Some news reports have emerged saying Pacific Gas & Electric Co. (NYSE:PCG) had raised $5 million dollars through increasing rates on its customers for the purpose of fixing the pipeline that ended up exploding in San Bruno, but never spent the money for it after it was raised.
To make matters seemingly worse, PG&E had also submitted a request to the California Utility Commission for $5 million for the same project. From there the work would have been completed by 2013.
The company responded to the assertions on its website saying, "PG&E performed an External Corrosion Direct Assessment in 2009 and based on the updated assessment, and the assurance it provided us, we rescheduled the project accordingly."
PG&E had been given clearance by California regulators to upgrade the pipe in 2007.
California governor Arnold Schwarzenegger has asked for the San Bruno area to be declared a federal disaster.
Schwarzenegger said in a letter to Obama, "This event has destroyed and caused serious damages to homes, infrastructure, and other public facilities in San Mateo County. The response and recovery costs for this event are estimated at nearly $10.4 million."
Showing posts with label San Bruno. Show all posts
Showing posts with label San Bruno. Show all posts
Friday, September 17, 2010
Wednesday, September 15, 2010
PG&E (NYSE:PCG) Pipe Sections Sent to Washington for Evaluation
Investigators from the National Transportation Safety Board have sent sections of pipe of the Pacific Gas & Electric Co. (NYSE:PCG) from the San Bruno natural gas explosion, to Washington to have them tested in order to determine the cause of the accident.
It's unclear how long it'll take before anything definitive comes from the investigation of the pipe sections.
Another part of the investigation is centering on the time it took for PG&E to respond to the disaster, and the timeline concerning the amount of time it took to shut off the flow of gas in the pipe.
According to officials from Pacific Gas & Electric, it took them about an hour and 45 minutes to shut it down completely.
It's unclear how long it'll take before anything definitive comes from the investigation of the pipe sections.
Another part of the investigation is centering on the time it took for PG&E to respond to the disaster, and the timeline concerning the amount of time it took to shut off the flow of gas in the pipe.
According to officials from Pacific Gas & Electric, it took them about an hour and 45 minutes to shut it down completely.
PG&E (NYSE:PCG) Shows Only One Recent Call Complaining of Gas Smell
Leading up to the natural gas line explosion in San Bruno, Pacific Gas & Electric Co. (NYSE:PCG) records revealed that only one call had come into the company complaining of a gas smell, and that was three weeks ago.
Investigators from the National Transportation Safety Board had been going over the emails received by PG&E, and were only able to find the one, which was responded to.
A large section of the pipe was take to Washington DC by investigators to find out exactly caused the accident, and whether it was gradual or something that happened suddenly.
NTSB Vice Chairman Christopher Hart said about investigating gas control stations in the region, "We want to get excruciating detail about how the system works, about how well the people are trained who work it, about their background and experience -- all aspects of what happened that day. So we will be doing an extensive, exhaustive look at the details regarding that station."
Investigators from the National Transportation Safety Board had been going over the emails received by PG&E, and were only able to find the one, which was responded to.
A large section of the pipe was take to Washington DC by investigators to find out exactly caused the accident, and whether it was gradual or something that happened suddenly.
NTSB Vice Chairman Christopher Hart said about investigating gas control stations in the region, "We want to get excruciating detail about how the system works, about how well the people are trained who work it, about their background and experience -- all aspects of what happened that day. So we will be doing an extensive, exhaustive look at the details regarding that station."
Tuesday, September 14, 2010
PG&E (NYSE:PCG) Compensation Fund Set Up to Help Victims of Explosion
Pacific Gas & Electric Co. (NYSE:PCG) has put a $100 million compensation fund in place to aid victims of the natural gas explosion in San Bruno, California.
Victims who receive anywhere from $15,000, $25,000 or $50,000, determined by how much their homes had been damaged, won't have to waive their right to sue if they want, contrary to the compensation fund offered by BP (NYSE:BP); although temporary payments by BP for emergency use don't require waiving the right to sue.
