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Pacific Gas Electric Co

BUSINESS
December 28, 2007 | From Bloomberg News
Pacific Gas & Electric Co., California's largest utility, said Thursday that it might lower rates by $105 million next year because forward-market prices for natural gas and electricity had dropped "considerably." The company, a unit of San Francisco-based PG&E Corp., had said it was considering a rate increase of $362 million to compensate for higher costs from purchasing wholesale power. Pacific Gas & Electric's residential customers can now expect a rate decrease of about 0.
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BUSINESS
December 22, 2007 | From Bloomberg News
PG&E Corp., owner of Pacific Gas & Electric Co., said Friday that 2009 earnings would lag behind analyst estimates as capital spending increases and cost-cutting efforts miss forecasts. Per-share earnings, which may exclude such items as legal settlements, will be $3.15 to $3.25, the San Francisco company said in a regulatory filing. PG&E had been expected to earn $3.35 a share, based on the average of nine analyst estimates compiled by Bloomberg.
BUSINESS
December 19, 2007 | Elizabeth Douglass and Victoria Kim, Times Staff Writers
Pacific Gas & Electric Co. went surfing Tuesday, becoming the first U.S. utility to commit to buying electricity generated by the tumult of the sea. The San Francisco-based company, which this year proposed a test facility for producing power from ocean waves, said the electricity in its new contract would come from a wave project planned by Canada's Finavera Renewables Inc. for the waters off the coast of Northern California's Humboldt County. The PG&E Corp.
BUSINESS
December 13, 2007 | Elizabeth Douglass, Times Staff Writer
Pacific Gas & Electric Co. blasted state officials Wednesday for renegotiating a major electricity contract signed during the energy crisis, contending that the new terms would boost costs for consumers by hundreds of millions of dollars. The power supply contract, one of many deals the state struck to secure energy during the 2000-01 market meltdown, was signed by the California Department of Water Resources. It called for San Jose-based Calpine Corp.
BUSINESS
October 4, 2007 | From Times Wire Services
Pacific Gas & Electric Co. said it would give away 1 million energy-saving light bulbs this month in what it is calling the largest one-month promotion of compact fluorescent light bulbs. The bulbs cost more than standard incandescent light bulbs but use about 75% less energy and are said to last as much as 10 times longer. The utility said its giveaway could save 400,000 megawatt-hours of power use and prevent emission of 200,000 tons of greenhouse gases.
BUSINESS
July 26, 2007 | From Times Wire Services
Pacific Gas & Electric, California's largest utility, will buy 553 megawatts of power from Israel's Solel Solar Systems Ltd., which is building what it said would be the world's largest solar-power plant. Solel's Mojave Solar Park will provide power equivalent to the electrical needs of 400,000 homes as PG&E seeks to reduce its reliance on carbon-based energy sources, the companies said. The $2-billion facility will be fully operational by 2011, Solel said.
BUSINESS
June 29, 2007 | From Times Wire Services
Pacific Gas & Electric, California's largest utility, said it wanted to purchase credits from projects that would reduce the amount of greenhouse gases in the atmosphere to fight global warming. The San Francisco-based utility is searching for projects in the livestock manure management sector that will offset the equivalent of 250,000 tons of carbon dioxide, it said. It will also include other types of investments for forestry management.
BUSINESS
June 20, 2007 | From Times Wire Services
Pacific Gas & Electric Co. said it would study the potential for using the tides in the San Francisco Bay to generate electricity. The San Francisco-based utility said that it would team up on the yearlong study with San Francisco and closely held Golden Gate Energy of Washington, which has a preliminary federal permit for tidal energy in the bay.
BUSINESS
May 11, 2007 | From Times Wires Services
PG&E Corp., owner of California's largest utility, said first-quarter profit rose 20% on higher electricity rates. Net income rose to $256 million, or 71 cents a share, from $214 million, or 60 cents, a year earlier, the San Francisco-based company said. PG&E was expected to earn 62 cents, the average of analyst estimates compiled by Bloomberg.
BUSINESS
March 22, 2007 | From Times Wire Services
Pacific Gas & Electric Co. and the San Francisco Giants said Wednesday that they would team up to place the first solar energy system at a major league ballpark. But storm clouds are gathering over the plan to install nearly 600 solar panels at AT&T Park, the Giants' home field. Consumer advocates contend the project is little more than a publicity stunt and that shareholders, not ratepayers, should be footing the bill.
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