• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Dashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlerts
    Company
    AboutQuantisnow PlusContactJobs
    Legal
    Terms of usePrivacy policyCookie policy

    PG&E Corporation Reports Strong Third-Quarter Results; Strengthens 2024 Guidance; Initiates 2025 Guidance; Grows 5-Year Capital Plan

    11/7/24 6:05:00 AM ET
    $PCG
    Power Generation
    Utilities
    Get the next $PCG alert in real time by email

    OAKLAND, Calif., Nov. 7, 2024 /PRNewswire/ -- PG&E Corporation (NYSE:PCG) is on track to deliver solid financial results in 2024 and beyond:

    PG&E Corporation Logo (PRNewsfoto/PG&E Corporation)

    • GAAP earnings were $0.27 per share for the third quarter of 2024, compared to earnings of $0.16 for the same period in 2023.
    • GAAP earnings were $0.85 per share for the first nine months of 2024, compared to earnings of $0.62 per share for the same period in 2023.
    • Non-GAAP core earnings were $0.37 per share for the third quarter of 2024, compared to earnings of $0.24 per share for the same period in 2023.
    • Non-GAAP core earnings were $1.06 per share for the first nine months of 2024, compared to earnings of $0.76 per share for the same period in 2023.
    • Updating 2024 EPS GAAP guidance to a range of $1.09 to $1.14 per share and narrowing 2024 non-GAAP core EPS guidance to a range of $1.34 to $1.37 per share.
    • Adding $1 billion to 2024-2028 capital plan in response to growing customer demand; financing already in place through issuance of junior subordinated notes.
    • Reaffirming no equity needs in 2024 and 2025-2028 equity needs of $3 billion.
    • Initiating 2025 EPS guidance for GAAP earnings in the range of $1.30 to $1.36 and non-GAAP core earnings in the range of $1.47 to $1.51 per share.
    • On October 28, 2024, the state Wildfire Fund made its second monthly payment to the Utility for Dixie fire claims in the amount of $34 million.

    Operational progress during the third quarter of 2024 continues to focus on physical safety and delivery of affordable and resilient energy:

    • Constructed 58 miles of underground powerlines and 66 miles of covered powerlines with stronger poles in the highest fire-risk areas, for a total of 120 miles and 113 miles, respectively, in the first nine months of 2024.
    • Installed 14 new AI-enabled high-definition cameras for wildfire detection for a total of more than 630 across the system.
    • Connected 2,889 new residential and business customers to our electric system, for a total of 8,073 in the first nine months of 2024.
    • Installed more than 320 electric vehicle charging ports for a total of about 1,040 new ports installed during the first nine months of 2024.
    • Supported the opening of California's largest landfill gas to renewable natural gas (RNG) plant. The facility is designed to produce about 1 billion cubic feet of RNG and reduce 62,000 metric tons of carbon emissions annually.
    • Ranked No. 1 overall on the 2024 U.S. Utilities Decarbonization Index, compiled by the National Public Utilities Council. The report highlights the Utility's clean electricity and emissions reduction progress toward a net-zero energy system in 2040.

    "We continue to deliver for our hometowns through a foundation of safety for our customers. We're building infrastructure for purpose—a clean, climate-resilient energy system that meets our state's growing electric demand and is affordable for all," said PG&E Corporation CEO, Patti Poppe.

    2024 Guidance

    PG&E Corporation is updating 2024 GAAP earnings guidance in the range of $1.09 to $1.14 per share (previously $1.11 to $1.17 per share). Factors driving GAAP earnings include costs related to unrecoverable interest expense of $285 million to $365 million after tax and other earnings factors, including allowance for funds used during construction equity, incentive revenues, tax benefits, and cost savings, net of below-the-line costs. Additional factors include the amortization of the Wildfire Fund asset and accretion of the related Wildfire Fund liability, costs related to PG&E Corporation's and Pacific Gas and Electric Company's (Utility) reorganization cases under Chapter 11, wildfire-related costs, and investigation remedies, partially offset by prior period net regulatory impact.

    The guidance range for projected 2024 non-GAAP core earnings is narrowed to $1.34 to $1.37 per share (previously $1.33 to $1.37 per share). The guidance range for non-core items, which management does not consider representative of ongoing earnings, is $500 million to $540 million after tax.

    Guidance is based on various assumptions and forecasts, including those relating to authorized revenues, future expenses, capital expenditures, rate base, equity issuances, and certain other factors.

    2025 Guidance

    PG&E Corporation is initiating 2025 GAAP earnings guidance in the range of $1.30 to $1.36 per share. Factors driving GAAP earnings include costs related to unrecoverable interest expense of $350 million to $400 million after tax and other earnings factors, including allowance for funds used during construction equity, incentive revenues, tax benefits, and cost savings, net of below-the-line costs. Additional factors include the amortization of the Wildfire Fund asset and accretion of the related Wildfire Fund liability, costs related to PG&E Corporation's and the Utility's reorganization cases under Chapter 11, wildfire-related costs, and investigation remedies, partially offset by prior period net regulatory impact.

