PG&E splashes red ink with $2.5B Northern California wildfire charges As previewed last month, PG&E Corp., parent of wildfire-devastated Pacific Gas and Electric Co. (PG&E), on Thursday reported net losses for the second quarter as part of a $2.5 billion pre-tax charge for estimated third-party claims related to 14 of the Northern California wildfires that ravaged the state last fall. (Natural Gas Intelligence)
Scammers Using New Technology to Target PG&E Customers A South Bay business owner got an odd call demanding a lot of money. It seemed legitimate, but now he’s worried others may blindly hand over cash to try and save their business. PG&E said these scams are more common in the summer because businesses use more energy, and may be tricked into thinking they owe more. (NBC Bay Area)
California lawmakers give utilities a reprieve amid fire lawsuits California lawmakers voted to give a reprieve to Pacific Gas & Electric Co. in the frenzied final hours of the two-year legislative session. CBS News reports that legislators sent Gov. Jerry Brown a measure allowing power companies to raise electric bills to cover the cost of lawsuits from last year’s deadly wildfires—even if the utility is found to have behaved negligently. Even many of the lawmakers who voted for the measure said they had misgivings but believed it was necessary to prevent financial ruin for PG&E. (CBS)
PG&E, SCE separately fined by California regulators for safety violations In separate actions, the California Public Utilities Commission fined Pacific Gas and Electric Co. $5.05 million for gas system infractions and fined Southern California Edison Co. $8 million for an electrical system incident three years ago. (Natural Gas Intelligence)
It seems Butte County fire was started by downed PG&E power lines; so far PG&E has blown up San Bruno, burnt down Santa Rosa and Paradise all in less than a decade.
Fires put pressure on California utilities despite new law California utilities again are facing severe financial pressures from the possibility that their equipment sparked catastrophic wildfires, including two that are now burning at either end of the state. The pressure comes even though Gov. Jerry Brown signed legislation in September giving utilities some relief beginning next year. The law made it easier for utilities to pass along costs from fire-related damages to consumers. (Daily Herald)
PG&E sued by Camp Fire victims http://www.msn.com/en-us/news/us/pgande-sued-by-camp-fire-victims/ar-BBPGkfa?ocid=UE07DHP
How low can it go? (PCG) Their dividend is almost 10% now. Down almost 50% in 4 days. They have a friggin book value of $37/share and $7 FCF/share. Fun one to watch and see how it plays out. It may be a steal down here.
PG&E outlook ominous if utility is found responsible for California's worst wildfire http://www.msn.com/en-us/news/us/pg...t-wildfire/ar-BBPIlYk?li=BBnb7Kz&ocid=UE07DHP