Thu, Jul 25, 10:07 AM (44 days ago)
PG&E Corporation and Pacific Gas and Electric Company (the Utility) reported financial results for the quarter ended June 30, 2024. Key highlights include: 1. **Revenue and Earnings**: - Total operating revenues increased by 13% to $5.986 billion compared to the same period last year. - Net income for the quarter was $524 million, up from $410 million in Q2 2023. - Earnings per share (EPS) for PG&E Corporation were $0.24, up from $0.20 in Q2 2023. 2. **Operating Expenses**: - Operating and maintenance expenses rose by 13% to $2.753 billion. - Cost of electricity increased by 14% to $763 million, while the cost of natural gas decreased by 26% to $204 million. 3. **Cash Flow and Liquidity**: - Net cash provided by operating activities was $3.114 billion, up from $2.627 billion in the same period last year. - Capital expenditures increased to $5.225 billion from $4.420 billion. - Total liquidity, including cash and available credit facilities, was approximately $3.3 billion. 4. **Regulatory Matters**: - The CPUC issued a final decision in the 2023 General Rate Case Phase 2, setting a cumulative expenditure cap of $2.26 billion for 2024-2026. - Ongoing regulatory proceedings include several wildfire mitigation and cost recovery applications. 5. **Wildfire-Related Liabilities**: - Recorded liabilities for wildfire claims were $1.125 billion for the 2019 Kincade fire, $1.6 billion for the 2021 Dixie fire, and $100 million for the 2022 Mosquito fire. 6. **Future Outlook**: - The Utility plans $10.4 billion in capital expenditures for 2024. - PG&E Corporation does not plan to issue new equity in 2024, except for employee compensation purposes. These results reflect PG&E's ongoing efforts to manage operational costs, regulatory compliance, and wildfire mitigation initiatives while maintaining financial stability.