Posts filtered by tags: PG E Corp[x]


 

California homeowners are repeating their past wildfire mistakes

By Leslie Kaufman, Bloomberg On Oct. 8, 2017, sparks from private electric equipment set fire to the dry hills of Northern California’s wine country, but it was only once the flames jumped from the grasslands to densely packed Santa Rosa that the destruction intensified. By the time the Tubbs Fire was fully contained, it had consumed some 5,600 buildings, making it the most destructive in California history. A year later, transmission lines owned by PG&E Corp. ignited brush in rural Butte County...
Tags: Business, California, Housing, Sport, Ap, Soccer, Wildfires, New Homes, Stanford University, Northern California, Santa Rosa, Gorham, Azusa, Pacific Gas Electric, Butte County, Pacific Gas Electric Co


PG&E plans $5.75 billion equity raise to fund bankruptcy exit

California-based power provider PG&E Corp said on Monday it plans to raise $5.75 billion from public offerings as it tries to emerge from Chapter 11 bankruptcy by the end of this month.
Tags: Money, California, businessNews, PG E Corp


PG&E To Purge Most Of Its Board In Fallout From Bankruptcy

BERKELEY, Calif. (AP) — PG&E Corp. will sweep out three-quarters of its board of directors to start with a mostly clean slate when it emerges from a bankruptcy case triggered by deadly wildfires ignited in Northern California by the utility’s neglected electrical grid. The decision announced Friday will leave just three of Pacific Gas and Electric’s 14 current board members in place if the San Francisco company is able to win bankruptcy court approval of its plan. The plan includes $25.5 billion...
Tags: California, Local, Syndicated Local, California News, San Francisco, Ap, Johnson, Electric, Pacific Gas and Electric Company, Gavin Newsom, Northern California, AT T, Bill Johnson, Berkeley Calif, PUC, Newsom


PG&E CEO Blames Past Management For Problems, Promises Fixes

SAN FRANCISCO (AP) — PG&E Corp. CEO Bill Johnson blamed negligence by the company’s past management for a cascade of catastrophes that killed nearly 140 people as he tried to persuade California regulators Tuesday that he is steering the utility to make safety its top priority. Johnson, who was brought in to lead the company 10 months ago, delivered his remarks as the first witness in critical California Public Utilities Commission hearings that will help shape Pacific Gas & Electric as it tries...
Tags: News, California, California News, San Francisco, Ap, Johnson, Pacific Gas and Electric Company, Cpuc, Gavin Newsom, Northern California, Abrams, Sonoma County, Bill Johnson, Pacific Gas Electric, California Public Utilities Commission, Newsom


PG&E posts quarterly loss on fire claims, on track to exit Chapter 11 by June 30

California power producer PG&E Corp said on Tuesday it was on track to exit Chapter 11 bankruptcy by June 30 and that it plans to spend about $37 billion to $41 billion over the next five years to safeguard its equipment as it posted another quarterly loss on claims related to fires.
Tags: California, Finance, Article, Reuters, FBN, Fbn/markets, Fox-business/markets/earnings, Fox-business/industries/utilities, PG E Corp, Fox-business/organization/pge, Fox-business/fox-business-weather, 4932852b-5fc5-5cf2-901d-99280835fff7


PG&E creditors offer California wildfire victims $13.5 billion in cash upfront

PG&E Corp's creditors have sweetened their offer to California wildfire victims, saying they are now prepared to pay $13.5 billion in cash upfront, according to a letter sent on Friday to state governor Gavin Newsom.
Tags: Money, California, businessNews, PG E Corp


PG&E Gains Court Approval for $13.5 Billion Settlement With California Wildfire Victims

Bankrupt utility giant PG&E Corp. won court approval for its $13.5 billion plan to compensate the victims of catastrophic fires blamed on its equipment, as a well as a deal with insurers. Judge Dennis Montali’s ruling is a major victory for PG&E. The company has spent months trying to gain support for a viable restructuring plan so it can emerge from the biggest utility bankruptcy in U.S. history by a state-imposed deadline of June 30, 2020. The company filed for Chapter 11 in January after...
Tags: News, California, Uncategorized, San Francisco, Northern California, Overnight, Onetime, PG E Corp, Dennis Montali, Cecily Dumas, Montali