    The guidance range for projected 2025 non-GAAP core earnings is initiated at $1.47 to $1.51 per share. The guidance range for non-core items, which management does not consider representative of ongoing earnings, is $340 million to $380 million after tax.

    Guidance is based on various assumptions and forecasts, including those relating to authorized revenues, future expenses, capital expenditures, rate base, equity issuances, and certain other factors.

    Capital Plan

    PG&E Corporation is increasing its 5-year capital investment plan by $1 billion for a total of $63 billion for 2024 through 2028. The incremental capital is driven by growing customer demand and has already been approved by the California Public Utilities Commission through Decision 24-07-008. The incremental capital has also already been financed through the recent issuance of junior subordinated notes and PG&E Corporation is reaffirming its 2025 to 2028 equity issuance guidance of $3 billion.

    Financial Results

    PG&E Corporation recorded third-quarter 2024 income available for common shareholders of $576 million, or $0.27 per share, as reported in accordance with generally accepted accounting principles (GAAP). This compares with income available for common shareholders of $348 million, or $0.16 per share, for the third quarter of 2023.

    The increase in GAAP results is primarily driven by an increase in customer capital investment, as approved in the 2023 General Rate Case final decision and which earns an equity return as approved in the cost of capital adjustment mechanism advice letter filing. Other drivers include non-fuel operating and maintenance savings achieved for various programs such as process improvements for inspections, as well as lower contract spend through strategic sourcing. Operating and maintenance savings are reinvested back into the business for various programs that support risk mitigation such as inspections and corrosion maintenance.

    GAAP results were also impacted by a pre-tax charge of $75 million related to the 2019 Kincade fire for the three months ended September 30, 2024. PG&E Corporation and the Utility also recorded a pre-tax charge of $275 million related to the 2021 Dixie fire. This charge did not impact GAAP results as it was fully offset by probable recoveries from the Wildfire Fund.

    PG&E Corporation uses "non-GAAP core earnings," which is a non-GAAP financial measure, in order to provide a measure that allows investors to compare the underlying financial performance of the business from one period to another, exclusive of non-core items. See the accompanying tables for a reconciliation of non-GAAP core earnings to consolidated earnings available for common shareholders.

    Non-GAAP Core Earnings 

    PG&E Corporation's non-GAAP core earnings, which exclude non-core items, were $791 million, or $0.37 per share, in the third quarter of 2024, compared to earnings of $513 million, or $0.24 per share, during the same period in 2023.

    The increase in quarter-over-quarter non-GAAP core earnings per share is primarily driven by similar factors to the GAAP results, including customer capital investment, and non-fuel operating and maintenance savings, net of amounts reinvested back into the business. 

    Non-core items, which management does not consider representative of ongoing earnings, totaled $215 million after tax, or $0.10 per share, in the third quarter of 2024, compared with $165 million after tax, or $0.08 per share, during the same period in 2023.

    Supplemental Financial Information

    In addition to the financial information accompanying this release, presentation slides have been furnished to the Securities and Exchange Commission (SEC) and are available on PG&E Corporation's website at: http://investor.pgecorp.com/financials/quarterly-earnings-reports/default.aspx.

    Earnings Conference Call

    PG&E Corporation will also hold a conference call on November 7, 2024, at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time) to discuss its third quarter 2024 results. The public can access the conference call through a simultaneous webcast. The link is provided below and will also be available from the PG&E Corporation website.

    What: Third Quarter 2024 Earnings Call

    When: Thursday, November 7, 2024 at 11:00 a.m. Eastern Time

    Where: http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx

    A replay of the conference call will be archived at

    http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx.

    Alternatively, a toll-free replay of the conference call may be accessed shortly after the live call through November 14th, 2024, by dialing (800) 770-2030. The confirmation code 92587 will be required to access the replay.

    Public Dissemination of Certain Information

    PG&E Corporation and the Utility routinely provide links to the Utility's principal regulatory proceedings with the California Public Utilities Commission and the Federal Energy Regulatory Commission at http://investor.pgecorp.com, under the "Regulatory Filings" tab, so that such filings are available to investors upon filing with the relevant agency. PG&E Corporation and the Utility also routinely post, or provide direct links to, presentations, documents, and other information that may be of interest to investors at http://investor.pgecorp.com, under the "Wildfire and Safety Updates" and "News & Events: Events & Presentations" tabs, respectively, in order to publicly disseminate such information. It is possible that any of these filings or information included therein could be deemed to be material information.

    About PG&E Corporation

    PG&E Corporation (NYSE:PCG) is a holding company headquartered in Oakland, California. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California.  For more information, visit http://www.pgecorp.com.

    Forward-Looking Statements

    This news release contains forward-looking statements that are not historical facts, including statements about the beliefs, expectations, estimates, future plans, and strategies of PG&E Corporation and the Utility, including regarding earnings, operating cost savings, capital investments, and financings. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include factors disclosed in PG&E Corporation's and the Utility's joint Annual Report on Form 10-K for the year ended December 31, 2023, their most recent Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, and other reports filed with the SEC, which are available on PG&E Corporation's website at www.pgecorp.com and on the SEC's website at www.sec.gov. PG&E Corporation and the Utility undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.

