17.35 -0.16 (-0.91%)
After hours: 5:18PM EST
|Bid||17.35 x 800|
|Ask||17.40 x 800|
|Day's Range||16.42 - 17.54|
|52 Week Range||3.55 - 25.19|
|Beta (5Y Monthly)||0.65|
|PE Ratio (TTM)||N/A|
|Earnings Date||Apr 29, 2020 - May 03, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Sep 27, 2017|
|1y Target Est||17.44|
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Sacramento Municipal Utility District, CA and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.
It’s wintertime which means natural gas appliances are working overtime to keep homes warm and comfortable. Pacific Gas and Electric Company (PG&E) understands increased usage can result in higher energy bills and wants to equip customers with techniques to help reduce costs.
(Bloomberg) -- PG&E Corp.’s biggest union is pushing back against Bernie Sanders’ criticism of the embattled California power company, claiming the senator and presidential candidate supports a $100 billion state takeover of the utility.The campaign by the International Brotherhood of Electrical Workers Local 1245 follows a new Sanders ad in California last week that blasted PG&E for sparking the deadly wildfires that pushed it into bankruptcy last year.Sanders’ video, which comes as the state gears up for its March 3 primary, includes comments from fire victims and local activists who suggest that PG&E customers would be better served if the utility was in public hands. An online petition funded by his campaign also calls for a public takeover of the utility.In local newspaper ads slated to run Tuesday, the union describes a state seizure of PG&E a “bird-brained idea” that would lead to higher energy rates and wouldn’t guarantee that PG&E operates in a safer manner.“Senator Sanders, you are just plain wrong on this,” Tom Dalzell, business manager for the union, says in a video ad posted Tuesday. “Publicly-owned utilities are capable of greatness. But they are also capable of bad management and bad luck, just the same as investor-owned utilities.”IBEW Local 1245, which represents 12,000 PG&E workers, says in its video that a public takeover would threaten union pensions, be expensive for the state and expose it to future wildfire liabilities. The union estimates that turning PG&E into a government-run utility would cost $100 billion.No Magic WordsSanders’ campaign shot back, saying “greed and corruption” at PG&E have led to the neglect of California’s power grid.“We cannot keep letting corporate profits stand in the way of safety and action on climate change,” Josh Orton, Sanders’ National Policy Director, said in a statement. “Bernie has a plan to transition to renewable energy and create millions of good-paying union jobs.”The IBEW local, which also represents members of government-owned power companies in Northern California, has been vocal in its opposition to public ownership of PG&E. Some of its members staged a protest recently in San Francisco when a state lawmaker introduced of a bill that would turn PG&E into a government-run utility. The union has also opposed a move by San Francisco to buy out PG&E’s power network within the city.“This isn’t Cinderella,” Dalzell says in the video. “There are no magic words that would change the fact that PG&E operates in high fire-risk areas at a time of serious climate change.”(Disclaimer: Michael Bloomberg is seeking the Democratic presidential nomination. He is the founder and majority owner of Bloomberg LP, the parent company of Bloomberg News).(Adds comment from Sanders campaign beginning in seventh paragraph.)\--With assistance from Emma Kinery.To contact the reporter on this story: Mark Chediak in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Joe Ryan at email@example.com, Pratish NarayananFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
California power producer PG&E Corp said on Tuesday it was on track to exit Chapter 11 bankruptcy by June 30 and that it plans to spend about $37 billion to $41 billion https://www.sec.gov/Archives/edgar/data/75488/000100498020000008/businessoutlookpresentat.htm over the next five years to safeguard its equipment as it posted another quarterly loss on claims related to fires. The company is restructuring amid Chapter 11 proceedings, trying to bounce back from the negative publicity caused after its equipment in California was blamed for deadly, historic wildfires. PG&E needs to exit bankruptcy by June 30 to participate in a state-backed fund that would help power utilities cushion the hit from wildfires.
