More email revelations: JP Morgan, Deutsche Bank, Citigroup, BoA, and UBS oppose CPUC reform, want continued “supportive” agency

Reform of utility regulatory agencies is presently impossible. Public outcry is essential, and by and large, the public doesn’t care. Secondly, regulatory commissions in the United States are industry-facing, together with their parent organization the National Association of Regulatory Utility Commissions (NARUC). I and others have documented this.

Furthermore, huge multi-national financial institutions, including J.P. Morgan, Deutsche Bank, Citigroup, Bank of America, and UBS, oppose reform. They vigorously oppose “interfering” with utility company profits and management. They can and will downgrade stock ratings if PUC reform is pending, despite the liability problems from poorly regulated utility companies.

Emails between PG&E and the California PUC, released by the city of San Bruno’s lawsuit, reveal this, including this report by JP Morgan.

ftp://ftp2.cpuc.ca.gov/PG&E20150130ResponseToA1312012Ruling/2011/01/SB_GT&S_0015253.pdf

Volumes have been written about J.P. Morgan. In 1915, J.P. Morgan purchased control of the 25 most influential U.S. newspapers. Here is the testimony to the United States Congress in 1917.

Excerpt:

“This contract is in existence at the present time, and it accounts for the news columns of the daily press of the country being filled with all sorts of preparedness arguments and misrepresentations as to the present condition of the United States Army and Navy, and the possibility and probability of the United States being attacked by foreign foes.

This policy also included the suppression of everything in opposition to the wishes of the interests served [including steel, munitions, and shipbuilding]. The effectiveness of this scheme has been conclusively demonstrated by the character of the stuff carried in the daily press throughout the country since March, 1915. They have resorted to anything necessary to commercialize public sentiment and sandbag the National Congress into making extravagant and wasteful appropriations for the Army and Navy under false pretense that it was necessary. Their stock argument is that it is ‘patriotism.’ They are playing on every prejudice and passion of the American people.”
http://www.mindfully.org/Reform/Morgan-Buys-Newspapers9feb17.htm

Also http://www.vice.com/en_uk/read/larry-summers-and-the-secret-end-game-memo
http://www.globalresearch.ca/who-really-controls-the-world/5445239
http://www.globalresearch.ca/suicides-of-bank-executives-fraud-financial-manipulation-jpmorgan-chases-advisor-tony-blair-is-not-involved/5368627

UBS was exposed by a whistleblower in 2008 for sheltering the assets of international criminals and tax cheats. The whistleblower went to prison, while Hillary Clinton’s State Department intervened in the prosecution of UBS and to protect the identities of the sheltered individuals. Clinton’s Foundation subsequently received huge donations from UBS.
http://www.globalresearch.ca/hillary-clintons-scandalous-record/5466466

Looking up any of these financial firms reveals their myriad corruption scandals.

Below are the emails between the CPUC with PG&E, with links to the original documents. More surprises will probably surface. The entire set of emails is here: http://www.cpuc.ca.gov/PUC/events/pge_emails01302015.htm

View these emails against the backdrop of the San Bruno explosion (September 2010) and the safety issues and corruption exposed.

Key points:

  • Steve Fleishman, Bank of America/Merrill Lynch Bank — Viewed Michael Peevey remaining as CPUC President “as key given the consistent influence Peevey has provided the Commission”  
  • Jonathan Arnold, Deutsche Bank – Hoped there’d be “no major change in the regulatory tone and direction”
  • Jim von Riesemann, UBS – “We hope the new CPUC will continue to equitably balance consumer and shareholder interests; we believe Chairman Peevey has done just that and has been a stabilizing balance on the commission.”
  • Lisa Lam, PG&E Investor Relations – A key question from analysts “With three new commissioners, what will be the overall direction of the 5-member Commission; and whether it will be much more consumer oriented to the detriment of investors?”; concerns about “a significant change to the current constructive regulatory environment.”
  • Michael Peevey, PUC Chairman, to Brian Cherry – “As I suggested before, this info should go to the Governor’s office, probably best to Nancy McF [Nancy McFadden, former PG&E executive and chief aide to Governor Jerry Brown]. Jerry has to be made aware that actions have consequences and the economy is best off with a stable utility sector.”
  • Brian Cherry to Michael Peevey, presumably on suggestions for new CPUC commissioners – “Nancy [McFadden?] asks if you have any names you would recommend. You can call her directly if you’d like.”
  • J. P. Morgan report –
    • “[W]e anticipate that more consumer-friendly policies could be detrimental for the California utilities, and could impair their ability to recover the significant capital investments that the utilities are looking to make in the next several years.”
    • “Fear of a more consumer-friendly CPUC may well be realized. It was not clear to us that California Governor Jerry Brown was going to go down the path of appointing a less supportive Commission…”
    • “We caution that [Michael Peevey’s] potential departure from the PUC would create additional turnover and could allow for an even greater shift in California’s overall regulatory framework. This, in our view, would be perceived as a negative by the market. Recall that Peevey has extensive experience in the utility industry, which many observers had perceived as quintessential for his reasonable and even- keeled stewardship of the Commission.”
    • “[W]e had previously assigned premium valuation to PCG shares on supportive regulation in CA.”

