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PG&E Corp (PCG.N)

PCG.N on New York Stock Exchange

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24 Jan 2020
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Latest Key Developments (Source: Significant Developments)

Ad Hoc Committee of Senior Unsecured Noteholders of PG&E Sends Letter to California Governor Gavin Newsom
Saturday, 21 Dec 2019 

Dec 20 (Reuters) - :AD HOC COMMITTEE OF SENIOR UNSECURED NOTEHOLDERS OF PG&E SENDS LETTER TO CALIFORNIA GOVERNOR GAVIN NEWSOM.THE AD HOC COMMITTEE - COMMITS TO PAY PG&E WILDFIRE VICTIMS THEIR FULL CLAIM OF $13.5 BILLION IN CASH.THE AD HOC COMMITTEE - OUTLINES NEW COMMITMENTS TO ENHANCE PG&E REORGANIZATION PLAN.THE AD HOC COMMITTEE - COMMITS TO ENFORCEMENT PROCESS THAT INCLUDES OPTION FOR STATE OF CALIFORNIA TO BUY REORGANIZED PG&E.THE AD HOC COMMITTEE - COMMITTEE'S PG&E PLAN NOW INCLUDES NO DEBT AT PUBLIC REORGANIZED HOLDING COMPANY.THE AD HOC COMMITTEE - TO COMMIT THAT PG&E'S IMPLEMENTATION OF PSPS POST-EMERGENCE TO BE DECIDED AT SENIOR MANAGEMENT LEVEL WITH CONSULTATION WITH STATE.THE AD HOC COMMITTEE -COMMIT THAT THROUGH AT LEAST DEC 31, 2023, CUSTOMER RATES TO BE CAPPED TO GROW NO FASTER THAN ECONOMIC GROWTH IN PG&E'S SERVICE TERRITORY.THE AD HOC COMMITTEE - COMMIT TO CREATE NEW WILDFIRE SAFETY & POWER SHUTDOWN OVERSIGHT COMMITTEE OF PG&E BOARD.THE AD HOC COMMITTEE - COMMITTEE'S PG&E PLAN PROPOSES EXTENDING WORKERS' COLLECTIVE BARGAINING AGREEMENTS UNTIL DECEMBER 31, 2025.THE AD HOC COMMITTEE - COMMITTEE'S PG&E PLAN PROPOSES 4% GENERAL WAGE INCREASE FOR WORKERS FOR EACH OF EXTENSION YEARS.  Full Article

PG&E - CPUC Settlement Proposes Utility's 2019 Revenue Requirement Of $8.5 Bln Be Risen To $9.1 Bln
Saturday, 21 Dec 2019 

Dec 20 (Reuters) - PG&E Corp ::PG&E - SETTLEMENT AGREEMENT WITH CPUC PROPOSES UTILITY'S 2019 AUTHORIZED REVENUE REQUIREMENT OF $8.5 BILLION BE RISEN BY $575 MILLION, EFFECTIVE JAN 1 TO $9.1 BILLION.PG&E - SETTLEMENT AGREEMENT PROPOSES 2020 WEIGHTED AVERAGE RATE BASE OF ABOUT $29.4 BILLION FOR PORTIONS OF UTILITY'S BUSINESS REVIEWED IN GRC.PG&E CORP - UTILITY CURRENTLY IS EVALUATING CAPITAL EXPENDITURE ASSUMPTIONS.PG&E CORP - AGREEMENT PROPOSES OVERALL REVENUE REQUIREMENT INCREASES FOR 2021 & 2022, IT DOES NOT SPECIFY CAPITAL EXPENDITURES FOR THOSE YEARS.PG&E - FROM 2020-2022, SETTLEMENT GIVES AVERAGE ANNUAL CAPITAL INVESTMENTS OF ABOUT $4.6 BILLION IN ELECTRIC, NATURAL GAS DISTRIBUTION, GENERATION INFRASTRUCTURE.  Full Article

PG&E Reaches General Rate Case Settlement To Strengthen Safety, Reduce Wildfire Risk
Saturday, 21 Dec 2019 

