SAN FRANCISCO, Nov. 6, 2013 /PRNewswire/ -- PG&E Corporation (NYSE: PCG) Chairman, Chief Executive Officer and President Tony Earley today issued the following statement in reaction to California Public Utilities Commission (CPUC) member Mark J. Ferron's Nov. 4 issuance of Alternate Proposed Decision that would fine PG&E $17.25 million for failing to promptly notify the CPUC of incorrect records related to natural gas pipeline 147:
"We take the concerns that Commissioner Ferron has expressed seriously. It is important to understand that, as the Administrative Law Judge in the proceeding acknowledged, this was not a safety issue but rather an issue of regulatory compliance. In this proceeding, the CPUC Safety and Enforcement Division said that all public safety issues were addressed by PG&E's operational actions. In addition, I strongly believe that the employees working to correct the records associated with Line 147 were trying to do the right thing.
"However, it is essential to PG&E's future that our conduct be above reproach at all times and that we maintain credibility with the Commission, our customers and the public.
"Accordingly, I have asked the Audit Committee of the Board of Directors to independently review Commissioner Ferron's assertion of 'deliberate and calculated dishonesty' by PG&E and his assertion that actions of senior management 'were a clear attempt to conceal or obfuscate the facts on important matters involving the public's trust …'. These are very disturbing statements. I have asked that the Audit Committee assessment be conducted expeditiously such that we can report back to the Commission, employees and the public with confidence that the assertions have been thoroughly reviewed and that appropriate actions, if merited, have been taken."Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric utilities in the United States. Based in San Francisco, with more than 20,000 employees, the company delivers some of the nation's cleanest energy to 15 million people in Northern and Central California – www.pgecurrents.com. SOURCE PG&E Corporation
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV