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News Breaks
February 26, 2013
16:30 EDTPCGPG&E announces offering of 7.2M shares of common stock
Barclays Capital is acting as underwriter of the offering.
News For PCG From The Last 14 Days
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April 20, 2015
06:09 EDTPCGPG&E pipeline rupture causes 12 injuries, WSJ reports
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April 19, 2015
18:13 EDTPCGPG&E says natural gas transmission pipeline struck in Fresno
PG&E said in a press release: "Pacific Gas and Electric urges anyone doing digging projects to call 811 at least two working days in advance so that utility lines can be marked to allow for safe digging. Workers not affiliated with PG&E apparently struck a 12-inch natural gas transmission pipeline this afternoon in Fresno; no call had been placed to 811. The gas that was released by the dig-in ignited, and there were reports of injuries." The company said in a statement: “Our primary concern is always the safety of the public and our employees. Our thoughts and prayers are with those who have been injured. As we continue to investigate this incident, we remind all of our customers of the importance of calling 811 before they do any type of digging project. Digging into gas pipelines can have serious safety consequences.” PG&E responded quickly after the pipeline was struck. PG&E detected a slight change in pressure at 2:29 p.m., and was first notified about the incident at 2:36 p.m. Actions to shut off gas began before 3 p.m., and the flow of gas to the pipeline was shut at 3:20 p.m. Because of the remaining gas in the line, the flames were exhausted at 3:56 p.m.
April 9, 2015
15:32 EDTPCGSan Bruno resolution removes one overhang for PG&E, says Wells Fargo
Wells Fargo believes the resolution of the San Bruno investigation removes an overhang for PG&E, but notes that others remain, citing other investigation into the company that the CPUC has said it plans. The firm added that it is unclear about the CPUC's ability to influence the tax treatment of certain items involved in the decision, which it believes is worth monitoring. Wells has an Outperform rating on PG&E shares.
14:30 EDTPCGPG&E does not expect to appeal CPUC rulings on San Bruno explosion
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14:03 EDTPCGCPUC penalizes PG&E $1.6B for pipeline violations
The California Public Utilities Commission, or CPUC, imposed the largest penalty it has ever assessed by ordering Pacific Gas and Electric Company shareholders to pay $1.6B for the unsafe operation of its gas transmission system, including the pipeline rupture in San Bruno, Calif., in 2010. In approving CPUC President Michael Picker’s penalty proposal, the Commissioners increased the penalty amount $200M over what was proposed by Administrative Law Judges. The decision orders PG&E to pay $850M in gas transmission pipeline safety infrastructure improvements, most of which will be spent on capital investments that PG&E will not add to its rate base and thus will not earn any profit on; $300M in a fine to the state’s General Fund; $400M in a one-time bill credit spread across PG&E’s gas customers; and approximately $50M towards other remedies to enhance pipeline safety. When added to the disallowances already adopted in a prior CPUC Decision, the penalties and remedies exceed $2.2B. Shares of PG&E are down a bit more than 1% to $52.97 in afternoon trading after the decision.
13:40 EDTPCGPG&E ordered by California to pay $1.6B penalty for pipeline explosion
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