NEW: PG&E's bankruptcy and legal costs will be up to $2.7 billion, $30 million more than its previous projections.
More notes from today's quarterly earnings call below...
$pcg @KQEDnews
Interim CFO Chris Foster said that increase in costs "reflects a final adjustment...
More notes from today's quarterly earnings call below...
$pcg @KQEDnews
Interim CFO Chris Foster said that increase in costs "reflects a final adjustment...
...required to the fair value of the equity backstop fee based on the share price at the beginning of July."
On September's #ZoggFire:
An analyst on the call asked why PG&E hadn't cut power where the fire sparked. Foster: "the wind speeds in those areas didn't meet the general..
On September's #ZoggFire:
An analyst on the call asked why PG&E hadn't cut power where the fire sparked. Foster: "the wind speeds in those areas didn't meet the general..
..requirements we have in place."
Wind speeds near where the Zogg Fire started were 15mph, with 32mph gusts
PG&E's PSPS standard is 25mph, with 45mph gusts, said Foster. Wind speeds are just one factor in PSPS decisions, along with humidity and others.
Wind speeds near where the Zogg Fire started were 15mph, with 32mph gusts
PG&E's PSPS standard is 25mph, with 45mph gusts, said Foster. Wind speeds are just one factor in PSPS decisions, along with humidity and others.
On the 2019 Kincade Fire:
PG&E execs said they haven't seen CalFire's final report, which found PG&E lines at fault, CalFire said in July.
Background: The report isn't public but last week, @jvanderbeken reported it recommends criminal charges against PG&E nbcbayarea.com/news/local/kin…
PG&E execs said they haven't seen CalFire's final report, which found PG&E lines at fault, CalFire said in July.
Background: The report isn't public but last week, @jvanderbeken reported it recommends criminal charges against PG&E nbcbayarea.com/news/local/kin…
Sonoma Co's DA is investigating. Per today's 10Q, PG&E agreed with the DA to waive any statute of limitations violations on Kincade, which would have expired on 10/23/20. The DA now has 6 more months, till 4/23/21.
sec.gov/ix?doc=/Archiv…
sec.gov/ix?doc=/Archiv…
On failures alleged by PG&E's vegetation management monitor (background below), interim CEO Smith: "We do see some of the results somewhat differently than the letter provided by the monitor."
latimes.com/business/story…
latimes.com/business/story…
Smith said he can't comment further on the monitor until PG&E's response, to be filed on November 3.
On the $13.5B trust for fire victims:
An analyst asked if PG&E knows whether it's sold off any PG&E stock.
(PG&E is funding half in cash and, in a rare deal, half in PG&E stock)
On the $13.5B trust for fire victims:
An analyst asked if PG&E knows whether it's sold off any PG&E stock.
(PG&E is funding half in cash and, in a rare deal, half in PG&E stock)
Interim CFO Foster:
As of Oct 20, PG&E has no information from the trustee that the trust has sold any shares.
"We do our best to communicate openly with them."
"At this stage, our interests are very aligned, so we'd want to collaborate with the trust as appropriate."
As of Oct 20, PG&E has no information from the trustee that the trust has sold any shares.
"We do our best to communicate openly with them."
"At this stage, our interests are very aligned, so we'd want to collaborate with the trust as appropriate."
On key executive vacancies:
An analyst pointed out that PG&E is operating without a permanent CEO, utility president, or CFO. (Jason Wells left last month)
Interim CEO Smith: PG&E is on track to name a new CEO & utility president by the end of 2020. CFO search also underway
An analyst pointed out that PG&E is operating without a permanent CEO, utility president, or CFO. (Jason Wells left last month)
Interim CEO Smith: PG&E is on track to name a new CEO & utility president by the end of 2020. CFO search also underway
Here's where to listen to the full call:
event.on24.com/wcc/r/2626286/…
event.on24.com/wcc/r/2626286/…
• • •
Missing some Tweet in this thread? You can try to
force a refresh
