PCG - PG&E Corporation

NYSE - NYSE Delayed price. Currency in USD
17.57
+0.32 (+1.86%)
At close: 4:00PM EST

17.50 -0.04 (-0.23%)
After hours: 7:57PM EST

Stock chart is not supported by your current browser
Previous close17.25
Open17.22
Bid17.32 x 1800
Ask17.50 x 1100
Day's range17.10 - 17.63
52-week range3.55 - 25.19
Volume9,591,150
Avg. volume16,681,549
Market cap9.299B
Beta (5Y monthly)0.65
PE ratio (TTM)N/A
EPS (TTM)-14.50
Earnings date29 Apr 2020 - 03 May 2020
Forward dividend & yieldN/A (N/A)
Ex-dividend date27 Sep 2017
1y target est17.56
  • The Zacks Analyst Blog Highlights: PG&E, Hormel Foods, Chevron and Kirkland Lake Gold
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    The Zacks Analyst Blog Highlights: PG&E, Hormel Foods, Chevron and Kirkland Lake Gold

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  • Buffett Plays ‘Wait and See’ With Democratic Nomination
    Bloomberg

    Buffett Plays ‘Wait and See’ With Democratic Nomination

    (Bloomberg) -- Warren Buffett said he’s not yet picked a candidate in the U.S. presidential race.“I think I’m going to wait and see who gets the nomination,” Buffett said Monday in an interview with CNBC. “Normally, I vote for Democrats. We will see what happens.”Buffett, who runs Berkshire Hathaway Inc., endorsed Hillary Clinton for the 2016 election against now-President Donald Trump, and attended fundraisers for both Clinton and Barack Obama ahead of the 2008 primaries. The son of a Republican U.S. congressman, Buffett, 89, said he’s a capitalist, not a “card-carrying” Democrat.Democratic candidates vying for the nomination include Vermont Senator Bernie Sanders, who’s gained momentum with victories in Nevada and the New Hampshire primary. While Buffett agrees with Sanders that the country needs to do more for people who are left behind, he doesn’t think that requires dismantling “the golden goose” of capitalism.“I actually agree with him in terms of certain things he would like to accomplish,” Buffett said. “I don’t agree with him in many ways.”Buffett said he would prefer former New York City Mayor Michael Bloomberg over Sanders, who embraces what he calls democratic socialism.“I would certainly vote for him,” Buffett said of Bloomberg. “I don’t think another billionaire supporting him would be the best thing to announce.”Bloomberg’s campaign has said he would sell his company, Bloomberg LP, if he’s elected president. Buffett said he wouldn’t be a buyer because some other bidder is likely to emerge that would pay more. (Bloomberg is the founder and majority owner of Bloomberg LP, the parent company of Bloomberg News.)Buffett’s business partner, Charles Munger, said earlier this month that Michael Bloomberg could garner the votes of many moderates, increasing his chances in the election. Munger, a lifelong Republican, declined to name which candidate, if any, he was supporting. Buffett expressed support for Bloomberg in early 2019, ahead of the candidate’s official entry into the race.U.S. equities dropped Monday as the coronavirus continued to spread beyond China. Buffett said the virus hasn’t affected his long-term outlook on stocks, since he often views investing through a multi-decade lens.“It is scary stuff,” Buffett said. “I don’t think it should affect what you do in stocks. But in terms of the human race, it’s scary stuff.”Buffett spoke after releasing his annual letter and fourth-quarter earnings on Saturday. He said in the letter that shareholders can expect to hear more from top lieutenants Ajit Jain and Greg Abel, seen as the top contenders to eventually replace him as CEO. The company’s earnings report showed Berkshire stepped up its share repurchases at the end of 2019, spending $2.2 billion for the biggest tally ever in a single quarter.Berkshire’s Class A shares fell 2.5% to $335,027 at 11:09 a.m. in New York. They’re down 1.4% for the year.Here are some other key takeaways from Buffett’s comments Monday:On GeicoLast year, Berkshire announced that Todd Combs, one of Buffett’s key investing deputies, would take over as Geico’s chief executive officer. That change is temporary, Buffett said Monday.“Todd is there and I hope very much that he’s not there very long,” Buffett said. “Our intention always is to promote from within. We would hope to pick out the right person at Geico.”On Yield HuntBuffett criticized companies willing to take on more risk in the hunt for higher returns.“Reaching for yield is really stupid, but it’s very human,” he said.On AirlinesBuffett, whose company owns stakes in Delta Air Lines Inc. and Southwest Airlines Co., said it’s “very unlikely” Berkshire would buy an airline outright because of the heavily-regulated nature of the industry.On CryptoBuffett’s lunch with Chinese cryptocurrency entrepreneur Justin Sun doesn’t seem to have changed his mind on the asset.“Cryptocurrencies basically have no value -- they don’t produce anything,” Buffett said.On PG&EThe billionaire investor’s company owns a sprawling energy empire across the U.S. and even in the U.K. Still, he doesn’t seem to want to add PG&E Corp. to the mix, despite urging from California Governor Gavin Newsom.PG&E filed for Chapter 11 bankruptcy protection more than a year ago after its equipment was blamed for causing some of the worst fires in California history, resulting in about $30 billion in liabilities.“It’s too tough,” Buffett said, while praising Newsom. “I don’t know how to solve all that.”On Wells FargoBerkshire sold some of its Wells Fargo & Co. stake in the fourth quarter, taking that investment down to $17 billion at the end of the year. Buffett declined to give his current views on the company and reiterated that the bank made a mistake in not responding to its issues more quickly.“Some of it was sold down to avoid being over 10%,” Buffett said of the Wells Fargo stake, referring to U.S. regulations governing maximum bank ownership stakes. “We’ve sold more than that.”On Kraft HeinzBuffett said the company is “still a great business” even after struggles including a major writedown last year.Berkshire continues to carry the investment at $13.8 billion on its balance sheet, even though its market value was $10.5 billion at the end of 2019.(Updates with comments on coronavirus starting in 10th paragraph.)To contact the reporter on this story: Katherine Chiglinsky in New York at kchiglinsky@bloomberg.netTo contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Steve Dickson, Daniel TaubFor 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.

