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July 31, 2014
05:34 EDTPCGPG&E affirms commitment to safety, says federal charges are 'unwarranted'
Pacific Gas & Electric expressed confidence that the legal process will uphold its position that federal charges contained within a superseding indictment formally filed today are unwarranted. The charges relate to 27 alleged violations of the federal Pipeline Safety Act as well as an allegation that the company attempted to obstruct a National Transportation Safety Board, or NTSB, investigation following the 2010 explosion of a natural gas transmission line in San Bruno. The superseding indictment, which replaces an indictment issued in April, was announced by the United States Attorney's Office, or USAO, in San Francisco late yesterday and filed today. "Based on all of the evidence we have seen to date and our review of the new indictment, we still do not believe that PG&E employees intentionally violated the federal Pipeline Safety Act, and that, even where mistakes were made, employees were acting in good faith to provide customers with safe and reliable energy. With respect to the allegation of obstruction, during the NTSB investigation PG&E responded to hundreds of questions and requests for information and documents from the NTSB on an expedited basis. In the one response questioned in the USAO charge, PG&E had submitted a cover sheet approval form mismatched to the wrong internal engineering document. PG&E corrected this error with a letter dated April 6, 2011. The NTSB published the letter on its accident investigation docket on September 30, 2011, and it has been publicly available since then. PG&E believes the letter is true and accurate and stands by it. We are confident the legal process will ensure all of the facts are fully reviewed. In the meantime, we want all of our customers to know that we will stay focused on transforming this 100-plus-year-old natural gas system into the safest and most reliable in the country. San Bruno was a tragic accident. We've taken accountability and are deeply sorry. We have worked hard to do the right thing for victims, their families and the community, and we will continue to do so. We are absolutely committed to re-earning the trust of all of the people we are fortunate to serve every day."
News For PCG From The Last 14 Days
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December 17, 2014
10:09 EDTPCGHigh option volume stocks
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10:02 EDTPCGOn The Fly: Analyst Downgrade Summary
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06:34 EDTPCGPG&E downgraded to Hold from Buy at Deutsche Bank
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December 15, 2014
10:00 EDTPCGOn The Fly: Analyst Upgrade Summary
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07:06 EDTPCGPG&E upgraded to Overweight from Neutral at JPMorgan
JPMorgan upgraded PG&E to Overweight citing a favorable risk/reward with the San Bruno investigation nearing a conclusion. The firm raised its price target for shares to $57 from $50.
06:25 EDTPCGPG&E upgraded to Overweight from Neutral at JPMorgan
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December 11, 2014
08:09 EDTPCGDetroit Economic Club to host a luncheon meeting
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