Latest PG&E Corp News

American Airlines, Carnival fall; Invitae, Newmont rise

Jun. 22, 2020 4:24 PM EDT

NEW YORK (AP) — Stocks that moved heavily or traded substantially on Monday: American Airlines Group Inc., down $1.08 to $14.92. The airline wants to sell $3 billion in stock and senior notes and is taking on a new $500 million loan. Invitae Corp., up $8.34 to $27.05. The genetics company is buying...

FILE - In this Dec. 16, 2019, file photo, a sign to a Pacific Gas & Electric building is shown in San Francisco. A federal judge is expected opn Friday, June 19, 2020, to approve Pacific Gas & Electric's $58 billion plan for ending its 17-month stint in bankruptcy, clearing the way for the nation's largest utility to begin paying $25.5 billion to cover the losses in a series of horrific wildfires ignited by its long-neglected electrical grid. (AP Photo/Jeff Chiu, File)

Judge to OK $58B plan to end PG&E bankruptcy after wildfires

Jun. 19, 2020 7:13 PM EDT

SAN FRANCISCO, Calif. (AP) — A federal judge on Friday said he was approving a $58 billion plan by the nation’s largest utility to end a contentious bankruptcy saga that began after Pacific Gas & Electric’s outdated equipment ignited wildfires in California that killed more than 100...

Bill Smith, interim chief executive officer and president of PG&E Corp., listens as Butte County Superior Court Judge Michael Deems announces the penalties for its role in the 2018 Camp Fire, during the criminal sentencing hearing in the trial of Pacific Gas & Electric Corp in Chico, Calif., Thursday, June 18, 2020. PG&E received the maximum fine of $3.5 million for its crimes and an additional $500,000 for the cost of the investigation into the cause of the wildfire. The utility company pleaded guilty, Tuesday, to 84 felony counts of involuntary manslaughter for the fire that wiped out the town of Paradise. (AP Photo/Rich Pedroncelli)

PG&E fined $4 million in deaths of 84 people in 2018 fire

Jun. 18, 2020 10:02 PM EDT

Pacific Gas & Electric on Thursday was fined $4 million for the deaths of 84 people killed in a nightmarish Northern California wildfire ignited by the its long-neglected electrical grid. The sentencing comes as the nation's largest utility prepares to end a 17-month bankruptcy proceeding triggered by the...

Bill Johnson, chief executive officer and president of PG&E Corp., lowers his head after admitting the company's guilt in the deaths of 84 people in a 2018 wildfire, during a hearing in Butte County Superior Court in Chico, Calif., Tuesday, June 16, 2020. Johnson entered guilty pleas on behalf of the company for 84 felony counts of involuntary manslaughter stemming from the fire which was blamed on the company's crumbling electrical grid the wiped out the town of Paradise in November of 2018.(AP Photo/Rich Pedroncelli, Pool)

Families of California wildfire victims slam PG&E for crimes

Jun. 17, 2020 7:46 PM EDT

The families of some of the 85 people killed by a horrific Northern California wildfire ignited by Pacific Gas & Electric's long-neglected equipment vilified the company Wednesday as greedy, corrupt and reckless, telling heartbreaking stories of their loss in court. The speakers tearfully told of holiday and...

FILE - In this Dec. 3, 2018, file photo, a vehicle rests in front of a home leveled by the Camp Fire in Paradise, Calif. A grand jury investigation into the 2018 wildfire that killed 85 people in Northern California, wiping out a town, found that Pacific Gas & Electric repeatedly ignored warnings about its failing power lines in the area, performed inadequate inspections and ignored pleas from employees about deteriorating equipment. (AP Photo/Noah Berger, File)

Profits over safety: Utility blamed in fire that killed 85

Jun. 16, 2020 7:03 PM EDT

SAN FRANCISCO (AP) — A scathing grand jury report released Tuesday after a 2018 Northern California wildfire killed 85 people found that Pacific Gas & Electric officials repeatedly ignored warnings about its failing power lines, performed inadequate inspections to focus on profits and refused to learn...

