9.70 -0.08 (-0.82%)
After hours: 7:40PM EST
|Bid||9.72 x 800|
|Ask||9.75 x 3100|
|Day's Range||8.96 - 10.16|
|52 Week Range||3.55 - 27.38|
|Beta (3Y Monthly)||0.42|
|PE Ratio (TTM)||N/A|
|Earnings Date||Feb 26, 2020 - Mar 2, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||12.56|
The proposed plan seeks to create an electric cooperative that would take over PG&E; and its transmission system with a new governing body.
(Bloomberg) -- More than 110 Northern California city and county officials representing the majority of bankrupt PG&E Corp.’s customers are proposing to turn the utility giant into a customer-owned cooperative.The coalition led by the city of San Jose includes officials from 58 cities and 10 counties who altogether represent more than 8 million residents, according to a statement from San Jose Mayor Sam Liccardo. The group is proposing, among other things, to continue managing PG&E’s expansive territory as a single system, honor existing power and labor contracts and have a board overseeing the co-op set customer rates.“With these principles, we’ve presented a framework for a viable customer-owned PG&E that will be transparent, accountable, and equitable,” said Liccardo, who has spent weeks getting local officials behind the idea of a cooperative. He didn’t detail how the governments would finance a takeover, but a consultant for the group said bonds would be issued to cover much of the cost.Calls for a takeover of San Francisco-based PG&E have intensified since the company filed for bankruptcy in January amid billions of dollars in liabilities tied to wildfires that its equipment ignited. The latest proposal comes as PG&E’s shareholders and creditors are jostling over control of the state’s largest utility in bankruptcy court.Takeover ThreatPG&E has been trying for months to come up with a viable restructuring plan that would settle its fire liabilities and have the reorganized utility emerging from Chapter 11 by a state-imposed deadline of June 30, 2020. California Governor Gavin Newsom has threatened a state takeover if the company doesn’t come up with a plan soon.Read More: California Governor Newsom Fielding More PG&E Takeover CallsSan Francisco has been trying to buy PG&E’s equipment within the city’s limits for $2.5 billion, an offer the company has rejected. Backers of the co-op proposal are taking a notably different approach, saying they want to keep the company’s service territory intact to ensure that residents of rural, fire-prone areas don’t face a steep increase in costs.The co-op would still be subject to all of California’s requirements for increasing the use of renewable power, as well as the state’s open-records law, according to the new guidelines.To contact the reporters on this story: Mark Chediak in San Francisco at email@example.com;David R. Baker in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Lynn Doan at email@example.com, Aaron ClarkFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Investing.com - U.S. futures pointed to another day of gains on Wall Street, with belief in a near-term trade deal reviving again after Tuesday's shock comments by President Donald Trump.
NEW YORK, NY / ACCESSWIRE / December 4, 2019 / Pomerantz LLP announces that a class action lawsuit has been filed on behalf of shareholders of PG&E Corporation ("PG&E" or the "Company") (PCG) against certain of the Company's officers. The class action, filed in United States District Court, for the Northern District of California, and indexed under 19-cv-06996, is on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise, acquired PG&E securities between December 11, 2018, and October 11, 2019, both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
Bankrupt California power producer PG&E Corp is close to finalizing terms for a $13.5 billion payout to victims of wildfires triggered by its power lines, Bloomberg reported on Wednesday, citing people familiar with the matter. The company had proposed paying the victims no more than $8.4 billion in September. The wildfire victims had opposed the company's reorganization plan and allied themselves with PG&E bondholders, who proposed their own reorganization plan.
Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, reminds investors that class action lawsuits have been commenced on behalf of stockholders of iRobot Corporation (IRBT), Zendesk, Inc. (ZEN), PG&E Corporation (PCG), and Sealed Air Corporation (SEE). On April 23, 2019, after the close of trading, iRobot surprised the market by announcing quarterly revenues that were below analyst expectations and also revealed surging inventory levels. In response to this news, iRobot’s stock price fell from $130.57 per share on April 23, 2019, to $100.42 per share on April 24, 2019.
(Bloomberg) -- PG&E Corp. is close to finalizing terms for a $13.5 billion payout to victims of wildfires ignited by its power lines, a key step toward resolving the biggest utility bankruptcy in U.S. history, according to people familiar with the matter.The California-based power giant would pay half in cash and the rest in stock in the newly reorganized utility, the people said, asking not to be identified because the matter is private. The cash portion would be paid with a lump sum upfront, and the remainder would be paid over 18 months, they said. No final agreement has been reached, and the talks could still fall apart.In a statement, PG&E said it was “committed to satisfying all wildfire claims in full” as required by law and as laid out in its bankruptcy plan. A representative for the wildfire victims declined to comment.Shares in PG&E rallied Wednesday and were up 22% at $10.42 at 2:54 p.m. in New York.The company last month proposed $13.5 billion in compensation to the wildfire victims, people with knowledge of the matter said at the time. The two sides were at odds, however, over how to structure the payout and how much should come in the form of cash and stock.A deal now would be a victory for PG&E, which has spent months trying to negotiate a viable restructuring plan to emerge from bankruptcy by the middle of next year. The utility has already agreed to pay $11 billion to insurers and other wildfire claim holders, and the judge overseeing its bankruptcy is holding a hearing on that settlement Wednesday. The company also has a deal to pay $1 billion to local government agencies.Catastrophic WildfiresPG&E filed for Chapter 11 in January after its equipment was blamed for starting catastrophic wildfires in 2017 and 2018, burying it in an estimated $30 billion worth of liabilities.Compensating victims of wildfires emerged as the largest sticking point in PG&E’s restructuring. The company had initially offered victims $8.4 billion, a fraction of what they said they were owed. California Governor Gavin Newsom had threatened a state takeover if the utility failed to reach a deal with creditors and wildfire victims soon.The progress toward the deal comes as PG&E is drawing outrage from state lawmakers and residents for carrying out deliberate mass blackouts to keep its power lines from igniting more wildfires during wind storms. In October, it plunged millions of Californians into darkness four times. The backlash increased pressure on Newsom to restructure PG&E and overhaul its governance.(Adds company statement in third paragraph.)To contact the reporters on this story: Mark Chediak in San Francisco at firstname.lastname@example.org;Scott Deveau in New York at email@example.comTo contact the editors responsible for this story: Liana Baker at firstname.lastname@example.org, ;Lynn Doan at email@example.com, Joe Ryan, Steven FrankFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Shares of PG&E Corp. rocketed 21% in active afternoon trading Wednesday, enough to pace all NYSE-listed gainers, after Bloomberg reported the California-based utility was near a deal to pay out $13.5 billion to wildfire victims. Trading volume jumped to over 38.5 million shares, compared with the full-day average of 24.9 million shares. The Bloomberg report, which cited people familiar with the matter, said half of the payout would be in cash, upfront in a lump sum, and the other half would be in stock, to be paid over 18 months. A settlement would help resolve the utility's bankruptcy. Despite the rally, the stock has still lost 57% year to date, while the SPDR Utilities Select Sector ETF has gained 20% and the S&P 500 has advanced 24%.
The company had proposed paying the victims no more than $8.4 billion in September. The wildfire victims had opposed the company's reorganization plan and allied themselves with PG&E bondholders, who proposed their own reorganization plan.
Law Offices of Howard G. Smith reminds investors that class action lawsuits have been filed on behalf of shareholders of the following publicly-traded companies. Investors have until the deadlines listed below to file a lead plaintiff motion. Investors suffering losses on their investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in these class actions at 888-638-4847 or by email to firstname.lastname@example.org.
The California-based utility would pay half of the settlement in cash and the other half in stock in a reorganized post-bankruptcy company.
