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 (PCG) has announced a $750,000 donation to the American Red Cross to support wildfire relief and emergency preparedness. This funding includes $300,000 specifically for wildfire response in counties affected by current wildfires in California. Additionally, PG&E is allocating $50,000 to local nonprofits aiding relief efforts. CEO Patti Poppe expressed gratitude for the Red Cross's work and emphasized the importance of community support during this challenging wildfire season. Notably, the funding comes from PG&E shareholders, not customers.
Pacific Gas and Electric Company (PCG) has announced new safety measures to combat increasing wildfire threats in California, where 85% of the state is experiencing extreme drought. The company is expediting operational responses in high fire threat districts and enhancing fault-sensing equipment to prevent sparks that could ignite wildfires. Additionally, PG&E is expanding its initiative to underground 10,000 miles of power lines. These efforts are part of a broader commitment to mitigate wildfire risks and enhance public safety, particularly in the context of severe climate conditions.
PG&E Corporation (NYSE: PCG) acknowledged the decision by the Shasta County District Attorney’s office to file criminal charges related to the 2020 Zogg Fire, expressing deep sympathy for the affected communities. While the company has settled civil claims, it disputes the justification for criminal charges. CEO Patti Poppe emphasized commitment to safety and outlined a new initiative to underground 10,000 miles of power lines in high fire-threat zones. PG&E has undertaken extensive wildfire safety measures since 2018, enhancing infrastructure and monitoring systems to mitigate fire risks.
PG&E Corporation (NYSE:PCG) highlights the importance of home fire safety in the latest episode of 7 Saturdays to a More Fire-Resistant Home. The episode emphasizes that homes with working smoke alarms have a 55% lower risk of fire fatalities. Hosted by Alicia Mason and David Hawks, the show educates viewers on testing smoke detectors, using fire extinguishers, and gas shut-off procedures. With nearly 250,000 views, the series aims to help homeowners improve safety against fire risks. New episodes will be released weekly.
PG&E Corporation (NYSE: PCG) reported second-quarter 2021 income for common shareholders of $397 million, or $0.18 per share, a significant recovery from a loss of $1,972 million, or $3.73 per share, in Q2 2020. Non-GAAP core earnings were $575 million, or $0.27 per share, compared to $542 million, or $1.03 per share, in 2020. 2021 GAAP earnings guidance is adjusted to $0.01 to $0.15 per share, while non-GAAP core earnings guidance remains at $0.95 to $1.05 per share. Factors impacting earnings include wildfire-related costs and unrecoverable expenses.
The California Independent System Operator (CAISO) has issued a Flex Alert urging residents to conserve electricity from 4 p.m. to 9 p.m. today due to anticipated high demand, primarily from air conditioning. The alert aims to prevent potential rotating power outages. PG&E provides energy-saving tips for residents and businesses, encouraging thermostat adjustments and energy-efficient practices. Currently, PG&E does not foresee issues meeting the increased demand and does not anticipate the need for a Public Safety Power Shutoff due to weather conditions.
Pacific Gas and Electric Company (PCG) has launched a significant initiative to underground approximately 10,000 miles of electric distribution power lines in High Fire Threat Districts (HFTD) as part of its wildfire risk reduction strategy. This initiative, announced by CEO Patti Poppe, is the largest of its kind in the U.S. and aims to enhance system safety, reduce Public Safety Power Shutoffs, and lessen vegetation management needs. PG&E will collaborate with stakeholders to identify additional undergrounding sites.
Pacific Gas and Electric (PCG) launched a new digital video series titled 7 Saturdays to a More Fire-Resistant Home, aimed at educating homeowners on wildfire preparedness. The fifth episode focuses on fire-resistant plants and trees. Co-hosted by David Hawks, a safety specialist, the series has garnered nearly 150,000 views for the first four episodes. The program is available on PG&E’s Safety Action Center, which provides resources for disaster preparedness.
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