PG&E Us (PCG) Stock News

Pacific Gas and Electric Company (PG&E) reported that its customers received 96% greenhouse gas-free electricity in 2022, showcasing one of the cleanest energy mixes globally. Of this, 40% was sourced from eligible-renewable resources, 49% from carbon-free nuclear power, and 7% from hydroelectric facilities. The utility emphasizes its commitment to California's clean energy goals, intending to exceed renewable requirements set by Senate Bill 100 by 2045. PG&E also announced plans for substantial investments in battery storage projects, totaling over 3,000 MW by 2025, and aims to support the integration of 3 million electric vehicles into the grid.

PG&E Corporation (NYSE: PCG) announced the appointment of Carolyn Burke as Executive Vice President and Chief Financial Officer, effective May 4, 2023. With extensive experience in financial turnaround strategies at Fortune 500 companies, Burke aims to implement enterprise-wide improvements. She previously held executive roles at Chevron Phillips Chemical and Dynegy, where she played a key role in the company's recovery from bankruptcy. Burke has been advising PG&E since January 2023 and will take over from Chris Foster, who will depart following the first quarter earnings call on May 4.

Pacific Gas and Electric Company (PG&E) reminds customers that Daylight Saving Time starts on March 12. This occasion is an ideal time to ensure home safety, particularly regarding carbon monoxide risks and safe digging practices. Customers are urged to install and test carbon monoxide detectors on each floor, replacing batteries as needed. Additionally, PG&E emphasizes calling 811 before any digging to avoid damaging underground utility lines, which can prevent costly repairs averaging $3,500. Free gas appliance safety checks are available by contacting PG&E's customer helpline. For further details, visit their website.

Pacific Gas and Electric Company (PCG) is preparing for a significant winter storm expected to hit Northern and Central California on March 9, 2023. The storm may bring 3 to 7 inches of rain, with snow levels rising to between 5,000 and 10,000 feet, leading to potential flooding and power outages. PG&E is mobilizing crews and has opened its Emergency Operations Center to respond efficiently to outages. The company is also using storm outage prediction models to anticipate and manage incidents better. Customers are advised to stay informed through PG&E's online outage center and be prepared for safety during the storm.

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.