PCG - PG&E Corporation
| Previous Close | 21.67 |
| Open | 21.66 |
| Bid | 0.00 x 1400 |
| Ask | 0.00 x 1000 |
| Day's Range | 20.93 - 22.21 |
| 52 Week Range | 5.07 - 49.42 |
| Volume | 13,385,618 |
| Avg. Volume | 8,241,037 |
| Market Cap | 11.431B |
| Beta (3Y Monthly) | -0.07 |
| PE Ratio (TTM) | N/A |
| EPS (TTM) | -13.78 |
| Earnings Date | Jul 24, 2019 - Jul 29, 2019 |
| Forward Dividend & Yield | N/A (N/A) |
| Ex-Dividend Date | 2017-09-28 |
| 1y Target Est | 22.04 |
- Benzinga•9 hours ago
What's Next For PG&E? Bondholders Look To Forge New Path For The Company
PG&E Corporation (NYSE: PCG) rallied another 1.4% on Tuesday, and the stock is now up more than 50% from its January lows as investors grow increasingly confident that the company’s bankruptcy filing earlier this year will not wipe them out. PG&E’s decision to file for bankruptcy came as the company faced roughly $30 billion in potential liabilities related to California wildfires in 2017 and 2018. Given that the company has an obligation to keep the lights on for California residents, PG&E had limited options for paying its near-term utility operations and also covering sudden wildfire liabilities.
- MarketWatch•9 hours ago
PG&E’s creditors offer $30 billion plan to exit bankruptcy, new name for battered utility
Pacific Gas & Electric’s key lenders on Tuesday offered a $30 billion plan to pull the utility out of bankruptcy and give the tarnished company a new name.
- Bloomberg•13 hours ago
PG&E Creditors Push for Rival Pimco-Led Restructuring Plan
(Bloomberg) -- A group of creditors angling for control of PG&E Corp. is pushing to scuttle the bankrupt utility’s $31 billion restructuring plan.An ad hoc committee of unsecured lenders filed a motion to terminate the period of exclusivity that PG&E has to file a plan for emerging from Chapter 11, according to a court filing Tuesday. That period ends on Sept 26. While it is in effect nobody else can submit a reorganization plan.The creditor group, led by Pacific Investment Management Co., Elliott Management Corp. and Davidson Kempner Capital Management, wants to end it now so they can put forth their own plan that would see the California power company emerge from bankruptcy by the end of 2019 or shortly after. That plan would inject up to $30 billion of new money into PG&E."The need to exit bankruptcy expeditiously is paramount," the creditors said in the filing in U.S. Bankruptcy Court in San Francisco. "It has been five months since the petition date, and a new wildfire season has already begun."PG&E rose as much as 2.5% on the news. The shares gained 1.2% to $21.92 at 1:51 p.m. in New York, giving the company a market value of about $11.6 billion.In an emailed statement, PG&E said it was committed to work with its stakeholders through the Chapter 11 process to resolve 2017-2018 wildfire claims and develop a “more sustainable business model.”The creditor request is the latest twist in the biggest utility bankruptcy in U.S. history. California politicians, creditors, activist investors, wildfire victims and others have all piled into the case since PG&E declared Chapter 11 in January to deal with an estimated $30 billion in damages tied to wildfires that its equipment ignited.The creditor group indicated last month that it would push to end the exclusivity period early, saying in a hearing that the company’s lengthy process to replace its board had slowed its exit from bankruptcy protection.Plan DetailsTheir reorganization plan would provide up to $30 billion in new money and introduce major changes. They’re also proposing to give PG&E a new name: Golden State Power Light & Gas Co.PG&E would bring in an outside management team, “top-tier” utility or energy holding company to run its operations, according to the filing. The new management may have the opportunity to invest in the reorganized utility.Their plan proposes a new board with no more than 11 members. The majority would be appointed by shareholders. Employees, PG&E customers and the future wildfire fund would appoint one representative each.In addition, the plan calls for the sale of up to $1 billion in real estate, with the proceeds providing a customer rate credit over ten years. It would also prohibit the utility from transferring any part of its system to municipal ownership