The first email says, “You will miss Arnold.” This is probably a reference to former Governor Arnold Swartzenegger. Jerry Brown took office in January 2011.

GRC – General Rate Case – which determines utility rates for consumers.

For not-so-comic relief, in the middle of these emails is an exchange between PUC Executive Director Paul Clanon and PG&E’s Brian Cherry on January 26.

There is one repetition of a report. These are in date order from oldest to most recent.

ftp://ftp2.cpuc.ca.gov/PG&E20150130ResponseToA1312012Ruling/2011/01/SB_GT&S_0005407.pdf

From: Peevey, Michael R.
Sent: 1/11/2011 3:17:01 PM
To: Cherry, Brian K (/0=PG&E/0U=C0RP0RATE/CN=RECIPIENTS/CN=BKC7)
Cc:
Bee:

Subject: Re: Analyst Report – Citigroup Downgrade

You may have reason for concern. Major changes coming and I fear lack of knowledge of subject matter. You will miss Arnold.

From: Cherry, Brian K
To: Peevey, Michael R.
Sent: Tue Jan 11 15:10:55 2011

Subject: Re: Analyst Report – Citigroup Downgrade

Done. We worry about our GRC changes too.

From: Peevey, Michael R. [mailto:michael.peevey@cpuc.ca.gov]
Sent: Tuesday, January 11, 2011 12:23 PM
To: Cherry, Brian K

Subject: RE: Analyst Report – Citigroup Downgrade

You should find a way to get this info to Brown as he makes his decisions on Commissioners ASAP. Probably best coming from a non-utility source, such as investment banker(s).

From: Cherry, Brian K [mailto:BKC7@pge.com]
Sent: Tue 1/11/2011 9:16 AM
To: Brown, Carol A.; Peevey, Michael R.; Clanon, Paul

Subject: FW: Analyst Report – Citigroup Downgrade

FYI

From: Lam, Lisa
Sent: Tuesday, January 11, 2011 8:40 AM
To: Officers of PG&E Corporation; Officers of Pacific Gas and Electric Cc: Investor Relations (list)

Subject: Analyst Report – Citigroup Downgrade

Yesterday, Brian Chin of Citigroup downgraded two out of the three utilities in California, Edison International and PG&E, on the uncertainty and potential shifting dynamics in the regulatory arena. Chin cited that the possible non-confirmation of Commissioner Ryan and the appointment of three new Commissioners could result in a significant change to the current constructive regulatory environment.

Chin noted that his view on California’s regulatory space is more focused on how the CPUC could evolve in the longer term, in six months to a year. His concern is 1) the CPUC has been criticized in the media for being too close to the Utilities, and may “pull back” to quiet some of the critics, and 2) President Peevey may reconsider his role at the CPUC as a result of the Commissioners who are appointed by Governor Brown.

A major risk cited by Chin about the potential new appointees to the Commission is that there may not be a balance between the need for regulatory oversight while still allowing the Utilities to earn a reasonable rate of return. Media reports have referenced potential candidates whose backgrounds are in politics and environment/wildlife advocacy, which historically do not align with constructive regulatory policies.

For the first six trading days of the year, PCG is down 2.8% at $46.52, compared to the average comparator group company, which is up 0.1%. The S&P 500 year-to-date is up 1.0%, and the Dow Jones Utility Average 0.1%. Over the past week, we have received a downgrade from Barclays and NTSB recommendations that generated a number of articles in the media, raising investor concerns about the implications for PG&E. And while Morgan Stanley upgraded PCG on Thursday, January 6, the overall tone from investors in 2011 remains cautious.

For your reference, the full report is attached.