Dec 20 (Reuters) - PG&E Corp ::PG&E REACHES GENERAL RATE CASE SETTLEMENT TO STRENGTHEN SAFETY, REDUCE WILDFIRE RISK.PG&E CORP - IF CPUC APPROVES SETTLEMENT , AVERAGE MONTHLY BILL FOR RESIDENTIAL ELECTRIC AND GAS CUSTOMER WOULD INCREASE BY $5.69 A MONTH.PG&E - RESULTING RATE CHANGE WOULD OCCUR IN 2020 FOLLOWING CPUC'S DECISION AND REVISE RATES THROUGH 2022.PG&E CORP - GRC SETTLEMENT AGREEMENT INCLUDES FUNDING FOR ELECTRIC AND GAS DISTRIBUTION SAFETY AND RELIABILITY AND POWER GENERATION.PG&E - IN SETTLEMENT AGREEMENT, PARTIES AGREE THAT CPUC SHOULD APPROVE FUNDING FOR CO'S ONGOING WILDFIRE PREVENTION EFFORTS, AMONG OTHER THINGS.PG&E CORP - AS PART OF GRC SETTLEMENT, CO IS INSTALLING STRONGER AND MORE RESILIENT POLES AND COVERED POWER LINES IN HIGHEST FIRE-THREAT AREAS.PG&E - AS PART OF GRC SETTLEMENT, CO IS INCREASING ONGOING WORK TO KEEP POWER LINES CLEAR OF BRANCHES FROM ESTIMATED 120 MILLION TREES.PG&E - AS PART OF GRC SETTLEMENT, CO IS ADDING 1,300 NEW WEATHER STATIONS IN HIGH FIRE-RISK AREAS BY 2022.PG&E CORP - AS PART OF GRC SETTLEMENT, CO IS INSTALLING NEARLY 600 NEW HIGH-DEFINITION CAMERAS IN HIGH FIRE-THREAT AREAS.PG&E CORP - SETTLEMENT CALLS FOR FURTHER INVESTING IN TECHNOLOGIES AND STRATEGIES THAT MINIMIZE IMPACTS OF PUBLIC SAFETY POWER SHUTOFFS.PG&E CORP - GRC WILL NOT FUND POTENTIAL CLAIMS RESULTING FROM 2017 AND 2018 NORTHERN CALIFORNIA WILDFIRES.PG&E CORP - GRC WILL NOT FUND ANY PG&E CORPORATION OR UTILITY OFFICER COMPENSATION..  Full Article

Pg&E Says On Dec 19, Cpuc Approved Revised Proposed Decision, Maintaining Utility’S Roe For 3-Year Period Beginning Jan 1, 2020 At 10.25%
Friday, 20 Dec 2019 

Dec 19 (Reuters) - PG&E Corp ::PG&E SAYS ON DEC 19, CPUC APPROVED REVISED PROPOSED DECISION, MAINTAINING UTILITY’S ROE FOR 3-YEAR PERIOD BEGINNING JAN 1, 2020 AT 10.25% -SEC FILING.PG&E - CPUC DECISION MAINTAINS COMMON EQUITY COMPONENT OF UTILITY’S CAPITAL STRUCTURE AT 52%, AS REQUESTED BY UTILITY.PG&E - CPUC DECISION REDUCES ITS PREFERRED STOCK COMPONENT FROM 1% TO 0.5%, ALSO AS REQUESTED BY UTILITY.PG&E - CPUC DECISION ALSO APPROVES THE COST OF DEBT REQUESTED BY THE UTILITY.PG&E - UTILITY HAD REQUESTED RETURN ON COMMON EQUITY FOR THREE-YEAR PERIOD BEGINNING JAN 1, 2020 AT 12%.  Full Article

Pg&E Corporation And Utility Expect To Record Charges Of About $340 Mln In 2019 & $70 Mln In 2020 Related To Capex
Wednesday, 18 Dec 2019 

Dec 18 (Reuters) - PG&E Corp ::PACIFIC GAS AND ELECTRIC CO - PG&E CORPORATION AND UTILITY EXPECT TO RECORD CHARGES OF ABOUT $340 MILLION IN 2019 & $70 MILLION IN 2020 RELATED TO CAPEX.  Full Article

PG&E Says Submits Comprehensive, Multi-Party Settlement Agreement To CPUC Related To 2017, 2018 Wildfires
Wednesday, 18 Dec 2019 

Dec 17 (Reuters) - PG&E Corp ::PG&E SUBMITS COMPREHENSIVE, MULTI-PARTY SETTLEMENT AGREEMENT TO CPUC RELATED TO 2017 AND 2018 WILDFIRES.SETTLEMENT AGREEMENT PROHIBITS COMPANY FROM SEEKING $1.625 BILLION IN WILDFIRE-RELATED COSTS FROM CUSTOMERS.PROPOSES PG&E SHAREHOLDER-FUNDED PAYMENTS OF $50 MILLION FOR SYSTEM ENHANCEMENTS.SETTLEMENT ALSO PROPOSES THAT PG&E NOT SEEK CUSTOMER RATE RECOVERY ASSOCIATED WITH CERTAIN WILDFIRE-RELATED COSTS IN AMOUNT OF $1.625 BILLION.  Full Article

