PG&E Corporate Responsibility and Sustainability Report 2020

Plan of Reorganization Commitments

Message from Our Leadership

To Our Stakeholders:

Today, after more than a century of service to Northern and Central California, PG&E humbly stands at a turning point unlike any other in our history.

We have taken responsibility for the devastating wildfires caused by our electric equipment in recent years, including the 2018 Camp Fire. We pleaded guilty to involuntary manslaughter in the deaths of the 84 people who lost their lives in that tragedy. We settled billions of dollars in damage claims by fire victims, as well as cities, counties, and other public entities.

We have concluded an 18-month Chapter 11 proceeding while fending off hostile takeover attempts. And we have emerged with a plan of reorganization that includes strong commitments regarding our corporate governance, operations, and financial structure that are designed to further prioritize safety and were forged with guidance from both the California Governor’s Office and our state regulator.

Now, we are beginning a new era for PG&E, charting a new path toward a different future as a different company—one that will provide better outcomes and more sustainable results for all those who depend on us.

We will not do business as we did in the past. Rather, we will use the hard lessons we have learned as a driving force for continuous improvement, accountability, and sustained performance in the work we do every day.

Amid a global pandemic, we are intensifying our focus on the health and safety of our customers, workforce, and communities. And we are responding to calls for racial equity by deepening PG&E’s long-standing dedication to diversity, inclusion, and equal opportunity in the workplace.

Earning back the trust we have lost will require us to meet each one of our obligations, without faltering.

Overall, we believe that the agreements that underlie our plan of reorganization position PG&E as a sustainable, financially sound utility with the appropriate governance and oversight to safely serve our customers for the long term, while also making the investments required to help the state achieve its climate and clean energy goals.

Accordingly, we are recommitting our support for California’s climate leadership, including electrification of the energy grid, sufficient charging infrastructure to power millions of electric vehicles, and a carbon-neutral economy by 2045. We are adapting our systems to climate risks, particularly the rising threat of wildfires and extreme weather. And we are doing so with the recognition that both the costs and benefits of these innovations must be shared equitably across the economic spectrum.

As we pursue that vision, we understand that our success will be measured in the results we deliver, not the sincerity of our words. We invite you to judge us by that standard, and we welcome your feedback on our progress in the days ahead.

William L. Smith
Interim CEO and President
PG&E Corporation