Lisa

The contents of this email are provided solely for your information and are not intended as investment advice. We do not intend to endorse the opinions expressed in any externally prepared reports that may accompany this email and you should not rely on them for investment advice.

Lisa Lam

PG&E Investor Relations

One Market Plaza, Spear Tower, 2400

San Francisco, CA 94105

(415) 817.8137

————————————————————————–

ftp://ftp2.cpuc.ca.gov/PG&E20150130ResponseToA1312012Ruling/2011/01/SB_GT&S_0005458.pdf

From: Cherry, Brian K
Sent:1/20/2011 3:17:30 PM
To:mpl@cpuc.ca.gov (mpl@cpuc.ca.gov); Brown Carol (cab@cpuc.ca.gov) (cab@cpuc.ca.gov)
Cc:
Bcc:

Subject: FW: Analyst Reports – Deutsche Downgrade & BofA-ML Manzana and California Updates

Mike/Caro! – FYI,

From: Lam, Lisa
Sent: Thursday, January 20, 2011 3:10 PM
To: Officers of PG&E Corporation; Officers of Pacific Gas and Electric
Cc: Investor Relations (list)

Subject: Analyst Reports – Deutsche Downgrade & BofA-ML Manzana and California Updates

This morning analysts issued three reports discussing PG&E: a downgrade from Deutsche Bank; a summary of a Wall Street meeting with Commissioner Simon from Bank of America – Merrill Lynch; and an update on the Manzana project, also from BofA – Merrill.

Jonathan Arnold of Deutsche Bank downgraded PCG stock from “BUY” to “HOLD” given uncertainties over the composition of the Commission, and the assumption that PG&E’s authorized ROE, currently at 11.35%, will be lowered by 70 basis points beginning in 2013. Arnold believes continued negative press surrounding the San Bruno accident and NTSB investigation could drive further political and regulatory pressures on the company.

Arnold cited possible upside risks including no ROE or equity adjustment in 2013 and no major change in the regulatory tone and direction. He also presented the following potential downside risks for PG&E:

(1) disallowance or disapproval of spend for capital projects necessary to grow rate base and earnings;

(2) an earlier ROE adjustment if interest rates continue to decline; (3) an increase in cost sensitivities from customers which could impede growth plans; and (4) the inability to recover costs associated with the San Bruno accident.

Steve Fleishman of Bank of America – Merrill Lynch issued two reports today, (1) a summary of yesterday’s Wall Street Utility Group meeting with Commissioner Simon in New York and (2) a note on the status of the Manzana wind project. In both notes, Fleishman concluded that current investor concerns about California could be overblown; Fleishman remains supportive of California.

In the Wall Street meeting, Commissioner Simon pointed out that he expects Peevey will likely remain President of the CPUC, which Fleishman views as key given the consistent influence Peevey has provided the Commission. While PG&E remains in the media headlines, Fleishman does not expect this overhang to impact the GRC settlement. Fleishman believes, given California’s weak economy and 12.4% unemployment rate, at least one of the new commissioners could focus on job creation, specifically jobs tied to utilities’ infrastructure spend. He also noted an expectation that a slight reduction could be made to the authorized ROEs for California lOUs post 2012.

In his report on Manzana, Fleishman stated that PG&E filed a motion with the CPUC on January 19 to withdraw the Manzana wind project application after Iberdrola exercised its option to terminate the purchase and sale agreement. Fleishman does not believe investors should view the Manzana termination as a surprise given the CPUC Proposed Decision to deny the project, and assumes PG&E will require less equity in 2011 as a result.

In trading today, PCG closed down 0.7% at $47.00, compared to the average comparator group company, which was up 0.4%. The S&P 500 was down 0.1%, and the Dow Jones Utility Average was up 0.6%.

For your reference, the full reports are attached.

Lisa

The contents of this email are provided solely for your information and are not intended as investment advice. We do not intend to endorse the opinions expressed in any externally prepared reports that may accompany this email and you should not rely on them for investment advice.

Lisa Lam

PG&E Investor Relations

One Market Plaza, Spear Tower, 2400

San Francisco, CA 94105

(415)817.8137

———————————————————————–

ftp://ftp2.cpuc.ca.gov/PG&E20150130ResponseToA1312012Ruling/2011/01/SB_GT&S_0015199.pdf

From: Cherry, Brian K
Sent: 1/21/2011 12:55:55 PM
To: mpl@cpuc.ca.gov (mpl@cpuc.ca.gov); Brown Carol (cab@cpuc.ca.gov) (cab@cpuc.ca.gov)
Cc:
Bcc:

Subject: FW: UBS on PCG: CPUC End Game Begins

FYI

From: jim.vonriesemann@ubs.com [mailto:jim.vonriesemann@ubs.com] Sent: Friday, January 21, 2011 12:31 PM Subject: UBS on PCG: CPUC End Game Begins

Attached for your consideration are our latest thoughts on PG&E and the California PUC.

