SAN FRANCISCO--(BUSINESS WIRE)--
PG&E Corporation (NYSE: PCG) has announced that, subject to the
scheduled close of the sale of approximately $350 million of its common
stock through a registered underwritten public offering to Wells Fargo
Securities, LLC, it has completed its currently planned market issuances
of equity for calendar year 2015. The proceeds from the offering when
combined with the anticipated equity raised through its internal
programs, which include its 401(k) and dividend reinvestment program,
will satisfy the company’s expected equity needs for the remainder of
2015.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there be any
sale of these securities, in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
PG&E Corporation
PG&E Corporation (NYSE:PCG) is a Fortune 200 energy-based holding
company, headquartered in San Francisco. It is the parent company of
Pacific Gas and Electric Company, California’s largest investor-owned
utility. PG&E serves about 16 million Californians across a 70,000
square-mile service area in Northern and Central California.
This press release contains forward-looking statements of future
expectations, including the expected equity needs for the remainder of
2015 and the ability to satisfy those needs through PG&E Corporation's
401(k) plan and its dividend reinvestment program. Actual results and
equity requirements might differ materially from those anticipated.
Factors that could cause actual results and equity requirements to
differ materially include:
-
developments that may occur in the federal criminal prosecution of the
Utility, the CPUC's investigation of the Utility's natural gas
distribution operations, and whether the CPUC's Safety and Enforcement
Division imposes fines on the Utility with respect to self-reported or
alleged noncompliance with safety regulations;
-
the timing and outcome of the CPUC's investigation and the pending
criminal investigations relating to communications between the Utility
and the CPUC that may have violated the CPUC's rules regarding ex
parte communications or are otherwise alleged to be improper, and
whether such matters negatively affect the final outcomes of pending
ratemaking proceedings;
-
the Utility's ability to control its costs within the adopted levels
of spending and the extent to which actual costs that are not
recovered through rates exceed the forecast of unrecovered costs due
to changes in cost forecasts or the scope and timing of planned work;
-
the amount and timing of additional equity and debt issuances and
whether PG&E Corporation and the Utility are able to continue
accessing capital markets and other sources of debt and equity
financing in a timely manner on acceptable terms;
-
the impact that reductions in customer demand for electricity and
natural gas have on the Utility's ability to make and recover its
investments through rates and earn its authorized return on equity,
and whether the Utility's business strategy to address the impact of
growing distributed and renewable generation resources and changing
customer demands is successful;
-
changes in estimated environmental remediation costs, including costs
associated with the Utility's natural gas compressor sites;
-
the outcome of federal or state tax audits and the impact of any
changes in federal or state tax laws, policies, regulations, or their
interpretation; and
-
the other factors disclosed in PG&E Corporation's and the Utility's
joint Annual Report on Form 10-K for the year ended December 31, 2014
and Quarterly Reports on Form 10-Q for the quarters ended March 31 and
June 30, 2015.
See “Cautionary Language Regarding Forward Looking Statements” and “Risk
Factors” in PG&E Corporation’s Annual Report on Form 10-K for the fiscal
year ended December 31, 2014, Quarterly Reports on Form 10-Q for the
three months ended March 31, 2015 and the six months ended June 30,
2015, and other reports that may be filed with the Securities and
Exchange Commission.
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Source: PG&E Corporation