for five years. This would potentially block San Francisco’s efforts to take over PG&E’s distribution system.The plan includes a trust of up to $18 billion to resolve past wildfire claims under certain conditions as well as contributions of $4 billion from PG&E for a statewide future wildfire fund. The creditors’ plan wouldn’t reject any of the company’s renewable energy contracts.The plan would be funded by $18 billion in cash from the investor group, $2.2 billion in insurance proceeds and the issuance of about $9.5 billion of debt."The ad hoc committee is willing to fund the reorganized company with fresh equity, which will restore strong investment grade credit metrics so PG&E can once again access low cost capital going forward for all of its necessary long-term infrastructure," the group said.Exclusivity PeriodsIn Chapter 11 cases, companies typically have an exclusive period of time to devise a reorganization plan. While it’s unusual for a court to terminate it, that happened when the company’s utility -- Pacific Gas & Electric Co. -- went through bankruptcy in the early 2000s.That case was overseen by U.S. Bankruptcy Judge Dennis Montali, who is also overseeing the current reorganization.In May, Montali said he ended the exclusivity in PG&E’s previous reorganization after a viable, competing proposal surfaced.The creditor group has asked him to consider approving their request in late July.The creditors’ plan would counter PG&E’s own reorganization plan, which would see it emerge from bankruptcy in March. That plan calls for a $14 billion fund to be established to address past wildfire claims and another $20 billion statewide fund for future fires.(Adds PG&E comment in sixth paragraph.)To contact the reporters on this story: Scott Deveau in New York at sdeveau2@bloomberg.net;Mark Chediak in San Francisco at mchediak@bloomberg.netTo contact the editors responsible for this story: Liana Baker at lbaker75@bloomberg.net, ;Lynn Doan at ldoan6@bloomberg.net, Joe Ryan, Christopher MartinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Business Wire•13 hours ago
PG&E Encourages Customers to Update Their Contact Information, So They Can Be Prepared for Public Safety Power Shutoffs
Pacific Gas and Electric Company (PG&E) is sending postcards to more than 240,000 customers encouraging them to update their mobile number, email and other key information so the company can contact them in advance should it become necessary to temporarily turn off power for safety this fire season. These customers, who live throughout PG&E’s service area, have incomplete or no contact information on file. It is important that all customer information is up to date so PG&E can share important wildfire safety alerts.
- Reuters•14 hours ago
PG&E bondholders propose bankruptcy exit plan worth up to $30 billion
A committee of bondholders of PG&E Corp's utility unit on Tuesday proposed a bankruptcy reorganization plan that would inject up to $30 billion to help the California power provider emerge from Chapter 11 and pay off its liability from wildfires. In a filing with the U.S. bankruptcy court in San Francisco, the committee, made up of senior unsecured noteholders of Pacific Gas & Electric Co, also sought to terminate the utility's exclusive period for filing a Chapter 11 reorganization plan so the committee may file its own plan. PG&E has until Sept. 29 to file a plan.
- Reuters•15 hours ago
UPDATE 4-PG&E bondholders propose bankruptcy exit plan worth up to $30 bln
A committee of bondholders of PG&E Corp's utility unit on Tuesday proposed a bankruptcy reorganization plan that would inject up to $30 billion to help the California power provider emerge from Chapter 11 and pay off its liability from wildfires. In a filing with the U.S. bankruptcy court in San Francisco, the committee, made up of senior unsecured noteholders of Pacific Gas & Electric Co, also sought to terminate the utility's exclusive period for filing a Chapter 11 reorganization plan so the committee may file its own plan. PG&E has until Sept. 29 to file a plan.
- Market Realist•16 hours ago
PG&E Stock Started Lower and Fell ~6% on June 24
Recently, PG&E; (PCG) stock continued to fluctuate. The stock started the week on a lower note and lost 5.6% on June 24. Last week, the stock rose more than 24%.
