|Bid||0.00 x 1400|
|Ask||0.00 x 900|
|Day's range||11.51 - 11.96|
|52-week range||3.55 - 25.19|
|Beta (5Y monthly)||1.11|
|PE ratio (TTM)||N/A|
|Earnings date||22 Jul 2020 - 27 Jul 2020|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||28 Sep 2017|
|1y target est||14.06|
With the advent of shelter-at-home celebrations, Pacific Gas and Electric Company (PG&E) reminds its customers to celebrate responsibly if their birthday drive-bys or social-distancing graduation ceremonies include metallic balloons. Metallic balloons have a silvery coating, which conducts electricity. If the balloons make contact with power lines, they can short transformers, melt electric wires and cause power outages, all of which pose public safety risks.
One of these is clean energy producer Clearway Energy (NYSE: CWEN)(NYSE: CWEN.A), which has already provided its investors one raise earlier this year and could give them an even bigger one later this summer. While electricity usage has fallen this year as a result of the COVID-19 outbreak, this issue hasn't impacted Clearway. Overall, Clearway expects to produce $310 million, or $1.56 per share, of cash available for dividends this year, which would be 22% above last year's level.
(Bloomberg) -- California regulators approved PG&E Corp.’s $58 billion reorganization plan, bringing the power giant another step closer to exiting the biggest utility bankruptcy in U.S. history.The state’s Public Utilities Commission unanimously voted in favor of PG&E’s proposal after the company agreed to revamp its board and governance structure, submit to greater regulatory oversight and create local operating units to ensure a greater focus on safety.The changes, pushed by California Governor Gavin Newsom, are intended to dramatically overhaul California’s largest utility and prevent the type of recklessness that dragged it into bankruptcy.PG&E filed for Chapter 11 last year after its equipment was blamed for causing some of the worst blazes in state history including the Camp fire, which destroyed the town of Paradise and killed 85 people. Earlier this month, state regulators fined the company $1.9 billion in connection with the blazes, which destroyed thousands of homes and caused an estimated $30 billion in liabilities.PG&E shares rose 4% at 9:33 a.m. in New York Friday.As part of its bankruptcy proceeding, the company has agreed to settle claims totaling more than $25 billion from fire victims, insurers and local government agencies.PG&E now only needs approval from the judge overseeing its bankruptcy in order to meet a state deadline of June 30 to qualify for a California fund to help utilities pay for future wildfire claims. Nearly all creditors voted in favor of PG&E’s proposal, including wildfire victims. Court hearings on the plan began Wednesday.PG&E said in a statement it was on track to get its plan confirmed by the end of next month.The commission approved PG&E’s proposal despite opposition from more than 200 local elected officials led by San Jose Mayor Sam Liccardo. The coalition, which had proposed to turn PG&E into a customer-owned cooperative, said in a letter to regulators that the utility’s plan would have it emerge as a “junk bond” company with a debt load of nearly $40 billion.PG&E pushed back against that assertion, saying its plan will result in the issuance of investment grade bonds resulting in about $1 billion in interest costs savings.During the hearing Thursday, commissioners listened to more than two hours of public comment with many speakers calling for a rejection of PG&E’s reorganization plan while advocating for a public takeover of the utility.California Public Utilities Commission President Marybel Batjer said she understood the criticism leveled against the utility.“Many people and communities are angry, frustrated and finished with PG&E,” Batjer said. “At times, I’ve felt the same.”When considering PG&E’s reorganization, Batjer said she felt the need to impose additional accountability and force a change in leadership at a company that has consistently failed to show accountability for its safety lapses.“I understand there will be some who disagree with or feel frustrated with the proposed decision, but today’s decision is an important milestone to achieving the completion of the bankruptcy proceeding and the compensation of the wildfire victims,” Batjer said Thursday.More ConditionsAs a condition for regulatory approval, PG&E agreed to a six-step enforcement process that could ultimately lead to the state revoking its license to sell electricity if its gets in trouble again.The commission also will require an independent safety monitor to watch the utility after the term of a federal court monitor expires.In a court hearing Thursday, the federal judge overseeing PG&E’s criminal probation blasted the utility for its resistance to stricter safety measures he recently ordered.“If ever there was a corporation that deserved to go to prison, it is PG&E for the people it killed in California,” Judge William Alsup said.PG&E said earlier this month that only three of its current 14 board members will remain after it exits bankruptcy. Chief Executive Officer Bill Johnson will also retire on June 30.“We have heard the feedback in today’s decision and know we must do better as a company,” Johnson said in a statement regarding the commission’s ruling.(Adds shares in fifth paragraph.)For 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.
