PG&E Corp. on Aug. 9 reported a 2019 second-quarter net loss of $2.6 billion, compared with a net loss of $984 million in the second quarter of 2018, and listed a number of wildfire-related expenses as the primary driver of the losses.
Sempra Energy executives recently joined other utilities in praising wildfire-related legislation signed earlier this year by Gov. Gavin Newsom, saying it improves the operating environment and financial health of the state’s investor-owned utilities.
Pinnacle West Capital Corp. reported that cooler weather in the second quarter led to a financial loss, and also said it is pulling back on investment in energy storage technology after a utility-scale battery exploded at a substation in April.
PNM Resources, the parent company of Public Service Company of New Mexico, reported a loss of $75.9 million in the second quarter of 2019 that executives say is largely attributable to weather.
Southern California Edison on July 25 reported a substantial increase in second-quarter earnings, up $122 million from the second quarter of 2018, and cited new wildfire legislation recently approved by Gov. Gavin Newsom as a primary reason for the growth.