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December 11, 2012
13:44 EDTPCGPG&E making $157M in property tax payments to 49 California counties
Pacific Gas and Electric Company announced it is making property tax payments totaling over $157M to the 49 counties in which it operates. This amount, being paid this week, is the first of two annual installments and represents full and timely payment of property taxes due for the period from July 1 to Dec. 31.
News For PCG From The Last 14 Days
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September 16, 2014
09:25 EDTPCGOn The Fly: Pre-market Movers
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September 15, 2014
16:20 EDTPCGPG&E takes action to address Ex Parte communication issues
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September 3, 2014
18:29 EDTPCGPG&E plans to appeal $1.4B fine by CPUC
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06:16 EDTPCGPG&E overhang removed with ALJ decision, says Citigroup
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05:13 EDTPCGPG&E announces CPUC ALJ recommends $2B penalty for San Bruno explosion
Pacific Gas and Electric said that a penalty being considered by the California Public Utilities Commission, or CPUC, in connection with the 2010 explosion of a natural gas transmission pipeline in San Bruno should be reasonable and take into account precedent and the investments the company has made to promote safety. The CPUC's administrative law judges, or ALJs, released a recommended penalty resulting from the investigations. While the CPUC characterized the penalty as totaling approximately $2B, PG&E believes that the total shareholder impact could reach approximately $4.75B, including the previous $2.7B in estimated costs that shareholders have incurred or are forecast to incur, to improve and enhance the safety of PG&E's natural gas operations. The ultimate amount of costs will depend on the scope and timing of work and other factors, many of which are described in PG&E Corporation's and PG&E's recent SEC reports. It's likely that the CPUC could take a minimum of 45 days to reach a final decision.
September 2, 2014
15:14 EDTPCGPG&E levied $1.4B safety fine by CPUC
The California Public Utilities Commission issued four decisions by two Administrative Law Judges in connection with its investigations of Pacific Gas and Electric Company’s operations and practices related to gas transmission, including the pipeline rupture in San Bruno, Calif., in 2010, penalizing PG&E $1.4B, which the commission said was the largest safety related penalty ever levied by the CPUC. The penalty consists of $950M to be paid to California’s General Fund, $400M in pipeline improvements that cannot be recovered from customers, called a disallowance, and approximately $50M to be used to implement more than 75 remedies to enhance pipeline safety. The $1.4B penalty, when combined with the amount that the CPUC previously ruled must come from shareholders for expenditures to improve the safe operation of natural gas pipelines, exceeds $2B. WHAT'S NOTABLE: The Fly notes that in a note upgrading PG&E Corporation to Outperform on August 1, Credit Suisse said resolution of the ALJ decision on San Bruno will clear a 4 year regulatory overhang, adding that the firm sees a "potential $2.25B penalty as excessive in any historical context." PRICE ACTION: Shares of PG&E are up 1.1% to $47.01 in afternoon trading.
14:39 EDTPCGCPUC levies $1.4B safety penalty against PG&E, Bloomberg reports
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