Today, the California Public Utilities Commission (CPUC) approved the Chapter 11 Plan of Reorganization (the Plan) of PG&E Corporation and Pacific Gas and Electric Company (together, PG&E). The CPUC approval in its Plan of Reorganization Order Instituting Investigation proceeding completes another major milestone needed for PG&E to be eligible to participate in the State’s Wildfire Fund, and keeps the company on track for Bankruptcy Court confirmation of the Plan prior to June 30, 2020.
With 2020 shaping up to be one of the hottest years on record, the insurance industry, already hobbled by the coronavirus pandemic, is bracing for another wave of insurance claims.
(Bloomberg) -- Victims of wildfires blamed on PG&E Corp. voted to approve a reorganization plan crafted by the California power giant, clearing one of the last hurdles in the company’s effort to exit the largest utility bankruptcy in U.S. history.More than 85% of fire victims who cast ballots voted in favor of PG&E’s plan that includes a $13.5 billion settlement to fund claims filed on behalf of an estimated 70,000 families and businesses devastated by the some of the worst blazes in California history, according to a court filing Friday. PG&E needed to win support from two-thirds of those who cast a ballot.PG&E said nearly all creditor classes overwhelmingly voted in favor of its restructuring plan. The only dissenting class was a group holding securities claims against the company.“The acceptance of the plan of reorganization by wildfire victims and other voting creditors and shareholders is an important milestone in our financial restructuring process, moving PG&E one step closer to compensating fire victims and emerging from Chapter 11 as a stronger, financially sound company positioned for long-term success,” PG&E CEO Bill Johnson said in a statement Friday.The approval comes despite opposition from some fire victims to the settlement, which will be funded in part by PG&E shares. Three members of a committee designated to represent victims in the bankruptcy resigned in protest over the proposal, calling into question whether their financial recovery should be tethered to PG&E stock.In addition, some victims and their attorneys claimed a lawyer representing the largest group of fire victims has a potential conflict of interest that tainted the voting process. U.S. Bankruptcy Judge Dennis Montali denied a motion to contest the vote, saying a complaint that the bankruptcy rules were violated was unfounded.The judge will take the vote into consideration when he decides whether to approve the reorganization plan.Read More: Apollo, Centerbridge Backed PG&E, Funded Loan to Firm Suing ItPG&E filed for Chapter 11 in January 2019 with an estimated $30 billion in liabilities tied to fires in 2017 and 2018. The company has agreed to settle claims for $25.5 billion with individual victims, insurers and public agencies. It also settled with a group of bondholders who tried unsuccessfully last year to take control of the company.Fire victims are the only group whose compensation will be funded partly through shares.PG&E is racing to win court and regulatory approval of its restructuring plan ahead of a state deadline of June 30. Meeting that goal will allow the company to participate in a California wildfire insurance fund that will help the company cover any potential liabilities from future utility-caused fires.PG&E, which remains on federal probation tied to a deadly gas pipeline blast, agreed to a number of reforms including overhauling its board after regulators found the utility failed to properly operate and maintain power lines that sparked a series of blazes, including the worst in California history.(Updates with PG&E statement starting in third paragraph)For 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 announced today the final voting results on PG&E Corporation and Pacific Gas and Electric Company’s joint Chapter 11 Plan of Reorganization (the "Plan") as certified by Prime Clerk, PG&E’s court-authorized solicitation and balloting agent. The Plan received overwhelming support from all but one of the classes of impaired creditors and interest holders entitled to vote, including fire claimants, insurance subrogation claimants, public entity fire claimants, certain holders of prepetition funded debt and other creditors, and shareholders.
Tens of thousands of income-eligible customers have applied to save 20 percent on their monthly energy bill by enrolling in Pacific Gas and Electric Company’s (PG&E) California Alternate Rates for Energy (CARE) Program since the start of the COVID-19 pandemic in March. The CARE program provides income-qualified households with discounts on their energy bills.
