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MarketScreener Homepage  >  Equities  >  Nyse  >  PG&E Corporation    PCG

PG&E CORPORATION

(PCG)
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PG&E PSPS Oct. 27 10:00 PM Update: 97% of Customers Have Been Restored by Tuesday Night, With Essentially All Customers Expected to Have Power Back on Wednesday Morning

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10/28/2020 | 01:39am EDT

Aerial, Vehicle and On-The-Ground Patrols Confirm at Least 72 Instances of Damage or Hazards to Electric Equipment So Far

Pacific Gas and Electric Company (PG&E) restored power by Tuesday night to more than 335,000 of the approximately 345,000 customers impacted by the Public Safety Power Shutoff (PSPS) that started Sunday morning (Oct. 25).

PG&E crews began restoring power to customers where no damage or hazards to electrical equipment were found during patrols that began as early as Monday morning in locations where the weather “all clear” was received. In areas where equipment was damaged by the severe wind event, crews worked safely and as quickly as possible to make the repairs and restore those customers.

Due to continuing high winds and dynamic weather conditions, the weather “all clear” notification for the remaining impacted areas was issued at 1:45 p.m. today. Following this all clear, PG&E crews began power restoration efforts in areas still out of power. Essentially all remaining customers—approximately 10,000—are expected to have power back on by noon on Wednesday.

PG&E crews will have patrolled over 17,000 miles of transmission and distribution lines to inspect for damage or hazards before all customers have been restored. The patrol and inspection efforts include nearly 1,800 ground patrol units, 65 helicopters and one airplane. Preliminary data shows at least 72 identified instances of weather-related damage and hazards in the PSPS-affected areas. Examples include downed lines and vegetation on lines. If PG&E had not de-energized the lines, these types of damage could have caused wildfire ignitions.

PSPS Restoration

PG&E has restored 335,000 customers and expects all remaining customers to have power back on by noon on Wednesday. Restoration may be delayed for some customers if there is significant damage to individual lines, which could be caused by wind-blown branches and other debris.

The restoration process PG&E follows includes:

  1. Patrol – PG&E crews look for potential weather-related damage to the lines, poles and towers. This is done by foot, vehicle and air.
  2. Repair – Where equipment damage is found, PG&E crews isolate the damaged area from the rest of the system so other parts of the system can be energized.
  3. Restore – Once the system is safe to energize, PG&E's Control Center can complete the process and restore power to affected areas.
  4. Notify Customers – Customers are notified that power has been restored.

For more updates on the PSPS event, visit pge.com/pspsupdates.

Top Extreme Winds Recorded

Top 3 highest sustained and maximum recorded wind gusts during this PSPS event:

County

 

Max recorded sustained winds (mph)

 

Max recorded wind gusts (mph)

Sonoma

 

76

 

89

Napa

 

54

 

82

Contra Costa

 

55

 

74

More Information on PG&E PSPS Events

PG&E’s goal is to have essentially all customers affected by the PSPS who can receive power restored within 12 daylight hours of the weather “all clear” for each affected area.

PG&E uses a PSPS only as the last resort to protect community and customer safety against wildfires, given dry and windy weather, dry vegetation and an elevated fire risk across portions of its service area.

PG&E will submit a report detailing damage from the severe weather to the California Public Utilities Commission within 10 days of the completion of the PSPS.

About PG&E

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric energy companies in the United States. Based in San Francisco, with more than 23,000 employees, the company delivers some of the nation's cleanest energy to 16 million people in Northern and Central California. For more information, visit pge.com and pge.com/news.

© Business Wire 2020

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Financials (USD)
Sales 2020 18 551 M - -
Net income 2020 -1 003 M - -
Net Debt 2020 33 706 M - -
P/E ratio 2020 -13,6x
Yield 2020 -
Capitalization 19 240 M 19 240 M -
EV / Sales 2020 2,85x
EV / Sales 2021 2,66x
Nbr of Employees 23 000
Free-Float 74,0%
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Technical analysis trends PG&E CORPORATION
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 12,83 $
Last Close Price 9,91 $
Spread / Highest target 51,4%
Spread / Average Target 29,5%
Spread / Lowest Target 11,0%
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Managers
NameTitle
William Lloyd Smith Chief Executive Officer & Director
Robert C. Flexon Independent Non-Executive Chairman
Christopher Foster Chief Financial Officer & Vice President-Treasury
Ajay Waghray Chief Information Officer & Senior Vice President
Cheryl F. Campbell Independent Director
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