(Bloomberg) -- Bankrupt utility giant PG&E Corp. for years failed to properly inspect and maintain its transmission system -- an oversight that led a live wire to fall and ignite the deadliest blaze in California history last year, state investigators said.A PG&E crew hadn’t climbed and inspected the tower and hook that failed, sparking the catastrophic Camp Fire, in 17 years, a California Public Utilities Commission investigation made public Monday shows. The company would’ve discovered that the hook had worn down if it had checked the tower, and its “timely replacement could have prevented” the blaze from happening, the commission’s safety division said in the nearly 700-page report.“The identified shortcomings in PG&E’s inspection and maintenance of the incident tower were not isolated, but rather indicative of an overall pattern of inadequate inspection and maintenance of PG&E’s transmission facilities,” the agency said in its findings.The November 2018 Camp Fire killed 85 people, burned down tens of thousands of homes and all but destroyed the Northern California town of Paradise. It ultimately led to PG&E’s undoing, saddling the company with crippling liabilities. In January, the company declared the biggest utility bankruptcy in U.S. history amid an estimated $30 billion in damages tied to that wildfire and a series of others that broke out across Northern California in 2017.PG&E shares fell as much as 3.7% Tuesday.Read More: PG&E Offers New Details on Tower at Heart of Camp Fire Probe (1)PG&E said in an emailed statement that it “accepts” the conclusion in the report that its power line caused the Camp Fire. “We remain deeply sorry about the role our equipment had in this tragedy, and we apologize to all those impacted,” the company said.California fire investigators had already identified PG&E’s equipment in a previous report as the ignition source of the Camp Fire. The utility commission’s probe revealed more detail on the rules that PG&E broke leading up to the blaze, identifying 12 violations. The findings may result in fines or penalties imposed by the five-member panel.The district attorney of Butte County, where the Camp Fire broke out, and California’s attorney general were still deciding whether to file criminal charges related to the blaze.Estimating LiabilitiesThe report is hitting just as PG&E prepares for a federal court case that will determine exactly how much in wildfire liabilities it’s responsible for. In the coming months, a judge will hold hearings to decide on the size of claims stemming from the Camp fire and 2017 blazes. The outcome could serve as the foundation of a restructuring plan that PG&E hopes will have it emerging from bankruptcy by the middle of next year.The commission’s report described PG&E’s routine inspections as “inadequate,” failing to detect defective hooks and other equipment prone to failure. One so-called C-hook close to the transmission failure showed a “material loss of over 50%” in one section, according to the investigation.Based on PG&E’s own maintenance manual, the report said, “this is a hazardous Priority A condition which requires immediate response and continued action until the condition is repaired.” Butte County prosecutors asked the state to collect the hook as evidence.PG&E said it has accelerated inspections since the 2017 and 2018 blazes and has “completed an unprecedented process to inspect every element of our electric system within the high-threat fire areas.” The company said it has checked almost 730,000 transmission, distribution and substation structures and more than 25 million electrical components in those areas.(Adds shares in fifth paragraph.)To contact the reporter on this story: Mark Chediak in San Francisco at email@example.comTo contact the editors responsible for this story: Lynn Doan at firstname.lastname@example.org, Jake Lloyd-SmithFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
So Much For A Christmas China Trade Deal The signing of the Hong Kong Human Rights and Democracy Act of 2019 had already put the prospects of a US trade deal with China in jeopardy, and now it seems that the chances of a deal by the end of the year have been completely scuttled. […]The post Market Morning: Trade Deal Scuttled, French Cheese Wars, Gronk Picks CBD over NFL appeared first on Market Exclusive.
The Caribou-Palermo transmission line was identified as the cause of the Camp Fire last year, which virtually incinerated the Northern California town of Paradise and stands as the state's most lethal blaze. "PG&E failed to maintain an effective inspection and maintenance program to identify and correct hazardous conditions on its transmission lines ... as are necessary to promote the safety and health of its patrons and the public," a 700-page report by the California Public Utilities Commission said. The probe concluded that PG&E's inspection shortcomings were part of a pattern of 'inadequate' execution of those tasks.
Pomerantz LLP announces that a class action lawsuit has been filed on behalf of shareholders of PG&E Corporation (“PG&E” or the “Company”) (NYSE: PCG) against certain of the Company’s officers. The class action, filed in United States District Court, for the Northern District of California, and indexed under 19-cv-06996, is on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise, acquired PG&E securities between December 11, 2018, and October 11, 2019, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
NEW YORK, NY / ACCESSWIRE / December 2, 2019 / Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against the following publicly-traded companies. You can review ...