- Market Realist•2 days ago
XLU: How Did Utility Stocks Fare Last Week?
Utilities rose 0.3%, while the S&P; 500 rose 1.6% for the week ending June 21. So far in 2019, utility stocks have risen almost 15%, while broader markets have risen more than 17%.
- Business Wire•2 days ago
PG&E and California Fire Foundation Join Forces to Reduce Wildfire Risk
Pacific Gas and Electric Company (PG&E) announced today it has expanded its partnership with the California Fire Foundation (CFF) by providing $1 million for a Wildfire Safety and Preparedness grant. The grant is a continuation of a previous 2018 climate change disaster grant provided by PG&E.
- Zacks•2 days ago
Will the Proposed $21B Wildfire Fund Aid California Utilities?
The key catalyst behind the proposal is the crisis faced by utility operator PG&E Corp. (PCG) with $30 billion in liabilities from wildfires.
- Bloomberg•4 days ago
One Thing California's Chief, PG&E Agree On Is a Wildfire Fund
(Bloomberg) -- California’s governor and bankrupt power giant PG&E Corp. agree on one thing: The state needs a fund to deal with the liabilities utilities are facing because their equipment keeps igniting catastrophic wildfires.Both Governor Gavin Newsom and PG&E are floating plans that would establish a wildfire fund for utilities to tap to pay out fire claims. But it’s Newsom’s proposal in particular that comes with a deadline fast approaching.The governor is rushing to sell his idea to California lawmakers before a July 12 recess. If he can’t, the state’s two other major utilities - Edison International’s Southern California Edison and Sempra Energy’s San Diego Gas & Electric - may wind up with junk credit ratings. And with the state heading into another wildfire season, any one of them may be a power line-sparked blaze away from financial ruin. PG&E, the state’s largest power company, has already filed for Chapter 11 to deal with an estimated $30 billion in liabilities from fires its equipment ignited in 2017 and 2018.Newsom told reporters at an event in San Francisco on Friday that he has “hope and confidence” that California’s policy makers can get legislation passed in time -- that is, he said, “if they’re committed to this issue.”The governor is proposing two alternatives for a fund. One would be a $10.5 billion liquidity fund that would serve as a line of credit for utilities. The state would fund it by extending a charge on utility bills and securitizing the revenue through state-issued bonds, according to the governor’s aides. The other option is a $21 billion insurance-like fund. Utilities would kick in an additional $10.5 billion of their own money for that one, with PG&E shelling out the most because of its higher fire risk. SoCalEd and San Diego Gas & Electric would get to decide which kind of fund to form, with PG&E bound to the decision.PG&E, meanwhile, is floating the idea of a fund that would be financed with $14 billion in state bonds. The company would stick $3 billion in it, and the rest of California’s utility owners would contribute another $3 billion. That proposal is a part of a $31 billion reorganization plan that the company hopes will have it exiting bankruptcy in March, according to a document reviewed by Bloomberg.$3 Billion InvestmentNewsom’s proposal comes with strings attached, including $3 billion in shareholder money that the governor wants the state’s utilities to pony up for safety measures before tapping the fund. Under his proposal, PG&E would have to spend the most. The companies would also have to earn an annual certificate by tying executive compensation to safety performance; pass a “safety culture assessment” and comply with approved fire plans, among other things.There are parts of PG&E’s and Newsom’s proposals that appear to be perfectly aligned. PG&E is proposing to emerge from bankruptcy by March, and Newsom is calling for an exit by June. He also wants the company to settle its existing wildfire claims before gaining access to the fund, and PG&E’s bankruptcy plan would create a $14 billion fund to do just that.