    PG&E CORPORATION

    CONSOLIDATED STATEMENTS OF INCOME

    (in millions, except per share amounts)





    (Unaudited)



    Three Months Ended

    September 30,



    Nine Months Ended

    September 30,



    2024



    2023



    2024



    2023

    Operating Revenues















    Electric

    $                4,538



    $                4,507



    $            13,048



    $            12,478

    Natural gas

    1,403



    1,381



    4,740



    4,909

    Total operating revenues

    5,941



    5,888



    17,788



    17,387

    Operating Expenses















    Cost of electricity

    835



    846



    1,919



    2,040

    Cost of natural gas

    89



    158



    822



    1,348

    Operating and maintenance

    2,683



    3,139



    8,076



    8,252

    SB 901 securitization charges, net

    33



    346



    33



    908

    Wildfire-related claims, net of recoveries

    74



    (32)



    70



    (35)

    Wildfire Fund expense

    139



    219



    295



    453

    Depreciation, amortization, and decommissioning

    1,059



    811



    3,134



    2,885

    Total operating expenses

    4,912



    5,487



    14,349



    15,851

    Operating Income

    1,029



    401



    3,439



    1,536

    Interest income

    156



    154



    495



    409

    Interest expense

    (795)



    (682)



    (2,322)



    (1,924)

    Other income, net

    83



    62



    241



    213

    Income (Loss) Before Income Taxes

    473



    (65)



    1,853



    234

    Income tax provision (benefit)

    (106)



    (416)



    15



    (1,099)

    Net Income

    579



    351



    1,838



    1,333

    Preferred stock dividend requirement of subsidiary

    3



    3



    10



    10

    Income Available for Common Shareholders

    $                   576



    $                   348



    $              1,828



    $              1,323

    Weighted Average Common Shares Outstanding, Basic

    2,137



    2,111



    2,136



    2,041

    Weighted Average Common Shares Outstanding, Diluted

    2,143



    2,140



    2,142



    2,138

    Net Income Per Common Share, Basic

    $                  0.27



    $                  0.16



    $                 0.86



    $                 0.65

    Net Income Per Common Share, Diluted

    $                  0.27



    $                  0.16



    $                 0.85



    $                 0.62

















     

    Reconciliation of PG&E Corporation's Consolidated Earnings Available for Common Shareholders in Accordance with Generally Accepted Accounting Principles ("GAAP") to Non-GAAP Core Earnings

    Third Quarter, 2024 vs. 2023





    Three Months Ended

    September 30,



    Nine Months Ended

    September 30,



    Earnings



    Earnings per

    Common

    Share



    Earnings



    Earnings per

    Common

    Share

    (in millions, except per share amounts)

    2024



    2023



    2024



    2023



    2024



    2023



    2024



    2023

    PG&E Corporation's earnings/EPS on a GAAP basis

    $  576



    $  348



    $ 0.27



    $ 0.16



    $  1,828



    $  1,323



    $ 0.85



    $ 0.62

    Non-core items: (1)































    Amortization of Wildfire Fund contribution (2)

    100



    157



    0.05



    0.07



    212



    326



    0.10



    0.15

    Bankruptcy and legal costs (3)

    9



    47



    —



    0.02



    34



    81



    0.02



    0.04

    Fire Victim Trust tax benefit net of securitization (4)

    31



    (46)



    0.01



    (0.02)



    31



    (185)



    0.01



    (0.09)

    Investigation remedies (5)

    21



    3



    0.01



    —



    41



    20



    0.02



    0.01

    Prior period net regulatory impact (6)

    (6)



    (6)



    —



    —



    (17)



    (17)



    (0.01)



    (0.01)

    Strategic repositioning costs (7)

    —



    1



    —



    —



    —



    3



    —



    —

    Tax-related adjustments (8)

    —



    —



    —



    —



    70



    —



    0.03



    —

    Wildfire-related costs, net of recoveries (9)

    60



    9



    0.03



    —



    66



    73



    0.03



    0.03

    PG&E Corporation's non-GAAP core earnings/EPS (10)

    $  791



    $  513



    $ 0.37



    $ 0.24



    $  2,265



    $  1,624



    $ 1.06



    $ 0.76



    All amounts presented in the table above and footnotes below are tax adjusted at PG&E Corporation's statutory tax rate of 27.98% for 2024 and 2023, except for certain costs that are not tax deductible. Amounts may not sum due to rounding.





    (1)

    "Non-core items" include items that management does not consider representative of ongoing earnings and affect comparability of financial results between periods, consisting of the items listed in the table above. See Non-GAAP Financial Measures below.





    (2)

    The Utility recorded costs of $139 million (before the tax impact of $39 million) and $295 million (before the tax impact of $83 million) during the three and nine months ended September 30, 2024, respectively, associated with the amortization of the Wildfire Fund asset and accretion of the related Wildfire Fund liability.