California governor rejects PG&E bankruptcy reorganization plan

California Governor Gavin Newsom on Friday rejected a bankruptcy reorganization plan submitted by PG&E Corp, the state's largest investor-owned utility, saying its proposal fails to meet the requirements of a recently enacted wildfire law.
Tags: Money, California, businessNews, Gavin Newsom, PG E Corp


Rich Californians shelling out $30,000 to ease blackout pain

Ebony Lopez’s electric company in Napa wine country used to get a handful of inquiries a week from people asking about generators. After PG&E Corp. shut power to millions of Californians last month, it’s more like 10 to 15 calls a day. “It’s been nonstop,” Lopez said. “People are definitely being reactive.” As Californians face years of intentional blackouts — a strategy by the state’s utilities to prevent wildfires — homeowners are rushing to find alternative sources of power to keep the lights...
Tags: Business, Elon Musk, New York, Utilities, California, Housing, Stanford, Sacramento, San Francisco, Tesla, Sport, Soccer, Wildfires, Napa, University Of California Berkeley, Sonoma


Southern California Edison equipment started deadly Woolsey fire in 2018, report says

Southern California Edison equipment was responsible for the ignition Nov. 8 of the Woolsey Fire, which destroyed 1,643 structures, killed three people and prompted the evacuation of more than 295,000 people in Los Angeles and Ventura counties, SCE said Tuesday, Oct. 29. The new information was reported by Pedro Pizarro, president and chief executive officer of Edison International, in the utility’s third-quarter earnings report. “Parties to the Woolsey litigation, including SCE, received a non-...
Tags: News, California, Los Angeles, Edison International, Southern California Edison, Sport, Soccer, Wildfires, Ventura County, Gavin Newsom, Ventura, Thomas, Bloomberg News, Edison, Pizarro, SCE


California Declares State of Emergency as Wildfires Spread

California governor Gavin Newsom announced a state of emergency on Sunday as a wildfire in Sonoma County north of San Fransisco forced the evacuation of thousands of people."We are deploying every resource available, and are coordinating with numerous agencies as we continue to respond to these fires," Newsom said in his declaration.Approximately 180,000 people were evacuated from the vicinity of the Kincade fire in Sonoma County, bringing traffic on highways to a near standstill.Utility company...
Tags: Apple, Facebook, News, California, San Francisco, Silicon Valley, San Fransisco, Gavin Newsom, Sonoma County, Pacific Gas Electric Co, Newsom, Kincade, PG E Corp, California Declares State of Emergency, Andrew M Vesey


California Regulator Slams PG&E Over Electricity Shutoff

SAN FRANCISCO (AP) — California’s top regulator excoriated top executives of the state’s largest utility even as Pacific Gas & Electric repeatedly said they know they failed to meet public expectations when the company cut the power to more than 2 million people last week. Marybel Batjer, president of the California Public Utilities Commission, called the emergency meeting Friday and ordered the executives to attend and explain themselves. She said she was “absolutely astounded” by what she thou...
Tags: News, California, California News, San Francisco, Customers, Ap, Associated Press, Johnson, Berkeley, Pacific Gas and Electric Company, Cpuc, Gavin Newsom, Kathleen Ronayne, Bill Johnson, Pacific Gas Electric, California Public Utilities Commission


PG&E: It Could Take A Decade Before Fire Safety Outages No Longer Needed

SAN FRANCISCO (AP/CBS13) — The CEO of California’s largest utility says it will take about a decade for PG&E to get to the point where widespread safety outages are not necessary when wildfire danger is high. “I do believe our decision to execute this PSPS for the safety of our customers and the communities we are privileged to serve was the right decision,” said PG&E Corp. CEO Bill Johnson in a letter to Governor Gavin Newsom on Friday. “A Public Safety Power Shutoff has a single purpose: to p...
Tags: News, California, Local, Syndicated Local, California News, San Francisco, Ap, Johnson, Pacific Gas and Electric Company, Gavin Newsom, Northern California, Bill Johnson, Newsom, PG E Corp, Public Safety Power Shutoff, California Public Utilities Commission Johnson