PG&E Corp. shares slid 2.5% in premarket trade Tuesday, after the embattled utility posted another big quarterly loss as it continue to struggle with the fallout from California wildfires that were caused by some of its equipment. The San Francisco-based company said it had a net loss of $3.6 billion, or $6.84 a share, in the quarter, after a loss of $6.9 billion, or $13.24 a share, in the year-earlier period. Excluding charges for third-party claims relating to the 2018 Camp fire, the 2017 Northern California fires and the 2015 Butte fire along with other charges, the company had EPS of 68 cents, ahead of the 66 cents FactSet consensus. It did not offer a revenue number for the quarter. The company said it is on track to have its Chapter 11 plan confirmed by June 30, the deadline for participating in California's new wildfire fund under the terms of Assembly Bill ("AB") 1054. We have resolved essentially every consequential issue within the Bankruptcy Court's jurisdiction, most notably reaching a settlement with wildfire victims," Chief Executive Bill Johnson said in a statement. "Our focus now is on working with all key stakeholders, including elected officials and state regulators, to position PG&E for emergence as a financially stable company with a renewed and rigorous focus on safe operations and customer service, while meeting California's energy needs and goals in a changed climate." Shares have gained 4.7% in the last 12 months, while the S&P 500 has gained 22%.
PG&E Corporation (NYSE: PCG) full-year 2019 net loss attributable to common shareholders was $7.7 billion, or $14.50 per share, as reported in accordance with generally accepted accounting principles ("GAAP"). This compares with net loss attributable to common shareholders of $6.9 billion, or $13.25 per share, for the full-year 2018. For the fourth quarter of 2019 net loss attributable to common shareholders was $3.6 billion, or $6.84 per share, compared with net loss attributable to common shareholders of $6.9 billion, or $13.24 per share, for the fourth quarter of 2018.
Pacific Gas and Electric on Tuesday reported a $3.6bn quarterly loss driven by a hefty charge associated with a settlement it reached with wildfire victims. The San Francisco-based utility posted a loss of $3.6bn, or $6.84 a share, in the three months ended in December, compared with a loss of $6.9bn, or $13.24 a share, in the year-ago period. The loss in the fourth quarter was driven by an additional $5bn pre-tax charge the company announced on Tuesday, related to its $13.5bn settlement in December for claims tied to the 2018 Camp fire, the 2017 Northern California wildfires and the 2015 Butte fire.
PG&E; Corporation (NYSE: PCG) plans to report fourth-quarter and full-year 2019 earnings on February 18, 2020, before the market opens. PG&E; Corporation will not be hosting an associated conference call for members of the financial community.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Lodi (City of) CA Electric Enterprise and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.
(Bloomberg) -- PG&E Corp., the California utility that’s still struggling to emerge from bankruptcy court, is being dragged into another brutal arena -- the presidential campaign.A new ad from Senator Bernie Sanders blasts the power company for repeatedly sparking deadly wildfires, and uses the devastation to argue for his version of a Green New Deal. It signals that the contender for the Democratic presidential nomination sees PG&E as a useful foil as California gears up for its March 3 primary vote.Sanders has built a strong operation aimed at winning in the state, with more campaign offices there than any candidate in the race. He is leading among young voters, liberals and Latinos, who could make up one-fourth of the Democratic electorate in California.It’s not the first time Sanders has taken aim at PG&E. Last fall, as the company cut power across northern California to prevent fires in a wind storm, he slammed its “irresponsible corporate greed.” An online petition funded by his campaign calls for a public takeover of the utility, a possibility state Governor Gavin Newsom has also raised.Destroyed TownThe latest ad, which runs for almost three minutes, shows Sanders surveying burned out homes, as people criticize the company. A resident of Paradise, the town destroyed by a 2018 fire blamed on PG&E’s equipment, says the company only filed for bankruptcy to limit its payments to wildfire victims.It ends with a woman’s voice saying “If we’re going to be paying for everything that PG&E does, the people of California should have a say in how it is run.” Many state residents have already received their mail-in ballots for the primary vote.PG&E said it has already committed to $25.5 billion in settlements with wildfire victims. “We are committed to doing right by the communities impacted by wildfires, and to doing everything we can to reduce the risk of wildfires in the future,” company spokesman James Noonan said in an email.The Sanders campaign didn’t immediately respond to a request for comment.(Disclaimer: Michael Bloomberg is seeking the Democratic presidential nomination. He is the founder and majority owner of Bloomberg LP, the parent company of Bloomberg News).\--With assistance from Emma Kinery.To contact the reporter on this story: David R. Baker in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Joe Ryan at email@example.com, Pratish Narayanan, Christine BuurmaFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Yolo County will spend $10.4 million to make its buildings more energy efficient in order to achieve its climate goal plans. The work by Trane Inc., which will include swapping out old heating and air conditioning units, transformers, water faucets and lighting, is expected to achieve a net positive financial impact of $4.3 million over 15 years, according to the county. The biggest power savers will be replacing aging HVAC units, said Jenny Tan, Yolo County public information officer.