Is PG&E Corporation (NYSE:PCG) a good equity to bet on right now? We like to check what the smart money thinks first before doing extensive research on a given stock. Although there have been several high profile failed hedge fund picks, the consensus picks among hedge fund investors have historically outperformed the market after adjusting […]
On Wednesday, U.S. Bankruptcy Judge Dennis Montali ruled PG&E is subject to the legal doctrine of inverse condemnation, which holds the company strictly liable for fires tied to its equipment, even if the utility was not negligent. The ruling was a victory for wildfire victims who are pursuing PG&E for compensation, and the company's stock fell around 5% in early Friday trading, before recovering most losses. To try to prevent fires, PG&E has been using the mass blackouts during high winds and low humidity.
California utility PG&E Corp has determined there were no lives or structures lost in 2019 wildfires that may have been caused by its distribution lines, according to a Friday court filing. On Wednesday, U.S. Bankruptcy Judge Dennis Montali ruled PG&E is subject to the legal doctrine of inverse condemnation, which holds the company strictly liable for fires tied to its equipment, even if the utility was not negligent. The ruling was a victory for wildfire victims who are pursuing PG&E for compensation, and the company's stock fell around 5% in early Friday trading, before recovering most losses.
(Bloomberg) -- PG&E Corp. is trying to determine whether other jumper cables along its system may be susceptible to failure after one broke in October, minutes before the massive Kincade wildfire ignited in Northern California wine country.PG&E said it was looking into whether the configuration of a jumper cable on a transmission line near the Kincade Fire’s ignition point contributed to its failure, and whether similar risks exist elsewhere, according to a written response Friday to questions raised by a federal judge overseeing the company’s probation.The company said the California Department of Forestry & Fire Protection has collected the failed jumper cable as evidence in its probe of the cause of the Kincade fire, which burned for two weeks starting Oct. 23 and destroyed 374 structures. A jumper cable is used to connect high-voltage transmission lines on PG&E’s power network.A loose PG&E jumper wire was found to have contributed to last year’s Camp Fire -- the deadliest in California history -- which killed 86 people and destroyed the town of Paradise. In addition to that blaze, PG&E’s equipment has been tied to other wildfires that devastated parts of northern California in 2017 and 2018, saddling the company with an estimated $30 billion in liabilities and forcing it into bankruptcy.To prevent a repeat during California’s peak fire season, the utility orchestrated a series of mass blackouts to prevent its lines from sparking blazes. PG&E said it has identified at least 190 instances in late October in which contact between vegetation and power lines on windy days probably would have caused electric hazards if the lines hadn’t been de-energized. The company also counted at least 28 places where infrastructure that it suspected was damaged by extreme wind probably would have caused arcing if the power hadn’t been shut off.U.S. District Judge William Alsup, who is overseeing the company’s probation after it was convicted in 2016 of gas pipeline safety violations, is trying to determine whether PG&E’s equipment is to blame for any of this year’s wildfires in Northern California, as well as how the state’s largest utility managed widespread power outages as a fire prevention measure.Besides asking several questions about jumper cables, Alsup requested detailed information about PG&E’s preventative blackouts.Given the utility’s widespread shutoffs, Alsup said he’s inclined to think damages and deaths are lower this year, “but the court (and the public) would appreciate a more precise answer.”No known fatalities have occurred this year in fires tied to PG&E’s lines. PG&E said no structures have been destroyed by fires of ten acres or more tied to its distribution lines. PG&E did note that three structures were destroyed by fires one acre or less that were connected to its lines.The utility has said it switched off lower-voltage distribution lines before the Kincade fire broke out, in anticipation of high winds, but the company kept larger transmission lines energized. PG&E Chief Executive Officer Bill Johnson has said the jumper cable -- along a transmission line -- had been recently inspected and was in good condition.PG&E told the court that it had used the wrong form to document a drone inspection of the suspected equipment in May and marked the condition of the jumper as “n/a.” In February, the utility found that the jumper wasn’t in poor condition during a climbing inspection, it said. PG&E said a worker performed a visual inspection of the suspect tower and jumper cables in July and found no new issues.The case is U.S. v. Pacific Gas and Electric Co., 14-0175, U.S. District Court, Northern District of California (San Francisco).\--With assistance from David R. Baker.To contact the reporters on this story: Mark Chediak in San Francisco at email@example.com;Joel Rosenblatt in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: David Glovin at email@example.com, ;Lynn Doan at firstname.lastname@example.org, Peter Blumberg, Anthony LinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
* China warns of counter measures against the U.S. Nov 29 (Reuters) - U.S. stocks dipped on Friday as trade tensions resurfaced after China warned it would retaliate against President Donald Trump's decision to ratify a bill backing protesters in Hong Kong.
