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BUSINESS
May 5, 2004 | From Bloomberg News
PG&E Corp., owner of California's largest utility, said Tuesday that first-quarter profit was $3.03 billion after the state approved an asset value increase, a year after the company posted a bankruptcy-related loss of $354 million. Net income was $7.21 a share, in contrast to a loss of 93 cents a year earlier, San Francisco-based PG&E said. Revenue rose 28% to $2.72 billion from $2.13 billion a year earlier. The California Public Utilities Commission in December approved increasing the value of PG&E's assets, including distribution lines and power plants, as part of the settlement under which the company's utility unit, Pacific Gas & Electric Co., emerged last month from Chapter 11 proceedings.
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BUSINESS
August 9, 2011 | Bloomberg
PG&E Corp., owner of California's largest utility, named Anthony Earley as chief executive officer, turning to an outsider for the first time in its 106- year history after a fatal pipeline blast last year. Earley, the 62-year-old executive chairman at DTE Energy Co., will take over at PG&E on Sept. 13, the San Francisco-based company said in a statement yesterday. The start date is about a year after a PG&E natural-gas pipeline exploded in San Bruno, California, killing eight people and destroying 38 homes in the San Francisco suburb.
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BUSINESS
August 20, 2003 | Nancy Rivera Brooks, Times Staff Writer
PG&E Corp., whose two main subsidiaries are operating under Bankruptcy Court protection, reported slightly higher second-quarter earnings Tuesday because of a smaller loss at its ailing wholesale power unit. PG&E said it still expected to hit its earnings target for the year of $1.90 to $2 a share even though its San Francisco utility subsidiary, Pacific Gas & Electric Co., reported lower income for the quarter. For the quarter ended June 30, PG&E posted net income of $227 million, up 4% from the $218 million earned in the second quarter of last year.
BUSINESS
October 30, 2009 | Times Wire Reports
PG&E Corp. said third-quarter profit rose 4.6% as its Pacific Gas & Electric utility, California's largest, collected higher rates to cover the cost of system maintenance and upgrades. Net income climbed to $318 million, or 83 cents a share, from $304 million, or 83 cents, a year earlier, the San Francisco company said. Excluding one-time items, such as costs for gas-system maintenance and severance, profit was 93 cents a share, beating by 1 cent the average analyst estimate compiled by Bloomberg.
BUSINESS
February 19, 2005 | From Bloomberg News
PG&E Corp., owner of California's largest private utility, said Friday that fourth-quarter profit surged as the company had a gain from wiping out its equity interest in a former wholesale power unit. Net income jumped to $871 million, or $2.04 a share, from $37 million, or 9 cents, a year earlier, the San Francisco-based company said. Sales climbed 20% to $2.98 billion. PG&E will pay dividends this year for the first time since 2001, when its utility was forced to seek Bankruptcy Court protection because of soaring power costs during the California energy crisis.
BUSINESS
March 2, 2006 | From Reuters
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.
BUSINESS
October 22, 2005 | From Bloomberg News
PG&E Corp., owner of California's largest utility, said its board approved the company's plans to repurchase as much as $1.6 billion of its shares. The shares may be bought back through the end of 2006, the San Francisco company said.
BUSINESS
December 9, 2003 | From Bloomberg News
PG&E Corp.'s $12-billion reorganization plan for Pacific Gas & Electric, California's largest utility, is too generous to the company and expensive for customers, two state Democratic lawmakers said. Sens. Joe Dunn (D-Santa Ana) and Debra Bowen (D-Marina del Rey) criticized a settlement between PG&E Corp. and the staff of the California Public Utilities Commission and urged the five-member commission to consider alternatives that could save consumers money.
BUSINESS
July 6, 2001 | NANCY RIVERA BROOKS, TIMES STAFF WRITER
California Atty. Gen. Bill Lockyer on Thursday asked the Securities and Exchange Commission to investigate PG&E Corp. for potential abuses of its responsibilities as a utility holding company. At issue is a series of transactions over the last several years in which PG&E Corp. transferred funds from its utility, Pacific Gas & Electric Co., which now is operating under Bankruptcy Court protection.
