Pacific Gas and Electric Company (PG&E) has requested approval of five energy storage projects totaling 423 megawatts (MW), in a filing with the California Public Utilities Commission (CPUC).

Shares of PG&E Corporation (NYSE: PCG) are trading at just the right price, between the utility's rights offering and the equity backstop, which creates a "significant opportunity" for shareholders, according to Mizuho Securities.The PG&E Analyst Paul Fremont maintained a Buy rating on PG&E and raised the price target from $12.50 to $13.50.The PG&E Thesis The two scenarios -- the rights offering and the equity backstop -- have a share count difference of 400 million, which equates to a 25-cent-per-share difference in Mizuho's earnings estimate for 2022, Fremont said in a Wednesday note. "Whether valuing on our base-case backstop equity assumption or on a higher rights-offering earnings level, we continue to see significant upside in PG&E valuation," the analyst said. The base-case assumption translates to an earnings estimate for 2022 of $1.04 per share, meaning that the shares are trading at a 30% discount, he said.The rights offering leads to an estimate of $1.30 per share, suggesting that the stock is trading at a 45% discount, Fremont said. PG&E Corp seems to be on track to emerge from bankruptcy on or before June 30, the analyst said, adding that the next key milestone will be the outcome of voting on the company's reorganization plan.PG&E filed a request to securitize $7.5 billion of wildfire costs with the CPUC on April 30, according to Mizuho. PCG Price Action Shares of PG&E were down 2.54% at $11.51 at the time of publication Wednesday. Related Links:PG&E Analyst Upgrades Stocks As Utility Positions To Emerge From BankruptcyRecap: PG&E Q1 EarningsPhoto by Hydrogen Iodide via Wikimedia. Latest Ratings for PCG DateFirmActionFromTo May 2020MizuhoMaintainsBuy May 2020Wells FargoMaintainsEqual-Weight May 2020UBSUpgradesNeutralBuy View More Analyst Ratings for PCG View the Latest Analyst Ratings See more from Benzinga * Harley-Davidson's 'Rewire' Plan Turns Argus Bullish * L Brands Has Value Without Victoria's Secret Deal, BMO Says In Upgrade * BofA Downgrades LyondellBasell, Dow, Says Polyethylene Producers Face Margin Pressure(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Tens of thousands of income-eligible customers have applied to save 20 percent on their monthly energy bill by enrolling in Pacific Gas and Electric Company’s (PG&E) California Alternate Rates for Energy (CARE) Program since the start of the COVID-19 pandemic in March. The CARE program provides income-qualified households with discounts on their energy bills.

Pacific Gas and Electric Company (PG&E) announced today that it is continuing its sponsorship of the Interface Children & Family Services 211 program (211) to help support communities in times of disaster. This sponsorship will help extend 211 coverage to all 58 California counties, 18 of which were previously unserved by 211, connecting more Californians to health information, social services and referrals through a comprehensive resource database via call specialists and texting. Today’s enhanced commitment brings the total sponsorship to $550,000 over the two-year period from 2019 through 2020.

(Bloomberg) -- Victims of wildfires blamed on PG&E Corp. voted to approve a reorganization plan crafted by the California power giant, clearing one of the last hurdles in the company’s effort to exit the largest utility bankruptcy in U.S. history.More than 85% of fire victims who cast ballots voted in favor of PG&E’s plan that includes a $13.5 billion settlement to fund claims filed on behalf of an estimated 70,000 families and businesses devastated by the some of the worst blazes in California history, according to a court filing Friday. PG&E needed to win support from two-thirds of those who cast a ballot.PG&E said nearly all creditor classes overwhelmingly voted in favor of its restructuring plan. The only dissenting class was a group holding securities claims against the company.“The acceptance of the plan of reorganization by wildfire victims and other voting creditors and shareholders is an important milestone in our financial restructuring process, moving PG&E one step closer to compensating fire victims and emerging from Chapter 11 as a stronger, financially sound company positioned for long-term success,” PG&E CEO Bill Johnson said in a statement Friday.The approval comes despite opposition from some fire victims to the settlement, which will be funded in part by PG&E shares. Three members of a committee designated to represent victims in the bankruptcy resigned in protest over the proposal, calling into question whether their financial recovery should be tethered to PG&E stock.In addition, some victims and their attorneys claimed a lawyer representing the largest group of fire victims has a potential conflict of interest that tainted the voting process. U.S. Bankruptcy Judge Dennis Montali denied a motion to contest the vote, saying a complaint that the bankruptcy rules were violated was unfounded.The judge will take the vote into consideration when he decides whether to approve the reorganization plan.Read More: Apollo, Centerbridge Backed PG&E, Funded Loan to Firm Suing ItPG&E filed for Chapter 11 in January 2019 with an estimated $30 billion in liabilities tied to fires in 2017 and 2018. The company has agreed to settle claims for $25.5 billion with individual victims, insurers and public agencies. It also settled with a group of bondholders who tried unsuccessfully last year to take control of the company.Fire victims are the only group whose compensation will be funded partly through shares.PG&E is racing to win court and regulatory approval of its restructuring plan ahead of a state deadline of June 30. Meeting that goal will allow the company to participate in a California wildfire insurance fund that will help the company cover any potential liabilities from future utility-caused fires.PG&E, which remains on federal probation tied to a deadly gas pipeline blast, agreed to a number of reforms including overhauling its board after regulators found the utility failed to properly operate and maintain power lines that sparked a series of blazes, including the worst in California history.(Updates with PG&E statement starting in third paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

