New York, July 10, 2015 -- The California Public Utilities Commission (CPUC) on July 3, 2015 approved a major rate design modification for residential customers of the three major investor-owned utilities in California, including Pacific Gas & Electric (PG&E; A3 stable), Southern California Edison (SCE; A2 stable) and San Diego Gas & Electric (SDG&E; A1 stable). Even though the changes to the rate design do not eliminate the risks and challenges posed by the growth of distributed generation to the Californian utilities, we view the decision as a credit positive for California utilities as it is an important indication that the regulators are proactive and addressing these issues while they are still small enough to be manageable.

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