PG&E Corporation - PCG STOCK NEWS

Pacific Gas and Electric Company (PG&E) has completed its Land Conservation Commitment (LCC), permanently protecting approximately 140,000 acres of watershed lands in California. This commitment, initiated 20 years ago, involves partnerships with various organizations, including private conservation groups and Native American tribes. PG&E has also launched pilot projects to enhance forest resilience and reduce wildfire risk. These projects span multiple counties and involve collaborations with local fire councils and conservation foundations. Additionally, PG&E introduced its first 100% renewable remote electric grid at Pepperwood Preserve to mitigate wildfire risks and support sustainable energy solutions.

The LCC includes significant land transfers, such as a 62-acre parcel to San Joaquin Office of Education and nearly 15,000 acres to CAL FIRE for forest research and public recreation. PG&E has also provided $30 million for youth investment and $70 million for land conservation funding. This initiative underscores PG&E's commitment to environmental sustainability and community welfare.

Pacific Gas and Electric Company (PG&E) and the California Fire Foundation (CFF) are accepting applications for wildfire safety and preparedness grants from May 30 to June 30, 2024. This initiative is part of a seven-year partnership between PG&E and CFF. A total of $1.4 million will be awarded through these grants, aimed at raising public awareness about wildfire safety and providing resources to underserved communities in high fire-risk areas.

Last year, the program awarded $730,000 to 48 local fire departments and community groups. The funding supported the purchase of 2,800 pieces of personal protection equipment, hazardous tree and brush removal, and prescribed burns. Since 2018, the program has provided $8.8 million in total support, funding specialized fire equipment, defensible space programs, and multi-lingual fire safety outreach campaigns.

Pacific Gas and Electric Company (PG&E) and the California Fire Foundation (CFF) have opened applications for the Wildfire Safety and Preparedness Program (WSPP) grants. Applications are accepted from May 30 to June 30, 2024. The program, funded with $1.4 million, targets California-based fire departments and community groups in high fire-risk areas. Last year, the program awarded $730,000 to 48 local entities, supporting the purchase of personal protective equipment, hazardous brush removal, and prescribed burns. Since 2018, PG&E and the PG&E Foundation have contributed $8.8 million to wildfire safety initiatives through the WSPP.

Pacific Gas and Electric Company (PG&E) has issued a safety reminder for graduates celebrating with helium-filled metallic balloons. The company highlights the risk of power outages caused by balloons making contact with power lines. In the first four months of 2024, there have been 112 such incidents, affecting over 47,000 customers—a 30% increase from last year. PG&E advises securing balloons with weights and keeping them indoors when possible. They also remind the public never to retrieve balloons entangled in power lines and to report such issues immediately. Following these precautions can ensure safe celebrations.

On May 16, 2024, PG&E (NYSE: PCG) announced its second-quarter 2024 cash dividend of $0.01 per share, payable on July 15, 2024, to shareholders recorded by June 28, 2024.

Additionally, its subsidiary, Pacific Gas and Electric Company (PG&E), declared preferred stock dividends for the three-month period ending July 31, 2024. These dividends will be paid on August 15, 2024, to shareholders recorded by July 31, 2024. The preferred dividends are distributed across eight series, with rates ranging from 4.36% to 6.00% and payments per share from $0.27250 to $0.37500.

Pacific Gas and Electric Company (PG&E) received an honorable mention in Fast Company's 2024 World Changing Ideas Awards for its innovative remote grid program. PG&E's remote grids serve isolated customers by replacing long distribution lines with local, low-carbon energy sources, reducing wildfire risks and service interruptions. Starting with Briceburg in 2021, PG&E's remote grids have demonstrated high reliability and sustainability, with the latest system at Pepperwood Preserve being fully renewable. PG&E plans to expand this program further, building additional systems to remove overhead lines and enhance energy reliability in high fire-risk areas.

PG&E reported strong financial results in the first quarter of 2024, with GAAP earnings of $0.34 per share, compared to $0.27 in 2023. Non-GAAP core earnings were $0.37 per share, up from $0.29 in the same period last year. The company updated its 2024 EPS guidance and reaffirmed its non-GAAP core EPS guidance. Safety and operational progress included completing a 300-mile gas transmission line inspection and connecting new customers. CEO Patti Poppe emphasized the focus on safety and reducing wildfire risk.

PG&E customers received 100% greenhouse gas-free electricity in 2023, with 34% from eligible-renewable resources, 53% from nuclear, and 13% from hydroelectric sources. The company also added 2,100 MW of battery storage capacity. PG&E aims to achieve carbon neutrality by 2040 and surpass emissions removal by 2050.

PG&E and The PG&E Foundation provided $31.5 million in charitable contributions in 2023, benefiting nearly 5,000 nonprofits and schools. The contributions were funded by shareholders, not customers. PG&E's Community Relations 2023 Impact Report highlighted increased charitable giving and volunteerism compared to the previous year. Key programs included STEM scholarships and support for local restaurants.