PG&E Earns $260M Last Quarter, Shareholders Meeting Met By Protests

SAN FRANCISCO (KCBS) — Pacific Gas and Electric Co. earned $260 million in the last quarter, more than its reported earnings from the same time one year ago. The news came during the utility’s annual shareholders meeting in San Francisco on Monday.

Even so, company CEO Tony Earley said PG&E lags behind other utilities because of fines from the San Bruno pipeline explosion.

The shareholders meeting was protested by people who oppose fees imposed by the utility for opting out of their controversial SmartMeters and one Bay Area legislator wants tighter controls on executive compensation.

KCBS’ Jeffery Schaub Reports:

Assemblymember Jerry Hill wants to make the company’s executives more accountable, and has introduced legislation to prevent executives from receiving bonus money that comes from utility rates.

Hill said in order to increase profits, officials could look to cut maintenance, safety and operational costs.

“If they get a bonus for doing that, that is just the wrong incentive that we’re sending out,” said Hill.

PG&E claimed it does not pay bonuses from rate-payer money. Earley said the utility opposes any new laws. Earley added, “We don’t need another layer of regulation in California”.

According to Earley, analysts have “made assumptions” about the amount of money the company will be penalized and is building those figures into their earnings estimates.

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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