Bill Johnson, chief executive officer and president of PG&E Corp., lowers his head after admitting the company's guilt in the deaths of 84 people in a 2018 wildfire, during a hearing in Butte County Superior Court in Chico, Calif., Tuesday, June 16, 2020. Johnson entered guilty pleas on behalf of the company for 84 felony counts of involuntary manslaughter stemming from the fire which was blamed on the company's crumbling electrical grid the wiped out the town of Paradise in November of 2018.(AP Photo/Rich Pedroncelli, Pool)

PG&E confesses to killing 84 people in 2018 California fire

Jun. 16, 2020 7:01 PM EDT

Pacific Gas & Electric confessed Tuesday to killing 84 people in one of the most devastating wildfires in recent U.S. history during a dramatic court hearing punctuated by a promise from the company's outgoing CEO that the nation's largest utility will never again put profits ahead of safety. PG&E CEO...

PG&E overhauls its board again as part of bankruptcy promise

Jun. 10, 2020 7:51 PM EDT

SAN RAMON, Calif. (AP) — Pacific Gas and Electric on Wednesday announced the latest overhaul of its board of directors in another step toward the nation's largest utility ending its bankruptcy. The board includes 11 new directors who will oversee the decisions made by PG&E management, as part of an...

FILE - This Dec. 3, 2018, file photo, shows homes leveled by the Camp Fire line at the Ridgewood Mobile Home Park retirement community in Paradise, Calif. Pacific Gas & Electric's proposal to pay $25.5 billion for a series of deadly Northern California wildfires ignited by its equipment faces a last-ditch effort to persuade a judge to reject the plan to get the nation's largest utility out of bankruptcy. (AP Photo/Noah Berger, File)

PG&E critics urge judge to reject utility's bankruptcy plan

Jun. 4, 2020 6:37 PM EDT

SAN RAMON, Calif. (AP) — Pacific Gas & Electric's proposal to pay $25.5 billion for a series of deadly Northern California wildfires ignited by its equipment faced a final barrage of resistance from critics Thursday, who told a federal judge that the plan will do more to enrich savvy investors than...

FILE - In this Feb. 11, 2020, file photo, a Pacific Gas & Electric truck leaves the company's Oakland Service Center in Oakland, Calif. PG&E's chief financial officer, Jason Wells, is expected to face questions Thursday, May 28 about the company's plan to nearly double its debt to almost $40 billion to finance its payments to wildfire victims, insurers and government agencies in the second day of the company's bankruptcy trial. Meanwhile, the Public Utilities Commission will vote on the bankruptcy plan. (AP Photo/Ben Margot, File)

Regulators approve PG&E bankruptcy plan despite safety fears

May. 28, 2020 7:09 PM EDT

BERKELEY, Calif. (AP) — California power regulators on Thursday unanimously approved Pacific Gas & Electric's $58 billion plan for getting out of a bankruptcy caused by a series of deadly wildfires, despite ongoing worries about the utility's ability to safely operate its crumbling electrical grid. The...

FILE - In this Dec. 3, 2018, file photo, a vehicle rests in front of a home leveled by the Camp Fire in Paradise, Calif. An effort to block Pacific Gas and Electric's path out of bankruptcy kicked off the trial Wednesday, May 27, 2020, on the plan in bankruptcy court as critics of the utility questioned whether the overwhelming vote in favor of the plan by wildfire victims was tainted by conflicts of interest and shoddy counting. PG&E's plan won support last week in a landslide, with victims overwhelmingly backing PG&E's $58 billion proposal to emerge from bankruptcy after 18 months. (AP Photo/Noah Berger, File)

PG&E's bankruptcy trial opens with attacks on voting process

May. 27, 2020 5:13 PM EDT

BERKELEY, Calif. (AP) — An effort to block Pacific Gas and Electric's path out of bankruptcy kicked off Wednesday's trial on the plan in bankruptcy court as critics of the utility questioned whether the overwhelming vote in favor of the plan by wildfire victims was tainted by conflicts of interest and...