PG&E Overview
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation, is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California.
Service Area
PG&E delivers some of the nation’s cleanest energy to nearly 16 million Californians. PG&E is relocating our corporate headquarters from San Francisco to Oakland beginning in 2022.
- Customer Accounts (as of December 31, 2020)
- 5.5 million electric distribution accounts:
- 4.8 million residential
- 0.7 million commercial, industrial and other
- 4.5 million natural gas distribution accounts:
- 4.3 million residential
- 0.2 million commercial and industrial
- Employees (as of December 31, 2020)
- Approximately 24,000 regular employees
-
Approximately 15,000 employees are covered by collective bargaining agreements with three labor unions:
- International Brotherhood of Electrical Workers (IBEW), Local 1245, AFL-CIO
- Engineers and Scientists of California/International Federation of Professional and Technical Engineers (ESC/IFPTE), Local 20, AFL-CIO and CLC
- Service Employees International Union (SEIU), Local 24/7
- System
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- 7,662 MW of PG&E-owned hydroelectric, nuclear, natural gas, solar and fuel cell generation
- Approximately 108,000 circuit miles of electric distribution lines (about 25% underground and 75% overhead) and approximately 18,000 circuit miles of electric transmission lines
- Approximately 43,500 miles of gas distribution pipelines, 6,300 miles of backbone and local gas transmission pipelines and three gas storage facilities
| Facility | Net Operating Capacity (MW) |
|---|---|
| Total | 7,662 |
| Fossil Fuel-Fired Plants | |
| Colusa Generating Station Footnote 2 | 657 |
| Gateway Generating Station Footnote 2 | 580 |
| Humboldt Bay Generating Station Footnote 2 | 163 |
| Fuel Cell Facilities | 3 |
| Other Plants | |
| Diablo Canyon Power Plant Footnote 3 | 2,240 |
| Hydroelectric Facilities | 3,867 |
| Solar Photovoltaic Facilities | 152 |
| 2018 | 2019 | 2020 Footnote 3 | |
|---|---|---|---|
| Total Electricity Generated (GWh net) Footnote 1 | 32,749 | 33,849 | 29,326 |
| Fossil Fuel-Fired Plants (GWh net) | 6,332 | 6,321 | 6,393 |
| Colusa Generating Station (GWh net) | 2,992 | 3,029 | 3,038 |
| Gateway Generating Station (GWh net) | 2,940 | 2,873 | 2,855 |
| Humboldt Bay Generating Station (GWh net) | 385 | 405 | 484 |
| Fuel Cell Facilities (GWh net) | 16 | 14 | 16 |
| Other Plants (GWh net) | |||
| Diablo Canyon Power Plant (GWh net) | 18,297 | 16,195 | 16,310 |
| Hydroelectric Facilities (GWh net) | 7,814 | 11,051 | 6,345 |
| Solar Photovoltaic Facilities (GWh net) | 310 | 283 | 277 |
| Electricity Purchased (GWh) | 20,099 | 27,210 | 24,602 |
| Retail Electricity Sales (GWh) Footnote 2 | 48,832 | 35,956 | 35,838 |
| 2018 | 2019 | 2020 | |
|---|---|---|---|
| Total Natural Gas Throughput (million cubic feet or MMcf) Footnote 1 | 881,279 | 866,897 | 848,705 |
- 1. Includes interdepartmental natural gas sales for the purpose of electric generation but excludes other interdepartmental natural gas sales.1
- System Investments
- Approximately $7.6 billion in capital investments in 2020 to enhance and upgrade PG&E’s infrastructure for safety, reliability and wildfire mitigation.
- Contribution to State and Local Revenues
- PG&E is a major contributor to the revenue that state and local governments depend on to fund critical public services. In addition to property taxes, PG&E pays franchise fees to cities and counties for the right to use public streets for gas and electric facilities.
| 2018 | 2019 | 2020 | |
|---|---|---|---|
| Franchise Fees Footnote 1 | $160,040,020 | $170,960,278 | $177,826,686 |
| Property Tax Payments Footnote 2 | $520,137,440 | $509,466,117 | $537,281,558 |
- 1. Includes franchise fee surcharges and city franchise surcharges.1
- 2. Property tax payments are based on a fiscal year (not calendar year).2
- Financial Performance
- The financial information below is derived from PG&E Corporation’s Consolidated Financial Statements at December 31, 2019 and December 31, 2020, unless otherwise indicated, which include the accounts of PG&E Corporation, the Utility and other wholly owned and controlled subsidiaries.