“That, to me, says they’re talking,” said Kit Konolige, a Bloomberg Intelligence utilities analyst.But if it’s any indication of how far along PG&E is in the settlement process, the company has only reached one major settlement from the last two fire seasons -- an agreement to pay $1 billion to 14 cities, counties and other local government agencies.Newsom said Friday that he remains concerned about the credit ratings of SoCalGas and SDG&E. S&P Global Ratings has warned that they both face downgrades below investment grade should California legislators fail to act. San Diego Gas & Electric said it’s working with the governor and lawmakers to get legislation passed by July 12, and Edison said it appreciates Newsom’s “continued sense of urgency.”PG&E said it’s “looking at all options when it comes to working with the governor and legislature.” On Friday, the company’s shareholders approved a new board crafted by hedge-fund investors that will now be responsible for steering the company through the largest utility restructuring in U.S. history.As for the legislature itself, Bill Dodd -- the California senator who has taken lead on wildfire issues -- stopped short of saying whether he would back Newsom’s plan on Friday. He instead offered up in a statement, “We look forward to carefully vetting the details of his draft and engaging in a collaborative process to develop a solution.”To contact the reporters on this story: David R. Baker in San Francisco at dbaker116@bloomberg.net;Mark Chediak in San Francisco at mchediak@bloomberg.net;Jeffrey Taylor in San Francisco at jtaylor48@bloomberg.netTo contact the editor responsible for this story: Lynn Doan at ldoan6@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Business Wire•5 days ago
PG&E Boards of Directors Reaffirm Commitment to Operational Excellence, Further Reducing Wildfire Risk and Expeditious Compensation of Wildfire Victims
Pacific Gas and Electric Company and its parent, PG&E Corporation, stated at their joint annual shareholders meeting today that their top priorities remain instituting improvements to further reduce wildfire risk and achieve companywide operational excellence, and working expeditiously through the Chapter 11 process so that the company can compensate wildfire victims as quickly as possible. “PG&E’s primary focus is taking action to create an operations environment where safety and integrity always come first,” said PG&E Corporation’s independent Chair of the Board, Nora Mead Brownell. Bill Johnson, PG&E Corporation’s Chief Executive Officer and President, said, “We have acknowledged our role in the tragic Camp Fire and are doing everything we can to prevent another catastrophe like that from ever happening again.
- Reuters•5 days ago
UPDATE 2-California governor proposes a $21 billion wildfire fund
California Governor Gavin Newsom has proposed helping utilities create a fund of up to $21 billion to compensate future victims of wildfires sparked by the companies' equipment or employees, an aide said on Friday. The proposal by the Democratic governor follows the bankruptcy filing earlier this year of San Francisco-based utility PG&E Corp, which anticipates $30 billion in liabilities from wildfires that have been blamed on its equipment, including the state's deadliest blaze which killed more than 80 people last year. The state's other two large utilities, Southern California Edison and San Diego Gas & Electric, have seen their credit ratings downgraded over wildfire concerns.
- Benzinga•5 days ago
Large Option Trader Dumped PG&E Puts Minutes Before Restructuring Report
Shares of PG&E Corporation (NYSE: PCG) are up 27.4% over the past week on optimism that the company can fully recover from its bankruptcy filing related to 2017 and 2018 California wildfire liabilities. On Friday, Benzinga Pro subscribers received three options alerts related to PG&E. At 12:43 p.m., a trader bought 500 PG&E put options at a $21 strike price that expire on July 19.
- Reuters•5 days ago
PG&E to float $31 billion restructuring plan: Bloomberg
On Tuesday, San Francisco-based PG&E said that as part of its reorganization it would pay $1 billion to more than a dozen local governments in California affected by wildfires in recent years. The Bloomberg report said there would be two funds, one of $14 billion to cover past claims and one of $20 billion to cover future claims, under the plan which it said was expected to be filed formally in August. PG&E sought Chapter 11 bankruptcy protection in January after facing liabilities of more than $30 billion in the wake of Camp Fire, California's deadliest and most destructive wildfire in recent times.
