was facing the "near-term possibility of bankruptcy."

PG&E Corp. of San Francisco expects per-share earnings next year to reach $2.65 to $2.75 as the utility owner reaps returns from power-system investments.

Del E. Webb Corp. has announced plans for a $92.4-million corporate headquarters in Phoenix, on 7th Street between Catalina and Earll streets. Construction is expected to begin in April, 1986, on the 1.4-million-square-foot complex, which will include two 12-story, 250,000-square-foot office towers, a 16-story, 270,000-square-foot residential tower with 160 condominiums, and a six-level, partially underground, 670,000-square-foot parking facility.

Thomas E. Arnold was elected president of Del E. Webb Corp., Phoenix. Robert K. Swanson, who held the title, will continue as chairman and chief executive.