(Bloomberg) -- PG&E Corp. told a federal judge it opposes his proposals to intervene in the company’s wildfire prevention efforts after it admitted to not fully complying with the terms of its criminal probation.The bankrupt northern California utility’s pushback is a response to U.S. District Judge William Alsup, who last month threatened to order the company to hire more tree trimmers and restrict how management doles out bonuses.The San Francisco judge is overseeing PG&E’s probation after it was convicted in 2016 of gas-pipeline safety crimes. Failure to comply with any law is a violation of probation. Alsup is testing how far he can push the utility to prevent its equipment from causing another devastating wildfire as it simultaneously navigates a complicated exit from bankruptcy.The judge has set a Feb. 19 hearing to determine what he should do after PG&E reported in January that it fell short on commitments to inspect and repair lines, and clear vegetation and branches to maintain safety standards in compliance with California law.“While PG&E appreciates the court’s desire to find ways to speed up the completion of that work, an order directing PG&E to hire tree trimmers as part of its own workforce would be counterproductive,” PG&E said in a filing late Wednesday. “There is a critical statewide (indeed, nationwide) shortage of qualified and experienced tree workers that the court’s proposed hiring condition will not solve.”Alsup is also contemplating restricting bonuses and incentives for supervisors and executives, requiring the utility to redirect the money to wildfire prevention and safety goals. PG&E took issue with that in its written response.“There is no evidence suggesting that making safety performance the exclusive criterion rather than the most important criterion (as PG&E does) improves safety outcomes,” the utility said. “Moreover, PG&E is unaware of any utility that gives no weight to financial performance in its incentive calculations.”In a $2.6 billion safety plan that PG&E filed with state regulators this month, the company plans to continue its fire-proofing work including aggressive tree-trimming and grid hardening programs. The utility plans to prune or remove 1 million trees this year from power lines.It will also install 240 miles of covered electric wires, up from 171 miles deployed last year, and add hundreds of additional weather stations and cameras to help it monitor fire conditions in its service territory.PG&E was forced into bankruptcy after its equipment was blamed for sparking deadly fires, and took the extreme measure of widespread shutoffs last year as a way to prevent blazes during dangerous weather. California Governor Gavin Newsom has threatened a state takeover of PG&E if it can’t improve its safety practices.The case is U.S. v. Pacific Gas and Electric Co., 14-cr-00175, U.S. District Court for the Northern District of California (San Francisco).(Updates with PG&E’s claim of tree trimmer shortage in fifth paragraph)To contact the reporter on this story: Joel Rosenblatt in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: David Glovin at email@example.com, Peter BlumbergFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- California Governor Gavin Newsom isn’t the only potential obstacle facing PG&E Corp.’s plan to finish its bankruptcy case by June 30. Fire victims who blame the utility for their losses could also derail it.U.S. Bankruptcy Judge Dennis Montali warned the company and its backers that it needs to win broad support from fire victims or face a backlash of anger when they vote on the proposal this spring. If the victims, who are considered creditors, reject the plan, Montali said he may block it.The looming vote from fire victims is a reminder of the precarious balancing act PG&E faces as it pushes to emerge from the biggest utility bankruptcy in U.S. history. While the utility has secured support from bondholders, insurers and others, winning over families and small business owners devastated by fires blamed on PG&E’s equipment may be a more formidable hurdle.“There is a significant uprising underway among the fire victims,” said lawyer Tom Tosdal, who represents 1,000 people who were harmed by wildfires blamed on PG&E. “There is a chance the fire victims would vote it down because the government is in there grabbing money.”The biggest complaint by the victims is that the $13.5 billion PG&E has pledged to help them may be shared with the Federal Emergency Management Agency, which says it is owed $3.9 billion. Attorneys for the victims will be in court Feb. 26 to ask Montali to dismiss FEMA’s claim.The company did not directly respond to questions about what would happen if fire victims vote against the reorganization plan.Instead, in an emailed statement, the utility reiterated its commitment to