As Pacific Gas and Electric Company (PG&E) crews and contractors perform essential work to maintain gas and electric service, improve the safety of the system, further mitigate wildfire risks, and reduce Public Safety Power Shutoff (PSPS) impacts, the company also is taking steps to keep communities informed about this vital work.
Pacific Gas and Electric Company (PG&E) has requested approval of five energy storage projects totaling 423 megawatts (MW), in a filing with the California Public Utilities Commission (CPUC).
Pacific Gas and Electric Company (PG&E) announced today that it is continuing its sponsorship of the Interface Children & Family Services 211 program (211) to help support communities in times of disaster. This sponsorship will help extend 211 coverage to all 58 California counties, 18 of which were previously unserved by 211, connecting more Californians to health information, social services and referrals through a comprehensive resource database via call specialists and texting. Today’s enhanced commitment brings the total sponsorship to $550,000 over the two-year period from 2019 through 2020.
PG&E Corporation announced today the preliminary voting results on PG&E Corporation and Pacific Gas and Electric Company’s joint Plan of Reorganization (the "Plan"), which indicate overwhelming acceptance of the Plan by the wildfire victims entitled to vote on the Plan. Based on the preliminary voting results, PG&E believes that it remains on track for Plan confirmation by June 30, 2020, the deadline under AB 1054.
Clearway Energy (NYSE: CWEN) (NYSE: CWEN.A) has been largely immune to the impact the COVID-19 outbreak has had on electricity usage. Powering that surge was a 16% increase in electricity generation thanks to more favorable year-over-year wind and solar conditions across its portfolio.
Pacific Gas and Electric Company (PG&E) is offering additional support for business customers experiencing financial hardship as a result of the COVID-19 pandemic by offering temporary loan deferrals for customers with an active On-Bill Financing (OBF) loan under PG&E’s Energy Efficiency Financing program.
Pacific Gas and Electric Company (PG&E) today shared that as its crews and contractors remain in the field performing essential work to maintain gas and electric service, improve the safety of the system, further mitigate wildfire risks, and reduce Public Safety Power Shutoff (PSPS) impacts, the company also is taking the steps necessary to keep communities informed about this vital wildfire prevention and safety work..
PG&E Corporation and Pacific Gas and Electric Company (together, "PG&E") are sharing a reminder that the deadline for eligible parties to vote on PG&E’s Chapter 11 Plan of Reorganization (the "Plan") is in one week. All ballots must be received by the Court-appointed solicitation agent, Prime Clerk, by May 15, 2020, at 4:00 p.m. Pacific Time (PT) to be counted.
If you’re a Pacific Gas and Electric Company (PG&E) customer who lives or works in a high fire-threat area from the Sierra Nevada to the coast, we will contact you multiple times before we initiate a Public Safety Power Shutoff due to hot temperatures, high winds and dry vegetation that foretell elevated wildfire conditions.
With temperatures forecast to increase this week, California’s snowpack will be melting faster, potentially filling rivers and streams with dangerously cold and swift moving water.
PG&E Corporation (NYSE: PCG) recorded first-quarter 2020 income available for common shareholders of $371 million, or $0.57 per share, as reported in accordance with generally accepted accounting principles (GAAP). This compares with income available for common shareholders of $136 million, or $0.25 per share, for the first quarter of 2019.
As part of its continuing efforts to further mitigate wildfire risks across Northern and Central California, Pacific Gas and Electric Company (PG&E) has donated nearly $5 million to the U.S. Forest Service, Pacific Southwest Region to fund fuel reduction projects and purchase equipment that will be used in six national forests located throughout the state.
As part of Pacific Gas and Electric Company’s (PG&E) commitment to safety and supporting customers and communities, the company will join with the California Foundation for Independent Living Centers (CFLIC) as it supports customers with disabilities and older customers who are most vulnerable when the power goes out.
PG&E Corporation's (PCG) wildfire-related costs and storm-related damages are likely to have impacted its bottom-line performance in the first quarter.
Headline of release should read: PG&E and The PG&E Corporation Foundation Contribute $150,000 to Organizations Providing Meals for Vulnerable Seniors During COVID-19 (instead of PG&E and its Corporation Foundation Contribute $150,000 to Organizations Providing Meals for Vulnerable Seniors During COVID-19).