PG&E Says It’s Likely Behind California Wildfires, Braces for Additional $11.5 Billion in Damages

Pacific Gas & Electric is including an $11.5 billion pre-tax charge related to third-party claims in connection with devastating wildfires that hit the state in the last two years, according to financial data released on Feb. 28. The battered utility admits that based on information currently available, it is “probable” that its equipment will ultimately be determined to have…

FERC Establishes $10 Million Threshold for Merger Approvals

The Federal Energy Regulatory Commission on Feb. 26 issued a final rule amending its regulations governing public utility mergers and consolidations. The rule requires transactions with a value above $10 million to be first authorized by the commission before consummation. For transactions valued below that threshold but above $1 million, utilities do not have to…

AEP Subsidiary Reaches Settlement, Slashing Rate Hike Request by Almost Half

The Public Service Company of Oklahoma reached a proposed settlement seeking a revenue increase of $46 million, down from the originally requested $88 million, according to a Feb. 27 press release by the Oklahoma Corporation Commission. The settlement would raise monthly residential electric bills by about $2.38 compared to an increase of $7 that would…...

Tesla Finds New York’s Incentive Program Discriminates Against Its Charging Technology

Tesla Inc. on Feb. 28 requested rehearing of the New York Public Service Commission’s order approving an incentive program for electric vehicle charging stations, finding that the agency’s definition of “publicly accessible” stations disqualifies Tesla’s charging technology without any rational basis. The commission, in its Feb. 7 order adopting an annual declining per-plug incentive program,…