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News Breaks
February 21, 2013
08:31 EDTPCGPG&E sees FY13 adjusted EPS $2.55-$2.75, consensus $2.78
Sees FY13 pretax unrecovered pipeline-related costs of $400M-$500M
News For PCG From The Last 14 Days
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August 27, 2015
18:49 EDTPCGCalifornia Utilities Commission investigates PG&E safety practices
The California Public Utilities Commission began a formal investigation Thursday into whether Pacific Gas and Electric has corporate governance, clearly documented organizational goals and objectives, and work procedures that "prioritize and improve safety." CPUC President Michael Picker commented, "A public utility's track record of safely operating its system is dependent on more than messages and slogans. An effective safety culture is shaped by... most of all, the accountability set by the top leadership." The CPUC will evaluate PG&E's organizational culture, governance, policies, practices, and accountability metrics in relation to its record of operations, including its record of safety incidents. The CPUC will analyze the methods used by PG&E's board of directors and executive leadership to hold themselves and management accountable for their decisions and actions, including executive compensation policies. "PG&E has invested in safety improvements, added new board members with safety experience, and reorganized to prioritize gas operations safety. But accidents and events affecting the safety of the general public, its customers, and others continue to occur on PG&E's system, prompting the CPUC to take a deeper look." The CPUC's safety and enforcement division will retain the services of an independent expert consultant with experience in auditing corporate governance and accountability, not to exceed $2M. PG&E will reimburse the CPUC for the consultant services, said the Commission. Reference Link
August 19, 2015
16:47 EDTPCGPG&E names Melissa Lavinson as Chief Sustainability Officer
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August 14, 2015
05:09 EDTPCGPG&E pays $300M fine to CPUC
PG&E announced that it has paid a $300M fine levied by the California Public Utilities Commission, or CPUC, in association with the 2010 natural gas transmission pipeline explosion in San Bruno, CA. When the CPUC announced its decision on April 9, PG&E chose to move forward without an appeal. The payment to the state's General Fund is due Oct. 6. The company recently completed the sale of additional stock necessary to fund the payment. In addition to the $300M fine to be paid to the state, the CPUC penalty requires that PG&E shareholders refund $400M to gas customers and pay $850M for gas system safety improvements. The $400M refund, which will be based on usage, will be returned to customers in early 2016 per the CPUC's direction. In addition to the payment to the General Fund, the company has settled claims amounting to more than $500M with all of the victims and families of the San Bruno accident, established a $50M trust for the City of San Bruno for costs related to recovery and contributed $70M to support the city's and community's recovery efforts.

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