PG&E May Face $166 Million Penalty for Mismanaging Blackouts, , on October 31, 2020 at 3:14 am

By ILP
On 10/31/2020
In Financial News
Tags:

(Bloomberg) — A California state agency is recommending PG&E Corp. pay $165.7 million in fines and penalties for mismanaging preemptive blackouts last fall to prevent wildfires, saying the company cut power to thousands of customers with no warning.If approved by state regulators, the proposal from the Public Advocates Office of the California Public Utilities Commission would force PG&E to give $400 refunds to many of those customers, who lost electricity service without prior notice during three blackouts last October. For blacked-out customers who rely on medical devices in their homes, PG&E would spend up to $5,000 per person to provide backup power, such as a generator or battery.PG&E started resorting to deliberate blackouts after its equipment caused some of the worst wildfires in California history, forcing the company into bankruptcy last year. The utility emerged from Chapter 11 in July after having paid $25.5 billion to resolve fire claims.“We want PG&E to be held accountable,” said Nathaniel Skinner, safety branch program manager with the Public Advocates Office. “We see some improvement — we hope they improve — but this is about how they performed during these events.”California regulators opened a probe into last year’s shutoffs, which caused widespread disruptions and forced the closure of schools and businesses. During one outage in October 2019, PG&E cut power to more than 2 million people across Northern California.Read More: PG&E Cuts Off Power to More Than 2.5 Million as Fires BurnThe proposed penalty would need the approval of a judge overseeing the proceeding as well as the commission’s five voting members to take effect. The money would come from PG&E shareholders, not customers. In addition to customer refunds, PG&E would have to spend $102 million on sectionalizing its electricity grid — making it easier to isolate portions of it to limit the size of blackouts.PG&E filed its own opening comments in the proceeding Friday, arguing that it shouldn’t face any penalties for last year’s outages.A PG&E spokeswoman said the company was working to reduce the frequency, size and duration of safety blackouts this year, and has improved customer communication and support. PG&E already gave customers affected by one of last year’s outages $86 million in bill credits, she said.The utility already has turned off power multiple times this autumn during dry, windy conditions, including earlier this week when it blacked out about 350,000 homes and businesses, impacting more than 1 million people. But its shutoffs this year have been smaller and more targeted than last year’s.(Updates with PG&E response in penultimate paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.,

PG&E May Face $166 Million Penalty for Mismanaging Blackouts(Bloomberg) — A California state agency is recommending PG&E Corp. pay $165.7 million in fines and penalties for mismanaging preemptive blackouts last fall to prevent wildfires, saying the company cut power to thousands of customers with no warning.If approved by state regulators, the proposal from the Public Advocates Office of the California Public Utilities Commission would force PG&E to give $400 refunds to many of those customers, who lost electricity service without prior notice during three blackouts last October. For blacked-out customers who rely on medical devices in their homes, PG&E would spend up to $5,000 per person to provide backup power, such as a generator or battery.PG&E started resorting to deliberate blackouts after its equipment caused some of the worst wildfires in California history, forcing the company into bankruptcy last year. The utility emerged from Chapter 11 in July after having paid $25.5 billion to resolve fire claims.“We want PG&E to be held accountable,” said Nathaniel Skinner, safety branch program manager with the Public Advocates Office. “We see some improvement — we hope they improve — but this is about how they performed during these events.”California regulators opened a probe into last year’s shutoffs, which caused widespread disruptions and forced the closure of schools and businesses. During one outage in October 2019, PG&E cut power to more than 2 million people across Northern California.Read More: PG&E Cuts Off Power to More Than 2.5 Million as Fires BurnThe proposed penalty would need the approval of a judge overseeing the proceeding as well as the commission’s five voting members to take effect. The money would come from PG&E shareholders, not customers. In addition to customer refunds, PG&E would have to spend $102 million on sectionalizing its electricity grid — making it easier to isolate portions of it to limit the size of blackouts.PG&E filed its own opening comments in the proceeding Friday, arguing that it shouldn’t face any penalties for last year’s outages.A PG&E spokeswoman said the company was working to reduce the frequency, size and duration of safety blackouts this year, and has improved customer communication and support. PG&E already gave customers affected by one of last year’s outages $86 million in bill credits, she said.The utility already has turned off power multiple times this autumn during dry, windy conditions, including earlier this week when it blacked out about 350,000 homes and businesses, impacting more than 1 million people. But its shutoffs this year have been smaller and more targeted than last year’s.(Updates with PG&E response in penultimate paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

,

Contact Us

Please use our Instant Quote form to see if you're pre-qualified for a non-recourse stock loan, or if you have any questions or feedback, please email, call or chat with us.

deals@internationalliquiditypartners.com

+44 20 3994 1588

Headquarters: Hunkins Waterfront Plaza, Charlestown, Nevis

Open 24 hours a day / 7 days a week / 365 days a year

 

 

 

Frequently Asked Questions

What Is Securities-Based Lending?
Securities-based lending, or a stock loan, is the practice of using market investments such as stocks, ETF’s, warrants, bonds, or real estate investment trusts as collateral for a loan.
How much money can I get for my securities?
Borrow up to 80% of the value of your pledged investments giving you the capital you need to expand your business, purchase real estate, or tackle a costly project.
What happens if my securities lose value?
With a non-recourse stock loan, you can walk away from your securities at any time and keep the loan money with no negative credit consequences even if the investments lose value.
Is my information safe with ILP?
We pride ourselves on outstanding service and make client confidentiality our top priority. You can always be absolutely certain your information is safe with us.
How long does it take for the disbursement of funds?
Most of the transactions we process take less than 7 days from application to the disbursement of funds giving you cash quickly when you need it most.
What credit score do I need to qualify?
There are no credit checks or personal guarantees necessary with our services. Your pledged securities are the only collateral required for the loan you receive.

