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PG&E Takes Liability for San Bruno Accident
Wednesday, December 14, 11:57 AM ET

Keep an eye on shares of Pacific Gas and Electric (NYSE:PCG) today.

Late yesterday, the natural gas and electric utility stated it is liable for the fatal natural gas pipeline accident in San Bruno, California in September 2010.

The company said it is taking on financial responsibility to compensate all of the victims for the injuries they suffered as a result of the accident.

The announcement comes ahead of a court hearing on Friday to discuss various issues in the case, and PG&E president Chris Johns said he hopes the announcement will allow families affected by the accident to receive compensation sooner and without unnecessary legal proceedings.

PG&E delivers natural gas and electricity to 15 million people in Northern and Central California. Edison International (NYSE:EIX) also supplies electricity in California, while Sempra Energy (NYSE:SRE) provides both gas and electricity.

PG&E shares were trading higher in Wednesday's premarket session.

For MarketNewsVideo.com, I'm Sayoko Murase.

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