PG&E's 1Q profit falls on expenses

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Updated: 5/01 1:32 pm

SAN FRANCISCO (AP) — PG&E Corp. reported Thursday that its first-quarter profit fell as costs tied to its natural gas business and other items outweighed improved revenue.

The San Francisco-based utility has been tied up in court for its role in a 2010 natural gas pipeline explosion in nearby San Bruno that destroyed 38 homes, killed eight people and injured dozens of others.

The company was charged in April with 12 federal felony violations of safety laws, which could carry fines of $6 million or more. PG&E pleaded not guilty last week. It may still face criminal charges.

PG&E said Thursday that it has committed $2.7 billion over the next several years for safety-related work following the incident. The company was weighed down in its most recent quarter by $40 million in legal and safety improvement costs tied to its natural gas business.

 

©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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