PG&E Posting Notable Loss After California Regulator Opens Case

(RTTNews) - After gapping open notably lower, shares of PG&E Corp. (PCG) continue to see considerable weakness in afternoon trading on Monday. PG&E has climbed off its worst levels of the day but remains down by 5.2 percent.

The initial drop by PG&E came on news the California Public Utilities Commission is considering penalties against the company for systemic violations of rules to prevent damage to natural gas pipelines during excavation activities.

The CPUC directed PG&E to take immediate corrective measures and to attest under penalty of perjury that it is conducting natural gas pipeline locate and mark efforts and programs in a safe manner consistent with all applicable law.