November 7, 2008 |
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.
August 7, 2008 |
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.
July 23, 2008 |
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.
May 7, 2008 |
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.
November 2, 2007 |
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.
April 12, 2007 |
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.