PG&E Absolved of Tubbs Fire Blame, But Financial Woes Still Substantial
We are raising our fair value estimate to $12.50 per share from $11 after the California Department of Forestry and Fire Protection, or Cal Fire, found PG&E did not violate state laws with respect to the cause of the 2017 Tubbs fire. We are reaffirming our no-moat and very high uncertainty ratings.We still expect PG&E to file for bankruptcy as soon as Jan. 29. Although PG&E's long-term liabilities now appear smaller, its near-term need for cost-effective capital remains pressing. De...
PG&E is a holding company that conducts its business through Pacific Gas and Electric Company (Utility), a public utility engaged in the sale and delivery of electricity and natural gas to customers. The Utility generates electricity and provides electric transmission and distribution services throughout its service territory in northern and central California to residential, commercial, industrial, and agricultural customers. The Utility provides natural gas transportation services to small commercial and residential customers and to industrial, commercial, and natural gas-fired electric generation facilities that are connected to the Utility's gas system in its service territory.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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