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PCG

PG&E

$10.91 /

+1.29 (+13.41%)

18:54
12/17/19
12/17
18:54
12/17/19
18:54

PG&E submits settlement pact to CPUC related to 2017, 2018 wildfires

Pacific Gas and Electric Company said it submitted a comprehensive, multi-party settlement agreement to the California Public Utilities Commission related to 2017 and 2018 wildfires in Northern California. Earlier this month, the CPUC approved a decision to include the 2018 Camp Fire in the existing 2017 Northern California Wildfires Order Instituting Investigation. The settlement agreement was reached in collaboration with the CPUC's Safety Enforcement Division, the Coalition of California Utility Employees, the Office of the Safety Advocate, and the Public Advocates Office. It proposes that PG&E pay $50M for shareholder-funded system enhancements, specifically on the company's electric transmission and distribution system. It also proposes that PG&E not seek customer rate recovery associated with certain wildfire-related costs in the amount of $1.625B. PG&E has been working toward a comprehensive settlement agreement involving several parties since August 2019 and has been holding frequent discussions with all parties. This settlement agreement would allow for additional investments that will further strengthen the company's electric operations and ensure compliance with applicable rules. This proposed multi-party settlement agreement is separate from other major financial commitments announced by the company pertaining to the 2017 and 2018 wildfires, including: Reaching a settlement agreement with representatives of individual wildfire victims for $13.5B; Announcing an $11B settlement to resolve all insurance subrogation claims arising from the 2017 Northern California wildfires and 2018 Camp Fire; Announcing a $1B settlement with cities and counties impacted by the 2017 Northern California wildfires and 2018 Camp Fire; and establishing a $105M Wildfire Assistance Fund to aid those displaced by the 2017 Northern California wildfires and 2018 Camp Fire who are either uninsured or need assistance with the cost of substitute or temporary housing or other urgent needs. "We remain deeply sorry about the role our equipment had in tragic wildfires in recent years, and we apologize to all those affected. None of us wants to see another catastrophic wildfire in the communities we call home. This settlement agreement underscores our commitment to learning from the past and doing what's right for safety in the future," said Bill Johnson, CEO and President, PG&E Corporation. "We recognize our fundamental obligation to operate our system safely. We share the same objectives as the Commission and other state leaders - namely in reducing the risk of wildfire in our communities, even in a rapidly changing environment. While we have taken unprecedented actions to do so, we recognize that more must be done."

  • 07

    Jan

PCG PG&E
$10.91 /

+1.29 (+13.41%)

11/12/19 SBSH
PG&E may offer both cash and stock to to TCC, says Citi
11/19/19 SBSH
PG&E filing shows reduced financing commitment, says Citi
12/11/19 SBSH
Citi boosts PG&E target to $10.50, says no chance of zero stock price now
12/16/19 SBSH
PG&E shareholder risk elevated after governor pushback, says Citi

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