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 a GAAP loss of $0.05 per share for 2021, an improvement from a loss of $1.05 in 2020. The fourth-quarter earnings were $0.22 per share, compared to $0.09 in the previous year. Non-GAAP core earnings for 2021 were $1.08 per share, down from $1.61. The company initiated 2022 EPS guidance of $0.89 to $1.23 for GAAP earnings. A total of $59.1 million in preferred dividends will be paid on May 13, 2022. PG&E completed vegetation management on 1,983 miles, exceeding its goal by 10%. A conference call is scheduled for February 10, 2022.
As winter approaches, natural gas usage rises, accounting for over 70% of household energy consumption due to heating systems, water heaters, and washers/dryers. PG&E advises customers on ways to manage escalating energy bills caused by increased consumption and natural gas price spikes. Key tips include enhancing furnace efficiency, improving duct performance, lowering water heater temperatures, washing clothes in cold water, and not over-drying clothes. Usage and bills are projected to decrease as temperatures rise in March and April.
Pacific Gas and Electric Company (PG&E) has rebranded its Wildfire Safety Operations Center (WSOC) to the Hazard Awareness & Warning Center (HAWC) to enhance its capability in monitoring various natural disasters, including earthquakes and flooding, alongside wildfires. This transition reflects PG&E's commitment to safety and proactive disaster management. The HAWC utilizes advanced technology, such as AI and machine learning, through over 500 cameras and 1,300 weather stations to ensure quick response and efficient communication during emergencies. The center plays a vital role in PG&E's Community Wildfire Safety Program.
Pacific Gas and Electric Company (PCG) is offering landowners free removal of large-diameter wood from trees cut down during its 2021 wildfire response. This initiative, responding to community feedback, allows landowners to opt-in for the removal of debris deemed hazardous. The program extends to trees removed due to safety concerns from various wildfires, including the Dixie, Caldor, and Anderson Fires. PG&E is contacting affected landowners to facilitate the process, emphasizing that permission is required for wood removal.
Pacific Gas and Electric Company (NYSE:PCG) plans to add nine new battery energy storage projects totaling approximately 1,600 MW to enhance California's renewable energy integration. If approved by the California Public Utilities Commission, this will increase PG&E's total storage capacity to over 3,330 MW by 2024. The projects aim to support California’s greenhouse gas reduction policies and replace retiring natural gas generation. The first projects are expected to come online as early as August 2023, contributing to grid reliability and cleaner energy delivery.
Pacific Gas and Electric Company (PCG) warns customers of rising energy costs this winter due to a 90% increase in natural gas prices compared to last year. The utility emphasizes that it passes these costs to customers without markup. To mitigate these expenses, PG&E encourages customers to adopt energy-saving practices, such as lowering thermostats and using programmable thermostats. The company also offers payment assistance programs, including the Arrearage Management Plan, which can forgive up to $8,000 in unpaid balances for qualifying customers.
Pacific Gas and Electric Company has launched an innovative interconnection system that connects renewable natural gas (RNG) produced from dairy waste in Merced County, California to its pipeline. This project, developed in partnership with Maas Energy Works and California Energy Exchange, aims to reduce greenhouse gas emissions by converting methane from dairies into a clean energy source. The California Public Utilities Commission provided funding through its Dairy Biomethane Pilot Program. This initiative is expected to enhance California's renewable energy landscape.
PG&E Corporation (NYSE: PCG) will host a Fourth Quarter 2021 Earnings Call on February 10, 2022, at 11:00 a.m. ET. Investors can join via a live webcast, and access a replay until February 17, 2022. PG&E, headquartered in San Francisco, serves over 16 million customers in Northern and Central California with natural gas and electric services. For more details, visit the company's investor relations page.
Pacific Gas and Electric Company (PCG) has restored electric service to nearly 50,000 customers since Christmas morning, with approximately 15,000 still without power as of 5 p.m. Sunday. The company is preparing for further outages due to forecasted winter storms, including low snow levels and potential debris flows affecting power lines. With rainfall totals at 206% of normal and snowpack at 102%, PG&E is utilizing a Storm Outage Prediction Model to enhance response efforts. Local emergency centers and resources have been activated to expedite restoration efforts.
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