    (3)

    PG&E Corporation and the Utility recorded costs of $12 million (before the tax impact of $3 million) and $47 million (before the tax impact of $13 million) during the three and nine months ended September 30, 2024, respectively, related to bankruptcy and legal costs associated with PG&E Corporation's and the Utility's Chapter 11 filing, including legal and other costs.





    (4)

    The Utility recorded costs of $42 million (before the tax impact of $11 million) and $43 million (before the tax impact of $12 million) during the three and nine months ended September 30, 2024, respectively, related to any earnings-impacting investment losses or gains associated with investments related to the contributions to the customer credit trust, as well as the charge related to the establishment of the SB 901 securitization regulatory asset and the SB 901 securitization regulatory liability associated with revenue credits funded by the net operating loss monetization.





    (5)

    Includes costs associated with the decision different for the OII related to the 2017 Northern California Wildfires and 2018 Camp Fire ("Wildfires OII"), the system enhancements related to the locate and mark OII, restoration and rebuilding costs for the town of Paradise, and the settlement agreement resolving the Safety and Enforcement Division's investigation into the 2020 Zogg fire, as shown below.

     

    (in millions)

    Three Months Ended

    September 30, 2024



    Nine Months Ended

    September 30, 2024

    Wildfires OII disallowance and system enhancements

    $                                     1



    $                                     5

    Locate and mark OII system enhancements

    1



    2

    Paradise restoration and rebuild

    2



    4

    2020 Zogg fire settlement

    20



    34

    Investigation remedies

    $                                   24



    $                                   45

    Tax impacts

    (3)



    (4)

    Investigation remedies (post-tax)

    $                                   21



    $                                   41





    (6)

    The Utility recorded $8 million (before the tax impact of $2 million) and $24 million (before the tax impact of $7 million) during the three and nine months ended September 30, 2024, respectively, related to adjustments associated with the recovery of capital expenditures from 2011 through 2014 above amounts adopted in the 2011 GT&S rate case per the CPUC decision dated July 14, 2022.





    (7)

    Includes one-time costs related to repositioning PG&E Corporation's and the Utility's operating model.





    (8)

    PG&E Corporation recorded tax expense costs of $70 million during the nine months ended September 30, 2024 associated with the deductibility of certain customer bill credits issued in connection with the San Bruno natural gas explosion that occurred in 2010.





    (9)

    Includes costs associated with the 2019 Kincade fire, 2020 Zogg fire, and 2021 Dixie fire, net of recoveries, as shown below.

     

    (in millions)

    Three Months Ended

    September 30, 2024



    Nine Months Ended

    September 30, 2024

    2019 Kincade fire-related third-party claims

    $                                   75



    $                                  75

    2019 Kincade fire-related costs

    2



    6

    2020 Zogg fire-related insurance recoveries

    —



    (1)

    2020 Zogg fire-related legal settlements

    —



    —

    2021 Dixie fire-related legal settlements

    5



    12

    Wildfire-related costs, net of recoveries

    $                                   82



    $                                  92

    Tax impacts

    (22)



    (26)

    Wildfire-related costs, net of recoveries (post-tax)

    $                                   60



    $                                  66





    (10)

    "Non-GAAP core earnings" is a non-GAAP financial measure. See Non-GAAP Financial Measures below.



    Undefined, capitalized terms have the meanings set forth in PG&E Corporation's and the Utility's joint Quarterly Report on Form 10-Q for the quarter ended September 30, 2024.

     

    PG&E Corporation's 2024 and 2025 Earnings Guidance





    2024



    2025

    EPS guidance

    Low



    High



    Low



    High

    Estimated EPS on a GAAP basis

    ~

    $        1.09



    ~

    $        1.14



    ~

    $        1.30



    ~

    $        1.36

    Estimated non-core items: (1)























    Amortization of Wildfire Fund contribution (2)

    ~

    0.13



    ~

    0.13



    ~

    0.10



    ~

    0.10

    Bankruptcy and legal costs (3)

    ~

    0.03



    ~

    0.01



    ~

    0.02



    ~

    0.01

    SB 901 securitization (4)

    ~

    0.01



    ~

    0.01



    ~

    0.01



    ~

    0.01

    Investigation remedies (5)

    ~

    0.03



    ~

    0.03



    ~

    0.03



    ~

    0.03

    Prior period net regulatory impact (6)

    ~

    (0.01)



    ~

    (0.01)



    ~

    (0.01)



    ~

    (0.01)

    Tax-related adjustments (7)



    0.03





    0.03





    —





    —

    Wildfire-related costs, net of recoveries (8)

    ~

    0.03



    ~

    0.03



    ~

    0.01



    ~

    0.01

    Estimated EPS on a non-GAAP core earnings basis

    ~

    $        1.34



    ~

    $        1.37



    ~

    $        1.47



    ~

    $        1.51



    All amounts presented in the table above and footnotes below are tax adjusted at PG&E Corporation's statutory tax rate of 27.98% for 2024 and 2025, except for certain costs that are not tax deductible. Amounts may not sum due to rounding.





    (1)

    "Non-core items" include items that management does not consider representative of ongoing earnings and affect comparability of financial results between periods. See Non-GAAP Financial Measures below.





