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Pacific Gas and Electric history
Pacific Gas and Electric company history timeline
Over the next half-century, the company merges with rival energy pioneers and competitors to form new companies, ultimately concluding in the merger of the San Francisco Gas and Electric Company and the California Gas and Electric Corporation to form Pacific Gas and Electric Company in 1905.
founded: 1905 variant name: pg&e
The two companies merged in 1905 to create Pacific Gas and Electric Co.
In 1906, PG&E purchased the Sacramento Electric, Gas and Railway Company and took control of its railway operations in and around Sacramento.
In 1912 PG&E began to increase its hydroelectric capacity.
By 1914, PG&E was the largest integrated utility system on the Pacific Coast.
The Sacramento City Street Railway began operating under the Pacific Gas & Electric name in 1915, and its track and services subsequently expanded.
The gas industry market structure was dramatically altered by the discovery of massive natural gas fields throughout the American Southwest beginning in 1918.
By the end of 1927, PG&E had nearly one million customers and provided electricity to 300 Northern Californian communities.
In March 1930 PG&E acquired a controlling interest in San Joaquin and Great Western North American in exchange for $114 million in PG&E stock.
The company enjoyed monopoly status by 1930, when it bought Great Western Power Co.
PG&E began delivering natural gas to San Francisco and northern California in 1930.
In 1930, PG&E purchased majority stock holdings in two major Californian utility systems—Great Western Power and San Joaquin Light and Power—from The North American Company, a New York investment firm.
In 1935 PG&E consolidated the operations of the companies it had bought.
In 1936, PG&E expanded distribution with an additional 45-mile pipeline from Milpitas.
In 1943, PG&E sold the rail service to Pacific City Lines, which was later acquired by National City Lines.
The request remained unresolved until 1945 when the North American Company sold off stocks that brought its ownership to below 10%. The SEC then ruled that PG&E was not a subsidiary of the North American Company.
In 1946 alone, 1,200 industries announce plans for new or expanded facilities in the utility’s service area.
In 1947, PG&E entered into a contract with the Southern California Gas Company and the Southern Counties Gas Company to purchase natural gas through a new 1,000-mile pipeline running from Texas and New Mexico to Los Angeles.
In 1948, the North American Company sold its remaining stock in PG&E.
Service continues to expand to rural areas, and by 1950, 98 percent of farms in the service area have electricity.
Total revenue for 1954 was $386 million.
The company made history in 1957 when it teamed up with General Electric to establish the Vallecitos atomic energy plant -- the world's first privately owned and operated nuclear facility.
In 1957, the company brought online Vallecitos Nuclear Center, the first privately owned and operated nuclear reactor in the United States, in Pleasanton, California.
PG&E began construction on another nuclear facility, the Diablo Canyon Power Plant, in 1968.
In 1972, the company began exploring possibilities for a 3,000-mile pipeline from Alaska, which would travel through the Mackenzie River Valley and on to join with the previously constructed pipeline originating in Alberta.
By 1973 PG&E was the second largest utility in the United States, with 65 hydroelectric plants and 12 steam electric plants and total revenue of $494 million.
To pay for the conversion, the company asked for a $233 million rate increase by 1975, the largest in California history.
Jerry Brown, Reagan's successor, appointed reform-oriented commissioners to the CPUC. In 1975 the CPUC ordered PG&E to offer a minimal amount of electricity at subsidized rates to all residential customers.
In 1977 the Mackenzie Valley Pipeline project received approval from the United States Federal Power Commission and support from the Carter Administration.
Under the 1978 Public Utility Regulatory Policies Act, United States electric utilities were required to buy power offered by independent producers at prices set by state utility commissions.
In 1979 the CPUC granted PG&E a $269 million annual rate increase, but it also pushed the company to buy more power from alternative energy sources.
Originally slated to come online in 1979, the plant's opening was delayed for several years due to environmental protests and concerns over the safety of the plant's construction.
Net income for 1980 was $525 million.
In 1980 PG&E put the Diablo Canyon nuclear plant into operation despite protests from environmental groups who were concerned about its location, which was dangerously close to an earthquake fault.
One of the two Diablo Canyon nuclear plants was finished in 1981, but PG&E did not receive permission to begin testing because of concerns that the plant, located just two miles from an earthquake fault, was not safe.
In 1982 PG&E signed a contract to buy most of the wind-generated power from a wind farm in Solano County, California.
Also in 1982 the CPUC ordered PG&E to suspend its large fuel-oil contract with Chevron USA Inc.
In 1983 it agreed to buy all the electricity from a solar-energy power plant being built by a subsidiary of Atlantic Richfield Company.
Net income for 1984 was $975 million.
In 1984 the great-grandson of PG&E's founder George H. Roe—David Roe published his book entitled Dynamos and Virgins during the time when there was a growing antinuclear-power movement.
In 1985 the CPUC ordered PG&E to lower its natural gas rates by $316.9 million per year.
The following year the company acquired the 48.9 percent of Pacific Gas Transmission Company that it did not already own in a stock swap valued at $164 million, and in 1986 Pacific Gas Transmission became a wholly owned subsidiary of PG&E.
In 1986 Richard Clarke became chairman and chief executive officer of PG&E, and George Maneatis became president.
In 1988 PG&E reorganized into five new business divisions.
The charge reduced net income for 1988 to $62.1 million.
Also in 1988 PG&E-Bechtel Generating Company, a joint venture of PG&E and Bechtel Power, began construction of its first power plant, in Montana.
By 1990 the venture had completed the Montana plant, had one under way in Pennsylvania, and was planning another in New Jersey.
In anticipation of an increasingly competitive market, the company began a program in 1990 to reduce its management staff by 300 over the next three years.
