Profit is Reason Consumers Bear Brunt to PG&E Increase

http://online.wsj.com/articles/pg-e-profit-falls-18-1406814352

http://www.ksbw.com/news/central-california/santa-cruz/pge-rate-hike-approved-by-state-public-utility-officials/27484064#!bEdHET

http://sfist.com/2014/08/15/starting_this_fall_your_pacific.php

$15.6 billion: PG&E's revenue from last year

$814 million: The profit PG&E posted on that revenue

$4.84 billion: The amount of additional money PG&E told the California Public Utilities Commission they wanted to get from customers

$2.37 billion: The amount of additional money the PUC agreed on Thursday that PG&E could demand from its customer base

3: The number of years over which that $2.37 billion boost will be spread

$4.50: The amount the average PG&E gas bill will increase, starting in September, with additional hikes expected in 2015 and 2016

$3: The amount the average PG&E electric bill will increase, starting in October, with additional hikes expected in 2015 and 2016 (so, if you have gas and electric from PG&E, expect an increase of around $7.50 this fall)

$5.23: The amount of an additional monthly increase for PG&E gas customers "for gas storage and transmission," that the PUC is expected to approve or decline next year

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PG&E Corp. PCG +1.53% PG&E Corp. PCG in Your Value Your Change Short position said its second-quarter earnings fell 18% on higher operating expenses and pipeline-related charges.

The company also said factors contributing to the weaker results in the latest quarter included the negative impacts of a delay in cost recovery associated with the 2014 general rate case.

 

The results come about two days after federal prosecutors added new charges to their criminal case against PG&E, over a fatal natural-gas pipeline explosion in San Bruno, Calif., in 2010.

 

The latest charges against the company's utility, Pacific Gas & Electric, include obstructing the federal government's investigation of the explosion, as well as failing to fix record-keeping problems and improperly handling threats to pipelines. The new allegations are in addition to a criminal case that federal and state prosecutors filed in April against the San Francisco-based utility. PG&E pleaded not guilty to the criminal charges in April.

 

The utility also has accused by federal and state prosecutors of relying on inaccurate and incomplete information to make important decisions about the pipeline's operation, and for failing to identify potential defects.

 

On Thursday, PG&E reaffirmed that the cost to shareholders for natural-gas pipeline safety-related work incurred since the San Bruno accident or committed over the next several years totals about $2.7 billion.

PG&E reported a profit of $267 million, down from $332 million, a year earlier. On a per-share basis, which includes preferred dividend impacts, earnings fell to 57 cents from 74 cents. Excluding pipeline-related impacts and other items, adjusted earnings fell to 69 cents from 79 cents. Revenue increased 4.7% to $3.95 billion.