    (2)

    "Amortization of Wildfire Fund contribution" represents the amortization of the Wildfire Fund asset and accretion of the related Wildfire Fund liability.

     



    2024



    2025

    (in millions)

    Low

    guidance

    range



    High

    guidance

    range



    Low

    guidance

    range



    High

    guidance

    range

    Amortization of Wildfire Fund contribution

    ~

    $         375



    ~

    $         375



    ~

    $         310



    ~

    $         310

    Amortization of Wildfire Fund contribution

    ~

    $         375



    ~

    $         375



    ~

    $         310



    ~

    $         310

    Tax impacts

    ~

    (105)



    ~

    (105)



    ~

    (87)



    ~

    (87)

    Amortization of Wildfire Fund contribution (post-tax)

    ~

    $         270



    ~

    $         270



    ~

    $         223



    ~

    $         223





    (3)

    "Bankruptcy and legal costs" consists of legal and other costs associated with PG&E Corporation's and the Utility's Chapter 11 filing.

     



    2024



    2025

    (in millions)

    Low

    guidance

    range



    High

    guidance

    range



    Low

    guidance

    range



    High

    guidance

    range

    Legal and other costs

    ~

    $            90



    ~

    $            45



    ~

    $            65



    ~

    $            20

    Bankruptcy and legal costs

    ~

    $            90



    ~

    $            45



    ~

    $            65



    ~

    $            20

    Tax impacts

    ~

    (25)



    ~

    (13)



    ~

    (18)



    ~

    (6)

    Bankruptcy and legal costs (post-tax)

    ~

    $            65



    ~

    $            32



    ~

    $            47



    ~

    $            14





    (4)

    "SB 901 securitization" includes the establishment of the SB 901 securitization regulatory asset and the SB 901 regulatory liability associated with revenue credits funded by net operating loss monetization. Also included are any earnings-impacting investment losses or gains associated with investments related to the contributions to the customer credit trust.

     





    2024





    2025

    (in millions)

    Low

    guidance

    range



    High

    guidance

    range



    Low

    guidance

    range



    High

    guidance

    range

    SB 901 securitization charge

    ~

    $            35



    ~

    $         35



    ~

    $        35



    ~

    $          35

    SB 901 securitization

    ~

    $            35



    ~

    $         35



    ~

    $        35



    ~

    $          35

    Tax impacts

    ~

    (10)



    ~

    (10)



    ~

    (10)



    ~

    (10)

    SB 901 securitization (post-tax)

    ~

    $            25



    ~

    $         25



    ~

    $        25



    ~

    $          25





    (5)

    "Investigation remedies" includes costs related to the Paradise restoration and rebuild, the Wildfires OII decision different, the settlement agreement resolving the Safety and Enforcement Division's investigation into the 2020 Zogg fire, and the locate and mark OII system enhancements.

     



    2024



    2025

    (in millions)

    Low

    guidance

    range



    High

    guidance

    range



    Low

    guidance

    range



    High

    guidance

    range

    2020 Zogg fire settlement

    ~

    $            60



    ~

    $            60



    ~

    $            60



    ~

    $            60

    Wildfires OII disallowance and system enhancements

    ~

    10



    ~

    10



    ~

    30



    ~

    30

    Paradise restoration and rebuild

    ~

    5



    ~

    5



    ~

    5



    ~

    5

    Locate and mark OII system enhancements

    ~

    5



    ~

    5



    ~

    —



    ~

    —

    Investigation remedies

    ~

    $            80



    ~

    $            80



    ~

    $            95



    ~

    $            95

    Tax impacts

    ~

    (21)



    ~

    (21)



    ~

    (27)



    ~

    (27)

    Investigation remedies (post-tax)

    ~

    $            59



    ~

    $            59



    ~

    $            68



    ~

    $            68





    (6)

    "Prior period net regulatory impact" represents the recovery of capital expenditures from 2011 through 2014 above amounts adopted in the 2011 GT&S rate case.

     



    2024



    2025

    (in millions)

    Low

    guidance

    range



    High

    guidance

    range



    Low

    guidance

    range



    High

    guidance

    range

    2011-2014 GT&S capital audit

    ~

    $          (35)



    ~

    $          (35)



    ~

    $          (20)



    ~

    $          (20)

    Prior period net regulatory impact

    ~

    $          (35)



    ~

    $          (35)



    ~

    $          (20)



    ~

    $          (20)

    Tax impacts

    ~

    10



    ~

    10



    ~

    6



    ~

    6

    Prior period net regulatory impact (post-tax)

    ~

    $          (25)



    ~

    $          (25)



    ~

    $          (14)



    ~

    $          (14)





    (7)

    "Tax-related adjustments" includes tax expense costs associated with the deductibility of certain customer bill credits issued in connection with the San Bruno natural gas explosion that occurred in 2010. The after-tax low and high non-core guidance range is $70 million for 2024.





    (8)

    "Wildfire-related costs, net of recoveries" includes costs associated with the 2019 Kincade fire, 2020 Zogg fire, and 2021 Dixie fire, net of recoveries.

