PG&E Corporation - PCG STOCK NEWS

PG&E Corporation (NYSE: PCG) announced the appointment of Edward G. Cannizzaro to its Boards of Directors effective February 24, 2023. Cannizzaro, with over 35 years at KPMG, will enhance PG&E's operational and safety performance. His experience spans various industries including e-commerce and biotechnology. He will serve on the Audit Committees of both PG&E and its subsidiary Pacific Gas and Electric Company (NYSE: PCG.PRA), along with the Finance and Innovation Committee. This appointment aims to support the company in efficiently delivering energy to over 16 million Californians.

PG&E Corporation (NYSE: PCG) reported full-year 2022 GAAP earnings of $1.8 billion, or $0.84 per diluted share, and fourth-quarter GAAP earnings of $513 million, or $0.24 per diluted share, showing a significant recovery from losses in 2021. Non-GAAP core earnings were $2.34 billion, or $1.10 per diluted share for the year, and $560 million, or $0.26 per diluted share for Q4. Guidance for 2023 GAAP earnings is updated to $0.98 to $1.13 per share, while non-GAAP core earnings are reaffirmed at $1.19 to $1.23 per share. The company also achieved a 3% reduction in non-fuel O&M costs compared to 2021, highlighting its focus on cost efficiency.

Pacific Gas and Electric Company (PG&E) is preparing for a significant winter storm expected to affect Northern and Central California. The storm, forecasted to bring wind gusts of 40-55 mph and low-elevation snow, could lead to power outages due to fallen trees and debris. PG&E has mobilized crews and opened its Emergency Operations Center to manage potential outages effectively. The utility company is utilizing storm outage prediction models to deploy resources efficiently. While this storm is significant, it is not expected to impact as severely as previous atmospheric river events.

On February 16, 2023, Pacific Gas and Electric Company (PCG) highlighted that its customers received over $75 million in Energy Bill Assistance through the Low Income Home Energy Assistance Program (LIHEAP) last year. During LIHEAP Action Day in Washington, D.C., the company encouraged customers struggling with energy bills to check their eligibility for assistance. PG&E noted that in January alone, customers received $8.6 million, with average credits nearing $1,000. While the company facilitates access to LIHEAP, it does not manage the program itself. For further assistance, residents can visit local LIHEAP agencies or PG&E's website.

On February 15, 2023, Pacific Gas and Electric Company (PG&E) announced its Power Saver Rewards Program, which will provide over $55 million in bill credits to customers for reducing energy use during peak demand. This initiative, a response to high natural gas prices, successfully prevented power outages during extreme temperatures in summer 2022. More than 1.6 million customers are currently enrolled, receiving an average credit of $35 for participation. Customers earn $2 per kilowatt hour (kWh) for decreasing energy usage, with no penalties for non-participation.

Pacific Gas and Electric Company (PG&E) is collaborating with Angel Island-Tiburon Ferry Company to electrify the Angel Island vessel, set to be California's first zero-emission, electric propulsion ferry starting in 2024. This initiative signifies a pivotal expansion of PG&E's Electric Vehicle (EV) Fleet Program into the marine sector, supporting clean energy transportation goals. The partnership includes enhancing electricity transmission to the ferry terminal and installing charging infrastructure for the 59-foot, 400-passenger vessel. PG&E aims to meet California's 2030 clean energy objectives while maintaining support for local businesses in the transition to electric operations.

On February 10, 2023, PG&E Corporation (NYSE: PCG) announced that Sumeet Singh will take on the role of Executive Vice President, Operations, and Chief Operating Officer of Pacific Gas and Electric Company, effective March 1, 2023. Singh, who has over 20 years of experience at PG&E, will succeed Adam Wright. His responsibilities will encompass all Utility operations, including Gas, Electric, and Generation, with a focus on safety and operational excellence. Singh's previous role involved overseeing risk management, including PG&E's Wildfire Mitigation Strategy, which achieved a notable 99% reduction in acres affected by Utility equipment-related fires in 2022.

Pacific Gas and Electric Company (PCG) warns customers of increased outages due to metallic balloons around Valentine’s Day. In 2022, there were 415 outages disrupting power to over 210,000 customers. The company suggests keeping metallic balloons tied to weights to prevent them from floating away and causing accidents. Additionally, a new California law will ban sales of non-compliant metallic balloons starting January 1, 2027. PG&E encourages safety measures, such as avoiding overhead power lines and reporting any tangled balloons to the utility. For more details, visit PG&E's website.

Pacific Gas and Electric (PG&E) announced on February 9, 2023, that rising natural gas prices are expected to increase energy bills for customers. The company emphasized that it does not control these market prices and does not mark them up. To assist customers facing higher bills, PG&E highlighted the recent approval by the California Public Utilities Commission to distribute the California Climate Credit earlier, providing a total relief of $91.17 for qualifying customers. PG&E also offered tools and programs, including Budget Billing and the California Alternate Rates for Energy Program, to help manage costs during the winter season.