Despite taking its massive utility into Chapter 11 bankruptcy proceedings last year, PG&E Corp. reported Wednesday it handed out $4.68 million in bonuses to 11 top corporate and utility senior executives, along with $13.5 million in restricted stock, as rewards for performances resulting in $1.1 billion in profits last year. The disclosure was part of a filing to the Securities and Exchange Commission, prompting strong criticism from consumer groups.
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PG&E Bonuses Stir Consumer Group Criticism
Despite taking its massive utility into Chapter 11 bankruptcy proceedings last year, PG&E Corp. reported Wednesday it handed out $4.68 million in bonuses to 11 top corporate and utility senior executives, along with $13.5 million in restricted stock, as rewards for performances resulting in $1.1 billion in profits last year. The disclosure was part of a filing to the Securities and Exchange Commission, prompting strong criticism from consumer groups.
Judge Freezes Enron North America Payments to Other Units
The U.S. bankruptcy judge handling Enron Corp.’s bankruptcy proceedings on Monday froze the payments of Enron North America that had been funding operations for other business units. Since Dec. 2, 2001, when Enron filed for bankruptcy, Enron North America has given $632 million to the parent company for disbursement to various units. Although some of the money has been returned, creditors of Enron North America have suggested the subsidiary is being “plundered” and requested a halt to the payments.
Financial Experts Tell Congress to Fix the System
Mark-to-market accounting for long-term transactions presents company management “with a temptation to be overly aggressive that is too great for them to ignore,” a leading short seller, credited with spotting Enron’s problems early on, told a congressional committee last Wednesday.
PG&E’s Gas Costs for January 39 Cents/Therm
What a difference a year makes for Pacific Gas and Electric Co., still working its way through Chapter 11 bankruptcy proceedings, but facing kinder, gentler wholesale gas and electricity prices. As a result, the San Francisco-based utility began the new year with a retail natural gas price of 39 cents/therm, a 72% drop in commodity costs, noting that for the first time in many months, “prices are beginning to stabilize and are more reflective of natural gas costs during the past five years.”
PG&E’s Gas Costs for January 39 Cents/Therm
What a difference a year makes for Pacific Gas and Electric Co., still working its way through Chapter 11 bankruptcy proceedings, but facing kinder, gentler wholesale gas and electricity prices. As a result, the San Francisco-based utility begins the New Year with a retail natural gas price of 39 cents/therm, a 72% drop in commodity costs, noting that for the first time in many months, “prices are beginning to stabilize and are more reflective of natural gas costs during the past five years.”
FERC ALJ Pushes Back CA Refund Findings to December
Bruce Birchman, the FERC administrative law judge (ALJ) overseeing proceedings related to possible refunds for electricity overcharges in California, last Thursday issued a revised trial schedule related to the proceeding under which he now plans to certify proposed findings of fact in mid-December.
FERC Consolidates QF Interconnection Proceedings
FERC will hold off on responding to issues raised by several parties in response to a recent Commission order that, among other things, determined that when qualifying facilities (QFs) in California sell excess power or make sales to third parties under court authorization, they should be allowed to request interconnection and transmission service from utilities in California. The Commission last Monday said that it would address all issues raised on rehearing of the order, as well as issues raised in response to a Federal Power Act (FPA) proposal included in the order, in a single future decision.
AES Power Direct Bids to Buy assets of Titan Energy
A bankruptcy judge in Atlanta, GA, put the proceedings againstTitan Energy on hold yesterday after the gas marketer notified thecourt that AES Power Direct, a retail power provider, had made anoffer to purchase its assets.
NGSA’s Horvath Seeks Industry Collaboration
R. Skip Horvath, president of the Natural Gas Supply Association(NGSA) and former official of a major pipeline group, took theinitial step yesterday towards trying to unify a fragmented naturalgas industry.