     



    2024



    2025

    (in millions)

    Low

    guidance

    range



    High

    guidance

    range



    Low

    guidance

    range



    High

    guidance

    range

    2019 Kincade fire-related third-party claims

    ~

    $            75



    ~

    $            75



    ~

    $            —



    ~

    $            —

    2019 Kincade fire-related costs

    ~

    10



    ~

    10



    ~

    10



    ~

    10

    2020 Zogg fire-related legal settlements

    ~

    5



    ~

    5



    ~

    5



    ~

    5

    2020 Zogg fire-related insurance recoveries

    ~

    (5)



    ~

    (5)



    ~

    (5)



    ~

    (5)

    2021 Dixie fire-related legal settlements

    ~

    15



    ~

    15



    ~

    20



    ~

    20

    Wildfire-related costs, net of recoveries

    ~

    $         100



    ~

    $         100



    ~

    $            30



    ~

    $            30

    Tax impacts

    ~

    (28)



    ~

    (28)



    ~

    (8)



    ~

    (8)

    Wildfire-related costs, net of recoveries (post-tax)

    ~

    $            72



    ~

    $            72



    ~

    $            22



    ~

    $            22



    Undefined, capitalized terms have the meanings set forth in PG&E Corporation's and the Utility's joint Quarterly Report on Form 10-Q for the quarter ended September 30, 2024.

     



    Non-GAAP Financial Measures

    PG&E Corporation and Pacific Gas and Electric Company



    Non-GAAP Core Earnings and Non-GAAP Core EPS

    "Non-GAAP core earnings" and "Non-GAAP core EPS," also referred to as "non-GAAP core earnings per share," are non-GAAP financial measures. Non-GAAP core earnings is calculated as income available for common shareholders less non-core items. "Non-core items" include items that management does not consider representative of ongoing earnings and affect comparability of financial results between periods, consisting of the items listed above. Non-GAAP core EPS is calculated as non-GAAP core earnings divided by common shares outstanding on a diluted basis.

    PG&E Corporation discloses historical financial results and provides guidance based on "non-GAAP core earnings" and "non-GAAP core EPS" in order to provide a measure that allows investors to compare the underlying financial performance of the business from one period to another, exclusive of non-core items. PG&E Corporation and the Utility use non-GAAP core earnings and non-GAAP core EPS to understand and compare operating results across reporting periods for various purposes including internal budgeting and forecasting, short- and long-term operating planning, and employee incentive compensation. PG&E Corporation and the Utility believe that non-GAAP core earnings and non-GAAP core EPS provide additional insight into the underlying trends of the business, allowing for a better comparison against historical results and expectations for future performance. With respect to our projection of non-GAAP core EPS for the years 2026-2028, PG&E Corporation is unable to predict with reasonable certainty the reconciling items that may affect GAAP net income without unreasonable effort. The reconciling items are primarily due to the future impact of wildfire-related costs, timing of regulatory recoveries, special tax items, and investigation remedies. These reconciling items are uncertain, depend on various factors and could significantly impact, either individually or in the aggregate, the GAAP measures.

    Non-GAAP core earnings and non-GAAP core EPS are not substitutes or alternatives for GAAP measures such as consolidated income available for common shareholders and may not be comparable to similarly titled measures used by other companies.

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/pge-corporation-reports-strong-third-quarter-results-strengthens-2024-guidance-initiates-2025-guidance-grows-5-year-capital-plan-302298395.html

    SOURCE PG&E Corporation

    Get the next $PCG alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $PCG

    DatePrice TargetRatingAnalyst
    3/19/2025$22.00 → $19.00Buy → Neutral
    UBS
    2/18/2025Buy → Neutral
    Guggenheim
    2/14/2025$20.00 → $16.50Equal-Weight → Underweight
    Morgan Stanley
    2/12/2025Overweight
    Analyst
    1/13/2025$21.00Outperform
    BMO Capital Markets
    10/14/2024$24.00Buy
    Jefferies
    9/12/2024$24.00Buy
    BofA Securities
    6/10/2024$19.00 → $22.00Neutral → Overweight
    JP Morgan
    More analyst ratings

    $PCG
    Financials

    Live finance-specific insights

    See more
    • PG&E Corporation Reports First-Quarter Results; On Track to Deliver Solid 2025; Residential Electric Rates Lower Today Than a Year Ago

      OAKLAND, Calif., April 24, 2025 /PRNewswire/ -- PG&E Corporation (NYSE:PCG) is on track to deliver solid 2025 financial results. Financial progress includes: GAAP earnings were $0.28 per share for the first quarter of 2025, compared to earnings of $0.34 per share for the same period in 2024.Non-GAAP core earnings were $0.33 per share for the first quarter of 2025, compared to earnings of $0.37 per share for the same period in 2024.Equity needs fully satisfied to fund the five-year capital plan of $63 billion through 2028.2025 GAAP EPS guidance updated to $1.29 to $1.35 per sha

