Pacific Gas And Electric Co logo

PCG PR A - Pacific Gas And Electric Co News Story

$29.83 -0.5  -1.5%

Sector
Utilities
Size
Large Cap
Market Cap £5.73bn
Enterprise Value £31.70bn
Revenue £13.51bn
Position in Universe th / 6855

Reuters Insider - PG&E files for bankruptcy

Wed 30th January, 2019 8:02am
Click the following link to watch video: https://share.insider.thomsonreuters.com/link?entryId=1_63qfmoxd&referenceId=tag:reuters.com,2019:newsml_OV9Z74N0R_930&pageId=ReutersNews
Source: Reuters Insider

Description: Power provider PG&E filed for voluntary Chapter 11 bankruptcy
protection, succumbing to liabilities stemming from wildfires in Northern
California in 2017 and 2018. Roselle Chen reports.
Short Link: https://reut.rs/2MCHZFO

Video Transcript:

PG&E filed for bankruptcy protection in anticipation of liabilities from
California wildfires. The company provides electricity and natural gas to 16
million customers in northern and central parts of the state, and employs
24,000 people. It vowed to keep the lights on as it grapples with fire-related
costs of more than $30 billion. Morningstar's Equity Strategist Travis Miller.

Is there anybody willing to buy any part of PG&E and deal with the California
regulation? The only thing we could see is a surge of claimants coming in and
taking part of the business as a return for the fire liabilities, and we could
also see a ruling from the judge that essentially splits the pie among a bunch
of different stakeholders and preserves some of the equity value for
shareholders.

PG&E shares, which lost three quarters of its value since before the latest
fire in November, were up in early trading
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.