The Office of Gas and Electricity Markets (Ofgem) has levied a £1 million fine on British Gas Business for not providing accurate information about the amount of electricity supplied under the Government’s Renewables Obligation. The error was caused by British Gas’s faulty interpretation of the reporting requirements and insufficient procedures by the company. The £1 million penalty on British Gas has been reduced because of British Gas’ cooperation.
The Board of Directors of Pacific Gas & Electric Corporation will elect a new lead executive in the coming weeks in light of current Chairman, CEO and President Peter Darbee’s announced retirement, effective April 30, 2011. The company’s utility unit, Pacific Gas and Electric (PG&E) Company, will continue to be led by President Christopher P. Johns.
Petra Solar has appointed John S. Rego chief financial officer and treasurer. As CFO, Rego will be responsible for the company’s accounting, finance, treasury, taxation, human resources, public relations, and information technology. Rego has more than 25 years of executive leadership experience in building technology companies. Prior to joining Petra, Rego spent seven years with Vonage Holdings Corp. as executive vice president, chief financial officer and treasurer and was responsible for raising over $1.3 billion in capital.