      4/24/25 6:05:00 AM ET
      $PCG
      Power Generation
      Utilities
    • PG&E Corporation Schedules First Quarter 2025 Earnings Release and Conference Call

      OAKLAND, Calif., March 27, 2025 /PRNewswire/ -- PG&E Corporation (NYSE:PCG) will hold a conference call on Thursday, April 24, 2025, at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time) to discuss its first quarter 2025 results. The public can access the conference call through a simultaneous webcast.  The link is provided below and will also be available from the PG&E Corporation website. What: First Quarter 2025 Earnings Call When: Thursday, April 24, 2025 at 11:00 a.m. Eastern Time Where: http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx        A

      3/27/25 5:00:00 PM ET
      $PCG
      Power Generation
      Utilities
    • Dates Set for PG&E Quarterly Stock Dividends

      OAKLAND, Calif., Feb. 21, 2025 /PRNewswire/ -- On February 20, 2025, PG&E Corporation (NYSE: PCG) declared its first quarter 2025 regular cash dividend of $0.025 per share on the Corporation's common stock. The dividend is payable on April 15, 2025, to shareholders of record as of March 31, 2025. In addition, PG&E Corporation's utility subsidiary, Pacific Gas and Electric Company (PG&E), declared the regular preferred stock dividend for the three-month period ending April 30, 2025, to be payable on May 15, 2025, to shareholders of record as of April 30, 2025. PG&E will pay div

      2/21/25 8:00:00 AM ET
      $PCG
      Power Generation
      Utilities

    $PCG
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • PG&E Participates in First-Ever Autonomous Wildfire Suppression Demonstration in California

      HESPERIA, Calif., May 7, 2025 /PRNewswire/ -- Pacific Gas and Electric Company recently joined elite fire professionals, top state and federal officials, and senior leaders representing philanthropy, insurance providers, and other electric utilities for the first-ever autonomous wildfire suppression demonstration in California. Organized by Rain and Sikorsky, a Lockheed Martin company, the demonstration took place in in the Silverwood region of the Mojave River Valley nestled next to the San Bernardino National Forest. The demo featured a Black Hawk® helicopter equipped with a

      5/7/25 6:43:00 PM ET
      $PCG
      Power Generation
      Utilities
    • EV Access Key to Meeting California's Climate Goals and Can Help Lower Electric Prices

      PG&E Accelerating EV Adoption Among Customers With Limited Financial Resources  OAKLAND, Calif., April 29, 2025 /PRNewswire/ -- Electric Vehicles (EVs) are key to achieving California's climate goals and can help lower electric rates for customers, but research shows that the cost of owning an EV can be a challenge for drivers in lower-income communities. Pacific Gas and Electric Company (PG&E) is taking action to make EV ownership more affordable for customers with limited financial resources. PG&E has already helped make driving an EV a reality for more than 13,000 income-qu

      4/29/25 5:00:00 PM ET
      $PCG
      Power Generation
      Utilities
    • New PG&E Service Offering Makes It Easier and Faster to Connect EV Chargers, EV Fleets and Big Batteries to the Grid

      Flexible Service Connection allows customers with controllable power needs to connect to the grid without waiting for upgrades OAKLAND, Calif., April 28, 2025 /PRNewswire/ -- As more people in California buy electric cars and commercial fleets transition to EVs, the need grows for more places to charge them. Pacific Gas and Electric Company has installed more than 6,300 EV charging ports throughout Northern and Central California through its infrastructure programs, and PG&E has come up with a new way to even more quickly connect EV fast-charging stations and grid-scale batter

      4/28/25 1:10:00 PM ET
      $PCG
      Power Generation
      Utilities

    $PCG
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • PG&E downgraded by UBS with a new price target

      UBS downgraded PG&E from Buy to Neutral and set a new price target of $19.00 from $22.00 previously

      3/19/25 8:15:06 AM ET
      $PCG
      Power Generation
      Utilities
    • PG&E downgraded by Guggenheim

      Guggenheim downgraded PG&E from Buy to Neutral

      2/18/25 7:11:52 AM ET
      $PCG
      Power Generation
      Utilities
    • PG&E downgraded by Morgan Stanley with a new price target

      Morgan Stanley downgraded PG&E from Equal-Weight to Underweight and set a new price target of $16.50 from $20.00 previously

      2/14/25 7:05:57 AM ET
      $PCG
      Power Generation
      Utilities

    $PCG
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • EVP/Corp. Affairs & CSO Peterman Carla J sold $562,579 worth of shares (32,519 units at $17.30), decreasing direct ownership by 18% to 151,116 units (SEC Form 4)

      4 - PG&E Corp (0001004980) (Issuer)

      5/1/25 4:33:11 PM ET
      $PCG
      Power Generation
      Utilities
    • SEC Form 4 filed by Director Denault Leo P

      4 - PG&E Corp (0001004980) (Issuer)

      4/2/25 4:39:02 PM ET
      $PCG
      Power Generation
      Utilities
    • EVP and CFO Burke Carolyn Jeanne covered exercise/tax liability with 4,974 shares, decreasing direct ownership by 9% to 48,004 units (SEC Form 4)

      4 - PG&E Corp (0001004980) (Issuer)

      3/18/25 4:16:21 PM ET
      $PCG
      Power Generation
      Utilities

    $PCG
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • Amendment: SEC Form SC 13G/A filed by Pacific Gas & Electric Co.

