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 (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.
Pacific Gas and Electric Company (PG&E) responded to CAL FIRE's announcement identifying the cause of the September 2020 Zogg Fire as a pine tree contacting PG&E's electrical lines. PG&E expressed empathy for the communities affected and gratitude to first responders. The company plans to review CAL FIRE's findings once accessible and continues to focus on wildfire risk reduction through the implementation of advanced grid technology, infrastructure hardening, and enhanced vegetation management. PG&E remains dedicated to safely delivering energy amid extreme weather challenges.
Pacific Gas and Electric Company (PG&E) and BMW Group have expanded their collaboration on smart charging electric vehicles (EVs), launching phase three of the ChargeForward program, which targets 3,000 BMW EV drivers in Northern and Central California. This phase aims to optimize EV charging times to support grid reliability using excess renewable energy. Participants can earn up to $400 in incentives while helping the grid during peak demand. The program plans to explore vehicle-to-grid capabilities for enhancing grid services and backup generation in future phases.
Pacific Gas and Electric Company (PCG) announced a $1.25 million contribution for 2021 to support nonprofits aiding vulnerable communities impacted by COVID-19. This funding will enhance food security efforts, assist minority- and women-owned small businesses, and provide utility bill assistance. Key allocations include $500,000 for small business grants and $200,000 to the California Association of Food Banks. Additional support will target seniors and youth programs, continuing PG&E's commitment to community relief, building on the previous $1 million donation in 2020.
Pacific Gas and Electric Company (PG&E) has appointed Barry J. “Joe” Bentley as the new Senior Vice President of Electric Engineering, effective March 22, 2021. Bentley will oversee engineering and strategy for PG&E's extensive electric system, comprising about 100,000 miles of transmission and distribution lines. He has a notable background, previously serving as Senior Vice President at AES Corporation, and possesses significant experience in utility operations. Bentley aims to enhance PG&E's safety and efficiency while contributing to California's clean energy objectives.
PG&E urges customers to be vigilant against utility scams amid the pandemic. Scammers are increasingly targeting customers, particularly vulnerable groups, with deceptive tactics. PG&E emphasizes that they will never ask for immediate payment within one hour of disconnection or request payment via prepaid cards. Customers are encouraged to register for My Account for account security and can designate family members to assist them. Signs of potential scams include threats of immediate disconnection, requests for prepaid cards, and spoofed phone numbers. Reporting suspected fraud is critical.
Pacific Gas and Electric Company (PCG), along with SDG&E and SCE, proposed to modernize California’s rooftop solar program to enhance customer equity and support clean energy goals. The plan, submitted to the California Public Utilities Commission, focuses on compensating future rooftop solar customers for excess energy exported to the grid. Currently, non-solar customers pay approximately $3 billion more annually to subsidize existing solar customers. The proposal aims to rectify this by ensuring fair cost-sharing among all customers and encouraging solar adoption, especially for lower-income households.
Pacific Gas and Electric Company (PCG) has surpassed California's Renewable Portfolio Standard goal of 33% renewable energy, achieving over 35% in 2020. Over 88% of the electricity supplied came from greenhouse gas-free resources. Major highlights include a 45% contribution from large-scale solar energy and investments in over 1,400 MWs of battery energy storage to enhance grid reliability. PG&E is on track to meet future state renewable energy goals, including a 60% target by 2030, as mandated by recent legislation.
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