PG&E Responds To CPUC Staff's Penalty Recommendation On Investigations Into
Company's Gas Operations
SAN FRANCISCO, July 16, 2013
SAN FRANCISCO, July 16, 2013 /PRNewswire/ -- Pacific Gas and Electric Company
(PG&E) released the following statement from Senior Vice President, Regulatory
Affairs, Tom Bottorff in response to the California Public Utilities
Commission staff's revised penalty recommendation for the San Bruno accident,
PG&E's operation of its gas transmission pipeline system in or near locations
of higher population density, and recordkeeping investigations:
"In its zeal to punish PG&E, the staff of the California Public Utilities
Commission (CPUC) has lost sight of our important shared goal of making PG&E's
natural gas operation the safest in the country as quickly as we possibly can.
"The newly revised penalty recommendation takes $300 million away from safety
improvements and sends that money to the Legislature forgeneral
fundspending. In addition, staff's failure to account for total PG&E
shareholder costs would force PG&E shareholders to spend $4 billion –about 40
times higher than the highest penalty ever assessed for a pipeline accident in
the history of the U.S. The CPUC's own consultants acknowledged the financial
risks of such a large penalty.
"It is difficult to understand how the CPUC expects PG&Eto attract the
capital necessary to maintain the extraordinaryinvestment in safety currently
underway, or raise billions of dollars more for safety improvements mandated
by the CPUC.We hope that the Commission, in its final decision, will serve
the interests of the public and all PG&E customers by remembering the harsh
lessons learned a decade ago during the electricity crisis -- in order to keep
investing in safety, PG&E must be able to attract capital."
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG),
is one of the largest combined natural gas and electric utilities in the
United States. Based in San Francisco, with 20,000 employees, the company
delivers some of the nation's cleanest energy to 15 million people in Northern
and Central California. For more information, visit
http://www.pge.com/about/newsroom/ and www.pgecurrents.com.
SOURCE Pacific Gas and Electric Company (PG&E)
Contact: PG&E External Communications - (415) 973-5930
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