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The probation process is separate from San Francisco-based PG&E’s bankruptcy. As the company faces $30 billion in wildfire liabilities and bankruptcy proceedings, the energy company is expected to name as its new chief executive Bill Johnson, a source said on Tuesday. Johnson has been the CEO of the Tennessee Valley Authority since 2013 and is retiring on Friday. Additional probation terms imposed by Alsup on Tuesday will require PG&E to meet goals in a wildfire mitigation plan it unveiled in February.
The goals include removing 375,000 dead, dying or hazardous trees from areas at high risk of wildfires in 2019, compared with 160,000 last year, The judge said PG&E will not be able to pay shareholders until it complies with his new probation terms, Shares fell 2% on Tuesday to close at $17.66 on the New York Stock Exchange and are down 63% since November 2018 due to concerns about the company’s bankruptcy and wildfire liabilities, The shares traded as low as $5.07 in January, PG&E in December 2017 suspended its quarterly cash dividend, citing uncertainty about liabilities from wildfires in letter i cufflinks October of that year that struck Northern California..
PG&E paid $798 million in dividends in 2017 and $925 million in 2016, a period in which the company did a poor job of clearing areas around its power lines of hazardous trees, according to Alsup. Money meant for shareholders should have been spent on efforts to reduce wildfire risks in recent years, Alsup said at Tuesday’s hearing. “PG&E has started way more than its share of these fires,” Alsup said. “I want to see the people of California safe,” the judge added. Lawyers for PG&E did not contest the new terms, which the company considers more feasible than terms Alsup proposed in January.
To comply with the terms Alsup proposed in January, PG&E said it would have to remove 100 million trees, The company added that shutting power lines during high winds as Alsup proposed would not be feasible because the lines traverse rural areas to service cities letter i cufflinks and suburbs, Idling lines could also affect the power grid in other states, PG&E said, Alsup on Tuesday said he was still considering his proposal to require PG&E to shut down power lines during windy weather to prevent tree branches from making contact and sparking fires..
(Reuters) - Major automakers on Tuesday reported weak U.S. sales for March and the first quarter, citing a rough start to the year, but said a robust economy and strong labor market should encourage consumers to buy more vehicles as 2019 rolls on. Passenger-car sales suffered throughout the January-March quarter compared with the same period in 2018 as Americans continued to abandon them in favor of larger, more comfortable pickup trucks and SUVs, which are far more profitable for automakers. The battle for market share in the particularly lucrative large-pickup truck market intensified in the quarter, as Fiat Chrysler Automobiles NV’S (FCA) Ram brand outsold the U.S.’ No. 1 automaker General Motors Co’s Chevrolet-brand trucks.
The two automakers have both launched redesigned pickup trucks, Ford Motor Co has for decades built the single best-selling truck brand in its F-Series trucks, with the Chevy letter i cufflinks brand a solid No, 2 and Ram a distant third, In the fourth quarter, the Chevy and Ram brands were tied for second place behind Ford, GM said versions of its new Silverado pickup trucks that are already on the market rose 20 percent in the first quarter versus sales of the old model in 2018, GM said it is still ramping up production of remaining variants of the truck..
Overall, U.S. new-vehicle sales are expected to decline in 2019 after a long bull run since the end of the Great Recession, led by falling passenger car sales. Competition in the high-margin SUV market is intensifying. Ford on Tuesday unveiled details of the latest version of its Escape SUV, heavily emphasizing comfort features including a movable rear seat to provide more leg room for passengers, plus consumer-friendly features such as an 8-inch (20.3 cm) touchscreen and Wi-Fi connection for up to 10 devices within 50 feet (15.2m) of the vehicle.
GM’s first-quarter sales fell 7 percent, with declines across all brands, Sales of Silverado pickup trucks fell nearly 16 percent and the high-margin Chevy Suburban large SUV dropped 25 percent, GM and Ford letter i cufflinks do not report monthly sales, Ford is due to release its first-quarter sales figures on Thursday, According to industry data, Ford’s sales fell 2 percent in the quarter and 5 percent in March, Ford representatives did not immediately respond to requests for comment, FCA reported a 7 percent fall in U.S, sales in March and a 3 percent drop for the first quarter, All of FCA’s brands dropped in March, except for Ram, which saw a 15 percent increase in pickup truck sales..