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PCG PR H - Pacific Gas And Electric Co News Story

$22.31 -0.2  -0.8%

Sector
Utilities
Size
Large Cap
Market Cap £4.22bn
Enterprise Value £30.19bn
Revenue £13.51bn
Position in Universe th / 6858

PG&E guilty of federal charges in deadly California blast

Tue 9th August, 2016 11:58pm
SAN FRANCISCO, Aug 9 (Reuters) - Pacific Gas and Electric Co 
was found guilty on Tuesday of several federal charges stemming 
from a natural gas pipeline explosion in California that killed 
eight people and injured 58 others in 2010, a U.S. Justice 
Department spokesman said. 
    The utility  PCG_pa.A  was found guilty on charges of 
obstructing an investigation and violating safety regulations 
leading up to the deadly blast in San Bruno, a city of about 
41,000 just south of San Francisco, according to spokesman 
Abraham Simmons. 
    Bloomberg reported that the utility would face a fine of no 
more than $6 million. A representative for the Justice 
Department could not be immediately reached to confirm the 
figure. 
    A representative for PG&E said they would issue a statement 
but had no immediate comment. 
    The U.S. Attorney's Office accused PG&E of knowingly relying 
on "inaccurate or incomplete" infrastructure management records 
and failing to investigate its high-pressure natural gas 
pipelines after potential hazards had been identified, according 
to court records. 
    The California Public Utilities Commission in 2015 levied a 
$1.6 billion fine against PG&E over the blast and other issues. 
The fine ranks as its largest ever safety-related penalty, 
dwarfing a $38-million fine for PG&E over a 2008 natural gas 
explosion in the city of Rancho Cordova. 
    Shares of PG&E were unchanged after the verdict. 
 
 (Reporting by Dan Levine and Curtis Skinner in San Francisco; 
Editing by James Dalgleish) 
 ((Curtis.Skinner@ThomsonReuters.com; +1-347-978-6580; 
Twitter.com/CurtisOrion;)) 
 
Keywords: CALIFORNIA PG&E/
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