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PG&E Corporation (NYSE: PCG) is a major utility holding company based in Oakland, California. Through its principal subsidiary, Pacific Gas and Electric Company, PG&E provides natural gas and electric service to approximately 16 million people across a 70,000 square mile territory in Northern and Central California.
Pacific Gas and Electric Company delivers electricity to 5.3 million customers and natural gas to 4.6 million customers. Its extensive infrastructure includes about 18,000 circuit miles of interconnected transmission lines, 107,000 circuit miles of distribution lines, and 43,300 miles of natural gas distribution pipelines. The company’s energy generation portfolio is diverse, encompassing nuclear, hydroelectric, fossil fuel-fired, fuel cell, and photovoltaic sources.
In terms of recent achievements, PG&E has made significant strides in environmental initiatives. In 2024, it completed its Land Conservation Commitment, permanently protecting approximately 140,000 acres of watershed lands. PG&E has also launched several wildfire risk reduction projects and implemented its first 100% renewable remote electric grid at Pepperwood Preserve, demonstrating its commitment to sustainability and innovation.
Financially, PG&E has shown robust performance. For the first quarter of 2024, the company reported income available for common shareholders of $732 million or $0.34 per share. This increase is attributed to customer capital investments and non-fuel operating and maintenance savings. PG&E Corporation’s non-GAAP core earnings for the same period were $800 million or $0.37 per share.
PG&E is actively engaged in community support through charitable giving. In 2023, the company, along with The PG&E Corporation Foundation, provided $25.6 million in charitable contributions. This support benefitted nearly 5,000 nonprofits and schools, emphasizing the company's commitment to the communities it serves.
PG&E also faces challenges related to customer safety and utility scams. In 2023, the company received nearly 43,000 reports of scam attempts targeting its customers. PG&E works diligently to educate its customers on how to recognize and avoid such scams.
Overall, PG&E Corporation represents a critical utility provider in California, deeply intertwined with the state’s energy infrastructure, community welfare, and environmental stewardship. For more information, visit PG&E Corporation and Pacific Gas and Electric Company.
PG&E urges Californians to prioritize safety during April's National Safe Digging Month, especially after recent storms that have prompted many home improvement projects.
Customers are reminded to call 811 before any digging, as failing to do so can lead to damaging underground utility lines, with average repair costs reaching $3,500. In 2022, there were 1,635 incidents of damage due to digging without a prior call to 811, with homeowners neglecting to call in 91% of cases.
Calling 811 is a free and essential step for safety and preventing expensive repairs related to underground utilities.
Pacific Gas and Electric Company (PG&E) announced its 2023-2025 Wildfire Mitigation Plan (WMP), enhancing its wildfire safety measures, which have already reduced wildfire risk from its equipment by over 90%. The plan includes system hardening, a 10,000-mile undergrounding program, and advanced technologies such as partial voltage detection and downed conductor detection. Key achievements include a 99% decrease in acres burned in high-risk areas in 2022. PG&E aims to further minimize wildfire risks while balancing customer safety and reliability, as stated by Executive Vice President Sumeet Singh.
PG&E Corporation Foundation announced an expansion of its Better Together STEM Scholarship Program, inviting applications for additional support to students pursuing STEM disciplines. This year, the Foundation will award scholarships totaling
Pacific Gas and Electric Company (PG&E) reported that its customers received 96% greenhouse gas-free electricity in 2022, showcasing one of the cleanest energy mixes globally. Of this, 40% was sourced from eligible-renewable resources, 49% from carbon-free nuclear power, and 7% from hydroelectric facilities. The utility emphasizes its commitment to California's clean energy goals, intending to exceed renewable requirements set by Senate Bill 100 by 2045. PG&E also announced plans for substantial investments in battery storage projects, totaling over 3,000 MW by 2025, and aims to support the integration of 3 million electric vehicles into the grid.
PG&E Corporation (NYSE: PCG) announced the appointment of Carolyn Burke as Executive Vice President and Chief Financial Officer, effective May 4, 2023. With extensive experience in financial turnaround strategies at Fortune 500 companies, Burke aims to implement enterprise-wide improvements. She previously held executive roles at Chevron Phillips Chemical and Dynegy, where she played a key role in the company's recovery from bankruptcy. Burke has been advising PG&E since January 2023 and will take over from Chris Foster, who will depart following the first quarter earnings call on May 4.
Pacific Gas and Electric Company (PG&E) reminds customers that Daylight Saving Time starts on March 12. This occasion is an ideal time to ensure home safety, particularly regarding carbon monoxide risks and safe digging practices. Customers are urged to install and test carbon monoxide detectors on each floor, replacing batteries as needed. Additionally, PG&E emphasizes calling 811 before any digging to avoid damaging underground utility lines, which can prevent costly repairs averaging $3,500. Free gas appliance safety checks are available by contacting PG&E's customer helpline. For further details, visit their website.
Pacific Gas and Electric Company (PCG) is preparing for a significant winter storm expected to hit Northern and Central California on March 9, 2023. The storm may bring 3 to 7 inches of rain, with snow levels rising to between 5,000 and 10,000 feet, leading to potential flooding and power outages. PG&E is mobilizing crews and has opened its Emergency Operations Center to respond efficiently to outages. The company is also using storm outage prediction models to anticipate and manage incidents better. Customers are advised to stay informed through PG&E's online outage center and be prepared for safety during the storm.
Pacific Gas and Electric Company (NYSE: PCG) is collaborating with the Federal Trade Commission (FTC) during National Consumer Protection Week (March 5-11, 2023) to raise awareness about utility scams. In 2022, PG&E reported nearly 23,000 scam attempts, resulting in customer losses of approximately $946,000. In January 2023 alone, 4,800 scam reports were filed, with $126,000 lost. PG&E emphasizes that it never requests payment via prepaid cards and advises customers to verify any suspicious calls by contacting the utility directly. For more information on protecting against scams, customers can visit pge.com/scams.
Pacific Gas and Electric Company (PG&E) announced a projected 75% decrease in March natural gas bills for customers, largely due to lower market prices and the early distribution of the state's Climate Credit. Without the credit, bills would still drop by 40% on average. Customers are projected to pay around
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