| 2019 | 2020 | |
|---|---|---|
| Dividends Declared Per Common Share Footnote 4 | 0 | 0 |
| Total Assets at December 31 | $85,196 | $97,856 |
| Number of Common Shares Outstanding at December 31 | 529,236,741 | 1,984,678,673 |
| Operating Revenues | $17,129 | $18,469 |
| Income (Loss) Attributable to Common Shareholders | ||
| Non-GAAP core earnings Footnote 2 | 2,074 | 2,020 |
| Non-core items Footnote 3 | (9,730) | (3,338) |
| Reported Consolidated Income Attributable to Common Shareholders | (7,656) | (1,318) |
| Income Per Common Share, Diluted | ||
| Non-GAAP core earnings Footnote 2 | 3.93 | 1.61 |
| Non-core items Footnote 3 | (18.43) | (2.66) |
| Reported Consolidated Net Earnings Per Common Share, Diluted | (14.50) | (1.05) |
- 1. This is combined information of PG&E Corporation and Pacific Gas and Electric Company (the “Utility”). PG&E Corporation’s Consolidated Financial Statements include the accounts of PG&E Corporation, the Utility, and subsidiaries, and have been prepared in accordance with Generally Accepted Accounting Principles (“GAAP”). All amounts presented in the table above are tax-adjusted at PG&E Corporation’s statutory tax rate of 27.98%, except for certain Wildfire-related and Chapter 11-related costs, which are not tax deductible. Amounts may not sum due to rounding.1
- 2. “Non-GAAP core earnings” is a non-GAAP financial measure and is calculated as income available for common shareholders less items non-core items. “Non-GAAP core earnings per share”, also referred to as “non-GAAP core EPS”, is a non-GAAP financial measure and is calculated as non-GAAP core earnings divided by common shares outstanding (diluted). 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. 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.2a, 2b
- 3. “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 below. Amounts may not sum due to rounding.
For information about Non-core items in 2019 and 2020, see PG&E Corporation’s and the Utility’s annual reports on Form 10-K for the years ended December 31, 2019 and December 31, 2020, respectively.3a, 3bYear Ended December 31 (in millions, except per share amounts) Earnings Earnings per Common Share (Diluted) 2020 2019 2020 2019 PG&E Corporation’s Non-GAAP Core Earnings $2,020 $2,074 $1.61 $3.93 PG&E Corporation’s Loss on a GAAP basis $(1,318) $(7,656) $(1.05) $(14.50) Non-core items: Amortization of wildfire fund contribution 297 — 0.24 — Investigation remedies 223 — 0.18 — Bankruptcy and legal costs 2,651 180 2.11 0.34 2019-2020 Wildfire-related costs, net of insurance 213 — 0.17 — Prior period net regulatory recoveries (46) — (0.04) — 2017-2018 Wildfire-related costs — 8,761 — 16.59 Electric asset inspection costs — 557 — 1.05 Locate and mark penalty — 39 — 0.07 2019 GT&S capital disallowance — 193 — 0.37 - 4. The quarterly cash dividend on PG&E Corporation’s common stock was suspended beginning with the fourth quarter of 2017.4
For more information, see PG&E Corporation’s and Pacific Gas and Electric Company’s 2021 Joint Annual Report to Shareholders (PDF) or Annual Report on Form 10-K (PDF) for year ended December 31, 2020, which have been filed with the U.S. Securities and Exchange Commission.
About this Report
Throughout this report, when we refer to “PG&E,” we are discussing all of PG&E Corporation and its subsidiaries, including Pacific Gas and Electric Company. When we refer to the “Utility,” we are discussing Pacific Gas and Electric Company. Unless otherwise indicated, the statements in this report are made as of August 2, 2021. The inclusion of information in this report should not be construed as a characterization regarding financial materiality, which is defined by the Securities and Exchange Commission, of that information.
Forward-Looking Statements
This Corporate Sustainability Report contains forward-looking statements that do not relate strictly to historical or current facts. These forward-looking statements relate to, among other matters, our plans, goals and strategies with respect to sustainability and environmental matters, wildfire safety efforts and system hardening, worker safety procedures, the implementation of a lean operating system, financial assistance programs, regionalization, cyber and physical security investments, PSPS events, the Utility’s progress on California’s renewable energy goals, energy efficiency, distributed generation and storage, electric vehicles, and climate change. These statements are also identified by words such as “assume,” “expect,” “intend,” “forecast,” “plan,” “project,” “believe,” “estimate,” “predict,” “anticipate,” “may,” “should,” “would,” “could,” “potential” and similar expressions, or by discussions of our guidance, priorities, strategy, goals, vision, mission, opportunities, projections, intentions or expectations.
These statements reflect management’s judgment and opinions that are based on current estimates, expectations, and projections about future events and assumptions regarding these events, and management’s knowledge of facts as of the date of this report. These statements are based on current expectations and assumptions, which management believes are reasonable, but are necessarily subject to various risks and uncertainties, the realization or resolution of which may be outside of management’s control. Actual results could differ materially from those expressed or implied in the forward-looking statements, or from historical results. PG&E Corporation and the Utility are not able to predict all the factors that may affect future results. For a discussion of some of the factors that could cause actual results to differ materially, please see PG&E Corporation and the Utility’s reports filed with the Securities and Exchange Commission (SEC), including their joint annual report on Form 10-K for the year ended December 31, 2020, their joint quarterly report on Form 10-Q for the period ended March 31, 2021, and their subsequent reports filed with the SEC, which are available on PG&E Corporation’s website at www.pgecorp.com and on the SEC 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.