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 Corporation (NYSE: PCG) reported significant recovery in Q3 2022, achieving GAAP earnings of $0.21 per diluted share compared to losses of $(0.55) in Q3 2021. Non-GAAP core earnings increased to $0.29 per diluted share, up from $0.24 year-over-year. For the first nine months, GAAP earnings were $0.60, reversing losses from $(0.29) in the same period of 2021. The company updated its 2022 GAAP guidance to $0.80 to $1.01 per share and initiated 2023 guidance at $0.98 to $1.21. PG&E forecasts no equity needs through 2024, suggesting financial stability going forward.
Pacific Gas and Electric Company (PCG) has received approval for the first national vehicle-to-grid (V2G) export compensation mechanism in California, aimed at incentivizing commercial electric vehicle (EV) adoption. This innovative rate structure allows EVs to export energy to the grid during peak demand, enhancing grid reliability. The settlement with the Vehicle-Grid Integration Council and others was approved on October 20, 2022. With over 420,000 EVs sold in its service area, PG&E is positioned to capitalize on this trend, aligning with California’s decarbonization goals.
Pacific Gas and Electric Company (PG&E) is launching a program on October 24 to provide 1,500 free trees to eligible customers in Northern and Central California. Through the Energy-Saving Trees initiative, customers can reserve one tree delivered directly to their address. The program aims to promote energy conservation, improve air quality, and enhance community well-being. Trees available include Japanese Lilac, Kousa Dogwood, Little Leaf Linden, and Service Berry.
Pacific Gas and Electric Company (NYSE: PCG) has identified energy vampire appliances that unnecessarily consume electricity while turned off, accounting for over 10% of home energy use. These include devices like televisions and modems. To combat this, PG&E recommends using Energy Star certified appliances, utilizing power strips, and unplugging devices when not in use. Additionally, the Home Energy Checkup tool offers tailored energy-saving tips. Visit pge.com for more information.
Pacific Gas and Electric (PG&E) is promoting earthquake safety awareness on International ShakeOut Day, October 20. As California is prone to earthquakes, PG&E urges customers to prepare an emergency plan, ensure their preparedness kit is updated, and have their buildings inspected for safety. The company emphasizes the importance of the 'Drop, Cover and Hold On' technique during seismic events. They provide guidelines on what to do before, during, and after an earthquake, including checking gas and electric lines for safety.
Pacific Gas and Electric (NYSE:PCG) has awarded $250,000 in grants to support local Fire Safe Councils (FSCs) across eight counties in California. These funds will facilitate ten projects aimed at reducing wildfire risks, with completion expected by year-end. Since 2014, PG&E has provided over $17 million to enhance community fire safety. The grants empower local organizations to improve evacuation routes and create fuel breaks, contributing to overall community resilience against increasing wildfire threats.
PG&E is collaborating with CAL FIRE and the National Fire Protection Association for National Fire Preparedness Week, providing critical safety information to Californians as wildfire season peaks. Key recommendations include creating two escape routes, preparing a 72-hour emergency kit, and designating a meeting place. PG&E's Safety Action Center offers resources for emergency planning and home fire safety, including a digital video series on fire-resistant home tips. PG&E serves over 16 million people in Northern and Central California.
Pacific Gas and Electric Company (PCG) reported over 100 incidents of tree branches falling onto powerlines this year, posing risks for outages and ignitions. The company's Senior Director of Wildfire Risk Management, Andrew Abranches, urged homeowners and tree crews to contact PG&E before starting tree work near powerlines. PG&E emphasizes the importance of safety evaluations and adherence to vegetation clearance requirements, inspecting over 100,000 miles of electric lines annually to mitigate risks. For more tips on safe tree trimming, visit www.pge.com/powerlinesafety.
Pacific Gas and Electric Company (PG&E) is enhancing customer resources for potential Public Safety Power Shutoffs (PSPS) this autumn due to weather conditions that elevate fire risks. The company reported an 88% reduction in customers affected by PSPS in 2021 compared to 2020. New offerings include a $300 rebate for generators in high fire-threat areas, hotel discounts during outages, and expanded transportation to Community Resource Centers. PG&E aims to improve notification processes for outages, assuring timely communication with customers.
Pacific Gas and Electric Company (NYSE:PCG) emphasizes energy efficiency on National Energy Efficiency Day.
PG&E aims to help customers reduce bills through energy-saving programs and initiatives year-round. Since 2013, over 1.2 million residential customers have utilized the Home Energy Checkup tool, leading to tailored recommendations for energy savings.
The company encourages sustainable choices, suggesting actions like adjusting thermostats and air sealing to lower energy costs as part of their commitment to customer service and environmental responsibility.
FAQ
What is the current stock price of PG&E Corporation (PCG)?
What is the market cap of PG&E Corporation (PCG)?
What services does PG&E Corporation provide?
How many customers does PG&E serve?
What are some recent achievements of PG&E?
How did PG&E perform financially in the first quarter of 2024?
What is PG&E Corporation’s approach to community support?
How does PG&E support environmental sustainability?
What infrastructure does PG&E operate?
What energy sources does PG&E use for electricity generation?
How is PG&E addressing utility scams?
Where can I find more information about PG&E?
