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

Core Insights - PG&E Corporation is expected to deliver solid financial results for 2025, focusing on safety and affordable energy delivery [1] - The company has updated its 2025 GAAP earnings guidance to a range of $1.29 to$1.35 per share, influenced by various factors including customer capital investment and unrecoverable interest expenses [2] - Non-GAAP core earnings guidance for 2025 is reaffirmed at $1.48 to$1.52 per share, with non-core items projected to be between $400 million and$430 million after tax [3] Financial Performance - For the first quarter of 2025, PG&E Corporation reported income available for common shareholders of $607 million, or$0.28 per share, down from $732 million, or$0.34 per share in the same period of 2024 [5][6] - Non-GAAP core earnings for the first quarter of 2025 were $728 million, or$0.33 per share, compared to $800 million, or$0.37 per share in the first quarter of 2024 [9] - The decrease in GAAP results is attributed to a lower return on equity and the dilutive impact of the 2024 equity offering [7] Operational Highlights - PG&E Corporation has fully satisfied its equity needs to fund a five-year capital plan of $63 billion through 2028 [6] - The company is on track to meet a 2% reduction target in non-fuel operating and maintenance costs [6] - PG&E connected over 3,000 new electric customers and nearly 400 new electric vehicle charging ports, contributing to future load growth [6] Infrastructure and Safety Initiatives - The company constructed 24 miles of underground powerlines and 26 miles of strengthened poles in high wildfire-risk areas, with plans for approximately 700 miles of underground powerlines and 500 miles of safety upgrades between 2025 and 2026 [6] - PG&E's Diablo Canyon Power Plant achieved a top performance rating from the U.S. Nuclear Regulatory Commission [6]