California governor demands PG&E accountability for mismanaging power shutoffs

California Governor Gavin Newsom said on Monday that utility Pacific Gas and Electric Co should be held accountable for mismanaging last week's widespread power shutoffs and urged the company to provide credits or rebates to affected customers. Separately, the California Public Utility Commission ordered corrective steps by PG&E, the state's largest investor-owned utility, while summoning eight of its top executives to an emergency meeting on Friday. The utility, a unit of PG&E Corp , cut off...
Tags: News, California, Gavin Newsom, Pacific Gas and Electric Co, PG E Corp, California Public Utility Commission


California wildfire risk prompts planned mass cutoff of PG&E power

Nearly 800,000 California homes and businesses can expect to lose electricity for up to several days from Wednesday, in a planned PG&E power shutdown of unprecedented scale due to heightened wildfire risks from high winds, the utility said. Pacific Gas & Electric Co, a unit of PG&E Corp, said on Tuesday it was extending a previously announced "public safety power shutoff" to 34 counties in northern and central California, marking the largest such precautionary outage the utility has undertaken ...
Tags: News, California, Pacific Gas Electric Co, PG E Corp


U.S. judge approves PG&E $105 million wildfire assistance fund

PG&E Corp may set up a $105 million housing fund for victims of 2017 and 2018 wildfires in California, which set records for devastation and were blamed on the utility's equipment, the judge overseeing the investor-owned power producer's bankruptcy ruled on Wednesday. Creditors, which include wildfire victims, are fighting for funds as PG&E navigates bankruptcy stemming from the blazes and as the state plans for increasingly long and dangerous fire seasons its officials attribute to climate cha...
Tags: News, California, PG E Corp, Dennis Montali


PG&E plan to cut power on windy days could leave millions in the dark

A plan by California’s biggest utility to cut power on high-wind days during the onrushing wildfire season could plunge millions of residents into darkness. And most people aren’t ready. The plan by PG&E Corp. comes after the bankrupt utility said a transmission line that snapped in windy weather probably started last year’s Camp Fire, the deadliest in state history. While the plan may end one problem, it creates another as Californians seek ways to deal with what some fear could be days and day...
Tags: Business, Utilities, California, Housing, Sacramento, Sport, Soccer, Calistoga, Johnson, Stanford University, Gavin Newsom, Napa Valley, Canning, Lynn Jurich, HOAGLAND, Vivint Solar Inc


PG&E says SEC investigating it for disclosures, losses for wildfires

PG&E Corp said in a regulatory filing that it learned on March 20 that the SEC was investigating it in relation to its public disclosures and accounting for losses associated with the 2017 and 2018 Northern California wildfires and the 2015 Butte fire. PG&E, which provides electricity and natural gas to 16 million customers in northern and central California, faces widespread litigation, government investigations and liabilities that could potentially exceed $30 billion because of the fires in ...
Tags: Science, California, SEC, PG E Corp


PG&E seeks U.S. court approval for $105 million fund to help wildfire victims

PG&E Corp on Wednesday sought court approval for a $105 million fund to help house victims of the wildfires blamed on the bankrupt California power provider. PG&E in a filing in U.S. Bankruptcy Court in San Francisco said the fund would cover housing and other urgent needs for many who lost homes in the wildfires in 2017 and 2018. The biggest of the blazes, last year's Camp Fire, killed more than 80 people and destroyed more than 14,600 housing units, with more than 11,300 lost in the town Par...
Tags: Science, California, San Francisco, U S Bankruptcy Court, PG E Corp


PG&E get approval to pay employees $350 million to meet safety goals after wildfires

PG&E Corp can pay employees up to $350 million in bonuses this year to spur them to help meet the bankrupt California power provider's safety goals to prevent wildfires, a judge said on Tuesday.
Tags: Money, California, businessNews, PG E Corp


UPDATE 2-PG&E get approval to pay employees $350 mln to meet safety goals after wildfires

PG&E Corp can pay employees up to $350 million in bonuses this year to spur them to help meet the bankrupt California power provider's safety goals to prevent wildfires, a judge said on Tuesday. PG&E's management has said the company needs to implement the bonus plan to carry out tasks such as clearing trees and branches around power lines to avert contact that triggers wildfires. While the maximum cost of the plan is $350 million, PG&E has said it expects the likely cost will be around $235 m...
Tags: News, California, PG E Corp