(Bloomberg) -- Utility giant PG&E Corp. fell after its attempt at escaping a California policy that saddled it with billions of dollars in liabilities and pushed it into bankruptcy failed.U.S. Bankruptcy Judge Dennis Montali on Wednesday sided with wildfire victims, who said PG&E is subject to a legal doctrine known as inverse condemnation that holds utilities strictly liable for covering the costs of blazes linked to their equipment -- regardless of whether they were negligent. The shares slipped as much as 4.9% to $7.18 in New York on Friday.PG&E blamed inverse condemnation for its downfall. California’s largest utility filed for Chapter 11 while facing an estimated $30 billion in liabilities tied to wildfires that its power lines were blamed for igniting in 2017 and 2018. The state is one of the few places -- if not the only -- in the world that holds its power companies liable in this way.The policy has been cited as one reason Warren Buffett’s Berkshire Hathaway Energy and other potential PG&E buyers aren’t making bids. PG&E’s former chief executive officer, Geisha Williams, spent months fighting the doctrine to no avail and was ultimately ousted, just weeks before the company filed for bankruptcy.In deciding that PG&E is subject to inverse condemnation, Montali determined that the doctrine isn’t limited to public agencies and said the California Supreme Court would “reach the same conclusion.”At stake is the bill for the second-most destructive fire in California history, the 2017 Tubbs fire, which killed more than 20 people and destroyed at least 5,600 buildings. Claims could top $10 billion, “even though CalFire determined that PG&E equipment did not ignite the blaze,” the company argued in court papers.PG&E had said that inverse condemnation was originally developed with government-run agencies in mind -- a means for them to raise rates or taxes and spread around the costs of a disaster caused by the failure of a water line, for example. Since PG&E doesn’t levy taxes and can’t hike rates without regulatory approval, the company said, the doctrine shouldn’t apply to its case.Some Limits“Since at least 1894, Californian courts have not limited the application of inverse condemnation to public entities,” Montali said in his decision Wednesday. He also noted that California’s legislature has refused PG&E’s pleas to restrict the policy and said he has no reason to believe that the California Supreme Court would “step up and do it.”He did, however, say the doctrine doesn’t extend beyond property damage and is subject to some limitations.Montali’s ruling comes as the company and a committee representing wildfire victims are getting ready for a trial that will decide how much PG&E must pay to compensate residents and businesses hurt by fires traced to company equipment. Even with a victory, PG&E would’ve still been on the hook for tens of billions of dollars in wildfire damages that critics claim were caused by negligence.What Bloomberg Intelligence Says“The Nov. 27 inverse condemnation ruling which, as expected, went against PG&E, keeps negotiations with wildfire claimants as the main hurdle to a bankruptcy exit.”\-- Kit Konolige, senior utilities analystClick here for the researchThe victims’ committee argued that PG&E must be subject to the inverse condemnation doctrine because California courts have consistently ruled that it applies even to investor-owned utilities.State officials said in a report earlier this year that inverse condemnation increases the danger that other utilities will also go bankrupt. But when lawmakers had the chance to eliminate the doctrine, they refused to rewrite the California law.The case is PG&E Corp. 19-bk-30088, U.S. Bankruptcy Court Northern District of California (San Francisco)\--With assistance from Rick Green and Dawn McCarty.To contact the reporters on this story: Steven Church in Wilmington, Delaware at email@example.com;Mark Chediak in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Lynn Doan at email@example.com, ;Rick Green at firstname.lastname@example.org, Will WadeFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
NEW YORK, Nov. 29, 2019 -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against the following.