- Bloomberg•5 days ago
PG&E to Float $31 Billion Bankruptcy Restructuring Plan
(Bloomberg) -- PG&E Corp. has been shopping a new plan that would see the bankrupt California utility emerge from bankruptcy in March with a $14 billion fund established to address past wildfire claims and another $20 billion statewide fund for future fires.The proposal, the first one that PG&E has made, is expected to be filed in August, according to a document reviewed by Bloomberg. It also contemplates refinancing about $11 billion in debt and accrued interest.The plan would help establish a new statewide fund for future wildfire claims by rolling over about $14 billion of California of Department of Water Resources bonds, $3 billion in contributions from PG&E and another $3 billion from other utilities, according to the document.“We are looking at all options when it comes to working with the governor and legislature, and are committed to resolving wildfire victims’ claims fairly and expeditiously, mitigating wildfire risks, continuing to deliver safe and reliable energy to our customers, and supporting the state’s bold clean energy goals,” PG&E said in an emailed statement.The package, valued at about $31 billion, would be funded by $15 billion of securitizations, the issuance of $14 billion in debt and $2 billion in insurance proceeds. The plan, which doesn’t contemplate new equity being contributed, would require legislation to implement the wildfire fund and to determine the size and structure of the securitizations.Shares of PG&E jumped as much as 6.9% on the news, reversing earlier losses before shares were briefly halted. The shares were last trading at $24 at 1:11 p.m. in New York.A $10 billion securitization would be established by redirecting a portion of the company’s net earnings over several years. Another $5 billion securitization would be established via $500 million in various cost cuts, including asset sales, management reductions and office closures.The news comes as California Governor Gavin Newsom is pressing lawmakers on a wildfire fund that may be financed through bonds to help utilities pay for fire damage caused by their power lines, according to people familiar with the proposal.PG&E’s proposal is an alternative to a $47.5 billion restructuring plan being developed by an ad hoc committee of the company’s senior creditors led by Pacific Investment Management Co., Elliott Management Corp. and Davidson Kempner Management.To contact the reporters on this story: Scott Deveau in New York at sdeveau2@bloomberg.net;Mark Chediak in San Francisco at mchediak@bloomberg.netTo contact the editors responsible for this story: Liana Baker at lbaker75@bloomberg.net, ;Lynn Doan at ldoan6@bloomberg.net, Matthew Monks, Michael HythaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- American City Business Journals•5 days ago
Ed Goldman: Camp Fire art exhibit in East Sac is somber, eerily beautiful and a must-see outing
Archival Gallery presents a show through June 29 created by artist Stephanie Taylor and Paradise resident Christy Heron-Clark.
- Market Realist•5 days ago
PCG: Analyzing PG&E’s Chart Indicators
PG&E; (PCG) stock is trading in the "overbought" zone with its RSI (relative strength index) of 81. The company's 50-day level close to ~$20.0 might act as a support in the short term.