As always, call with questions.

Best,

Jim von Riesemann

CPUC End Game Begins

_ Senate fails to act on confirming Commissioner Ryan

We confirmed with the CPUC that Commissioner Ryan was not confirmed by the California Senate by the statutory deadline of January 20, 2011. This now leaves the five person CPUC in a two member, non-quorum position.

_ Governor Brown now has three appointments to make

Gov. Brown will now have three nominees to the CPUC, none of whom are known at this time. Our working assumption is that Gov Brown will want to have his nominees with him during the 100 year anniversary celebration of the CPUC, which is on January 27. We hope the new CPUC will continue to equitably balance consumer and shareholder interests; we believe Chairman Peevey has done just that and has been a stabilizing balance on the commission.

_ Settlement decision delayed; cost of capital formula coming into focus At a minimum, we believe there will be a further delay in rendering a decision in PCG’s pending GRC settlement. In addition to the quorum issue, our view is the CPUC will need at least an additional month to “get up to speed” on this proceeding. Separately, the makeup of the CPUC commissioners could influence the cost of capital formula which was sanctioned and administered by the CPUC and is due for re-examination in mid-2012.

_ Valuation – Fairly valued at current levels; Maintain Neutral rating

Our $49 target price remains intact, and is derived using a combination of P/E, DDM, and DCF valuation methodologies.

Jim von Riesemann
Executive Director
UBS Investment Research
1285 Avenue of the Americas
New York, New York 10019
(212) 713-4260 tel
(347) 852-2291 mobile
email: jim.vonRiesemann@ubs.com

Julien Dumoulin-Smith
Equity Research Analyst Electric Utilities & IPPs Group UBS Securities, LLC 1285 Avenue of the Americas New York, NY 10019 (212)713-9848
Email: julien.dumoulin-smith@ubs.com

David Eads
Associate Analyst Electric Utiltiies (212)713-3630 Email: David.Eads@ubs.com

——————————————————

ftp://ftp2.cpuc.ca.gov/PG&E20150130ResponseToA1312012Ruling/2011/01/SB_GT&S_0011641.pdf

From: Cherry, Brian K
Sent: 1/26/2011 1:33:40 PM
To: ‘mpl@cpuc.ca.gov’ (mpl@cpuc.ca.gov); ‘cab@cpuc.ca.gov’ (cab@cpuc.ca.gov)
Cc:
Bcc:

Subject: Fw: Analyst Reports – CPUC Appointments

FYI,

From: Lam, Lisa
Sent: Wednesday, January 26, 2011 12:57 PM
To: Officers of PG&E Corporation; Officers of Pacific Gas and Electric
Cc: Investor Relations (list)

Subject: Analyst Reports – CPUC Appointments

Governor Brown appointed commissioners to fill two of the three vacancies at the CPUC yesterday afternoon. Following the appointments, a number of analysts issued reports commenting on the two new commissioners and views on the regulatory environment in California, which are summarized below.

For those who haven’t heard, Mike Florio, a senior attorney for the Utility Reform Network (TURN) and Catherine Sandoval, associate professor at Santa Clara University School of Law were appointed as commissioners to the CPUC. The Barclays report attached provides the most complete description of their backgrounds. Both were among those who were suggested publicly to be on the governor’s list of candidates.

Key questions raised by analysts in published reports, as exemplified by the Deutsche Bank and UBS reports attached, as well as questions we’ve received in IR include:

  • Will Mike Peevey continue as President of the commission?
  • Who will be the third commissioner appointed to the CPUC?
  • With three new commissioners, what will be the overall direction of the 5-member Commission;

and whether it will be much more consumer oriented to the detriment of investors?

The reports also observe that the overall direction of the Commission will be apparent in the upcoming regulatory items on the calendar: a decision for PCG’s GRC, EIX and SRE’s GRCs being processed in 2011, and the Cost of Capital framework in 2012.

In trading today, the utility sector is underperforming the broader markets. PCG is down approximately 0.6% compared to the S&P 500 which is up 0.8% and the Dow Jones Utility Average which is down 0.3%.

