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Share Name | Share Symbol | Market | Type |
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PG&E Corporation | NYSE:PCG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.11 | 0.62% | 17.84 | 17.92 | 17.68 | 17.74 | 11,404,428 | 01:00:00 |
Highlights Include New Grid Technology Investments and Additional Accelerated Inspections and Repairs to Help Keep Customers and Communities Safer from Wildfires
As part of its ongoing efforts to further reduce wildfire risks and keep customers and the communities it serves safe, Pacific Gas and Electric Company (PG&E) today submitted its 2020 Wildfire Mitigation Plan to the California Public Utilities Commission (CPUC). The plan expands and enhances the company’s comprehensive Community Wildfire Safety Program designed to address the growing threat of extreme weather and wildfires across its service area.
The 2020 Wildfire Mitigation Plan will continue expanded key safety work including:
“Our state is faced with an extended and more dangerous wildfire season that demands additional urgent action and coordination across many stakeholder groups to reduce the risk of wildfire,” said Michael Lewis, Senior Vice President, Electric Operations. “The wildfire safety actions and programs described in our 2020 plan detail the company’s unwavering efforts to improve public safety and further reduce wildfire risk.”
Reducing the Customer Impacts of Public Safety Power Shutoffs
PG&E’s 2020 plan includes changes to make Public Safety Power Shutoff (PSPS) events smaller in scope and shorter in duration and to lessen the overall impacts of shutoffs while working to keep customers and communities safe during times of severe weather and high wildfire risk.
Efforts this year to reduce the impact of PSPS events on customers include:
“We know how much our customers rely on electric service. Proactively turning off power disrupts lives and presents its own safety risks, which need to be carefully considered and addressed,” said Debbie Powell, Vice President, Asset & Risk Management, Community Wildfire Safety Program. “Turning off power for safety is not how we strive to serve our customers, and we are committed to reducing the impacts without compromising safety.”
Reducing Potential Ignitions
California faces an increasing threat from catastrophic wildfires, severe weather and higher temperatures, and recent state and federal climate assessments warn the threat is only growing. In 2012, just 15 percent of PG&E’s service area was designated by the CPUC as having an elevated wildfire risk. Today, it’s more than 50 percent.
Multiple factors contribute to wildfire risk and an extended fire season across PG&E’s service area. Prolonged periods of high temperatures, extreme dryness, tinder-dry grass and record-high winds combined with vast tree mortality following a historic five-year drought are increasing the number of wildfires and making them more dangerous.
PG&E’s 2020 Wildfire Mitigation Plan describes forecasted work and investments that will be executed this year to help further reduce the potential for wildfire ignitions associated with its electrical equipment in high fire-threat areas.
The plan addresses an array of wildfire risk factors through new and ongoing measures. Among the safety steps and actions to be taken this year include:
Building Upon Completed Work in 2019
PG&E has completed or is implementing these important safety enhancements and investments to help keep its customers and communities safe. Some of the actions taken in 2019 included:
Open and Transparent Public Process
PG&E’s 2020 Wildfire Mitigation Plan is subject to public review and approval by the CPUC. PG&E strongly supports and encourages its customers and communities to provide feedback and participate in this important public process.
Cautionary Statement Concerning Forward-Looking Statements
This news release includes forward-looking statements that are not historical facts, including statements about the beliefs, expectations, estimates, future plans and strategies of PG&E Corporation and Pacific Gas and Electric Company (the “Utility”), including but not limited to the Utility’s 2020 Wildfire Mitigation Plan. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include factors disclosed in PG&E Corporation and the Utility’s joint Annual Report on Form 10-K for the year ended December 31, 2018, their joint Quarterly Reports on Form 10-Q for the quarters ended March 31, 2019, June 30, 2019 and September 30, 2019, and their subsequent reports filed with the Securities and Exchange Commission. Additional factors include, but are not limited to, those associated with the Chapter 11 cases of PG&E Corporation and the Utility that commenced on January 29, 2019. PG&E Corporation and the Utility undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.
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 20,000 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200207005550/en/
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