p g & e corp (PCG) Key Developments
PG&E Names Melissa Lavinson as Chief Sustainability Officer
Aug 20 15
PG&E Corporation has named Melissa Lavinson as Chief Sustainability Officer, an expansion of her existing role as vice president of Federal Affairs. In her expanded role, Lavinson will be focused on continuous improvement of the company's national leadership on sustainability practices and policies. She will continue to be based in the company's Washington, D.C., office. Lavinson has been with PG&E since 1997, a tenure that has included assignments in California and Washington, D.C., with both the utility and the holding company, PG&E Corporation.
PG&E Corporation Presents at Barclays Mid-West Utilities Conference, Aug-19-2015
Aug 19 15
PG&E Corporation Presents at Barclays Mid-West Utilities Conference, Aug-19-2015 .
PG&E Opens $40 Million Electricity Nerve Center in Concord
Aug 19 15
PG&E opened a new complex in Concord that will become the nerve center of the utility's power operations in the Bay Area and Central Coast. The opening of the $40 million complex comes at a time when PG&E is under pressure to dramatically improve the reliability of both its electricity and gas system in the wake of a fatal explosion in San Bruno nearly five years ago. Electricity reliability continues to be a flash point of criticism of the utility. The Concord complex, which is 38,000 square feet in size, is the second one that PG&E has opened in its service territory.
PG&E Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Revises Earnings Guidance for 2015
Jul 29 15
PG&E Corporation reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported total operating revenues of $4,217 million compared to $3,952 million a year ago. Operating income was $687 million compared to $518 million a year ago. Income before income taxes was $516 million compared to $375 million a year ago. Income available to common shareholders was $402 million or $0.83 per diluted share compared to $518 million or $0.57 per diluted share a year ago.
For six months, the company reported total operating revenues of $8,116 million compared to $7,843 million a year ago. Operating income was $758 million compared to $1,002 million a year ago. Income before income taxes was $457 million compared to $696 million a year ago. Income available to common shareholders was $433 million or $0.90 per diluted share compared to $494 million or $1.06 per diluted share a year ago.
In light of the revised schedule for the Gas Transmission rate case, PG&E Corporation is updating 2015 guidance for non-GAAP earnings from operations. Updated guidance reflecting the timing of the decision is now $2.90 to $3.10 per share, compared with the previously issued range of $3.50 to $3.70 per share. On a GAAP basis, the range for projected earnings is now $1.51 to $1.83 per share, reflecting the impact of the penalties assessed by the CPUC as well as other items, compared with $1.93 to $2.25 per share previously.
PG&E Announces Executive Promotions
Jul 13 15
PG&E announced that it is promoting three senior executives and implementing a new, streamlined organizational structure for senior management. Geisha Williams is being promoted to the expanded role of president, Electric Operations, and Nick Stavropoulos is being promoted to the expanded role of president, Gas Operations. Both are currently executive vice
presidents. In addition to her previous responsibilities for all non-nuclear electric operations, Williams will take on
additional responsibility for the enterprise-wide Customer Care organization, led by Senior Vice President and
Chief Customer Officer Laurie Giammona, and for the Diablo Canyon Power Plant, led by Senior Vice President and
Chief Nuclear Officer Ed Halpin. PG&E is promoting John Simon from senior vice president of Human Resources to a new role as executive vice
president of Corporate Services and Human Resources, reporting to PG&E Corporation Chairman and CEO Tony Earley.
In this capacity, Simon will take on additional responsibility for Corporate Affairs, led by Senior Vice
President Helen Burt; Regulatory Affairs, led by Senior Vice President Steve Malnight; and Corporate Strategy,
led by Vice President Elisabeth Brinton.