Instant Quote

Please fill out your information to see if you are pre-qualified.

Enter the Stock Symbol.

Select the Exchange.

Select the Type of Security.

Please enter your First Name.

Please enter your Last Name.

Please enter your phone number.

Please enter your Email Address.

Please enter or select the Total Number of Shares you own.

Please enter or select the Desired Loan Amount you are seeking.

Please select the Loan Purpose.

Please select if you are an Officer/Director.

International Liquidity Partners, LLC may only offer certain information to persons who are “Accredited Investors” and/or “Qualified Clients” as those terms are defined under applicable Federal Securities Laws. In order to be an “Accredited Investor” and/or a “Qualified Client”, you must meet the criteria identified in ONE OR MORE of the following categories/paragraphs numbered 1-20 below.

International Liquidity Partners, LLC cannot provide you with any information regarding its Loan Programs or Investment Products unless you meet one or more of the following criteria. Furthermore, Foreign nationals who may be exempt from qualifying as a U.S. Accredited Investor are still required to meet the established criteria, in accordance with International Liquidity Partners, LLC’s internal lending policies. International Liquidity Partners, LLC will not provide information or lend to any individual and/or entity that does not meet one or more of the following criteria:

1) Individual with Net Worth in excess of $1.0 million. A natural person (not an entity) whose net worth, or joint net worth with his or her spouse, at the time of purchase exceeds $1,000,000 USD. (In calculating net worth, you may include your equity in personal property and real estate, including your principal residence, cash, short-term investments, stock and securities. Your inclusion of equity in personal property and real estate should be based on the fair market value of such property less debt secured by such property.)

2) Individual with $200,000 individual Annual Income. A natural person (not an entity) who had individual income of more than $200,000 in each of the preceding two calendar years, and has a reasonable expectation of reaching the same income level in the current year.

3) Individual with $300,000 Joint Annual Income. A natural person (not an entity) who had joint income with his or her spouse in excess of $300,000 in each of the preceding two calendar years, and has a reasonable expectation of reaching the same income level in the current year.

4) Corporations or Partnerships. A corporation, partnership, or similar entity that has in excess of $5 million of assets and was not formed for the specific purpose of acquiring an interest in the Corporation or Partnership.

5) Revocable Trust. A trust that is revocable by its grantors and each of whose grantors is an Accredited Investor as defined in one or more of the other categories/paragraphs numbered herein.

6) Irrevocable Trust. A trust (other than an ERISA plan) that (a)is not revocable by its grantors, (b) has in excess of $5 million of assets, (c) was not formed for the specific purpose of acquiring an interest, and (d) is directed by a person who has such knowledge and experience in financial and business matters that such person is capable of evaluating the merits and risks of an investment in the Trust.

7) IRA or Similar Benefit Plan. An IRA, Keogh or similar benefit plan that covers only a single natural person who is an Accredited Investor, as defined in one or more of the other categories/paragraphs numbered herein.

8) Participant-Directed Employee Benefit Plan Account. A participant-directed employee benefit plan investing at the direction of, and for the account of, a participant who is an Accredited Investor, as that term is defined in one or more of the other categories/paragraphs numbered herein.

9) Other ERISA Plan. An employee benefit plan within the meaning of Title I of the ERISA Act other than a participant-directed plan with total assets in excess of $5 million or for which investment decisions (including the decision to purchase an interest) are made by a bank, registered investment adviser, savings and loan association, or insurance company.

10) Government Benefit Plan. A plan established and maintained by a state, municipality, or any agency of a state or municipality, for the benefit of its employees, with total assets in excess of $5 million.

11) Non-Profit Entity. An organization described in Section 501(c)(3) of the Internal Revenue Code, as amended, with total assets in excess of $5 million (including endowment, annuity and life income funds), as shown by the organization’s most recent audited financial statements.

12) A bank, as defined in Section 3(a)(2) of the Securities Act (whether acting for its own account or in a fiduciary capacity).

13) A savings and loan association or similar institution, as defined in Section 3(a)(5)(A) of the Securities Act (whether acting for its own account or in a fiduciary capacity).

14) A broker-dealer registered under the Exchange Act.

15) An insurance company, as defined in Section 2(13) of the Securities Act.

16) A “business development company,” as defined in Section 2(a)(48) of the Investment Company Act.

17) A small business investment company licensed under Section 301 (c) or (d) of the Small Business Investment Act of 1958.

18) A “private business development company” as defined in Section 202(a)(22) of the Advisers Act.

19) Executive Officer or Director. A natural person who is an executive officer, director or general partner of the Partnership or the General Partner, and is an Accredited Investor as that term is defined in one or more of the categories/paragraphs numbered herein.

20) Entity Owned Entirely By Accredited Investors. A corporation, partnership, private investment company or similar entity each of whose equity owners is a natural person who is an Accredited Investor, as that term is defined in one or more of the categories/paragraphs numbered herein.

Please read the notice above and check the box below to continue.

Nevis Office

Main Street
Hunkins Waterfront Plaza
Charlestown, Nevis

New York Office

Coming Soon!

Follow Us

Market Coverage