PG&E Corp 8-K, filed Nov 25, 2020
PG&E Corp (PCG)
8-K
2020-11-25
For: 2020-11-24
View Original
Added on
April 03, 2026
About this 8-K
PG&E Corp filed this 8-K on November 25, 2020, reporting on events of November 24, 2020.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: November 24, 2020
(Date of earliest event reported)
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(Registrant’s telephone number, including area code)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Emerging growth company
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PG&E Corporation
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Emerging growth company
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Pacific Gas and Electric Company
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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PG&E Corporation
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☐
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Pacific Gas and Electric Company
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☐
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Item 8.01. Other Events
On November 24, 2020, Pacific Gas and Electric Company (the “Utility”), a subsidiary of PG&E Corporation, received a letter (the “Letter”) from Marybel
Batjer, President of the California Public Utilities Commission (the “CPUC”), related to the Utility’s vegetation and asset management activities and the CPUC’s enhanced oversight and enforcement process, as well as the Utility’s annual safety
certification under California Assembly Bill 1054. A copy of the Letter is attached hereto as Exhibit 99.1 and incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
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Exhibit Number
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Description
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104
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Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto
duly authorized.
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PG&E CORPORATION
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Date: November 24, 2020
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By:
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/s/ JOHN R. SIMON
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Name:
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John R. Simon |
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Title:
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Executive Vice President, General Counsel and Chief Ethics & Compliance Officer |
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PACIFIC GAS AND ELECTRIC COMPANY
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Date: November 24, 2020
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By:
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/s/ BRIAN M. WONG
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Name:
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Brian M. Wong |
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Title:
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Vice President, Deputy General Counsel and Corporate Secretary |
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Exhibit 99.1
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November 24, 2020 | Via Email |
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Mr. William L. Smith
Interim Chief Executive Officer
Pacific Gas and Electric Company
77 Beale Street
San Francisco, CA 94105
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| Mr. Smith: | |||
| As you are aware, as a condition of approval of Pacific Gas and Electric Company’s (PG&E) plan of reorganization, the California Public Utilities Commission (CPUC) instituted a six-step enhanced oversight and enforcement process to ensure PG&E is held accountable for delivering on its safety responsibilities. By this letter, I am writing to inform you that I have directed CPUC staff to conduct fact-finding to determine whether a recommendation to place PG&E into the enhanced oversight and enforcement process is warranted. These fact-finding activities are well underway and are being undertaken expeditiously. | |||
| My concerns arose from what appears to be a pattern of vegetation and asset management deficiencies that implicate PG&E’s ability to provide safe, reliable service to customers. Specifically, Wildfire Safety Division Staff has identified a volume and rate of defects in PG&E’s vegetation management that is notably higher than those observed for the other utilities. In addition, CPUC staff are reviewing recent filings made by PG&E in its federal criminal proceeding regarding deficiencies and inconsistencies in its vegetation management practices and recordkeeping. | |||
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The CPUC has been intensely focused on progress by PG&E in its wildfire mitigation activities this past year. We will require remediation on specific issues identified in
PG&E’s Wildfire Mitigation Plan progress reports. That work will continue, and I have requested staff to further consider whether a pattern of deficiencies in the company’s safety program supports a recommendation to place PG&E into
the enhanced oversight and enforcement process.
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| I also note that a CPUC order to place PG&E into the process does not replace or limit CPUC enforcement authority, including authority to issue Orders to Show Cause and Orders Instituting Investigations and to impose fines and penalties. | |||
| At the same time, the Wildfire Safety Division is completing its review of PG&E’s request for issuance of a safety certification, pursuant to the requirements of Assembly Bill 1054. The requirements an electric utility must meet to earn a safety certificate are important and provide a critical snapshot of compliance with prior safety culture recommendations and implementation of PG&E’s approved Wildfire Mitigation Plan. However, the safety certification is separate from the CPUC’s enforcement authority and does not preclude the CPUC from pursuing remedies for past conduct. In particular, the enhanced oversight and enforcement process mentioned above is unique to PG&E because of its failed record in safety, and it is not tied to the statutory requirements for the issuance of a wildfire safety certification. | ||
| In short, CPUC staff and I plan to hold PG&E accountable, in real time to fulfill its safety responsibilities, independent and parallel to any other regulatory or judicial process. | ||
| The CPUC continues to make customer safety a top priority and expects leadership from PG&E to execute on its safety responsibilities. When PG&E is unable to do this on its own, we have used, and will continue to use, the tools and authority at our disposal to hold PG&E accountable for these responsibilities. | ||
| Sincerely, | ||
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Marybel Batjer, President
California Public Utilities Commission
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Cc:
Service Lists of I.15-08-019, R.18-12-005 and R.18-10-007
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