|Bid||19.17 x 800|
|Ask||20.00 x 1100|
|Day's Range||18.96 - 19.38|
|52 Week Range||5.07 - 49.42|
|Beta (3Y Monthly)||-0.07|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
PG&E; (PCG) agreed to pay $1 billion to various California cities, counties, and agencies in order to settle claims for losses from the Camp Fire. The settlement doesn't impact individual or business claims.
(Bloomberg) -- PG&E Corp., the California utility giant that went bankrupt five months ago amid crippling wildfire liabilities, has reached a $1 billion settlement with local government agencies that were harmed by blazes its equipment ignited.The deal between PG&E and 14 public entities includes a settlement for the town of Paradise, which was destroyed in November’s Camp Fire -- the deadliest in California history. The agreement doesn’t affect lawsuits filed by individual homeowners and businesses against the San Francisco company, owner of California’s largest utility, and it must be approved by the judge overseeing the bankruptcy case.Shares of the company rose as much as 5.5% on the news before paring most of those gains in after-markets trading late Tuesday. The settlement is one step forward for PG&E, which is working through the largest utility bankruptcy in U.S. history. The company has been juggling the interests of wildfire victims, activist investors and state lawmakers and regulators as it tries to come up with a restructuring plan.“What we hope is that PG&E can come out of bankruptcy as soon as possible so these funds can be paid,” said John Fiske, an attorney with the Baron & Budd law firm representing the public agencies.PG&E described the settlement in an emailed statement as “an important first step toward an orderly, fair and expeditious resolution of wildfire claims and a demonstration of our willingness to work collaboratively with stakeholders to achieve mutually acceptable resolution.”The settlement covers the 2015 Butte Fire, the devastating 2017 Wine Country fires and last year’s Camp Fire, which killed 85 people. More than half of the total settlement amount -- $582 million -- would pay for Camp Fire damages, with Paradise receiving $270 million and its parks and recreation district getting $47.5 million. Butte County would receive $252 million, while Yuba County would get $12.5 million.Criminal CaseButte County’s district attorney has been considering criminal charges against the company over the fire, which state investigators blamed on a PG&E power line. The settlement announced Tuesday would have no effect on any criminal case, Fiske said.Nine counties and cities would, together, receive $415 million related to fires that tore across Northern California’s wine country in October of 2017. And the Calaveras County Water District would get $3 million to cover damage from the 2015 Butte Fire, which was started by a tree leaning into a power line.Also on Tuesday, California regulators asked for comment on proposals designed to improve PG&E’s safety culture. Among the proposals: splitting the company’s gas and electric operations into separate utilities or selling its gas assets outright; a periodic review of PG&E’s certificate to operate; eliminating PG&E’s holding company structure; and linking the company’s profits to safety performance.“This is a company that is in Chapter 11 related to their perceived safety performance,” said Paul Patterson, an utility analyst at Glenrock Associates. “One has to wonder if any of these proposals would provide any meaningful additional incentive.”To contact the reporters on this story: David R. Baker in San Francisco at firstname.lastname@example.org;Mark Chediak in San Francisco at email@example.comTo contact the editor responsible for this story: Lynn Doan at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
PG&E Corp will pay $1 billion as part of its bankruptcy reorganization to more than a dozen local governments in California struck by wildfires in recent years, the company and lawyers for the governments said on Tuesday. Payments to the local governments will settle claims from lawsuits put on hold by PG&E's bankruptcy and are separate from the thousands of individual claims stemming from wildfires that the company expects will be filed against it during the bankruptcy period. PG&E will not be able to make settlement payments until it receives court approval for a Chapter 11 bankruptcy reorganization plan.
A California utility blamed for igniting several wildfires that killed dozens and destroyed thousands of homes has agreed to pay $1 billion to local governments.
So far, utility stocks have risen ~17% in 2019. Broader markets have risen more than 15% during the same period. Many of the top utility stocks are trading close to their 52-week highs.
The supply of muni bonds isn’t expected to keep up with the demand. That should support prices, but makes it harder for investors to find good deals.
Credit rating for Peninsula Clean Energy is the second ever achieved by a "community choice aggregator." City-owned San Jose Clean Energy is working toward the same goal.
California's Wildfire Commission recently submitted a report to the state's governor and senate that poses a "high level of uncertainty" for utility company PG&E Corporation (NYSE: PCG ), according ...