Judge approves $350 million incentive programme proposed by PG&E for 10,000 employees

A judge at a hearing on Tuesday approved a plan by PG&E Corp to pay up to $350 million in bonuses to 10,000 employees to spur them to help meet the bankrupt California power provider's safety goals.
Tags: Money, California, businessNews, PG E Corp


California governor proposes fund to pay for wildfire liabilities; PG&E shares rise

The creation of a fund that would allow utilities to pay for wildfire damage claims sent PG&E Corp shares soaring nearly 12 percent before closing 3.95 percent higher on Friday. "PG&E is a textbook example of what happens when a utility does not invest in safety after numerous deadly reminders to do so over many years," a report released by Newsom said.
Tags: Science, California, Newsom, PG E Corp


U.S. judge defers ruling on PG&E $350 million bonus plan

A U.S. bankruptcy judge on Tuesday deferred a ruling on whether to approve a PG&E Corp plan to pay up to $350 million in bonuses to 10,000 employees, saying he wants more details from the California power producer that is facing bankruptcy following last year's wildfires. Judge Dennis Montali of the U.S. Bankruptcy Court in San Francisco set April 23 as the next date for a hearing on the plan, saying he wants PG&E to give him a "tutorial" on it. The plan covers 2019 and takes the place of a pr...
Tags: Science, California, San Francisco, U S Bankruptcy Court, PG E Corp, Dennis Montali


UPDATE 4-U.S. judge defers ruling on PG&E $350 mln bonus plan

A U.S. bankruptcy judge on Tuesday deferred a ruling on whether to approve a PG&E Corp plan to pay up to $350 million in bonuses to 10,000 employees, saying he wants more details from the California power producer that is facing bankruptcy following last year's wildfires. Judge Dennis Montali of the U.S. Bankruptcy Court in San Francisco set April 23 as the next date for a hearing on the plan, saying he wants PG&E to give him a "tutorial" on it. The plan covers 2019 and takes the place of a pr...
Tags: News, California, San Francisco, U S Bankruptcy Court, PG E Corp, Dennis Montali


U.S. judge defers hearing on PG&E $350 mln bonus plan

A U.S. bankruptcy judge on Tuesday deferred a ruling on whether to approve or reject a motion by PG&E Corp to pay up to $350 million in bonuses to 10,000 employees after the power producer said the plan excluded senior executives and would help it fight devastating wildfires. The plan covers 2019 and takes the place of a previously proposed 2018 bonus program for some 14,000 employees that PG&E scuttled after criticism from wildfire victims and their lawyers. The U.S. Trustee, the government's...
Tags: News, PG E Corp


U.S. judge defers hearing on PG&E $350 million bonus plan

A U.S. bankruptcy judge on Tuesday deferred a ruling on whether to approve or reject a motion by PG&E Corp to pay up to $350 million in bonuses to 10,000 employees after the power producer said the plan excluded senior executives and would help it fight devastating wildfires. Judge Dennis Montali of the U.S. Bankruptcy Court in San Francisco set April 23 for the next hearing. PG&E shares rose 0.4% to $18.90 in after-hours trading.
Tags: Science, San Francisco, U S Bankruptcy Court, PG E Corp, Dennis Montali


PG&E names TVA's William Johnson as CEO, reshuffles board

California energy company PG&E Corp on Wednesday named William Johnson as Chief Executive Officer and president, and said it would appoint 10 new directors to its board as it navigates through bankruptcy.
Tags: Money, California, businessNews, William Johnson, TVA, PG E Corp


U.S. judge orders PG&E to hold dividends to pay for efforts to reduce wildfire risks

A U.S. judge said on Tuesday that PG&E Corp may not resume paying dividends and must use the money to fund its plan for cutting down trees to reduce the risk of wildfires in California, stopping short of more costly measures he proposed earlier this year.
Tags: Money, California, businessNews, PG E Corp


PG&E to name TVA's Bill Johnson as CEO: source

PG&E Corp is expected to name Bill Johnson as chief executive of the bankrupt California energy company facing $30 billion in wildfire liabilities, as soon as Wednesday, a source familiar with the private negotiations said on Tuesday.
Tags: Money, California, businessNews, TVA, Bill Johnson, PG E Corp