Big energy projects moving fast, face $150 billion a year in cost overruns, Bain & Co. says Energize Weekly, June 19, 2024 The scale and speed of the energy transition risks project delays and setbacks leading to cost overruns of 15 percent to 20 percent, equal to $150 billion a year, according to research paper…
CVEC alerts customers of rate increases due to rising costs and line upgrades Jun 11, 2024 The Central Virginia Electric Cooperative (CVEC) has announced that customers will see a rate increase on their bills starting on June 12. This comes after the CVEC filed a streamlines rate case with the Virginia State Corporation Commission on…
Idaho regulators reject utility’s bid to limit liability for wildfire damages May 23, 2024 The Idaho Public Utilities Commission turned down a request last week from an electric company that wanted to limit its responsibility for future wildfire damages. Portland-based PacifiCorp, which serves about 90,000 Idaho customers through Rocky Mountain Power, asked the commission last…
Entergy lights up $1.2 billion pension buyout with MetLife May 28, 2024 Entergy Corp., New Orleans, entered into an agreement to purchase a group annuity contract from Metropolitan Life Insurance Co. to transfer nearly $1.2 billion in U.S. pension liabilities. The utility company signed the agreement May 23 to transfer the liabilities representing 3,447 retirees…
Iberdrola to buy rest of US power firm Avangrid in $2.6 billion deal May 17, 2024 Spanish utility Iberdrola (IBE.MC), opens new tab has agreed to acquire the remaining 18.4% stake in Avangrid (AGR.N), opens new tab that it does not already own, the U.S. subsidiary said on Friday, in an all-cash deal worth about…
Anger builds over sweeping change in the way most Californians will pay for electricity May 7, 2024 With little debate two years ago, state lawmakers passed a complex energy bill that enabled a sweeping change in how most Californians are billed for electricity. The legislation was what Pacific Gas & Electric had asked for from…
Duluth electric utility owner Allete sold for $6.2 billion May 6, 2024 A Canadian pension board and a New York-based investment firm have agreed to purchase Allete, the parent company of Duluth-based utility Minnesota Power, for $6.2 billion. The partnership paid $67 per share to acquire Allete and plans to take the company private, pending…
California reject bill to crackdown on how utilities spend customers’ money April 22, 2024 California lawmakers on Monday rejected a proposal aimed at cracking down on how some of the nation’s largest utilities spend customers’ money. California’s investor-owned utilities can’t use money from customers to pay for things like advertising their brand or lobbying for…
Tri-State G&T faced with co-ops leaving and a stalled rate increase sees bond ratings drop Energize Weekly, April 10, 2024 Facing the departure of four member cooperatives and the failure to get federal regulators to approve a rate increase, Tri-State Generation and Transmission Association bonds were downgraded by two rating agencies. Fitch Ratings and Moody’s…
California Public Utilities Commission proposes to cut electricity rates Mar 29, 2024 Paying the electric bill is a year-round struggle for many people in San Diego. But now, there’s a proposal at the state level to drastically slash rates. The California Public Utilities Commission is looking at a proposal to cut electricity rates for customers…
Maine’s Versant Power proposes changes to its distribution rates March 08, 2024 Maine’s Versant Power has filed a plan with regulators to change its distribution rates in 2025. If approved, the average residential customer using 500 kilowatt-hours per month would see an increase of about $12 per month. A customer using 750 kwh would see…
US government may sue PacifiCorp, a Warren Buffett utility, for nearly $1B in wildfire costs February 26, 2024 The U.S. government is threatening to sue PacifiCorp, a unit of Warren Buffett’s Berkshire Hathaway, to recover nearly $1 billion in costs related to the 2020 wildfires in southern Oregon and northern California, though the company is…
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