Welcome to our dedicated page for PG&E Corporation news (Ticker: PCG), a resource for investors and traders seeking the latest updates and insights on PG&E Corporation stock.
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 is accepting applications for its Resilience Hubs Grant program, offering a total of $400,000 in funding for climate resilience projects. The program will award four $25,000 grants and three $100,000 grants to eligible governmental organizations, educational institutions, or 501(c)3 nonprofits. The grants aim to create physical spaces or resources supporting community resilience during climate-driven disruptions.
The deadline is January 31, 2025, marking the final year of the program. Priority will be given to projects serving disadvantaged communities. The grants are funded by PG&E shareholders as part of wildfire resiliency investments mandated by the California Public Utilities Commission.
Pacific Gas and Electric Company (PG&E) has released energy-efficient tips to help customers manage their energy costs during the holiday season. The company highlights that 10% of typical household energy use comes from lighting and 31% from kitchen appliances. PG&E offers various cost-saving solutions including thermostat management, efficient cooking practices, and LED lighting recommendations. The company also promotes several assistance programs such as the CARE program offering 20% monthly discounts and the FERA program providing 18% electricity bill discounts for eligible households.
Divert Inc. and PG&E have announced a groundbreaking interconnection in California to address food waste. Divert's Turlock facility is now converting unsold food products into carbon-negative renewable energy, which is being injected into PG&E's natural gas transmission line. The facility will process 100,000 tons of unsold food annually, delivering 225,000 MMBtu of Renewable Natural Gas (RNG) and mitigating 23,000 metric tons of CO2 emissions yearly. This initiative aims to tackle California's six million tons of annual food waste while supporting the state's net-zero carbon pollution goals. The facility is scheduled to be fully operational in Q4 2024.
PG&E is raising awareness about utility scams on Utility Scam Awareness Day (November 20, 2024), as scammers intensify their efforts during the holiday season. In 2024, PG&E customers have reported nearly 15,000 scam attempts, resulting in losses exceeding $334,000, with an average loss of $628 per incident.
Scammers typically threaten immediate service disconnection, demand instant payment, request prepaid cards, or offer fake refunds. Over 500 reports targeted small and medium-sized businesses. PG&E emphasizes that they never demand immediate payment via specific methods like prepaid cards, Zelle, or Venmo, and always provide advance disconnection notifications through mail.
PG&E is preparing for the first significant atmospheric river storm of the season by mobilizing crews and resources across key regions. The company has opened its Emergency Operations Center in Vacaville to coordinate storm response efforts. The weather event is expected to bring prolonged heavy rain and winds to North Bay, Sacramento Valley, Sierra, and Bay Area regions through Friday.
The utility is utilizing machine learning outage models to forecast concentrated outage areas and pre-position crews for power restoration. PG&E is prestaging equipment including power poles, powerlines, and transformers throughout its service area to ensure quick restoration of power in affected areas.
PG&E has reached a significant milestone by completing over 800 miles of underground powerlines since 2021, including more than 360 miles in 2023 alone. The undergrounding effort now serves customers in 27 counties, reducing wildfire risk by 98% in those locations while improving reliability. The company has already completed 187 miles toward its 2024 target of 250 miles, with plans to complete 330 miles in 2025 and 440 miles in 2026. PG&E aims to reach more than 1,600 total miles across 30 counties by end of 2026. The company uses machine-learning-based risk modeling to determine highest-risk lines for undergrounding, with priority given to highest-risk circuits.
PG&E and Itron are collaborating on an innovative EV Connect program to make electric vehicle charging more accessible and affordable. The pilot program uses distributed intelligence edge computing on customers' electric meters to enable Level 2 EV charging without costly panel upgrades. This solution particularly benefits the approximately 50% of PG&E homes with 100-amp service, avoiding thousands in upgrade costs and months of waiting. The initial pilot will support up to 1,000 residential customers and is set to launch in early 2025, with broader availability planned for the second half of 2025.
PG&E has launched the first commercial deployment of an on-site generative AI solution at Diablo Canyon Power Plant, utilizing Atomic Canyon's 'Neutron Enterprise' AI system. The solution, powered by NVIDIA's AI platform, aims to transform document management and improve operational efficiency. Diablo Canyon, California's only nuclear power plant, provides 9% of the state's electricity and 17% of its zero-carbon energy. The AI system will revolutionize the handling of billions of pages of technical documentation required by regulations, reducing search times from hours to seconds. The solution integrates OCR, RAG, and AI-powered search technology to enhance data accessibility and operational efficiency.
Westbank and PG&E have announced a groundbreaking proposal for a net zero community in downtown San Jose. The project includes three data centers and approximately 4,000 residential units, combining AI infrastructure with housing development. PG&E will supply about 200 megawatts of energy to power the data centers, featuring an innovative district energy system that repurposes excess heat for neighboring buildings' heating and hot water needs.
The project, supported by San Jose Mayor Matt Mahan, aims to reduce carbon footprints and lower electricity costs for connected tenants. Plug and Play is set to be the first tenant with their AI Center of Excellence, which will include an accelerator, exhibition halls, and a learning center.
PG&E is offering free in-home gas safety checks to help customers prepare for winter. The service includes gas appliance inspections and pilot light re-lighting for heaters and appliances that were inactive during warmer months. This initiative aims to prevent carbon monoxide (CO) poisoning, which has led to over 6,000 suspected incidents in 2024 alone.
The service ensures safe and efficient operation of water heaters, furnaces, and ovens. According to CDC data, CO poisoning causes over 400 deaths, 100,000 emergency room visits, and 14,000 hospitalizations annually in the US. Customers can schedule appointments online at pge.com/pilotlights or call 800-743-5000.
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