In 1990 the company added a sixth division, nuclear power generation, which was responsible for the Diablo Canyon nuclear power plants and the support services they required.
In 1992 three Canadian gas producers sued PG&E for not fulfilling its contracts for gas purchases.
By 1992, the utility had 12 million customers and the company was continuing to produce steady dividends for conservative investors.
In 1993 residents of the California town of Hinkley sued PG&E claiming the utility had released cancer-causing chromium into their ground-water.
mitchell, russell. "pg&e: one step ahead of future shock." business week, 14 november 1994.
In 1994 PG&E paid $1.6 billion for power from solar, wind, and other alternative sources.
The company cut its spending on energy conservation programs by $100 million in 1994.
In 1994 Stanley T. Skinner, who had been a PG&E employee for years, became chief executive officer.
The company was founded in 1995 and is headquartered in San Francisco, CA.“
In 1996 subsidiary Pacific Gas Transmission acquired a 389-mile natural gas pipeline in Australia for $136 million.
In 1996 California law reduced the rate of return it allowed PG&E to earn from its Diablo Canyon nuclear plant from 17 percent to 6.77 percent.
By 1996, when it experienced a major power outage, PG&E had already begun diversifying into smaller, unregulated companies, such as United States Generating and PG&E Energy Services.
In another blow in 1997, PG&E was found guilty by a California court of 739 counts of negligence and fined $2 million.
PG&E Corporation was established in 1997 as a holding company with Pacific Gas & Electric and other companies as its subsidiaries.
In 1997, PG&E reorganized as a holding company, PG&E Corporation.
The company's most important subsidiary, Pacific Gas and Electric Company, was the second largest investor-owned gas and electric utility in the United States in terms of sales in 1998.
In addition, the company agreed to accelerate the depreciation on the Diablo plant from 20 years to five in 1998.
Also in 1998 PG&E bought 18 non-nuclear power plants from New England Electric for $1.6 billion.
PG&E's efforts to make its utility business competitive were showing signs of progress in 1998.
In 1998, a change in the regulation of California's public utilities, including PG&E, began.
The 1999 Pendola fire in the Plumas National Forest and Tahoe National Forest burned nearly 12,000 acres of forest was found to have been caused by poor vegetation management by PG&E.
PG&E Company's 2000 loss of $5.2 billion was single-handedly responsible for the loss its parent reported that year.
When wholesale energy costs skyrocketed in 2000, PG&E could neither raise its rates nor produce cheap energy on its own.
In 2000 PG&E Corporation's National Energy group began building a natural gas pipeline from Ehrenburg, Arizona to Tijuana, Mexico with the Mexican firm, Prûxima Gas, S.A. de C.V., and Sempra Energy International.
In early 2000, as the California energy crisis was just starting to rock PG&E's corporate reputation, along came the movie Erin Brockovich.
With a critical power shortage, rolling blackouts began on January 17, 2001.
PG&E Company (the utility, not the holding company) entered bankruptcy under Chapter 11 on April 6, 2001.
reason, tim. "ring around the subsidiary." cfo the magazine for senior financial executives, october 2001.
Our current total clean fleet of 1,252 vehicles is deployed across our service area in northern and central California and includes natural gas vehicles, all-electric cars and trucks, hybrids and bio-diesel cars and trucks. It only picked up again in 2001 when it reached $2.74 billion.
berthelsen, christian. "pg&e earned $1.1 billion last year." san francisco chronicle, 6 march 2002.
Renewable Energy: Since 2002, PG&E has entered into more than 110 contracts to procure nearly 9,000 megawatts of renewable energy, including biomass and waste, geothermal, wind, small hydroelectric and solar.
PG&E was still making its case in bankruptcy court in mid-2002.
PG&E was eventually found legally culpable for the fire due to criminal negligence, according to an investigation in 2003.
PG&E Company, the utility, emerged from bankruptcy in April 2004, after paying $10.2 billion to its hundreds of creditors.
Clean-Fuel Vehicle Fleet: PG&E is a pioneer in developing a clean-fueled fleet of utility cars and trucks, recognized as the leading utility fleet in 2010 by Automotive Fleet magazine.
PG&E filed for bankruptcy on January 29, 2019.
PG&E settled for $1 billion with state and local governments in June, 2019, and settled for $11 billion with insurance carriers and hedge funds in September, 2019.
Liability for the Kincade Fire that started October 23, 2019 was potentially added, because initially it was unknown whether or not PG&E was at fault for the fire.
On October 9, 2019, Judge Montali allowed the proposed reorganization plan of the senior bondholders to be considered along with PG&E's proposed plan.
Judge Donato was scheduled to begin hearings February 18, 2020 to determine how to do the estimation and how much PG&E needs to put in a trust fund for wildfire victims.
On July 16, 2020, which was after PG&E exited bankruptcy, Cal Fire reported that the fire was caused by PG&E transmission lines.
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Pacific Gas and Electric competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Duke Energy | 1904 | $30.4B | 27,535 | 99 |
| Con Edison | 1823 | $13.7B | 14,071 | 160 |
| Pacifi | 1910 | $4.3B | 5,700 | 99 |
| Integrys Holding Inc | 1883 | $4.1B | 1,337 | - |
| Florida Power & Light | 1925 | $24.8B | 8,700 | - |
| The Williams Companies | 1908 | $10.5B | 5,425 | 246 |
| Boardwalk Pipeline Partners | 2005 | $1.3B | 1,280 | 85 |
| Dynegy | 1984 | $4.8B | 2,489 | - |
| PNM Resources | 1917 | $1.8B | 444 | - |
| Nexen | - | $980,000 | 50 | - |
Pacific Gas and Electric history FAQs
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