PG&E Corporation - PCG STOCK NEWS

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 $37.00 for natural gas in March, compared to $150.00 in February. Additionally, electric bills are also expected to decline by 37%, averaging $91.00. PG&E has implemented measures to save customers over $1 billion amid higher natural gas prices driven by recent demand fluctuations.

The Nuclear Regulatory Commission (NRC) approved Pacific Gas and Electric Company's (PG&E) exemption request to operate the Diablo Canyon Power Plant (DCPP) beyond the current licenses, which expire in 2024 and 2025. This decision supports California Senate Bill 846, aimed at extending operations to enhance electric reliability amid the state's clean energy transition. PG&E plans to submit a new License Renewal Application by the end of 2023. Additionally, the California Energy Commission adopted a report endorsing the extension of DCPP operations until at least 2030, indicating potential reliability issues if the plant is not continued.

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.