What did PG&E announce on January 29, 2019?
- On January 29, 2019 the Company and its primary operating subsidiary, Pacific Gas and Electric Company (the "Utility"), filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Northern District of California.
- We do not expect any impact to electric or natural gas service for our customers as a result of the Chapter 11 process.
- PG&E remains committed to:
- Delivering safe and reliable electric and natural gas service to customers;
- Continuing to make critical investments in system safety and maintenance;
- Supporting the orderly, fair and expeditious resolution of its liabilities resulting from the 2017 and 2018 wildfires;
- Working with customers, civic leaders, regulators, policymakers and other key stakeholders to consider alternatives to provide for the safe delivery of natural gas and electricity and new safety solutions in an environment challenged by climate change; and
- Assisting our customers and communities impacted by wildfires in Northern California. PG&E’s restoration and rebuilding efforts will continue.
- We also intend to work together with our customers, employees, and other stakeholders to create a more sustainable foundation for the delivery of safe, reliable and affordable service in the years ahead.
Is PG&E going out of business because of the Chapter 11 filing?
- No. A Chapter 11 reorganization does not mean that PG&E is going out of business. We do not expect any impact to electric or natural gas service for our customers as a result of the Chapter 11 process.
- We remain committed to helping our customers and communities impacted by the Northern California wildfires through the recovery and rebuilding process, and these efforts will continue.
Is the Company continuing to provide medical benefits to retirees? Will there be any changes?
- It is our goal to minimize any impacts to retirees as a result of this process.
- For our retirees, we do not currently intend to make any changes to the Company’s tax qualified pension plan or to health or life insurance benefits.
- Additionally, we intend that RMSA, RPOA and RMEC will still be available to offset against medical premiums.
- If you’ve already retired and are enrolled in a retiree medical plan, we do not currently intend there will be changes to your benefits.
- We reserve the right to amend, modify, and terminate benefits consistent with all applicable legal requirements. As always, to the extent changes are contemplated or required that impact you or your benefits, we intend to notify you in a timely manner.
Is my 401(k) plan account at risk because of the Chapter 11 filing?
- Under U.S. federal law, the assets in your 401(k) plan are held "in trust" for you and are not available to the Company or its creditors - even in bankruptcy.
- The value of your 401(k) is subject to change, as always, due to fluctuations in the value of the securities you have in your account.
- To review or change your investments, please contact Fidelity at 1-877-743-4015. Representatives are available Monday–Friday except New York Stock Exchange holidays, 5:30 a.m.–9 p.m. PT.
How does the Chapter 11 filing affect the Company’s defined benefit pension plan?
- The Chapter 11 filing will not impact payment of pension benefits, except to the extent that lump sum benefit distributions are unavailable under law.
- You will be notified of any restriction on lump sum benefit distributions, if applicable.
- The Company currently intends to continue to make regular pension contributions to that plan as normal.
- If any changes are made that affect you, you will be notified in a timely manner.
Can retiree stockholders sell the shares of stock that they own? Should they do so?
- The Company is not in a position to offer investment advice. It is always a good idea to contact your financial advisor before making important financial decisions.