pay victims: “From the beginning of the Chapter 11 process, getting wildfire victims fairly compensated, especially the individuals, has been our primary goal,” the company said in its statement. “We want to help our customers, our neighbors and our friends in those impacted areas recover and rebuild after these tragic wildfires.”PG&E has multibillion-dollar deals with bondholders, insurers and local governments that require them to back the utility’s reorganization plan. But the residents and businesses who hold 80,000 wildfire claims against PG&E can vote as they choose.Victim’s HearingAt a hearing Tuesday, fire victim William Abrams asked Montali to force a change to the $13.5 billion deal between the company and a committee representing 70% of all residents who lost homes and businesses in fires blamed on PG&E. The terms require lawyers for the fire victims to urge their clients to vote for the bankruptcy plan and the underlying deal, Abrams said.Instead, the deal should be rewritten to let lawyers “freely voice what the pros and cons are,” Abrams said.Montali rejected Abrams’ request, saying that the lawyers are free to give their clients honest advice about how to vote. Throwing out the $13.5 billion deal now would cause the bankruptcy case to “come unraveled.”If Abrams is still unhappy about the deal and the related reorganization plan, he can try to persuade his fellow fire victims to vote it down, Montali said.Plain LanguageOn Friday, PG&E released a disclosure statement designed to explain the complex reorganization plan in plain language. Montali has warned lawyers backing the plan to make that disclosure statement as easy to understand as possible to help fire victims and other creditors decide how to vote.“There is this hostility toward” PG&E’s plan, Montali said at a court hearing last month, citing numerous letters he has received. “If for some reason the fire survivors vote against the plan, I’m not so sure I’m going to cram the plan down.”Under bankruptcy rules, a judge must take creditor votes into consideration when deciding whether to approve a reorganization proposal. Overriding the negative vote of a specific class of creditors, like the fire victims, is called “cramming down” the plan.Under their restructuring deal with PG&E, victim attorneys must try to persuade their clients to vote for the reorganization deal, which sets up a trust to pay fire survivors.. If their lawyers fail to block FEMA’s claim, fire victims could see their proposed recovery cut, spurring a vote against the plan.“Whoever is administering that trust better brace themselves for emotional criticism, anger and frustration,” said Kenneth Feinberg, who has overseen some of the biggest mass compensation efforts in U.S. history, including the fund for victims of the 9/11 terrorist attacks. “It goes with the territory.”Telling Their StoryMoney is only one issue for victims, Feinberg said. Another is the frustration of not having the chance to tell their stories to those responsible, Feinberg said.Victoria Gann lost her home in the 2018 Camp Fire in Northern California. Since then, she has lived in various FEMA camps while waiting for the money she needs to rebuild her life. Her biggest complaint is that PG&E officials haven’t spent time listening to fire survivors like her tell their stories.“This is the request,” she wrote in a Jan. 17 email to Montali. “Two hours together. It is time for a change. It is time for PG&E to see faces and hear the voices of those they have taken everything from.”The bankruptcy case is PG&E Corp. 19-bk-30088, U.S. Bankruptcy Court, Northern District of California (San Francisco)(Updates with judge’s comments about a victim’s complaints in the ninth paragraph. A previous version corrected the spelling of Kenneth Feinberg’s name.)\--With assistance from Mark Chediak.To contact the reporter on this story: Steven Church in Wilmington, Delaware at firstname.lastname@example.orgTo contact the editors responsible for this story: Rick Green at email@example.com, Reg Gale, Joe RyanFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
With Valentine's Day fast approaching, Pacific Gas and Electric Company (PG&E) reminds customers that sparks – and not just the romantic kind – can fly on February 14 if improperly secured helium-filled metallic balloons come in contact with power lines. Metallic balloons have a silvery coating, which is a conductor for electricity. If the balloons float away and make contact with power lines, they can short transformers, melt electric wires and cause power outages, all of which pose public safety risks.
More than 800 Pacific Gas and Electric Company (PG&E) personnel, including electric and vegetation management crews in the field, worked to prepare for and respond to outages and damage from Sunday’s strong wind event.
