QUOTE AND NEWS
Forbes  Jun 24  Comment 
Looking at the universe of stocks we cover at Dividend Channel, on 6/28/16, PG&E Corp. (NYSE: PCG), Pattern Energy Group Inc (NASD: PEGI), and National Healthcare Corp. (AMEX: NHC) will all trade ex-dividend for their respective upcoming...
Wall Street Journal  Jun 21  Comment 
PG&E Corp. said it would shut down California’s last operating nuclear power plant by 2025 and ask state officials to replace its generating capacity with renewable power sources.
Insurance Journal  Jun 20  Comment 
Pacific Gas & Electric Co. ignored pipeline safety regulations to cut costs and tried to cover up its illegal practices by misleading federal officials investigating a deadly explosion of one of its natural gas pipelines in the San Francisco Bay …
guardian.co.uk  Jun 19  Comment 
Dry weather in California and growing fire risks are prompting a new effort to cull dead trees affected by bark beetles and use them to make electricity California’s record four-year drought has primed its coastal forests for a bug invasion....
Forbes  May 24  Comment 
PG&E Corporation (PCG) announced that it is raising its quarterly common stock dividend to 49 cents per share, an increase of 3.5 cents per share, beginning with dividends for the second quarter of 2016. PG&E Corporation's second quarter common...
Forbes  May 23  Comment 
Investors in PG&E Corp. (NYSE: PCG) saw new options become available today, for the July 15th expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the PCG options chain for the new July 15th contracts and identified...
newratings.com  May 4  Comment 
WASHINGTON (dpa-AFX) - PG&E Corp. (PCG) reporetd that income available for common shareholders first-quarter 2016 was $107 million or $0.22 per share, compared to GAAP earnings for the same period in 2015 were $31 million, or $0.06 per share,...
MarketWatch  Apr 28  Comment 
A major wildfire that killed two people and destroyed more than 500 homes in California last year was caused by a spark from a tree that touched a power line owned by PG&E Corp., according to state officials, who said they would seek $90 million...




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PG&E Corp (NYSE: PCG) is an energy holding company whose primary subsidiary is the regulated utility, Pacific Gas and Electric. PG&E operates in 47 of 58 Northern and Central Californian counties and provides electricity and gas to over 9 million customers. As a regulated utility, PG&E has very little competition and a strong customer base. In 2009, it had 5.1 million electricity distribution customers, and 4.3 million natural gas distribution customers. Its business is stable and relatively low-risk because the utility can rely on a consistent customer base who pay rates determined by the state utilities commission.

Ultimately, PG&E’s future is inextricably tied to its relationship with the California Public Utilities Commission (CPUC). The CPUC is responsible for setting most of the regulations that govern PG&E’s business—most importantly the rates it is able to charge customers. In 2000, the CPUC set rates so low PG&E couldn’t turn a profit, which forced them into bankruptcy and contributed to the state-wide energy crisis. Since then, PG&E and the CPUC have had a better relationship, due in part to residual fears of another crisis. However, PG&E has to renegotiate its “rate-case” in 2011, so it is unclear how long the current trend will last.

Company Overview

History

Pacific Gas and Electric (PG&E) was founded in San Francisco in 1905 after the consolidation of more than two dozen power and water companies across California. PG&E began delivering natural gas to northern California in 1930 and after WWII began quickly building new power plants. In the late 1990s, deregulation of the California energy market allowed PG&E to sell most of its natural gas plants. While it continued to operate other types of plants (hydroelectric, nuclear, and a few remaining natural gas), this move forced the utility to buy power from outside energy generators at variable prices while providing energy to consumers at fixed rates. In 2000, energy costs became so high that California was pushed into an energy crisis that including rolling blackouts throughout the state. PG&E was forced to declare bankruptcy in April 2001 when it could no longer sell energy for more than it could buy on the open market. PG&E emerged from bankruptcy in April 2004.

Business Performance and Products

PG&E provides gas and electricity to customers across Northern and Central California. The utility owns power-generation facilities that supply approximately 40% of its annual needs and purchases the rest. These facilities include 118 hydroelectric, nuclear, and fossil-fuel plants in California. During 2009, PG&E had revenues of $13.4 billion, and was able to post a net income of $1.23 billion in 2009.

PG&E supplies electricity to 5.1 million customers and gas to 4.3 million customers.[1] As the dominant utility in the region, PG&E provides electricity to both homes and businesses. The corporate-sales side is particularly complex in Silicon Valley, where IT firms need especially high amounts of energy. PG&E also works with large customers (like Yahoo! (YHOO) and Adobe Systems (ADBE)) to help them design facilities that are energy efficient and keep power use low across their companies. Here is a breakdown of customer profiles for both the gas and electricity businesses:

I think you hit a bullseye there flelas!

Competitors

As a regulated utility company, PG&E has no real competition in the markets it serves. In other parts of California, two other energy concerns provide power: Southern California Edison and San Diego Gas & Electric. Nationwide, PG&E performs well compared to other utilities and is even considered a “bellwether” company in the domestic utility industry because of its especially constructive relationship with the CPUC and the growing California electricity market—since 2003, PG&E has grown twice as fast as the industry as a whole. While not the only company to provide both gas and electricity, PG&E is in the minority as more utilities focus exclusively on electricity.



References

  1. PCG 10-K 2009 Item 1 Pg. 1
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