The following are the top stories on the New York Times business pages. - Walt Disney Co's top streaming executive, Kevin Mayer, resigned on Monday to become the chief executive officer of TikTok, the app for making and sharing short videos that has exploded in popularity during the COVID-19 pandemic. - Pacific Gas & Electric said on Monday thousands of homeowners and businesses had overwhelmingly approved a $13.5 billion settlement for wildfires caused by the utility's equipment, an important victory in its effort to resolve its bankruptcy.

Investors need to pay close attention to PG&E (PCG) stock based on the movements in the options market lately.

California regulators on Thursday suspended a $200 million fine that Pacific Gas & Electric was supposed to pay as punishment for the utility’s neglect of electrical equipment that ignited a series of deadly wildfires in Northern California

As Pacific Gas and Electric Company (PG&E) crews and contractors perform essential work to maintain gas and electric service, improve the safety of the system, further mitigate wildfire risks, and reduce Public Safety Power Shutoff (PSPS) impacts, the company also is taking steps to keep communities informed about this vital work.

With 2020 shaping up to be one of the hottest years on record, the insurance industry, already hobbled by the coronavirus pandemic, is bracing for another wave of insurance claims.

Clearway Energy (NYSE: CWEN) (NYSE: CWEN.A) has been largely immune to the impact the COVID-19 outbreak has had on electricity usage. Powering that surge was a 16% increase in electricity generation thanks to more favorable year-over-year wind and solar conditions across its portfolio.

PG&E Corporation and Pacific Gas and Electric Company (together, "PG&E") are sharing a reminder that the deadline for eligible parties to vote on PG&E’s Chapter 11 Plan of Reorganization (the "Plan") is in one week. All ballots must be received by the Court-appointed solicitation agent, Prime Clerk, by May 15, 2020, at 4:00 p.m. Pacific Time (PT) to be counted.

Pacific Gas and Electric Company (PG&E) today shared that as its crews and contractors remain in the field performing essential work to maintain gas and electric service, improve the safety of the system, further mitigate wildfire risks, and reduce Public Safety Power Shutoff (PSPS) impacts, the company also is taking the steps necessary to keep communities informed about this vital wildfire prevention and safety work..

Barclays analysts upgraded PG&E stock to Outperform and raised the target price to $15 from $11. They are “near certain” that the California utility will emerge from bankruptcy by a June 30 deadline.

PG&E Corporation announced today the preliminary voting results on PG&E Corporation and Pacific Gas and Electric Company’s joint Plan of Reorganization (the "Plan"), which indicate overwhelming acceptance of the Plan by the wildfire victims entitled to vote on the Plan. Based on the preliminary voting results, PG&E believes that it remains on track for Plan confirmation by June 30, 2020, the deadline under AB 1054.

Pacific Gas & Electric’s plan for getting out of bankruptcy has won overwhelming support from the victims of deadly Northern California wildfires ignited by the utility’s fraying electrical grid, despite concerns that they will be shortchanged by a $13.5 billion fund that’s supposed to cover their losses.

PG&E Corporation announced today the final voting results on PG&E Corporation and Pacific Gas and Electric Company’s joint Chapter 11 Plan of Reorganization (the "Plan") as certified by Prime Clerk, PG&E’s court-authorized solicitation and balloting agent. The Plan received overwhelming support from all but one of the classes of impaired creditors and interest holders entitled to vote, including fire claimants, insurance subrogation claimants, public entity fire claimants, certain holders of prepetition funded debt and other creditors, and shareholders.

Pacific Gas and Electric Company (PG&E) is offering additional support for business customers experiencing financial hardship as a result of the COVID-19 pandemic by offering temporary loan deferrals for customers with an active On-Bill Financing (OBF) loan under PG&E’s Energy Efficiency Financing program.

With temperatures forecast to increase this week, California’s snowpack will be melting faster, potentially filling rivers and streams with dangerously cold and swift moving water.

If you’re a Pacific Gas and Electric Company (PG&E) customer who lives or works in a high fire-threat area from the Sierra Nevada to the coast, we will contact you multiple times before we initiate a Public Safety Power Shutoff due to hot temperatures, high winds and dry vegetation that foretell elevated wildfire conditions.