      SC 13G/A - PG&E Corp (0001004980) (Subject)

      11/12/24 4:54:17 PM ET
      $PCG
      Power Generation
      Utilities
    • Amendment: SEC Form SC 13G/A filed by Pacific Gas & Electric Co.

      SC 13G/A - PG&E Corp (0001004980) (Subject)

      11/4/24 1:24:29 PM ET
      $PCG
      Power Generation
      Utilities
    • SEC Form SC 13G/A filed by Pacific Gas & Electric Co. (Amendment)

      SC 13G/A - PG&E Corp (0001004980) (Subject)

      2/13/24 4:55:58 PM ET
      $PCG
      Power Generation
      Utilities

    $PCG
    Leadership Updates

    Live Leadership Updates

    See more
    • PG&E Begins Energy Infrastructure Upgrades to Bring San Jose's Net Zero Community to Life

      Westbank Issues Global Call for Data Centers SAN JOSE, Calif., April 9, 2025 /PRNewswire/ -- Today, Pacific Gas and Electric Company (PG&E) and real estate developer Westbank announced two major milestones in the development of Silicon Valley's innovative net-zero community. PG&E infrastructure upgrades have begun, and Westbank has launched a global call for data center partners to join the initiative. Eastdil Secured, a global real estate investment bank, will lead the process of identifying partners who support using data centers to enhance communities. Westbank's project will pair three data centers with up to 4,000 residential units to create a sustainable downtown San Jose. Excess hea

      4/9/25 12:30:00 PM ET
      $PCG
      Power Generation
      Utilities
    • Leo P. Denault, Former Chairman and Chief Executive Officer of Entergy Corporation, to Join PG&E Boards of Directors

      OAKLAND, Calif., Dec. 16, 2024 /PRNewswire/ -- PG&E Corporation (NYSE:PCG) today announced the appointment of Leo P. Denault to the Boards of Directors of PG&E Corporation and its subsidiary, Pacific Gas and Electric Company, effective February 19, 2025. As Chairman and Chief Executive Officer of Entergy Corporation from 2013 to 2022, Denault transformed the company into a premier utility with one of the nation's cleanest energy portfolios. At Entergy, Denault led the charge to invest in the reliability and resilience of the energy system while maintaining financial stability.

      12/16/24 4:21:00 PM ET
      $PCG
      Power Generation
      Utilities
    • PG&E 2024 R&D Strategy Report: The AI-Enabled Utility

      Updated R&D strategy highlights evolving utility technology needs Explores the potential of artificial intelligence to transform the energy system and enhance customer experience OAKLAND, Calif., Nov. 4, 2024 /PRNewswire/ -- Today, Pacific Gas and Electric Company (PG&E) unveiled its refreshed R&D strategy report with a focus on artificial intelligence (AI) and other innovations as critical enablers to achieving PG&E's clean energy, climate, and customer-experience goals. The refreshed report outlines the integration of AI as a central component to meeting growing energy dem

      11/4/24 3:30:00 PM ET
      $PCG
      Power Generation
      Utilities

    $PCG
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Director Denault Leo P bought $100,548 worth of shares (6,300 units at $15.96) (SEC Form 4)

      4 - PG&E Corp (0001004980) (Issuer)

      3/12/25 4:27:16 PM ET
      $PCG
      Power Generation
      Utilities
    • Director Hernandez Carlos M bought $49,989 worth of shares (3,142 units at $15.91), increasing direct ownership by 10% to 35,295 units (SEC Form 4)

      4 - PG&E Corp (0001004980) (Issuer)

      2/27/25 4:20:34 PM ET
      $PCG
      Power Generation
      Utilities
    • Director Bahri Rajat bought $50,054 worth of shares (3,170 units at $15.79), increasing direct ownership by 5% to 61,533 units (SEC Form 4)

      4 - PG&E Corp (0001004980) (Issuer)

      2/27/25 4:18:49 PM ET
      $PCG
      Power Generation
      Utilities

    $PCG
    SEC Filings

    See more
    • SEC Form 10-Q filed by Pacific Gas & Electric Co.

      10-Q - PG&E Corp (0001004980) (Filer)

      4/23/25 8:18:52 PM ET
      $PCG
      Power Generation
      Utilities
    • Pacific Gas & Electric Co. filed SEC Form 8-K: Results of Operations and Financial Condition, Regulation FD Disclosure, Financial Statements and Exhibits

      8-K - PG&E Corp (0001004980) (Filer)

      4/23/25 8:13:52 PM ET
      $PCG
      Power Generation
      Utilities
    • SEC Form DEFA14A filed by Pacific Gas & Electric Co.

      DEFA14A - PG&E Corp (0001004980) (Filer)

      4/10/25 4:29:04 PM ET
      $PCG
      Power Generation
      Utilities