- InvestorPlace•5 days ago
3 Big Stock Charts for Friday: Verizon, General Electric and Ventas
Following through on the gains made earlier this week, the S&P 500 rallied another 0.95% on Thursday, just touching record-highs as a result. Although impressive, the rally is also fragile and may actually be setting up a sizeable wave of profit-taking.Source: Allan Ajifo via Wikimedia (Modified)Whatever it was, pot stocks set the tone. Canopy Growth (NYSE:CGC) was up more than 2% on news that shareholders had approved its impending acquisition of Acreage, while Tilray (NASDAQ:TLRY) popped more than 9% on some renewed industry-wide sentiment.PG&E (NYSE:PCG) was the day's biggest major-name winner though, up nearly 15% after California Governor Gavin Newsom suggested the state's government help facilitate a way for the utility company to pay for the fire damage it contributed to last year. The organization continues to find itself in a more manageable position.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 6 Stocks Ready to Bounce on a Trade Deal None are names that are great trading prospects as we head into the final day of the workweek, however. Instead, take a look at the stock charts of Verizon Communications (NYSE:VZ), General Electric (NYSE:GE) and Ventas (NYSE:VTR) for trading possibilities. Ventas (VTR)It was only a few days ago Ventas was knocking on the door of a big breakout move. The only line left to cross was a modestly important technical ceiling right around $65. And, given the momentum already in place by that time, which was backed by a long-term support line, the odds of that move taking shape were high.That breakout move did end up taking shape. But, consider this a cancellation of that call, and even a reversal of it. VTR stock is up 10% since that last look, and had been up as much as 13%. But, yesterday's high and a couple of other clues all suggest the effort has run its course and is now out of gas. Click to Enlarge * While trends need volume to remain in place, volume surges like the one Ventas dished out on Thursday often indicate a final flushout of would-be buyers. The way VTR peeled back from the intraday high also says the profit-takers are already starting to take over. * Zooming out to the weekly chart we see two immediate red flags. One of them is the way yesterday's peak aligns with all the major highs going back to 2013. The other is the fact that the RSI indicator has just entered overbought territory. General Electric (GE)For months now, General Electric have been working on a recovery move, but it always seems to be up-ended right before it solidifies. Those months have been spent in vain, however. The bulls and bears have inadvertently drawn key lines in the sand that, if crossed, would likely flag a longer-lived move rather than more choppiness.The buyers finally -- albeit quietly -- pushed GE stock over what had become a well-established ceiling. Better yet, it happened with solid support behind the move, and has brought another bullish trigger within reach. * 7 S&P 500 Stocks to Buy With Little Debt and Lots of Profits Click to Enlarge * The ceiling that was hurdled on Thursday is the $10.49 level, marked in yellow on both stock charts. GE shares had been unable to move above that line despite three attempts since March. The fourth one yesterday worked. * Just as impressive is the buying volume that's taken shape with the recent advance. Tuesday's and Thursday's gains were both made on above average volume, hinting there may be a lot of would-be buyers waiting in the wings for a victory like yesterday's. * It's not happened yet, but the purple 50-day moving average line is about to cross above the white 200-day moving average line. This so-called golden cross is viewed as a buying trigger for many investors, and could accelerate the effort. Verizon Communications (VZ)Finally, with nothing more than a passing glance it would look as if Verizon Communications shares are just going through a patch of volatility that can be expected as part of a longer-term uptrend. And, perhaps that's all this is.A lengthier and more critical look, however, also shows that distinct possibility that VZ shares are slowly winding their way into a bit of technical trouble. Although it will still take a few days to know for sure, and any problems wouldn't be terribly devastating, the threat is significant enough to start watching out for now. Click to Enlarge * The looming red flag is the potential death cross, where the purple 50-day moving average falls below the white 200-day moving average line, spurring algorithm-based selling as well as spooking casual chart watchers. * At the same time, note there has already been a string of lower highs since November's peak, and the weekly chart's MACD lines continue to sink. The momentum is already downward. * For better or worse, should Verizon shares stumble, the daily chart shows a likely support area around $52.50, while the weekly chart's big floor is the rising support line that has tagged all the major lows going back to mid-2017.As of this writing, James Brumley did not hold a position in any of the aforementioned securities. You can learn more about James at his site, jamesbrumley.com, or follow him on Twitter, at @jbrumley. More From InvestorPlace * 4 Top American Penny Pot Stocks (Buy Before June 21) * 7 Blue-Chip Stocks to Buy for a Noisy Market * 5 Strong Buy Biotech Stocks for the Second Half * 6 Stocks Ready to Bounce on a Trade Deal Compare Brokers The post 3 Big Stock Charts for Friday: Verizon, General Electric and Ventas appeared first on InvestorPlace.
- Market Realist•5 days ago
PG&E Stock Rose 15%, Governor Pushed for Wildfire Fund
PG&E; (PCG) is seeking bankruptcy protection under Chapter 11. The company's shares kept climbing for the sixth consecutive day. The stock rose almost 15% on June 20.