(Bloomberg) -- Beset by fires, bankruptcy and blackouts, PG&E Corp. now faces a marketing campaign from government officials in its hometown bent on replacing the utility giant.San Francisco has launched the “Our City, Our Power” campaign to rally public support for buying PG&E’s local wires and taking over electricity service within the city. It includes a website asking residents to sign up in favor of the effort, arguing the city can provide better service.“Local control of the entire San Francisco electric system will provide increased affordability, safety, reliability and accountability,” Mayor London Breed said in a statement on the site.PG&E, which filed for Chapter 11 last year facing $30 billion in liabilities from wildfires blamed on its equipment, has already turned down a $2.5 billion offer from San Francisco to buy the gear, saying it’s worth more. Allowing communities to buy parts of the system could delay needed investments in California’s aging electric grid, the company said in an emailed statement Monday. “While recent proposals for state or municipal ownership of PG&E’s infrastructure are not new concepts, we don’t agree that the outcomes of this type of framework will benefit customers, taxpayers, local communities, the state or our economy,” the company said.Read More: PG&E Rejects San Francisco’s $2.5 Billion Bid to Buy AssetsThe utility, founded in San Francisco more than a century ago, has also turned down offers from three other local public agencies in California interested in buying portions of its grid. As part of a proposed reorganization plan, PG&E has called for keeping itself intact and setting up regional divisions to address local concerns.A San Francisco official, meanwhile, has raised the possibility of seizing PG&E’s equipment through eminent domain if the company refuses to sell.(Adds PG&E comment in the fourth and fifth paragraphs.)To contact the reporter on this story: David R. Baker in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Joe Ryan at email@example.com, Kara WetzelFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- PG&E Corp. said it aims to shrink the breadth and duration of intentional blackouts during California’s wildfire season as part of a $2.6 billion plan aimed at improving safety.The bankrupt utility giant wants to reduce the average geographic reach of deliberate blackouts by one-third and will try to restore power to affected areas 12 daylight hours after unsafe conditions pass. The goals were outlined in a wildfire mitigation proposal that was filed with state regulators Friday.PG&E, forced into bankruptcy after its equipment was blamed for sparking deadly wildfires, took the extreme measure of widespread shutoffs last year as a way to prevent blazes during dangerous weather. The blackouts resulted in more than 2 million people losing power at one point, provoking outrage as lives were disrupted and billions of dollars in economic activity were lost.Governor Gavin Newsom -- who has threatened a state takeover of PG&E if it can’t improve its safety practices -- has been among the chief critics of the blackouts, saying the company needs to reduce their frequency and breadth. Meanwhile, California regulators have vowed to impose tighter restrictions on the shutoff practices and legislators have advanced a bill that would require utilities to compensate customers for costs resulting from blackouts.“We’ve learned a lot of lessons about how the public safety power shutoff works in our system and how it impacts our customers,” said Matt Pender, director of PG&E’s community wildfire safety program. “We’ve identified a number of actions to reduce that impact.”California’s other big utilities also filed their wildfire prevention plans Friday. Edison International’s Southern California Edison said it plans to spend $3.8 billion on its wildfire-prevention efforts through 2022. Sempra Energy’s San Diego Gas & Electric also vowed to reduce the size and scope of planned blackouts through grid improvements.Microgrids, HelicoptersPG&E’s overall safety plan is expected to cost $2.6 billion a year through 2022. To limit blackouts, the utility will install hundreds of devices on its grid that will allow it to cut power to smaller sections of its network during dry, windy conditions, Pender said. The San Francisco-based company also will add more microgrids that can help communities keep the lights on during planned blackouts.The utility plans to speed up power restoration times by using more helicopters as well as aircraft with infrared technology that can be used for patrols of power lines at night, he said.Additional crews will be used to inspect lines for damage as well, PG&E said. The company aims to better coordinate with state and local agencies and improve its communications with customers about planned power outages.PG&E will also continue its other fire-proofing work including its aggressive tree-trimming and grid hardening programs as part of its program, which requires approval from state regulators. The utility plans to prune or remove 1 million trees this year from power lines.It will also install 240 miles of covered electric wires, up from 171 miles deployed last year, and add hundreds of additional weather stations and cameras to help it monitor fire conditions in its service territory.U.S. District Judge William Alsup, who is overseeing PG&E’s federal probation, has threatened to require the company to hire more tree trimmers after the utility said it has fallen short of some of its commitments of its fire-prevention plan last year.Pender said the utility has confidence that it has the workforce needed to hit its goals this year. Edison PlanEdison, which also resorted to blackouts last year to prevent fires, said its safety work this year will include installing 700 miles of covered electrical wires less prone to sparking when touched by tree branches, almost twice the 372 miles deployed in 2019. The company also plans to install fast-acting fuses -- which can quickly cut power to a damaged line -- at more than 3,000 locations.Edison also said it will consider burying power lines underground in areas that have been affected by public safety blackouts. It will explore creating microgrids, but only where they would be “technologically and economically feasible.”\--With assistance from David R. Baker.To contact the reporter on this story: Mark Chediak in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Joe Ryan at email@example.com, Kara Wetzel, Virginia Van NattaFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
As part of its ongoing efforts to further reduce wildfire risks and keep customers and the communities it serves safe, Pacific Gas and Electric Company (PG&E) today submitted its 2020 Wildfire Mitigation Plan to the California Public Utilities Commission (CPUC). The plan expands and enhances the company’s comprehensive Community Wildfire Safety Program designed to address the growing threat of extreme weather and wildfires across its service area.