PCG
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  • Mon, Nov. 14, 6:20 PM
    • PG&E (NYSE:PCG) names Geisha Williams as its new President and CEO, with current Chairman, CEO and President Tony Earley becoming Executive Chair, effective March 1.
    • Williams is currently president of the company’s Pacific Gas and Electric utility subsidiary, which provides energy to millions of Californians, and recently played a key role in handling the planned shutdown of the Diablo Canyon nuclear plant; she joined the company in 2007 and was named Executive VP of Electric Operations in 2011
    • Earley has led PG&E for five years after serving as Chairman and CEO of DTE Energy during 1998-2010 and President and COO of Long Island Lighting.
    | Mon, Nov. 14, 6:20 PM
  • Fri, Nov. 4, 9:23 AM
    • PG &E (NYSE:PCG): Q3 EPS of $0.94 misses by $0.15.
    • Revenue of $4.81B (+5.7% Y/Y) misses by $200M.
    • Press Release
    | Fri, Nov. 4, 9:23 AM
  • Thu, Nov. 3, 5:30 PM
    | Thu, Nov. 3, 5:30 PM | 5 Comments
  • Wed, Oct. 26, 1:22 PM
    • Nuclear power will come to an end in the U.S. if the industry fails to obtain more government support, Carlyle Group predicts.
    • U.S. nuclear reactors need more subsidies to keep running, such as a federal carbon tax that would reward them for their zero-emissions power, according to Bob Mancini, co-head of Carlyle's power unit.
    • Mancini points to measures approved in New York as an example of the kind of help nuclear power plant owners will need to survive; in August, NY state regulators cleared ~$500M/year in subsidies as part of a clean energy plan to reduce greenhouse gas emissions.
    • Relevant tickers include EXC, ETR, DUK, D, NEE, SO, PCG, ED, EIX, AEP, PPL, DTE, FE, NRG, PNM, POR, SCG, WR, XEL, LNT, GE, URA, NLR
    | Wed, Oct. 26, 1:22 PM | 44 Comments
  • Mon, Oct. 17, 2:48 PM
    • PG&E (PCG +1%) is added to the Conviction Buy List with a $67 price target at Goldman Sachs, replacing Entergy (ETR +0.8%), as the former is considered a more attractive option for investors seeking yield and dividend growth.
    • Goldman expects PCG to achieve its 60% payout ratio target in 2018, a year earlier than guidance, and to generate 8.5%-10.5% annual dividend growth through 2019; the firm thinks 2017 and 2018 will mark PCG's first relatively normal years of earnings after the 2010 San Bruno pipeline incident and multiple years of related cost inflation and regulatory penalties.
    • ETR remains rated at Buy as its relative valuation remains compelling, but regulatory factors present a modest near-term risk, as an increase in ETR’s regulated nuclear operating costs would add pressure to 2017 forecasts.
    | Mon, Oct. 17, 2:48 PM | 2 Comments
  • Wed, Oct. 5, 7:05 PM
    • Utilities shares (NYSEARCA:XLU) fell today for the ninth straight session, marking their longest losing streak since 2002 and deepening the recent slide in income producing investments as investors warily watch central banks and interest rates.
    • The S&P Utilities sector has dropped 7.5% in the nine days, including a 0.3% fall today, trimming its YTD gain to 8.9%; during the period, AES -10%, EXC -8.8%, PPL -8.8%, PCG -8.2%, ED -8%, EIX -7.6%, SO -7.4%, NEE -7.4%, SRE -7.1%, AEP -6.8%, D -6.7%, DUK -6.5%.
    • “Trees don’t grow to the sky,” says Fred Alger's Management's Brad Neuman, “It was almost like the market was waiting for an excuse” to send high-yielding stocks back toward their historical valuations, adding that such stocks could have further to fall.
    • Even after the recent decline in share prices, utilities had a 12-month trailing P/E ratio of 21.4 as of Tuesday, vs. 19.8 for the S&P; at the beginning of the year, utilities had a lower ratio than the broader market.
    | Wed, Oct. 5, 7:05 PM | 70 Comments
  • Wed, Sep. 28, 11:19 AM
    • Real Goods Solar (RGSE +5.5%) extends strong gains following this week's favorable solar related decision by the California Public Utilities Commission, which rejected an attempt to make rooftop solar panels more expensive; RGSE shares have more than doubled over the past two trading sessions.
    • At stake was the state's net metering program that requires major utilities to compensate solar-powered homes and businesses for the electricity they send to the grid.
    • Southern California Edison (EIX -0.8%), PG&E (PCG -0.9%) and Sempra Energy's (SRE -0.6%) San Diego Gas & Electric subsidiary had lobbied the PUC to lower the compensation rate and to approve new charges for solar customers.
    | Wed, Sep. 28, 11:19 AM | 3 Comments
  • Wed, Sep. 21, 10:56 AM
    • PG &E (NYSE:PCG) declares $0.49/share quarterly dividend, in line with previous.
