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PCG PR H - Pacific Gas And Electric Co News Story

$22.31 0.0  0.0%

Sector
Utilities
Size
Large Cap
Market Cap £4.20bn
Enterprise Value £30.02bn
Revenue £13.44bn
Position in Universe th / 6856

UPDATE 1-PG&E guilty of federal charges in deadly California blast

Wed 10th August, 2016 12:54am
(Adds statement from PG&E, further details on case) 
    SAN FRANCISCO, Aug 9 (Reuters) - Pacific Gas & Electric Co 
 PCG_pa.A  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 was convicted of obstructing an investigation 
and violating pipeline safety regulations leading up to the 
deadly blast in San Bruno, a city of about 41,000 just south of 
San Francisco, spokesman Abraham Simmons said in an email. 
    The utility faces a maximum fine of $3 million, or $500,000 
per guilty count, the unit of Pacific Gas & Electric Corp 
 PCG.N  said in a statement. 
    "While we are very much focused on the future, we will never 
forget the lessons of the past," PG&E said. "We have made 
unprecedented progress in the nearly six years since the tragic 
San Bruno accident and we are committed to maintaining our focus 
on safety." 
    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, 
which the utility did not appeal. 
    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. 
    The company has also paid $500 million to settle civil 
lawsuits from people who had been injured or family members of 
those killed in the blast. 
    The utility said it has adopted new pipeline safety 
standards and spent some $2.7 billion in shareholder funds to 
improve its natural gas system. 
 
 
 (Reporting by Dan Levine and Curtis Skinner in San Francisco; 
Editing by James Dalgleish and Richard Chang) 
 ((Curtis.Skinner@ThomsonReuters.com; +1-347-978-6580; 
Twitter.com/CurtisOrion;)) 
 
Keywords: CALIFORNIA PG&E/
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