- Motley Fool•6 days ago
Why Shares of PG&E Jolted Higher on Thursday
California's governor is trying to advance a plan to help utilities deal with future wildfire liabilities.
- Bloomberg•6 days ago
California Governor Pitching a Wildfire Fund to Help Utilities
(Bloomberg) -- California Governor Gavin Newsom is pressing lawmakers on a wildfire fund that may be financed through bonds to help utilities pay for the catastrophic blazes their power lines keep igniting, according to people familiar with the proposal.Newsom is proposing a so-called liquidity fund that could be seeded by at least $10 billion in Department of Water Resources bonds, said the people, who asked not to be named because the discussions are private. The administration may also ask utilities to contribute about $7.5 billion in equity, the people said.The bonds would be backed by a charge that utility customers have been paying since the 2000-2001 energy crisis, they said. The fund is part of a larger plan to address the mounting costs of intensifying wildfires that may be presented as soon as this week and is subject to change, the people said.Newsom has been pressing for lawmakers to act since utility giant PG&E Corp. went bankrupt in January to deal with an estimated $30 billion in wildfire liabilities -- stemming largely from the November Camp Fire that was ignited by one of its power lines. The blaze, the state’s deadliest, killed 85 people and destroyed the Northern California town of Paradise. The governor has called on the legislature to pass a bill by July 12 as ratings companies threaten to downgrade Edison International’s Southern California Edison and Sempra Energy’s San Diego Gas & Electric.Nathan Click, a spokesman for the governor, declined to comment, saying details of the proposal will be released in the coming days.PG&E surged as much as 16%, the most intraday since April 12. Edison was up as much as 2.6%.As part of the larger plan, Newsom is also pressing for regulatory changes that would make it easier for utilities to recover the costs of wildfire damages from their customers. Based on the changes that have been discussed, companies may be allowed to charge ratepayers for their expenses unless they’re proven to have acted imprudently, people with direct knowledge said.Meanwhile, Edison on Thursday warned that it may need to shut service to 6,500 customers across the high desert as gusty winds, hot temperatures and dry conditions raised the risk of wildfires in its territory. PG&E similarly shut power to hundreds of homes and businesses earlier this month to keep its own lines from sparking fires.Former state assembly member Mike Gatto said Newsom has the potential to push the legislation through by mid-July. “I can’t imagine the legislature would want to break for the recess in the height of the summer wildfire season and not solve this issue,” said Gatto, who led the utility committee while in office.It’s possible a second, larger catastrophic wildfire fund that power companies could tap to pay damages to victims may be established, but utilities would have to be willing to contribute to it, they said.PG&E, Edison and Sempra have all supported the idea of a fund, but PG&E has largely blamed a state legal doctrine known as inverse condemnation for its collapse. The doctrine holds power companies liable for claims from fires sparked by their lines, even if they weren’t negligent. A California commission recommended that the doctrine be changed, but Newsom and legislative leaders have signaled that they won’t immediately take up the issue.“The governor has been signaling maybe we should expect a fund instead of changes to inverse condemnation,” said Kit Konolige, a utility analyst with Bloomberg Intelligence.“The idea of having state-backed bonds has been raised as a way to deal with what are hopefully relatively rare and big exposures like the liabilities from the wildfires,” Konolige said.(Adds Edison warning of shutoffs in eighth paragraph.)To contact the reporters on this story: Mark Chediak in San Francisco at mchediak@bloomberg.net;Romy Varghese in San Francisco at rvarghese8@bloomberg.netTo contact the editor responsible for this story: Lynn Doan at ldoan6@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Zacks•6 days ago
PG&E (PCG) Surges: Stock Moves 7.3% Higher
PG&E (PCG) saw a big move last session, as its shares jumped more than 7% on the day, amid huge volumes.
- Yahoo Finance Video•6 days ago
News on the Move: Florida town pays ransom, sex cult leader guilty, PG&E to shut down line
Yahoo Finance's Adam Shapiro has the top stories fo the day.