CALIFORNIA | LOCAL
June 1, 2002 | From Times Staff and Wire Reports
PG&E Corp.'s biggest creditors pledged support for plans submitted by the company and state regulators for reorganizing the company's Pacific Gas & Electric unit, California's largest utility. The decision is a setback for PG&E, which until now had the exclusive support of creditors for its proposal to break Pacific Gas into separate companies regulated by the federal government.
BUSINESS
November 7, 2008 | Times Wire Reports
PG&E Corp., owner of California's largest utility, said third-quarter profit rose 9.4% on higher rates. Net income rose to $304 million, or 83 cents a share, from $278 million, or 77 cents, a year earlier, the San Francisco-based company said. That missed by 3 cents the average of 11 analyst estimates compiled by Bloomberg. The flagship Pacific Gas & Electric utility is raising electricity rates by $213 million annually through 2010 under a billing plan approved by regulators in March 2007.
BUSINESS
August 7, 2008 | From Times Wire Services
PG&E Corp., owner of California's largest utility, said second-quarter profit rose 8.9% on higher rates. Net income increased to $293 million, or 80 cents a share, from $269 million, or 74 cents a share, a year earlier, the San Francisco-based company said. Revenue climbed 12% to $3.58 billion. California utilities are spending more on electricity generators and power lines to bolster reliability and meet rising demand from a growing population. Last year, California regulators said the company's Pacific Gas & Electric utility could raise rates by $213 million in 2007 and by $125 million annually from 2008 through 2010.
BUSINESS
July 23, 2008 | From Times Staff and Wire Reports
PG&E Corp., the San Francisco-based parent of Pacific Gas & Electric Co., on Tuesday proposed building an $850-million natural-gas fueled power plant in Alameda County, near Oakland, to meet rising electricity demand. The utility acquired the Tesla Generating Station site and development rights July 17 from closely held ESI Energy, PG&E said Tuesday in a Securities and Exchange Commission filing. The utility wants state regulatory approval by Jan.
BUSINESS
May 7, 2008 | From Times Wire Services
PG&E Corp. said first-quarter profit fell 13% on costs incurred by its Pacific Gas & Electric utility, the state's largest, to repair damage from torrential rain and heavy snow in January. Net income fell to $224 million, or 62 cents a share, from $256 million, or 71 cents, a year earlier, the San Francisco-based company said. The per-share results missed by 4 cents the average of analyst estimates compiled by Bloomberg. Sales rose 11% to $3.73 billion. "Earnings were a little light, but the company is sticking to their earnings guidance for this year and next," said Michael Worms, an analyst at BMO Capital Markets in New York.
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
November 2, 2007 | From Reuters
Utility owners Sempra Energy and PG&E Corp. posted lower third-quarter earnings Thursday on the absence of gains that had boosted year-earlier results. San Diego-based Sempra also was hampered by its commodities business, and San Francisco-based PG&E by higher costs to buy electricity. Sempra Energy, parent of San Diego Gas & Electric, said net income was $305 million, or $1.15 a share, compared with $653 million, or $2.49, a year earlier. Sales fell 1% to $2.66 billion.
BUSINESS
October 9, 2003 | From Bloomberg News
PG&E Corp.'s plan to bring its Pacific Gas & Electric utility out of bankruptcy protection has the preliminary support of 97% of voting creditors. Pacific Gas, California's largest utility, submitted the preliminary results of a creditor vote to the U.S. Bankruptcy Court in San Francisco. The final voting results will be submitted next week.
BUSINESS
September 7, 2006 | From Bloomberg News
Pacific Gas & Electric Co. said it planned to install additional power plants by the middle of next year to improve the reliability of its electricity supply. The utility, a unit of San Francisco-based PG&E Corp., would add plants that run at times of peak demand and generate as much as 200 megawatts of electricity.
BUSINESS
April 12, 2007 | From Times staff and wire reports
Edison International, PG&E Corp. and Sempra Energy sued Los Angeles and 17 other cities and municipal utilities for $100 million for selling electricity at inflated prices during 2000-01. The public utilities sold power on the wholesale market during California's energy crisis at rates that the Federal Energy Regulatory Commission determined were "unjust, unreasonable, and unlawful," the energy companies said in the Los Angeles Superior Court lawsuit.
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