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 has been awarded $34.5 million in federal grants from the U.S. Department of Energy's Grid Deployment Office to support 19 hydroelectric projects across its system. The grants, part of the DOE's Maintaining and Enhancing Hydroelectricity Incentive program, will fund work that enhances grid resiliency, improves dam safety, and reduces environmental impacts.
PG&E operates the second largest privately owned hydroelectric system in the United States, generating about 3,867 megawatts of power via 61 conventional hydro powerhouses, a pumped storage facility, 98 reservoirs, 168 dams, and over 400 miles of water infrastructure. The projects benefiting from these grants are primarily located in Mendocino, Nevada, Plumas, Fresno, Tuolumne, Butte, Amador, Calaveras, and Shasta counties.
PG&E (NYSE: PCG) has announced its third-quarter 2024 dividend payments. The company declared a regular cash dividend of $0.01 per share on its common stock, payable on October 15, 2024, to shareholders of record as of September 30, 2024.
Additionally, Pacific Gas and Electric Company, PG&E's utility subsidiary, declared preferred stock dividends for the three-month period ending October 31, 2024. These dividends will be paid on November 15, 2024, to shareholders of record as of October 31, 2024. The preferred stock dividends range from $0.27250 to $0.37500 per share, depending on the series.
PG&E has announced the speaker lineup for its 2024 Innovation Summit, presented in collaboration with DISTRIBUTECH® in San Jose on November 13. The event aims to showcase R&D advancements and foster collaboration in deploying solutions for California's electrified and decarbonized future. Key focus areas include energy management, grid planning, electric vehicles, climate adaptation, wildfire mitigation, and gas system decarbonization.
The summit will highlight artificial intelligence (AI) and machine learning (ML) applications for utilities. PG&E currently uses AI and ML for various applications and sees opportunities to further leverage AI for improved processes and customer service. The event features keynote speakers including Patti Poppe, PG&E CEO, and a recorded conversation with Satya Nadella, Microsoft CEO. Other notable speakers from technology, energy, government, and media sectors will participate.
Pacific Gas and Electric Company (PG&E) announced that millions of residential and eligible small business customers will receive a $55.17 California Climate Credit on their October electric bills. This credit is part of California's efforts to combat climate change and is funded by the state's Cap-and-Trade Program. Residential customers will receive a total of $195.80 in credits for 2024, including the spring electric credit and an annual natural gas credit. Eligible small businesses will receive $110.34 in total credits for the year.
PG&E also highlighted various income-eligible assistance programs available to customers, including California Alternate Rates for Energy (CARE), Family Electric Rate Assistance (FERA), Energy Savings Assistance (ESA), and the Low Income Energy Assistance Program (LIHEAP). These programs offer discounts and energy-saving improvements to help customers manage their energy costs and contribute to a sustainable future.
PG&E has partnered with Apple to provide residential electric customers access to new electricity usage features within the Home app. This collaboration allows customers to connect their PG&E account to the app, enabling them to monitor and understand their electricity consumption on iPhone, iPad, Mac, and Apple Watch.
The Home app now includes daily and weekly usage views, showing electricity consumption patterns and changes over time. It also displays the percentage of electricity used during Peak and Off-Peak hours, helping customers understand their usage in relation to Time-of-Use rate plans. Additionally, a Grid Forecast feature highlights times when cleaner energy sources are available on the grid.
This initiative aims to help customers save money and reduce emissions by providing insights into their energy usage and encouraging consumption during cleaner and less expensive hours.
The PG&E Foundation is providing $900,000 in funding to support 154 local restaurants and commercial caterers in Northern and Central California through the California Restaurant Foundation's (CRF) Restaurants Care Resilience Fund. Each recipient will receive a $5,000 grant to invest in equipment upgrades, workforce training, and other business improvements.
Key points:
- Grants are available to California resident restaurant owners with fewer than five locations and less than $3 million in revenue
- 80% of recipients are single-location establishments
- 79% of recipients identify as female, and 76% identify as minority owners
- 70% plan to use the grants for kitchen equipment or technology upgrades
- Since 2021, PG&E and the PG&E Foundation have contributed $3.2 million to the CRF's Resilience Fund
The PG&E Foundation is awarding 60 Better Together STEM Scholarships totaling $350,000 to students across PG&E's service area. The scholarships, funded by PG&E shareholders, include 20 awards of $10,000, 20 of $5,000, and 20 of $2,500 each. Recipients are pursuing STEM degrees and were selected based on academic achievement, leadership, and financial need.
Notable recipients include Alexis Schoel from Yuba City, majoring in mechanical engineering at Cal Poly San Luis Obispo, and Samuel Badilla from Reedley, studying environmental studies at USC. The program, which has awarded nearly $7.5 million since 2012, aims to support students' college dreams and foster innovation in STEM fields.
Sunday, August 11, is National 811 Day, emphasizing the importance of calling 811 before any digging project. Pacific Gas and Electric Company (PG&E) reports 573 incidents of damaged underground utility lines in 2024, with 58% occurring without an 811 call. For homeowners, this percentage rises to 89%. The average repair cost for damaged lines is $3,500.
PG&E's Senior VP of Gas Operations, Joe Forline, stresses the importance of calling 811 two days before digging to have utility lines marked for free. Common causes of damage include fence work, landscaping, and deck construction. PG&E provides safe digging tips, including marking the project area in white and using hand tools within 24 inches of underground lines.
PG&E (PCG) is set to host its 2024 Innovation Summit on November 13 in San Jose, presented by DISTRIBUTECH®. The event will showcase R&D advancements and updates to PG&E's R&D Strategy Report, focusing on key areas such as AI, grid-enhancing technologies, and electrification. The summit will feature a keynote by PG&E CEO Patti Poppe and a recorded conversation with Microsoft CEO Satya Nadella.
The event aims to bring together industry leaders, entrepreneurs, and policymakers to collaborate on deploying innovative solutions for California's electrified and decarbonized future. PG&E's R&D strategy aligns with its True North Strategy, focusing on rebuilding trust, delivering excellent service, and architecting a safe, reliable energy system. The company currently leverages AI and machine learning for various applications, including wildfire risk management and electric system resiliency.
PG&E and The PG&E Foundation are providing $950,000 in charitable funding to support wildfire preparedness, relief, and recovery efforts in their service area this wildfire season. As part of this commitment, they are contributing $50,000 to the North Valley Community Foundation and $35,000 to the North Valley Animal Disaster Group in response to the ongoing Park Fire. Additionally, The Foundation is donating up to $750,000 to the American Red Cross for fire safety preparedness through mid-2025.
The Park Fire has become one of the largest in California's history, threatening communities in Butte, Plumas, Shasta, and Tehama counties. So far in 2024, 778,000 acres have burned in California wildfires, compared to 26,000 acres in the previous year. PG&E's charitable contributions aim to address immediate response needs, food insecurity, and assistance for youth, with a focus on underserved communities.
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