    • Forward yield 3.13%
    • Payable Oct. 15; for shareholders of record Sept. 30; ex-div Sept. 28.
    | Wed, Sep. 21, 10:56 AM
  • Tue, Aug. 16, 9:15 AM
    • Pacific Gas & Electric (NYSE:PCG) says it is pricing its public offering of 4.9M common shares at $63.25/share, raising ~$310M.
    • PG&E says it expects to use the proceeds for general corporate purposes.
    • PCG -0.7% premarket.
    | Tue, Aug. 16, 9:15 AM | 1 Comment
  • Tue, Aug. 9, 6:43 PM
    • A San Francisco federal court jury finds PG&E (NYSE:PCG) guilty of safety violations nearly six years after a defective gas pipeline exploded in San Bruno, Calif., killing eight people.
    • PG&E is found guilty of five felony counts of knowingly failing to inspect and test its gas lines for potential dangers, and a felony count of obstructing a federal probe of the blast; the company was acquitted of six other pipeline safety violations.
    • PG&E faces a fine of no more than $6M after prosecutors earlier backed off a proposal to seek a penalty of as much as $562M.
    | Tue, Aug. 9, 6:43 PM | 1 Comment
  • Wed, Aug. 3, 10:38 AM
    • A U.S. District Court judge late yesterday cut nearly all of a potential $562M fine against Pacific Gas & Electric (PCG +0.3%) in connection with the deadly 2010 San Bruno, Calif., pipeline explosion, hours after the U.S. attorney's office requested it in a court filing.
    • PG&E now faces a maximum $6M fine if convicted of 11 pipeline safety violations and obstructing investigators in the wake of the 2010 blast that killed eight people.
    • The move comes after more than a month of testimony and four days into jury deliberations over whether PG&E is guilty of the charges filed; the government did not explain why it asked to lower the potential penalty.
    | Wed, Aug. 3, 10:38 AM | 1 Comment
  • Thu, Jul. 28, 9:23 AM
    • PG &E (NYSE:PCG): Q2 EPS of $0.66 misses by $0.26.
    • Revenue of $4.17B (-1.2% Y/Y) misses by $200M.
    • Press Release
    | Thu, Jul. 28, 9:23 AM
  • Wed, Jul. 27, 5:30 PM
  • Fri, Jul. 15, 12:18 PM
    • PG&E (PCG +0.3%) is upgraded to Outperform from Sector Perform with a $71 price target, raised from $60, at RBC Capital, which expects the stock's valuation gap vs. peers to continue closing as investors become more comfortable with the company following the measures it took in the wake of the San Bruno tragedy.
    • RBC notes that PCG trades at a 6% discount to the regulated peer group P/E despite the firm's view that the utility warrants a premium due to its prospects for delivering respective 5% and 9% annual EPS and dividend growth.
    | Fri, Jul. 15, 12:18 PM | 1 Comment
  • Wed, Jul. 6, 3:22 PM
    • SunPower (SPWR +3.4%) is higher after announcing a deal to sell a controlling equity interest in the 102 MW Henrietta Solar Project in southern California to Southern Co. (SO +0.2%) for an undisclosed amount.
    • SPWR began construction on the project in May 2015 and is expecting to complete work by the end of the year.
    • PG&E (PCG +0.6%) will purchase the electricity and associated renewable energy credits generated by the facility under a 20-year power purchase agreement.
    • The project will integrate several unique innovations such as robotic cleaners for the solar panels that use 75% less water than traditional cleaning methods and can help improve system performance by up to 15%.
    • SPWR also enjoys a boost from a UBS upgrade to Buy from Neutral, which says the stock's recent pullback is overdone.
    | Wed, Jul. 6, 3:22 PM | 8 Comments
  • Wed, Jun. 29, 1:02 PM
    • PG&E's (PCG +0.1%) plan to close the Diablo Canyon nuclear plant in 2025 received a boost yesterday when the California State Lands Commission awarded the utility a new lease to keep the plant running without first requiring a lengthy environmental review.
    • PG&E's agreement last week to close the plant when its federal operating licenses expire in 2025 and replace it with power storage and renewable resources such as the sun and wind rests on the company having years to plan the transition and line up contracts; without a new lease from the Lands Commission, Diablo Canyon could have been forced to shut down abruptly in 2018.
    • California Lt. Gov. Newsom agreed that ample time for planning is essential, citing the sudden shutdown of the San Onofre plant in southern California in 2013 that sent the state scrambling for replacement power, which included mostly gas-fired capacity that increased carbon emissions.
    | Wed, Jun. 29, 1:02 PM | 1 Comment