Lisa

The contents of this email are provided solely for your information and are not intended as investment advice. We do not intend to endorse the opinions expressed in any externally prepared reports that may accompany this email and you should not rely on them for investment advice.

Lisa Lam

PG&E Investor Relations

One Market Plaza, Spear Tower, 2400

San Francisco, CA 94105

(415)817.8137

——————————————————————————–

ftp://ftp2.cpuc.ca.gov/PG&E20150130ResponseToA1312012Ruling/2011/01/SB_GT&S_0011650.pdf

From: Clanon, Paul
Sent: 1/26/2011 5:08:31 PM
To: Cherry, Brian K (/0=PG&E/0U=C0RP0RATE/CN=RECIPIENTS/CN=BKC7)
Cc:
Bee:

Subject: RE:

Wait, now I have to be interrupted with your cockamamie ideas while I’m trying to get two new Commissioners ready for tomorrow, and preparing myself to testify in Senate Budget tomorrow,

and

YOU’RE SITTING ON A FUCKING BEACH IN KAUAI??

——–Original Message-

From: Cherry, Brian K
[mailto:BKC7@pge.com]
Sent: Wednesday, January 26, 2011 5:04 PM
To: Clanon, Paul Subject:

Paul

understand TURN and CCSF both filed separate motions for a San Bruno investigation. I am assuming that given the IRP, the NTSB and the soon to be issued Oil (speculation on my part) that you have enough on your hands and that

these petitions don’t really add to the debate. At least that is my take sitting

on the beach in Kauai trying to enjoy my vacation !

———————————————————————–

ftp://ftp2.cpuc.ca.gov/PG&E20150130ResponseToA1312012Ruling/2011/01/SB_GT&S_0015251.pdf

From: Cherry, Brian K
Sent: 1/27/2011 12:07:52 PM
To: ‘mpl@cpuc.ca.gov’ (mpl@cpuc.ca.gov); ‘cab@cpuc.ca.gov’ (cab@cpuc.ca.gov)
Cc:
Bcc:

Subject: Fw: Analyst Report – J.P. Morgan Downgrade

More news from the analysts.

From: Lam, Lisa
Sent: Thursday, January 27, 2011 10:31 AM
To: Officers of PG&E Corporation; Officers of Pacific Gas and Electric Cc: Investor Relations (list)

Subject: Analyst Report – J.P. Morgan Downgrade

This morning, Andy Smith of J.P. Morgan downgraded Edison International and PCG, from “BUY” to “HOLD”, based on the regulatory uncertainty in California that is suggested with the two new commissioners appointed to the CPUC earlier in the week.

Similar to the reports circulated yesterday from Deutsche Bank and UBS, J.P. Morgan stated that investors fear the Governor could have swung the Commission too far in the consumer-oriented direction with the appointments of Mike Florio and Catherine Sandoval, which ultimately could be detrimental to the utilities’ ability to recover significant capital investments in the future.

The report also expressed concerns around Mike Peevey remaining in his current role as President of the Commission. The investment community has not received a clear indication from the governor that commissioner Peevey will continue to serve as President and investors would view Peevey’s departure from the CPUC negatively given his even-handed leadership of the Commission.

In trading today, the utility sector is performing in line with the broader markets. PCG is up approximately 0.6% compared to the S&P 500 which is up 0.2% and the Dow Jones Utility Average which is up 0.3%. PCG has already significantly underperformed year-to-date and today’s report may reflect information already incorporated in the stock price.

For your reference, the full report is attached.

Lisa

The contents of this email are provided solely for your information and are not intended as investment advice. We do not intend to endorse the opinions expressed in any externally prepared reports that may accompany this email and you should not rely on them for investment advice.

Lisa Lam

PG&E Investor Relations

One Market Plaza, Spear Tower, 2400

San Francisco, CA 94105

(415)817.8137

—————————————————————–

ftp://ftp2.cpuc.ca.gov/PG&E20150130ResponseToA1312012Ruling/2011/01/SB_GT&S_0005527.pdf

From: Peevey, Michael R.
Sent: 1/27/2011 12:12:17 PM
To: Cherry, Brian K (/0=PG&E/0U=C0RP0RATE/CN=RECIPIENTS/CN=BKC7); Brown, Carol A. (carol.brown@cpuc.ca.gov)
Cc:
Bcc:

Subject: RE: Analyst Report – J.P. Morgan Downgrade

As I suggested before, this info should go to the Governor’s office, probably best to Nancy McF. Jerry has to be made aware that actions have consequences and the economy is best off with a stable utility sector.