PG&E said in a press release, “Residents are not being asked to waive any potential claims in order to receive these funds.”
So far there have been seven deaths in the accident, with six others not accounted for.
Victims who receive anywhere from $15,000, $25,000 or $50,000, determined by how much their homes had been damaged, won't have to waive their right to sue if they want, contrary to the compensation fund offered by BP (NYSE:BP); although temporary payments by BP for emergency use don't require waiving the right to sue.
PG&E said in a press release, “Residents are not being asked to waive any potential claims in order to receive these funds.”
So far there have been seven deaths in the accident, with six others not accounted for.
Monday, September 13, 2010
FBR Capital (Nasdaq:FBCM) Maintains Rating on Pacific Gas (NYSE:PCG)
Saying liabilities and loss of equity capitalization is probably reflected in the stock price, FBR Capital (Nasdaq:FBCM) said it is maintaining its "Outperform/Top Pick" rating on Pacific Gas & Electric Co. (NYSE:PCG).
PG&E has liability insurance of $992 million, which most think should cover all costs, although there are concerns it could go above that by the company.
FBR said, "Our first blush reaction is that the equity market capitalization lost exceeds the likely monetary impact to shareholders. According to preliminary reports, 38 homes were destroyed, seven were significantly damaged, and as many as 6 people lost their lives. This may total to about $100 million in damages using very rough math. Additional costs from litigation, fines levied, emergency response costs, pipeline and other infrastructure repairs, are likely to increase this amount substantially."
Four people actually have lost their lives, with three being in critical condition and who may not make it.
PG&E lost over $1 billion in market cap on Friday, plummeting $4.03, or 8.35 percent, to close at $44.21.
PG&E has liability insurance of $992 million, which most think should cover all costs, although there are concerns it could go above that by the company.
FBR said, "Our first blush reaction is that the equity market capitalization lost exceeds the likely monetary impact to shareholders. According to preliminary reports, 38 homes were destroyed, seven were significantly damaged, and as many as 6 people lost their lives. This may total to about $100 million in damages using very rough math. Additional costs from litigation, fines levied, emergency response costs, pipeline and other infrastructure repairs, are likely to increase this amount substantially."
Four people actually have lost their lives, with three being in critical condition and who may not make it.
PG&E lost over $1 billion in market cap on Friday, plummeting $4.03, or 8.35 percent, to close at $44.21.
Saturday, September 11, 2010
Google (Nasdaq:GOOG) Donates to San Bruno Cause
With the explosion of the Pacific Gas & Electric Co. (NYSE:PCG) natural gas line in San Bruno, California not even able to be evaluated yet, Google (Nasdaq:GOOG) has stepped up to the plate and donated what the company identified as an "initial amount" of $50,000 to the American Red Cross Bay Area Chapter.
San Bruno, where the explosion occured, is about 8 miles south of San Francisco, while the offices of YouTube, which Google owns, are only about two miles from the center of the gas explosion.
Google is especially focused on encouraging blood donations. Laszlo Bock, Vice President of People Operations for Google, said, "We're directing Googlers to the local blood drives today (Friday) and will be hosting blood drives in our San Bruno, Mountain View and San Francisco offices early next week."
According to Google's website, no one from the company had been injured in the explosion.
San Bruno, where the explosion occured, is about 8 miles south of San Francisco, while the offices of YouTube, which Google owns, are only about two miles from the center of the gas explosion.
Google is especially focused on encouraging blood donations. Laszlo Bock, Vice President of People Operations for Google, said, "We're directing Googlers to the local blood drives today (Friday) and will be hosting blood drives in our San Bruno, Mountain View and San Francisco offices early next week."
According to Google's website, no one from the company had been injured in the explosion.
Blood Centers Call for Type O Negative Donations for San Bruno Victims
With numerous victims still in need of blood from the Pacific Gas & Electric Co. (NYSE:PCG) natural gas explosion in San Bruno, California, blood centers are requesting donations of type O negative blood to meet the growing need.