Power producers NextEra Inc, Consolidated Edison Inc and Calpine Corp on Thursday said they will appeal to try to overturn a recent decision by a judge that a federal regulator has no say in whether utility PG&E Corp may reject its power purchase agreements if it chooses to while in bankruptcy. PG&E's power purchase agreements are valued at up to $42 billion and the matter of whether the company can walk away from them belongs exclusively in bankruptcy court, Judge Dennis Montali of the U.S. Bankruptcy Court in San Francisco said in a June 7 decision.
A bankruptcy judge ruled that California utility PG&E’s could reject its renewable-energy contracts, but it isn’t clear that would do much to strengthen PG&E’s financial position.
Temperatures have already surged past 100 degrees Fahrenheit (38 degrees Celsius) in some parts of California, triggering heat advisories across the state. The dry, hot weather, combined with high winds, forced utility giant PG&E Corp. to shut off power to thousands of customers in northern California over the weekend to avoid the kind of catastrophic wildfires that broke out last year.
Power giants including NextEra Energy Inc. and Exelon Corp. had enlisted the help of the Federal Energy Regulatory Commission in ensuring that their long-term contracts with PG&E survive the biggest utility bankruptcy in U.S. history. The ruling could set up heavy losses for generators who have $42 billion worth of long-term agreements with PG&E, should those deals get tossed by Montali.
Utility PG&E Corp planned to proactively shut off power on Saturday to 27,000 customers in Northern California due to an increased risk of wildfires, officials said. The shut down would begin at 9 p.m. local time in and around the Sierra Foothills, an area spanning parts of Butte, Yuba, Nevada, El Dorado and Placer counties northeast of San Francisco and near the border with Nevada, the utility said on Twitter. The area includes portions of Paradise, the town that was destroyed by November's deadly wildfire known as the Camp Fire, which killed more than 80 people.
Utility PG&E Corp proactively shut off power on Saturday to around 1,600 customers in northern California and said it might expand the shutdown to tens of thousands more due to an increased risk of wildfires. The affected customers in Napa, Solano and Yolo counties will not have electricity until at least the afternoon, PG&E said, after forecasters said a combination of strong winds, dry conditions and warm temperatures had raised the fire danger in areas north of San Francisco. Another 30,000 customers could have their power shut down as soon as Saturday evening in Butte, Yuba, Bevada, El Dorado and Placer counties, the utility said.
PG&E has decided to switch off service to 1,600 customers in Napa, Solano and Yolo counties through at least Saturday afternoon, the San Francisco-based company said in a statement late Friday. The utility had already warned earlier that same day that thousands of residents and businesses could be blacked out as the National Weather Service warned of a heightened fire risk. The blackout is the first to hit Northern California during this year’s wildfire season.
PG&E may proactively shut off electricity in several counties this weekend after the National Weather Service said fire risk was high, the San Francisco-based utility said Friday. About 1,600 customers in Napa, Solano and Yolo counties will have power shut off early Saturday morning through at least Saturday afternoon, PG&E said in a separate statement.
One such came late on Wednesday, when Bloomberg News reported PG&E Corp. had proposed a plan to lawmakers in Sacramento for an $11 billion fund to cover claims from previous wildfires and contribute toward covering future ones. Plus, while the plan appears to envisage PG&E taking a lower return on equity to help cover the cost of new securitized bonds as part of that $11 billion – the shareholders’ burden, in effect – the reported figure of $400 million a year doesn’t look like enough to fully offset the cost(1).
Newsom has given lawmakers until July 12 to pass a fix to the problem that forced the state’s biggest utility, PG&E Corp., into bankruptcy in January. At issue is who should pay for wildfires as climate change threatens to make them deadlier and more frequent. Utilities under California law are held responsible for fire costs if their equipment is found to be the cause, even if they weren’t negligent.
The utility has considered the plan in consultation with law firm Jones Day and boutique investment bank PJT Partners Inc., which are advising a group of PG&E’s equity holders that recently helped overhaul its board and appoint Bill Johnson as chief executive officer, the people said. The holders include Knighthead Capital Management, Redwood Capital Management and Abrams Capital Management, which collectively own about 10% of PG&E’s shares.
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The San Francisco Public Utilities Commission said on Tuesday it has hired an adviser to explore the potential acquisition of PG&E Corp's distribution assets, sending shares of the power company up 2.6% at $18.37. San Francisco has hired Jefferies LLC as buy-side financial adviser, the utilities commission's Press Secretary Will Reisman told Reuters in an e-mail statement. According to a preliminary report released by the commission in May, there are three options for the city, which include the acquisition of PG&E assets in San Francisco to achieve self-sufficiency in power generation.
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