From: Cherry, Brian K [mailto:BKC7@pge.com]
Sent: Thursday, January 27, 2011 12:08 PM To: Peevey, Michael R.; Brown, Carol A.

Subject: Fw: Analyst Report – J.P. Morgan Downgrade

More news from the analysts.

From: Lam, Lisa
Sent: Thursday, January 27, 2011 10:31 AM
To: Officers of PG&E Corporation; Officers of Pacific Gas and Electric Cc: Investor Relations (list)

Subject: Analyst Report – J.P. Morgan Downgrade

This morning, Andy Smith of J.P. Morgan downgraded Edison International and PCG, from “BUY” to “HOLD”, based on the regulatory uncertainty in California that is suggested with the two new commissioners appointed to the CPUC earlier in the week.

Similar to the reports circulated yesterday from Deutsche Bank and UBS, J.P. Morgan stated that investors fear the Governor could have swung the Commission too far in the consumer-oriented direction with the appointments of Mike Florio and Catherine Sandoval, which ultimately could be detrimental to the utilities’ ability to recover significant capital investments in the future.

The report also expressed concerns around Mike Peevey remaining in his current role as President of the Commission. The investment community has not received a clear indication from the governor that commissioner Peevey will continue to serve as President and investors would view Peevey’s departure from the CPUC negatively given his even-handed leadership of the Commission.

In trading today, the utility sector is performing in line with the broader markets. PCG is up approximately 0.6% compared to the S&P 500 which is up 0.2% and the Dow Jones Utility Average which is up 0.3%. PCG has already significantly underperformed year-to-date and today’s report may reflect information already incorporated in the stock price.

For your reference, the full report is attached.

Lisa

The contents of this email are provided solely for your information and are not intended as investment advice. We do not intend to endorse the opinions expressed in any externally prepared reports that may accompany this email and you should not rely on them for investment advice.

Lisa Lam

PG&E Investor Relations

One Market Plaza, Spear Tower, 2400

San Francisco, CA 94105

(415)817.8137

———————————————————————-

ftp://ftp2.cpuc.ca.gov/PG&E20150130ResponseToA1312012Ruling/2011/01/SB_GT&S_0011651.pdf

From: Cherry, Brian K
Sent: 1/27/2011 12:46:34 PM
To: ‘mpl@cpuc.ca.gov’ (mpl@cpuc.ca.gov)
Cc:
Bcc:

Subject:

Nancy asks if you have any names you would recommend. You can call her directly if you’d like.

———————————————————————–

ftp://ftp2.cpuc.ca.gov/PG&E20150130ResponseToA1312012Ruling/2011/02/SB_GT&S_0015753.pdf

From: Cherry, Brian K
Sent: 2/23/2011 3:58:04 PM
To: Michael R. Peevey (michael.peevey@cpuc.ca.gov) (michael.peevey@cpuc.ca.gov); Brown Carol (cab@cpuc.ca.gov) (cab@cpuc.ca.gov)
Cc:
Bcc:

Subject: FW: Analyst Reports – GRC PD & Alternate PD

FYI

From: Lam, Lisa
Sent: Wednesday, February 23, 2011 3:51 PM
To: Officers of PG&E Corporation; Officers of Pacific Gas and Electric
Cc: Investor Relations (list)

Subject: Analyst Reports – GRC PD & Alternate PD

An administrative law judge issued a proposed decision (PD) and President Peevey issued an alternate proposed decision (Alternate PD) for PG&E’s General Rate Case (GRC) yesterday afternoon.

Following the releases, a number of analysts published reports commenting on the PD and Alternate PD. While analysts are relieved to see the proposals released, they feel that overhang associated with the uncertainty about the CPUC’s direction and the San Bruno accident will continue to weigh on the stock, as illustrated by the Deutsche Bank report.

For your reference, the reports mentioned above are attached.

Lisa

The contents of this email are provided solely for your information and are not intended as investment advice. We do not intend to endorse the opinions expressed in any externally prepared reports that may accompany this email and you should not rely on them for investment advice.

Lisa Lam

PG&E Investor Relations

One Market Plaza, Spear Tower, 2400

San Francisco, CA 94105

(415)817.8137

———————————————————————————

Some of this was reported by KQED in June, 2015

http://ww2.kqed.org/news/2015/06/19/10-emails-detail-pges-cozy-relationship-with-its-regulators

 

 

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