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$PCG 1Q15 10-Q: 1Q15 total OpEx was $3.8Bil vs. $3.4Bil in 1Q14, up 11.7% YoverY. For 1Q15, PCG made equity contributions to the Utility of $100MM. At March 31, 2015, PG&E Corporation and the Utility had $300MM and $2.4Bil available under their respective $300MM and $3.0Bil revolving credit facilities.
$PCG's BoD determined to suspend the quarterly cash dividend on its common stock, beginning with 4Q17, citing uncertainty related to causes and potential liabilities associated with the extraordinary October 2017 Northern California wildfires.
Pacific Gas and Electric Co., a subsidiary of $PCG, strengthened its commitment to a clean energy future with the presentation of six energy storage contracts totaling 165 megawatts (MW) to the California Public Utilities Commission for review and approval on Dec. 1, 2017.
Pacific Gas and Electric Co., a subsidiary of $PCG, responds to the devastating, wind-driven wildfires in the North Bay. The company activated multiple emergency operations centers, established base camps in Napa and Sonoma counties and positioned crews to assess and restore service.
$PCG's subsidiary, Pacific Gas and Electric Company, declared dividends of $0.37 on its 6%, $0.34 on its 5.50% and $0.31 on its 5% series of non-redeemable preferred stocks. All dividends are payable on November 15, 2017 to shareholders of record on October 31, 2017.
$PCG's subsidiary, Pacific Gas and Electric Company, declared dividends of $0.31 on its 5%, $0.30 on its 4.80%, $0.28 on its 4.50% and $0.27 on its 4.36% series of redeemable preferred stocks. All dividends are payable on November 15, 2017 to shareholders of record on October 31, 2017.
Pacific Gas and Electric Co., a subsidiary of $PCG, announced a new pilot program in partnership with Valley Clean Air Now and the International Brotherhood of Electrical Workers (IBEW) Local 684 and 100. This will provide free electrical panel upgrades to encourage electric vehicle (EV) ownership in low-income, underserved communities.
$PCG raised its quarterly common stock dividend by $0.04 per share to $0.53 per share, beginning with the dividend for 2Q17. Additionally, $PCG shareholders elected Geisha Williams to its BoD, and elected former U.S. Secretary of Homeland Security Jeh Johnson to its BoD and the BoD of its subsidiary, Pacific Gas and Electric Company.
$PCG raised its quarterly common stock dividend by 4 cents per share to 53 cents per share, beginning with the dividend for 2Q17. The dividend is payable on July 15, 2017, to shareholders as on June 30, 2017. The company also declared a preferred stock dividend, payable on August 15, 2017 to shareholders as on July 31, 2017.
Electric utility company $PCG reported higher 1Q17 net income of $576MM, or $1.13 per share, compared to $107MM, or $0.22 per share during 1Q16. Prior quarters results were impacted with expense of $381MM pre-tax related to the Butte fire.
$PCG's subsidiary Pacific Gas and Electric Company has promoted Jamie L. Martin to VP, Business Finance, and Melvin J. Christopher to VP, Gas Transmission and Distribution Operations, effective May 1, 2017. Ms. Martin will report to SVP and CFO Jason Wells and Mr. Christopher will report to SVP, Gas Operations, Jesus Soto.
Pacific Gas and Electric Co., a subsidiary of $PCG, said VP Travis Kiyota will lead, effective March 1, the newly formed California External Affairs organization, which will consolidate the existing functions of state government relations, state agency relations, local public affairs and community relations.
$PCG said the $300MM cost efficiency measure is part of the company’s plan to meet its guidance in 2017. The company will be focused on managing costs and improving processes. $PCG has a strong capital plan that could put upward pressure on customer rates and so it is taking measures to drive efficiencies going forward.