As it previewed last month, Southern California Edison Co. Friday issued a request-for-offers (RFO) for long-term natural gas supply deals running up to 59 months in duration — both gas tolling arrangements for its power supplies and financial hedge products to protect against future wholesale price spikes. A conference call for potential bidders will be held by Edison April 18 (10 a.m., 866-858-1283).
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Puget Energy Reports Qtr Earnings Drop; New Share Sale Nets $310 Million
As previewed last week, Bellevue, WA-based Puget Energy, holding company for combination utility Puget Sound Energy (PSE), reported reduced third quarter earnings Tuesday. Net income from continuing operations totaled $5.9 million, or 6 cents/share, compared with $9.4 million, or 9 cents/share, for the same period in 2004, the company said.
Long Beach Port Releases Draft EIR on LNG Terminal, Sets 4 Public Hearings
As previewed late last week, the Port of Long Beach’s Harbor commissioners Monday night agreed to release a joint draft environmental impact report (EIR) on the proposed liquefied natural gas (LNG) receiving terminal in the harbor and established four public hearings on the document between Nov. 14 and Dec. 1 Comments are due to the port or the document’s joint author, FERC staff, by Dec. 8.
PG&E Reports Inflated 4Q Profits Due to One-Time Windfall
As previewed earlier in the month, PG&E Corp. reported fourth quarter earnings that soared to $871 million, or $2.04/share, due to a one-time, noncash item of $684 million, or $1.60/share, tied to the utility holding company severing its relationship with its previous merchant energy unit. These results compared to consolidated net income of $37 million, or 9 cents/share, for the fourth quarter of 2003.
PG&E Reports Inflated 4Q Profits Due to One-Time Windfall
As previewed earlier in the month, PG&E Corp. Friday reported fourth quarter earnings that soared to $871 million, or $2.04/share, due to a one-time, noncash item of $684 million, or $1.60/share, tied to the utility holding company severing its relationship with its previous merchant energy unit. These results compared to consolidated net income of $37 million, or 9 cents/share, for the fourth quarter of 2003.
PG&E Exits Bankruptcy; Opponents’ Court Stay Denied
As previewed for several weeks, Pacific Gas and Electric Co. last week emerged from the largest utility bankruptcy in United States history, three years and six days after filing for Chapter 11 protection in the midst of California’s wholesale energy market meltdown of 2000-2001. A last-minute court challenge by two dissident state regulators was rejected two weeks ago by a federal appeals court judge in San Francisco.
PG&E Exits Bankruptcy; Opponents’ Court Stay Denied
As previewed for several weeks, Pacific Gas and Electric Co., San Francisco, on Monday emerged from the largest utility bankruptcy in United States history, three years and six days after filing for Chapter 11 protection in the midst of California’s wholesale energy market meltdown of 2000-2001. A last-minute court challenge by two dissident state regulators was rejected last Friday by a federal appeals court judge in San Francisco.
PG&E Reports Decreased Utility Earnings; Former Merchant Unit Results Excluded
As previewed earlier in the month, San Francisco-based PG&E Corp. reported decreased earnings for its utility and excluded any results from its former merchant energy unit that is now in Chapter 11 bankruptcy. The lack of resolution in Pacific Gas and Electric Co.’s 2003 general rate case was the principal reason for the utility results being decreased compared to similar periods in 2002. The company still expects a rate decision that reflects a settlement that is before state regulators.
PG&E Reports Decreased Utility Earnings; Former Merchant Unit Results Excluded
As previewed earlier in the month, San Francisco-based PG&E Corp. reported decreased earnings for its utility and excluded any results from its former merchant energy unit that is now in Chapter 11 bankruptcy. The lack of resolution in Pacific Gas and Electric Co.’s 2003 general rate case was the principal reason for the utility results being decreased compared to similar periods in 2002. The company still expects a rate decision that reflects a settlement that is before state regulators.
Corporate Expenses Lower Dynegy’s 2Q Earnings
Dynegy Inc. on Friday previewed its quarterly earnings report, announcing that its core businesses’ results met management’s expectations. However, while power generation, natural gas liquids and regulated energy delivery did well, those results will be offset by higher-than-expected corporate-level expenses, including pending litigation, which will result in a net loss for the quarter.