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Share Name | Share Symbol | Market | Type |
---|---|---|---|
PG&E Corp | TG:PCG | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 17.304 | 17.05 | 17.566 | 0.00 | 06:32:02 |
DOW JONES NEWSWIRES
PG&E Corp. (PCG) agreed to acquire solar energy from two California projects, one by FPL Group Inc. (FPL), and PG&E looks to continue building its power sources.
Utilities are increasingly tapping alternative-energy sources of power as such efforts have become cheaper and as uncertainty continues about the potential of federal taxes on carbon use and carbon-dioxide emissions.
FPL's NextEra is the nation's largest producer of wind power and has contracted to sell 250 megawatts of power from a proposed project in southern California to Pacific Gas & Electric. The NextEra project is slated to become operational in two stages ,in 2013 and 2014, respectively, and deliver about 560-gigawatt hours of energy annually. That is the annual consumption of more than 80,000 homes.
PG&E also intends to obtain 250 megawatts of power from a proposed solar project by Spain's Abengoa SA (ABG.MC). That facility, intended to general more than 600 gigawatt-hours annually, is set to be fully operational by late 2013.
Both projects will use proven solar-thermal technology to generate renewable energy for PG&E's electric customers. Curved mirrors in the shape of troughs will focus solar energy onto fluid-filled tubes extending the length of each trough. The heated fluid will then be used to create steam for generating electricity.
PG&E has some 15 million customers in central and northern California. Its shares were recently up 14 cents at $41.83 while FPL's shares rose 14 cents to $52.77.
-By Kevin Kingsbury, Dow Jones Newswires; 212-416-2354; kevin.kingsbury@dowjones.com
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