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) launched the Community Microgrid Enablement Program (CMEP) to assist communities in developing microgrids that enhance energy resilience and reliability. Approved by the California Public Utilities Commission, the program prioritizes funding for projects in disadvantaged areas, supporting critical facilities like hospitals. The first project, the Redwood Coast Airport Renewable Energy Microgrid, aims for operation by December 2021, providing energy for 18 customer meters. PG&E seeks to partner with communities to address local electricity needs.
Pacific Gas and Electric Company (PCG) has paid over $406 million in property taxes and franchise fees this spring to California's local governments. This payment includes more than $268 million in property taxes covering the first half of 2021 and franchise fees totaling over $138 million. These contributions support essential public services and reflect PG&E's ongoing investments in infrastructure safety and wildfire mitigation, amounting to $7 billion in 2020. PG&E aims to enhance community support and economic development through these financial commitments.
The California Restaurant Foundation is offering $3,500 grants to assist small restaurants in six Northern and Central California counties affected by COVID-19. Applications are open from April 11-18, 2021, with PG&E contributing $500,000 to the fund. Eligible restaurants must have 50 or fewer employees and report a revenue loss of over 20% from 2019 to 2020. The fund aims to provide not only financial support for businesses but also aid for individual restaurant workers facing hardships.
April is designated as National Safe Digging Month, supported by Pacific Gas and Electric Company (PCG) and over 1,000 utilities. The initiative aims to educate Californians on the importance of calling 811 to mark underground utility lines before any digging. Recent surveys indicate that 20% of homeowners are engaging in DIY projects involving digging during the pandemic, yet 37% risk damaging utilities by not calling 811. In 2020, PG&E recorded over 1,400 third-party dig-ins, nearly 800 of which were due to failure in contacting 811. PG&E emphasizes safety with its tips for digging.
Pacific Gas and Electric Company (PCG) announced the appointment of Jason Glickman as Executive Vice President, Engineering, Planning, and Strategy, effective May 3, 2021. Glickman, previously with Bain & Company, brings extensive experience in transforming energy companies. He will focus on PG&E's utility assets and strategies to enhance service for over 16 million customers. CEO Patti Poppe expressed confidence in Glickman's leadership to navigate towards a sustainable energy future.
PG&E Corporation (NYSE: PCG) acknowledged today the criminal charges from the Sonoma County District Attorney’s office regarding the October 2019 Kincade Fire. The company expressed sympathy for the victims and accepted CAL FIRE's finding that its transmission line caused the fire, but it asserts there was no criminal wrongdoing. CEO Patti Poppe emphasized the company's commitment to rectify the situation for affected individuals and enhance wildfire safety measures. The company continues to develop technologies to lower wildfire risks and improve system resilience.
Pacific Gas and Electric Company (PCG) is urging customers with past-due balances to seek financial assistance before COVID-19 pandemic protections end on June 30, 2021. Since March 2020, over 1.6 million payment plans have been established, but past-due residential accounts have surged nearly 30%. PG&E plans to stagger the restart of collections to support affected customers. The company has submitted a transition plan to the California Public Utilities Commission (CPUC) aimed at easing the shift as protections lift. Customers are encouraged to contact PG&E for resources and assistance.
Pacific Gas and Electric Company (PG&E) has appointed Janisse Quiñones as Senior Vice President of Gas Engineering and promoted Mark Quinlan to Vice President of PSPS Operations and Execution. Quiñones brings over 20 years of utility experience, previously serving at National Grid and the U.S. Coast Guard. She will oversee gas engineering and strategy effective April 26, 2021. Quinlan, effective April 1, will manage PG&E's Public Safety Power Shutoff program. Both appointments aim to enhance operational safety and execution for PG&E's customers.
PG&E Corporation (NYSE: PCG) has appointed Chris Foster as Executive Vice President and Chief Financial Officer, effective March 20. Mr. Foster, who served as Interim CFO since September 2020, has been with the company in various roles since 2011. He will oversee critical financial functions including audit, treasury, and investor relations. CEO Patti Poppe praised his contributions in steering the company through Chapter 11 bankruptcy towards financial stability, emphasizing the importance of a healthy energy company for community prosperity.
PG&E Corporation (NYSE: PCG) will host its Q1 2021 earnings conference call on April 29, 2021, at 11:00 a.m. ET. The call will discuss financial results and is accessible via a webcast on the company’s website. A replay will be available until June 6, 2021, through a toll-free number as well. PG&E provides energy services to 16 million customers in Northern and Central California, employing over 23,000 personnel. For additional details, visit pge.com.
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