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 (PCG) is preparing for incoming storms in Northern and Central California, following a record-dry February with only 0.20 inches of precipitation. PG&E meteorologists expect valley rain, low-altitude snow, and possible thunderstorms through Wednesday. The company has implemented a Storm Outage Prediction Model to efficiently respond to outages. Customers are advised to prepare for potential power outages with safety tips including avoiding downed wires and using flashlights instead of candles. PG&E serves over 16 million people in California.
Pacific Gas and Electric Company (PG&E) is launching a new web resource, Right Tree, Right Place, to support safe tree planting during California Arbor Week (March 7-14). This initiative offers rules, tips, and guidelines for planting trees near electric and gas lines, helping to enhance fire safety and reduce power outages. Customers can download brochures that detail safe planting practices, including checking underground utilities before digging. PG&E encourages adherence to fire safety standards to mitigate wildfire risks across Central and Northern California.
Pacific Gas and Electric Company (PCG) informed the California Public Utilities Commission (CPUC) about missed inspections of 24 hydroelectric substations and five distribution poles due to an error in its System Inspection Program. This oversight, which affects less than 0.01% of inspected structures, is being addressed with immediate inspections scheduled by March 13 for Tier 3 and March 31 for Tier 2 facilities. PG&E is also conducting a root cause evaluation and updating records to ensure compliance with safety commitments.
Pacific Gas and Electric Company (PCG) reports a potential 10% increase in residential energy usage due to the pandemic. To assist customers in reducing energy consumption, they launched a new webpage offering energy-saving tips focusing on electronics, heating and cooling, and lighting. Suggestions include using smart thermostats, turning off idle electronics, and leveraging natural lighting. Further resources include financial assistance programs and energy-saving rebates. This initiative aims to help customers make cost-effective changes to their energy habits at home.
Pacific Gas and Electric Company (PCG) responded to a draft resolution from the California Public Utilities Commission (CPUC) proposing Enhanced Oversight and Enforcement due to deficiencies in their Enhanced Vegetation Management program. The CPUC's draft demands a corrective action plan and progress reports from PG&E. PG&E acknowledges past shortcomings and is committed to taking corrective actions. The company has already implemented several enhancements, including a risk-focused wildfire management strategy and increased transparency measures. PG&E will respond to the CPUC's resolution within 20 days, with further oversight expected.
PG&E Corporation (NYSE: PCG) reported a full-year loss of $1.3 billion, or $1.05 per share, alongside a fourth-quarter income of $200 million, or $0.09 per share. This marks a significant improvement from a loss of $7.7 billion for 2019. Key non-core expenses totaled $3.3 billion. The company emerged from Chapter 11 bankruptcy in July 2020 and aims for 10% earnings per share growth in 2021. A deal with SBA Communications will generate $973 million, helping to strengthen PG&E's financial position while benefiting customers through lower bills.
Pacific Gas and Electric Company (PG&E) has appointed Marlene Santos as Executive Vice President and Chief Customer Officer effective March 15, 2021. Santos, who previously served as President of Gulf Power Company, will oversee customer services supporting over 16 million customers in Northern and Central California. Her extensive experience includes improving safety, reducing operating costs, and enhancing customer satisfaction. PG&E aims to enhance customer experience as part of its regionalization efforts, ensuring that customer needs remain a priority in its operations.
Pacific Gas and Electric Company (PCG) has launched its first public electric vehicle (EV) fast chargers through its EV Fast Charge program at a 7-Eleven store in West Sacramento. The new 125kW-capable chargers aim to increase EV adoption by providing essential fast charging options for drivers. This initiative aligns with California's goal to have 5 million zero-emission vehicles by 2030. PG&E plans to collaborate with 7-Eleven to extend fast charger installations, supporting long-distance travel and enhancing driver confidence in EV use.
Pacific Gas and Electric Company (PCG) appointed Joseph Forline as Senior Vice President of Gas Operations, effective March 8, 2021. Reporting to COO Adam Wright, Forline will oversee gas transmission and distribution, enhancing safety and operational efficiency. With 35 years at PSE&G, he led significant gas operations initiatives, including a $2 billion gas replacement program, positioning PSE&G among the top 10 U.S. gas companies. Forline's extensive expertise aims to strengthen PG&E’s commitment to safety and customer service.
Pacific Gas and Electric Company (PCG) is extending its COVID-19 customer protections until June 30, 2021, after a vote by the California Public Utilities Commission. These measures include a moratorium on service disconnections for non-payment and waived security deposits for small commercial customers. PG&E continues to assist customers facing economic difficulties through flexible payment plans and various financial assistance programs. To date, PG&E has successfully connected with over 42,000 customers to help them save more than $5 million by adjusting their rates.
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