PG&E Corporation (0QR3.L)

BREAKING NEWS PCG is being added to S&P 500. That is why it jumped in the after hours .Monday is going to good.
PG&E (NYSE:PCG) jumped 5.1% postmarket, and EQT (NYSE:EQT) rose 0.6%, rose 0.6% as each stock is set to be added to the S&P 500.

PG&E will take the place of Citrix Systems (CTXS), set to be acquired by Vista Equity Partners.

PUBLISHED: September 26, 2022 at 7:19 a.m. | UPDATED: September 26, 2022 at 7:23 a.m.

By Will Wade | Bloomberg

Federal officials have initiated a criminal investigation into PG&E Corp.’s potential role in starting California’s largest wildfire of the year.

On Sept. 24, the US Forest Service removed one of the utility’s transmission poles from the site in Placer County where the Mosquito fire started, PG&E said Monday in a filing. USFS didn’t immediately respond to inquiries about the probe.

The investigation marks a significant setback in PG&E’s efforts to move past its troubled history with fires. The company was charged with manslaughter last year in connection with a 2020 blaze that killed four people, and was driven into bankruptcy for its role in the 2018 Camp Fire that destroyed the town of Paradise.

While the investigation is negative for the company, the actual financial impact of the fire may not be significant, according to Guggenheim Securities.

“While it is one of the biggest fires of 2022, the damage estimates remain below insurance thresholds,” analysts led by Shahriar Pourreza wrote in a research note Monday.

The fire has charred almost 77,000 acres and destroyed 78 structures since it began in the drought-parched Sierra Nevada foothills east of Sacramento. As of Monday, the fire was 85% contained.

"Sept 20 (Reuters) - A fire outbreak at PG&E Corp's(PCG) energy storage facility on Tuesday that uses battery packs made by Tesla Inc(TSLA) has shut down part of Highway 1 in California.

This came about a year after another fire broke out in a Tesla's "Megapack" battery unit in Australia during testing of one of the world's biggest energy storage projects.

Power producer PG&E(PCG) said it was working with firefighters to stop the fire from spreading at the California facility, which is one of the biggest utility-owned, lithium-ion battery energy storage systems in the world. The incident has caused no electrical outage for customers, it added.

The electric utilities company said upon detecting the issue the safety systems automatically disconnected the battery storage facility from the electrical grid and that no onsite personnel was injured due to the fire.

Tesla was not immediately available for comment.
Tesla generates most of its revenue from its electric car business, but CEO Elon Musk pledged to grow its solar energy and battery storage business to roughly same size as its car business for the long-term. Tesla last year broke ground on its factory in Lathrop, California, to produce its large-scale, utility storage battery unit Megapack.

California's Department of Transportation said a part of the highway was closed due to the battery fire and advised motorists to take an alternate route.

PG&E (PCG) in April announced the commissioning of its 182.5-megawatt (MW) Tesla Megapack battery energy storage system (BESS) - known as the Elkhorn Battery - located at its Moss Landing electric substation in Monterey County.

PG&E (PCG) said batteries are charged when energy demand is low or when solar production is high and then provide additional capacity by sending that reserved power to the grid as demand grows."