  • Coronavirus Fears Holding You Back? 3 Smart Ways to Invest
    Zacks

    Coronavirus Fears Holding You Back? 3 Smart Ways to Invest

    Here're three ways you can put your money to work in the stock market even though the coronavirus outbreak has unnerved market pundits worldwide.

  • Business Wire

    PG&E Helps Customers Manage Energy Costs and Save Money this Winter

    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.

  • 7 Stocks With Low Price-to-Sales Ratio for a Solid Portfolio
    Zacks

    7 Stocks With Low Price-to-Sales Ratio for a Solid Portfolio

    A stock with a lower price-to-sales ratio is a more suitable investment than a stock with a high price-to-sales ratio.

  • Bloomberg

    PG&E Union Warns Bernie Sanders Against ‘Bird-Brained’ State Takeover

    (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 mchediak@bloomberg.netTo contact the editors responsible for this story: Joe Ryan at jryan173@bloomberg.net, 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.

  • PG&E Corporation (PCG) Q4 Earnings Miss, Revenues Up Y/Y
    Zacks

    PG&E Corporation (PCG) Q4 Earnings Miss, Revenues Up Y/Y

    PG&E Corporation's (PCG) bottom line declines 15% year over year to 68 cents per share in the fourth quarter.

  • MDU Resources' (MDU) Another Acquisition to Expand Business
    Zacks

    MDU Resources' (MDU) Another Acquisition to Expand Business

    MDU Resources (MDU) continues to undertake acquisitions to enhance operations of Knife River.

  • Business Wire

    PG&E Corporation Reports Full-Year and Fourth-Quarter 2019 Financial Results; Provides Five-Year Financial Forecast and Chapter 11 Proceeding Update

    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.

  • 5 Great GARP Stocks Based on Discounted PEG
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    5 Great GARP Stocks Based on Discounted PEG

    PEG-based investing can be more rewarding with the addition of a few other relevant parameters.

  • Bernie Sanders Blasts Embattled Utility PG&E Before California Primary
    Bloomberg

    Bernie Sanders Blasts Embattled Utility PG&E Before California Primary

    (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 dbaker116@bloomberg.netTo contact the editors responsible for this story: Joe Ryan at jryan173@bloomberg.net, 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.

  • Implied Volatility Surging for PG&E (PCG) Stock Options
    Zacks

    Implied Volatility Surging for PG&E (PCG) Stock Options

    Investors need to pay close attention to PG&E (PCG) stock based on the movements in the options market lately.

  • PG&E Tries to Steer Judge Away From Fire Safety Crackdown
    Bloomberg

    PG&E Tries to Steer Judge Away From Fire Safety Crackdown

    (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 jrosenblatt@bloomberg.netTo contact the editors responsible for this story: David Glovin at dglovin@bloomberg.net, 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.

  • PG&E (PCG) Stock Sinks As Market Gains: What You Should Know
    Zacks

    PG&E (PCG) Stock Sinks As Market Gains: What You Should Know

    PG&E (PCG) closed the most recent trading day at $17.90, moving -0.72% from the previous trading session.

  • PG&E Victim Uprising Could Blow Up Utility’s Reorganization
    Bloomberg

    PG&E Victim Uprising Could Blow Up Utility’s Reorganization

    (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 schurch3@bloomberg.netTo contact the editors responsible for this story: Rick Green at rgreen18@bloomberg.net, 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.

  • Business Wire

    PG&E to Customers: Let Hearts Soar on Valentine’s Day, Not Metallic Balloons

    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.

  • Business Wire

    Nearly 400,000 Customers Impacted by Sunday’s Wind Storm; PG&E Crews Have Restored Most Customers Who Lost Power

    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.

  • San Francisco Tries to Rally Public to Buy Piece of PG&E
    Bloomberg

    San Francisco Tries to Rally Public to Buy Piece of PG&E

    (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 dbaker116@bloomberg.netTo contact the editors responsible for this story: Joe Ryan at jryan173@bloomberg.net, 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.

  • PG&E Vows to Reduce Scope of Deliberate Blackouts to Stop Fires
    Bloomberg

    PG&E Vows to Reduce Scope of Deliberate Blackouts to Stop Fires

    (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 mchediak@bloomberg.netTo contact the editors responsible for this story: Joe Ryan at jryan173@bloomberg.net, 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.

  • Business Wire

    PG&E’s 2020 Wildfire Mitigation Plan Expands, Enhances Community Wildfire Safety Program, Reduces Impacts of Public Safety Power Shutoffs

    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.

  • Business Wire

    With Forecast Predicting Strong Winds on Sunday and Monday, PG&E Urges Customers to be Safe

    Pacific Gas and Electric Company (PG&E) meteorologists are forecasting strong winds Sunday and into Monday throughout much of Northern and Central California. PG&E is urging its customers to take the necessary steps to be prepared and stay safe.

  • Business Wire

    PG&E Appoints Industrial Safety Expert Francisco Benavides as Chief Safety Officer

    As part of their commitment to strengthening public and workforce safety, PG&E Corporation and Pacific Gas and Electric Company (together, "PG&E" or "the company") today announced the appointment of Francisco Benavides to the position of Vice President and Chief Safety Officer.

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