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Stock Market & Financial Investment News

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August 18, 2014
17:20 EDTPCGPG&E enters not guilty plea to obstructing San Bruno blast probe, Bloomberg says
PG&E Corpís utility entered a not guilty plea to obstructing a federal investigation of the 2010 natural-gas pipeline explosion in San Bruno, Bloomberg reports. Reference Link
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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 Pickerís 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 stateís General Fund; $400M in a one-time bill credit spread across PG&Eís 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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