PG&E Says Entered Into An Amendment To Restructuring Support Agreement With Individual Wildfire Victims’ Representatives
Tuesday, 17 Dec 2019 

Dec 16 (Reuters) - PG&E Corp ::PG&E ANNOUNCES AMENDMENT TO RESTRUCTURING SUPPORT AGREEMENT WITH INDIVIDUAL WILDFIRE VICTIMS’ REPRESENTATIVEs.PARTIES INTEND TO PROCEED WITH TORT CLAIMANTS RSA APPROVAL HEARING BEFORE BANKRUPTCY COURT ON DECEMBER 17, 2019.INTENDS TO COMPLY WITH PROVISIONS OF AB 1054 & WILL CONTINUE TO ADDRESS CONCERNS IN LETTER TO COMPANY FROM GOVERNOR DATED DECEMBER 13, 2019.  Full Article

Pg&E Says On Dec. 16, Debtors Entered Into Amendment To The Subro Restructuring Support Agreement With Requisite Consenting Creditors - SEC Filing
Tuesday, 17 Dec 2019 

Dec 16 (Reuters) - PG&E Corp ::PG&E SAYS ON DEC. 16, DEBTORS ENTERED INTO AMENDMENT TO THE SUBRO RESTRUCTURING SUPPORT AGREEMENT WITH REQUISITE CONSENTING CREDITORS - SEC FILING.PG&E SAYS AMENDMENT EXTENDS DEADLINE FOR OBTAINING BANKRUPTCY COURT APPROVAL OF SUBRO RESTRUCTURING SUPPORT AGREEMENT FROM DEC. 16 TO DEC. 18.PG&E SAYS EXTENDED EARLY DEADLINE FOR POTENTIAL BACKSTOP PARTIES TO SUBMIT BACKSTOP COMMITMENTS FROM 6:00 PM PT ON DEC. 16 TO 6:00 PM PT ON DEC. 20.PG&E SAYS EXTENDED FINAL DEADLINE FOR POTENTIAL BACKSTOP SUBMISSIONS FROM 5:00 PM ET ON DEC. 20 TO 5:00 PM ET ON DEC. 24.  Full Article

PG&E Files Amended Plan Of Reorganization
Friday, 13 Dec 2019 

Dec 12 (Reuters) - PG&E Corp ::PG&E FILES AMENDED PLAN OF REORGANIZATION; REMAINS ON TRACK TO ACHIEVE CONFIRMATION OF PLAN BEFORE JUNE 30 DEADLINE.COMPANY HAS SETTLED ALL MAJOR WILDFIRE CLAIMS AND RESOLVED DISPUTED RELEASE PROVISIONS BETWEEN WILDFIRE VICTIMS AND INSURANCE COMPANIES.CO TODAY FILED AN AMENDED PLAN OF REORGANIZATION WITH BANKRUPTCY COURT IN ITS CHAPTER 11 CASES.WORKING WITH STAKEHOLDERS TO CONFIRM SUPPORT FOR PLAN, TO OBTAINING REGULATORY APPROVAL FROM CALIFORNIA PUBLIC UTILITIES COMMISSION.WORKING TO ACHIEVING CONFIRMATION OF PLAN BY BANKRUPTCY COURT IN ADVANCE OF JUNE 30, 2020.PG&E'S PLAN IS FULLY FINANCEABLE THROUGHOUT CAPITAL STRUCTURE.PG&E'S PLAN WOULD ACCOMPLISH PAYING $1 BILLION IN FULL SETTLEMENT OF CLAIMS OF CERTAIN PUBLIC ENTITIES LIKE CITIES, COUNTIES RELATING TO WILDFIRES.PLAN WOULD ACCOMPLISH COMPENSATING INSURANCE SUBROGATION CLAIMANTS FROM TRUST FUNDED FOR THEIR BENEFIT IN AMOUNT OF $11 BILLION.  Full Article

Statement By Elliott Management Corporation On PG&E
Thursday, 12 Dec 2019 

Dec 12 (Reuters) - PG&E Corp ::STATEMENT BY ELLIOTT MANAGEMENT CORPORATION ON PG&E.ELLIOTT MANAGEMENT - PG&E REORGANIZATION PLAN "JEOPARDIZES BOTH IMMEDIATE-TERM AND LONG-TERM HEALTH OF COMPANY AND ITS CRITICAL INFRASTRUCTURE".  Full Article

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PG&E strikes deal with creditors over restructuring

Bankrupt California power producer PG&E Corp said on Wednesday it had reached a deal on its restructuring with creditors, who were pushing for a rival plan.