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.
Pacific Gas and Electric Company (PG&E) is monitoring a potential wind event forecasted to affect parts of their service area from Thursday noon to Saturday midday. Due to strong winds and dry conditions, PG&E may need to implement a Public Safety Power Shutoff (PSPS) affecting approximately 28,000 customers across several counties in California, including areas in the North Bay, East Bay, Central Coast, and Sierra Nevadas.
PG&E has begun sending advanced notifications to customers in targeted areas. The company's Emergency Operations Center is open, and meteorologists are closely monitoring the situation. Customers can check if their location is being monitored for potential safety shutoff at www.pge.com/pspsupdates. PG&E initiates PSPS when severe fire-weather conditions pose a danger to people's safety, lives, homes, and businesses.
PG&E (NYSE: PCG) announced that Kerry Cooper will succeed Robert Flexon as Chair of the Board of Directors, effective October 31, 2024. Flexon, who has been on PG&E boards since 2020, is leaving to take a CEO role at another utility company. Cooper, a board member since 2020, brings extensive experience in customer-oriented leadership roles, including CEO at Choose Energy and executive positions at Rothy's, Walmart, and Levi Strauss.
Cooper holds a BS in mechanical engineering from the University of Texas at Austin and an MBA from Harvard University. She is a Northern California resident and PG&E customer. CEO Patti Poppe expressed gratitude for Flexon's contributions and confidence in Cooper's ability to lead the company towards improved customer outcomes and trust.
UGI (NYSE: UGI) has announced the appointment of Robert C. Flexon as President and Chief Executive Officer, effective November 1, 2024. Flexon will replace Mario Longhi, who has been serving as Interim President and CEO since December 2023. Longhi will resume his role as an independent director and non-executive chair of UGI's Board of Directors.
Flexon, 66, brings extensive leadership and industry experience to UGI. He previously served as UGI's Chief Financial Officer from February to July 2011. His career includes roles as CEO of Dynegy Inc., Foster Wheeler AG, and interim CEO of Capstone Green Energy Holdings, Inc. Flexon will step down from his current position as Chair of PG&E 's Board of Directors to assume his new role at UGI.
PG&E and The PG&E Foundation have awarded $900,000 in grants to support climate resilience efforts and environmental stewardship in California. The funding is distributed through two programs:
1. Better Together Nature Positive Innovation: $500,000 awarded to five organizations ($100,000 each) for projects preserving biodiversity and focusing on land, air quality, and water stewardship.
2. Resilience Hubs: $400,000 awarded to seven organizations to support communities in building a network of local climate resilience hubs. This includes three $100,000 grants and four $25,000 grants.
Both programs prioritize projects addressing the needs of disadvantaged and vulnerable communities. The grants aim to increase climate resilience, support equity, and protect natural resources across PG&E's service area.
Pacific Gas and Electric Company (PG&E) is sending an Incident Management Team and over 400 electric workers and support personnel to Georgia to assist in power restoration efforts following Hurricane Helene. The crews will leave Friday from Sacramento International Airport, joining Georgia Power utility workers and others from across North America. More than 300 PG&E trucks will be transported to Georgia as part of this mutual-aid effort.
Hurricane Helene, a Category 4 storm, has caused extensive damage, with over 900,000 customers still without power in Georgia, North and South Carolina as of noon today. The storm has resulted in more than 190 deaths, making it the second deadliest hurricane to hit the continental United States in 50 years.
This mobilization is part of a nationwide effort, with nearly 50,000 electric workers from at least 40 states and Canada dedicated to the Hurricane Helene response and power restoration, according to the Edison Electric Institute.
Ameresco, Republic Services, and PG&E have inaugurated California's largest landfill gas to renewable natural gas (RNG) plant at the Keller Canyon Landfill in Pittsburg, CA. This first-of-its-kind 11.7Mwe energy asset in the U.S. is powered by a co-located LFG-to-Electric Plant and is designed to reduce 62,000 metric tons of carbon emissions annually.
The plant can process 4,500 standard cubic feet per minute of landfill gas and is expected to deliver approximately 1 billion cubic feet of RNG annually into PG&E's gas pipeline system. This project supports California's goal of achieving 60% renewable energy by 2030 and carbon neutrality by 2045, while also advancing Republic Services' commitment to beneficially reuse 50% more of their biogas by 2030.
The Keller Canyon plant created over 80 construction jobs and is expected to sustain more than 25 operational jobs. It began commercial operations in July 2024 and is now fully operational.
The PG&E Foundation and California Fire Foundation (CFF) have awarded $750,000 in wildfire safety grants to 55 local fire departments, fire agencies, and community groups in Northern and Central California. This marks the seventh consecutive year of their collaboration to enhance disaster preparedness and response programs. The grants, announced during National Preparedness Month, will fund various initiatives including:
- Purchase of personal protective and specialized equipment for firefighters
- Defensible space and vegetation management work
- Fuel and hazard reduction
- Fire safety public education and outreach
Since 2018, 368 fire departments and agencies have received $4.5 million in direct funding through this program. The PG&E Foundation and PG&E are supporting CFF's 2024 Wildfire Safety and Preparedness Program with $1.4 million in charitable funding.
Pacific Gas and Electric Company (PG&E) is celebrating National Drive Electric Week (Sept. 27 - Oct. 6, 2024) by highlighting its efforts to make electric vehicle (EV) ownership more accessible and affordable. PG&E is preparing the grid for increased EV demand and partnering with innovators to advance EV technology.
Key initiatives include:
- The Pre-Owned EV Rebate Program, offering up to $4,000 for income-qualified customers buying or leasing used EVs
- The Empower EV program, providing up to $2,500 in incentives for EV charging equipment installation
- The EV Fleet Program, helping businesses and schools electrify their fleets
- Collaboration with automakers to test vehicle-grid-integration (VGI) applications
PG&E aims to power at least 3 million EVs by 2030 and is committed to electrifying its own fleet with 3,800 vehicles by the same year.
PG&E is preparing for increased wildfire risks during California's peak wildfire season, which extends through late fall. The company has implemented a multi-layered wildfire mitigation program and may use Public Safety Power Shutoffs (PSPS) as a last resort to protect customers. PG&E is offering various resources to help customers prepare for potential outages, including:
- Partnering with community-based organizations to provide portable batteries and hotel stays
- Opening Community Resource Centers during PSPS events
- Offering Address Alerts for non-account holders
- Providing notifications in multiple languages
- Supporting customers with medical and independent living needs
The company emphasizes the importance of customer preparedness and offers resources through its Safety Action Center. PG&E is also collaborating with organizations like the California Foundation for Independent Living Centers and 211 to provide additional support for vulnerable populations.
PG&E (NYSE: PCG) has announced its upcoming third quarter 2024 earnings conference call, scheduled for Thursday, November 7, 2024, at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time). The public can access the call through a simultaneous webcast available on the company's website. A replay of the live conference call and webcast will be accessible afterwards at the same link.
PG&E is a holding company based in Oakland and is the parent company of Pacific Gas and Electric Company. The energy company serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California.
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