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PG&E (PCG) - 2022 Q2 - Quarterly Report
2022-07-27 16:00
(Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to __________ Commission File Number Exact Name of Registrant as Specified in its Charter State or Other Jurisdiction of Incorporation IRS Employer Identification Number 1-12609 PG&E Corporation California 94-3234914 1-2348 Pacif ...
PG&E (PCG) - 2022 Q1 - Earnings Call Transcript
2022-04-28 21:30
Financial Data and Key Metrics Changes - The company reported a non-GAAP core EPS of $0.30 for Q1 2022, compared to $0.23 for Q1 2021, reflecting a $0.07 increase year-over-year [6][27] - GAAP income for Q1 2022 was $475 million, with cumulative positive GAAP earnings of $253 million over the last four quarters, meeting eligibility requirements for S&P 500 index inclusion [26] - The company reaffirmed its 2022 non-GAAP core EPS guidance of $1.07 to $1.13, with a targeted EPS growth of at least 10% for 2022 to 2024 and at least 9% for 2025 and 2026 [24][29] Business Line Data and Key Metrics Changes - The company is focused on a simple and affordable model to mitigate financial risks while investing in necessary improvements to its electric and gas energy systems [11][30] - The undergrounding program is a key initiative, with an additional $7 billion capital included in the 2023 general rate case update, aimed at reducing physical risks [12][29] Market Data and Key Metrics Changes - The company is experiencing favorable responses from customers and communities regarding its undergrounding proposals, indicating strong support for legislative initiatives [48] - The company is actively engaging with policymakers to ensure favorable outcomes for its undergrounding plans, which are seen as beneficial for both customers and investors [49] Company Strategy and Development Direction - The company is committed to a culture shift focused on service and performance, aiming to rebuild confidence among employees and stakeholders [8] - The strategy includes a significant investment in undergrounding to permanently reduce physical risks associated with wildfires, alongside enhanced power line safety settings [43][72] - The company is also focused on maintaining affordability for customers while investing in system improvements [11][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute its plans without relying on legislative changes, emphasizing the self-sufficiency of its undergrounding strategy [49] - The company is prepared for the upcoming wildfire season, having implemented enhanced safety measures that have shown a significant reduction in ignition incidents [72][75] - Management highlighted the importance of maintaining a strong balance sheet and financial health while addressing operational risks [92] Other Important Information - The company is on track to meet its 2022 targets, having already exceeded its undergrounding miles target for the year [23] - The company has resolved legal steps related to its rate-neutral securitization request, which is expected to improve credit metrics [36] Q&A Session Summary Question: Undergrounding legislative initiatives - Management acknowledged the importance of legislative support but emphasized that their plans can progress independently of legislation [48][49] Question: Wildfire victims fund and market alignment - Management confirmed that the company has completed cash payments to the trust and is open to co-marketing opportunities alongside the trust's public offerings [51] Question: Supply chain issues affecting solar and storage projects - Management expressed confidence in their supply situation for the summer of 2022, despite potential supply chain challenges [82] Question: Cost of capital proceedings and potential settlements - Management indicated that it is premature to speculate on settlement outcomes but noted a good track record with the commission [87] Question: Discussions with rating agencies regarding investment grade status - Management outlined three key factors that agencies are focusing on: operational risk reduction, alignment with state and customers, and core financial performance [92]
PG&E (PCG) - 2022 Q1 - Earnings Call Presentation
2022-04-28 15:42
PG&E Corporation. PGGE 2022 FIRST QUARTER EARNINGS April 28, 2022 Forward-Looking Statements ® This presentation contains statements regarding management's expectations and objectives for future periods (including key factors affecting 2022 non-GAAP core earnings) as well as forecasts and estimates regarding PG&E Corporation's and Pacific Gas and Electric Company's (the "Utility") 2022 Wildfire Mitigation Plan, rate base projections, capital expenditure forecasts, expense reduction forecasts and regulatory ...
PG&E (PCG) - 2022 Q1 - Quarterly Report
2022-04-27 16:00
| (Mark One) | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | ☒ | SECURITIES EXCHANGE ACT OF 1934 | For the quarterly period ended March 31, 2022 | | | | | | | OR | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE | ☐ | | | | | | | SECURITIES EXCHANGE ACT OF 1934 | For the transition period from ___________ to __________ | | | | | | | | Exact Name of | Commission | Registrant | State or Other | IRS Employer | | | | | File | a ...
PG&E (PCG) - 2021 Q4 - Earnings Call Presentation
2022-02-11 13:51
PG&E Corporation. IPG&E 2021 FOURTH QUARTER AND FULL YEAR EARNINGS February 10, 2022 Forward-Looking Statements ® This presentation contains statements regarding management's expectations and objectives for future periods (including key factors affecting 2022 non-GAAP core earnings) as well as forecasts and estimates regarding PG&E Corporation's and Pacific Gas and Electric Company's (the "Utility") 2022 Wildfire Mitigation Plan, rate base projections, capital expenditure forecasts, expense reduction foreca ...
PG&E (PCG) - 2021 Q4 - Earnings Call Transcript
2022-02-10 20:29
PG&E Corporation (NYSE:PCG) Q4 2021 Earnings Conference Call February 10, 2022 11:00 AM ET Company Participants Matt Fallon - Senior Director of Investor Relations Patricia Poppe - Chief Executive Officer Chris Foster - Executive Vice President and Chief Financial Officer Conference Call Participants Steve Fleishman - Wolfe Research Jonathan Arnold - Vertical Research Constantine Lednev - Guggenheim Partners Julien Dumoulin-Smith - Bank of America Michael Lapides - Goldman Sachs Jeremy Tonet - JPMorgan Greg ...
PG&E (PCG) - 2021 Q4 - Annual Report
2022-02-09 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________________________ FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to ___________ Commission File Number Exact Name of Registrant as Specified In ...
PG&E (PCG) - 2021 Q3 - Earnings Call Transcript
2021-11-01 20:20
PG&E Corporation (NYSE:PCG) Q3 Earnings Conference Call November 1, 2021 11:00 AM ET Company Participants Patti Poppe – Chief Executive Officer Matt Fallon – Senior Director of Investor Relations Chris Foster – Executive Vice President and Chief Financial Officer Conference Call Participants Jonathan Arnold – Article of Research Steve Fleishman – Wolfe Research Julien Dumoulin – Bank of America Michael Lapides – Goldman Sachs Stephen Byrd – Morgan Stanley Shar Pourreza – Guggenheim Partners Jeremy – Analyst ...
PG&E (PCG) - 2021 Q3 - Earnings Call Presentation
2021-11-01 14:08
PG&E Corporation. 2021 THIRD QUARTER EARNINGS November 1, 2021 Forward-Looking Statements ® This presentation contains statements regarding management's expectations and objectives for future periods (including key factors affecting 2021 non-GAAP core earnings) as well as forecasts and estimates regarding PG&E Corporation's and Pacific Gas and Electric Company's (the "Utility") 2021 Wildfire Mitigation Plan (WMP), rate base projections, capital expenditure forecasts and regulatory developments. These statem ...
PG&E (PCG) - 2021 Q3 - Quarterly Report
2021-10-31 16:00
Washington, D.C., 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to __________ Commission File Number Exact Name of Registrant as Specified in its Charter State or Other Jurisdiction of Incorporation IRS Employer Identification Number 1-12609 PG&E Corpora ...