July 12, 2014 7:37 PM ET

Electric Utilities

Company Overview of Pacific Gas and Electric Company

Company Overview

Pacific Gas and Electric Company is engaged in the transmission, delivery, and sale of electricity and natural gas to customers primarily in northern and central California. The company operates 141,000 circuit miles of electric distribution lines, 58 transmission-switching substations, and 603 distribution substations; 18,115 circuit miles of interconnected transmission lines; and 42,559 miles of natural gas distribution pipelines. It generates electricity from various sources, such as nuclear, hydroelectric, fossil fuel-fired, and photovoltaic. The company was founded in 1905 and is headquartered in San Francisco, California. Pacific Gas and Electric Company is a subsidiary of PG&E Corpora...

77 Beale Street

PO Box 770000

San Francisco, CA 94177

United States

Founded in 1905

21,159 Employees

Phone:

415-973-7000

Key Executives for Pacific Gas and Electric Company

President
Age: 54
Chief Financial Officer
Age: 52
Senior Vice President of Engineering
Age: 46
Director
Age: 65
Senior Vice President of Financial Services
Age: 56
Compensation as of Fiscal Year 2014.

Pacific Gas and Electric Company Key Developments

Pacific Gas & Electric Co. Declares Regular Preferred Stock Dividend, August 15, 2014

Pacific Gas and Electric Company, declared the regular preferred stock dividend for the three month period ending July 31, 2014, to be payable on August 15, 2014, to shareholders of record on July 31, 2014. The company will pay dividends on its eight series of preferred stock in the amount of $0.31250 per share on 5.00% redeemable first preferred stock of par value of $25, $0.31250 per share on 5.00% Series A redeemable first preferred stock of par value of $25, $0.30000 per share on 4.80% redeemable first preferred stock of par value of $25, $0.28125 per share on 4.50% redeemable first preferred stock of par value of $25, $0.27250 per share on 4.36% redeemable first preferred stock of par value of $25, $0.37500 per share on 6.00% non-redeemable first preferred stock of par value of $25, $0.34375 per share on 5.50% non-redeemable first preferred stock of par value of $25 and $0.31250 per share on 5.00% non-redeemable first preferred stock of par value of $25.

US Attorney Plans to File Superseding Indictment against Pacific Gas and Electric Co

The U.S. Attorney's Office for the Northern District of California plans to file a superseding indictment against Pacific Gas and Electric Co. regarding the utility's alleged violations of the Natural Gas Pipeline Safety Act. On April 1, the U.S. Department of Justice filed a federal indictment against Pacific Gas and Electric, alleging that the utility knowingly and willfully violated minimum safety standards, resulting in a gas line explosion that killed eight people in San Bruno, Calif., in 2010. Federal prosecutors alleged, among other things, that the company knew it was relying on incomplete information when it decided not to fully inspect and test its lines. The utility has pleaded not guilty. Under the indictment, each count carries a maximum penalty of $500,000.

U.S. Attorney's Office for the Northern District of California, on Behalf of U.S. Department of Justice, Files 12-Count Criminal Indictment against Pacific Gas and Electric Company

On April 1, 2014, the U.S. Attorney's Office for the Northern District of California, on behalf of the U.S. Department of Justice, filed a 12-count criminal indictment against Pacific Gas and Electric Company, in the U.S. District Court for the Northern District of California alleging that the Utility knowingly and willfully violated minimum safety standards for pipelines carrying natural gas as set in the Natural Gas Pipeline Safety Act. The indictment describes the rupture of one of the Utility's natural gas transmission pipelines, Line 132, in San Bruno, California on September 9, 2010 (the San Bruno accident). The U.S. Attorney has alleged that the Utility knowingly and willfully failed to: Gather and integrate existing data and information on Line 132 that could be relevant to identifying and evaluating all potential threats on covered segments of Line 132 (Count One); Maintain records concerning the date, location, and description of each repair made to Line 132 (Count Two); Identify and evaluate potential threats to covered segments of Line 132 and two other pipelines Line 153 and a distribution feeder main (DFM 1816-01) (Counts Three through Five); Include in its annual baseline assessment plan all potential threats on a covered segment and failed to select the most suitable assessment method to assess all potential threats on covered segments on Line 132, Line 153 and DFM 1816-01 (Counts Six through Eight); Prioritize covered segments on Lines 132, 153 and DFM 1816-01 as high risk segments for the baseline assessment or a subsequent reassessment, after a changed circumstance rendered manufacturing threats on segments of those lines unstable (Counts Nine through Eleven); Prioritize covered segments of DFM 1816-01 as high risk segments for a baseline assessment or a subsequent reassessment after a changed circumstance rendered manufacturing threats on those segments unstable, and failed to analyze covered segments to determine the risk of failure from such manufacturing threats (Count Twelve). The U.S. Attorney seeks a penalty of $500,000 for each count, plus a special assessment of $400 for each count. The Utility believes that criminal charges are not merited and that it did not commit any knowing and willful violations as alleged by the U.S. Attorney. At the arraignment, currently scheduled to be held on April 9, 2014, the Utility will enter a plea of not guilty.

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