Wildfire charges could become an equity drag for PG&E.
We are reaffirming our $53 fair value estimate and no-moat and stable moat trend ratings for PG&E after the company announced it plans to take a $2.5 billion pretax accounting charge for potential liabilities related to the fall 2017 California wildfires.We expect there will be more charges to come in subsequent quarters, and we are maintaining our $5 billion cash liability estimate, which results in a $5 reduction in our fair value estimate. Our estimate reflects a 50% probability that PG&...
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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