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PG&E CORPORATION

(PCG)
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San Francisco Offers to Buy PG&E Wires in City

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09/09/2019 | 03:53am EDT

By WSJ City

San Francisco offered $2.5bn to acquire PG&E's electrical lines serving the city, a first step toward separating from the troubled utility that is facing billions of dollars in liabilities for starting a series of deadly wildfires.

KEY FACTS

--- The plan is a significant escalation in bid to create a municipal utility owned and operated by the city.

--- It comes a day before PG&E is expected to unveil its plan to leave chapter 11 bankruptcy protection.

--- PG&E said it is open to **considering the offer. **

--- City leaders are scheduled to meet with Chief Executive Bill Johnson on Sept. 26 to discuss the proposal.

--- The bid would be subject to approval by federal regulators as well as the California Public Utilities Commission.

--- Possibilities include splitting PG&E's gas and electric divisions into separate companies.

"PG&E has been a part of San Francisco since the company's founding more than a century ago, and while we don't believe municipalisation is in the best interests of our customers and stakeholders, we are committed to working with the City and will remain open to communication on this issue."

PG&E

Why This Matters

If PG&E accepts the offer, it would lose hundreds of miles of wires and hundreds of thousands of customers in a symbolically important corner of its service territory. San Francisco's move to break from PG&E is a public vote of no confidence in the company, which has struggled to prevent its equipment from igniting fires amid a sharp increase in wildfire risk in Northern California. It is is now looking for ways to pay mounting liability costs.

The removal of San Francisco from PG&E's service territory would likely affect rates and service for those in rural and suburban areas outside of the city.

A fuller story is available on WSJ.com

WSJ City: The news, the key facts and why it matters. Be deeply informed in less than five minutes. You can find more concise stories like this on the WSJ City app. Download now from the App Store or Google Play, or sign up to newsletters here http://www.wsj.com/newsletters?sub=356&mod=djemwsjcity

Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET -0.72% 1229.84 Delayed Quote.18.55%
PG&E CORPORATION -4.84% 11.61 Delayed Quote.-48.63%
WELBILT INC -2.15% 16.87 Delayed Quote.55.18%
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Financials (USD)
Sales 2019 17 781 M
EBIT 2019 3 437 M
Net income 2019 -598 M
Debt 2019 24 406 M
Yield 2019 -
P/E ratio 2019 -13,1x
P/E ratio 2020 7,82x
EV / Sales2019 1,72x
EV / Sales2020 2,07x
Capitalization 6 144 M
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Technical analysis trends PG&E CORPORATION
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
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Buy
Mean consensus HOLD
Number of Analysts 14
Average target price 15,96  $
Last Close Price 11,61  $
Spread / Highest target 98,1%
Spread / Average Target 37,5%
Spread / Lowest Target -5,25%
EPS Revisions
Managers
NameTitle
John R. Simon Chief Executive Officer
Richard C. Kelly Independent Non-Executive Chairman
Jason P. Wells Chief Financial Officer & Senior Vice President
Richard A. Meserve Independent Director
Barbara L. Rambo Independent Director
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