Type O negative is the type of blood which can be used for anyone in case of emergencies.
There are enough supplies temporarily, as the blood center can get blood from other hospitals, but concerns are over what will happen in the next day or two if supplies run short, which they are in danger of doing.
Blood center spokeswoman Lisa Bloch said, "We'll juggle blood from other hospitals to make sure that they're covered, but the problem becomes what happens tomorrow and over the weekend."
Dozens of people have been injured from the explosion, some more severe than others, with four confirmed deaths.
Type O negative is the type of blood which can be used for anyone in case of emergencies.
There are enough supplies temporarily, as the blood center can get blood from other hospitals, but concerns are over what will happen in the next day or two if supplies run short, which they are in danger of doing.
Blood center spokeswoman Lisa Bloch said, "We'll juggle blood from other hospitals to make sure that they're covered, but the problem becomes what happens tomorrow and over the weekend."
Dozens of people have been injured from the explosion, some more severe than others, with four confirmed deaths.
Pacific Gas (NYSE:PCG) President Chris Johns: We'll "Do What's Right"
At a news conference Friday, Pacific Gas & Electric Co. (NYSE:PCG) President Chris Johns said the company will do what's right for all the families who have been affected by the natural gas explosion which so far has taken four lives and injured over 50 people.
"We are committed to do what's right and what's appropriate to help all the families and others who have been impacted by this tragedy," said Johns.
The source of the explosion was a 30-inch pipe of PG&E, which ruptured, leading to the disaster. At this time it's not known what the cause of the rupture was.
A 30-foot wide crater resulted from the huge explosion which generated flames as high as 100 feet into the air.
Over 100 people were evacuated from the area after the accident, many of them now homeless and sleeping in shelters for now.
"We are committed to do what's right and what's appropriate to help all the families and others who have been impacted by this tragedy," said Johns.
The source of the explosion was a 30-inch pipe of PG&E, which ruptured, leading to the disaster. At this time it's not known what the cause of the rupture was.
A 30-foot wide crater resulted from the huge explosion which generated flames as high as 100 feet into the air.
Over 100 people were evacuated from the area after the accident, many of them now homeless and sleeping in shelters for now.
Friday, September 10, 2010
Pacific Gas (NYSE:PCG) Gas Line Explosion Destroys San Bruno Neighborhood
Justin Sullivan/Getty Images
One of Pacific Gas and Electric Company's (NYSE:PCG) gas lines exploded in a San Bruno neighborhood, devastating and destroying up to 35 homes, and sending one person to the hospital in critical condition, and others to area hospitals in serious condition or with minor wounds.
News reports claimed it was a gas line of Pacific Gas and Electric, but earlier in the night a spokesman for PG&E denied it.
The number of homes or structures destroyed have yet to be confirmed, as firefighters are still battling the massive fire resulting from the explosion, and having more difficulty because of winds in the area.
Not too long after the initial explosion it was reported that a plane had went down, but the FAA has ruled that out. That probably came from the similar sounds of a natural gas explosion and a jet engine.
The Sheriff's Department is evacuating residents from within a 3/4 mile radius of the blast zone.
Pacific Gas (NYSE:PCG) Gas Line Explosion Destroys San Bruno Neighborhood
One of Pacific Gas and Electric Company's (NYSE:PCG) gas lines exploded in a San Bruno neighborhood, devastating and destroying up to 35 homes, and sending one person to the hospital in critical condition, and others to area hospitals in serious condition or with minor wounds.
News reports claimed it was a gas line of Pacific Gas and Electric, but earlier in the night a spokesman for PG&E denied it.
The number of homes or structures destroyed have yet to be confirmed, as firefighters are still battling the massive fire resulting from the explosion, and having more difficulty because of winds in the area.
Not too long after the initial explosion it was reported that a plane had went down, but the FAA has ruled that out. That probably came from the similar sounds of a natural gas explosion and a jet engine.
The Sheriff's Department is evacuating residents from within a 3/4 mile radius of the blast zone.
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