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February 21, 2013
08:32 EDTPCGPG&E sees 2014 to significantly recover from recent uncertainties
Sees 2014-2016 infrastructure investments of $4.5B-$6B; Sees 2014 average authorized rate base $28.5B-$29B; Sees 2016 average authorized rate base $32B-$35B.
News For PCG From The Last 14 Days
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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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August 29, 2014
08:13 EDTPCGPG&E station in Silicon Valley breached for second time in two years, WSJ says
Despite PG&E's efforts to bulk up security at its electrical substation for Silicon Valley following an armed attack last year, the same substation was targeted earlier this week by intruders who cut fencing and stole equipment being used for security upgrades, reported The Wall Street Journal. Reference Link
August 22, 2014
10:01 EDTPCGOn The Fly: Analyst Downgrade Summary
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07:27 EDTPCGPG&E downgraded to Hold from Buy at Argus
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