PG&ECorporate Responsibility and Sustainability Report 2022

See Our Climate Goals

About PG&E and Our Triple Bottom Line

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.

Silhouette of California with PG&E’s Service Area highlighted
Map: PG&E’s Service Area
Coworkers Footnote 1
  • 26,000 employees
Customer Accounts Footnote 2
  • 5.6 million electric distribution
  • 4.5 million natural gas distribution
  • 1. Includes 16,000 employees 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; and Service Employees International Union (SEIU), Local 24/7.1
  • 2. Electric and gas customers are counted separately as customers are given unique service agreement numbers individually for gas and electric service.2
System
  • 7,652 MW of hydroelectric, nuclear, natural gas, and solar generation
  • One of the nation’s largest investor-owned hydroelectric systems
  • 108,000 circuit miles of electric distribution lines and 18,000 circuit miles of electric transmission lines
  • 43,800 miles of gas distribution main pipelines, 6,400 miles of backbone and local gas transmission pipelines, and various gas storage facilities
  • 3.3+ GW of energy storage nameplate capacity under contract
System Investments
  • $8.6 billion in capital investments in 2021 to enhance and upgrade PG&E’s infrastructure for safety, reliability, and wildfire mitigation

2021 Electric Power Mix Footnote 1

PG&E delivers some of the nation’s cleanest electricity to customers, with more than 90% from greenhouse gas-free resources in 2021. The associated emissions rate is nearly 90% cleaner than the latest national average among energy providers.

48% Renewable (greenhouse gas-free and/or renewable), 39% Nuclear (greenhouse gas-free and/or renewable), 4% Large Hydro (greenhouse gas-free and/or renewable), 9% Natural Gas
  • 1. Refers to estimated total net deliveries of electricity to customers; data is sourced from PG&E’s Power Source Disclosure Report with the California Energy Commission.1
About 1 in 6 of all EVs in the U.S. is in PG&E’s service area.
icons of electric vehicle
About 1 in 5 of all solar rooftops is in PG&E’s service area.
icons of solar panel

Contribution to State and Local Revenues

We contribute 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.

Franchise Fees and Property Tax Payments
2019 2020 2021
Franchise Fees Footnote 1 $170,960,278 $177,826,686 $193,928,882
Property Tax Payments Footnote 2 $509,466,117 $537,281,558 $621,501,242
  • 1. Includes franchise fee surcharges and city franchise surcharges.1
  • 2. Property tax payments are based on a fiscal year (July 1-June 30), not calendar year.2

Financial Performance

Unless otherwise indicated, the financial information below is derived from PG&E Corporation’s Consolidated Financial Statements as of December 31, 2020, and December 31, 2021, which include the accounts of PG&E Corporation, the Utility, and other wholly owned and controlled subsidiaries.

Financial Highlights Footnote 1
(unaudited, in millions, except share and per share amounts)
2020 2021
Dividends Declared Per Common Share Footnote 4 0 0
Total Assets at December 31 $97,856 $103,327
Number of Common Shares Outstanding at December 31 1,984,678,673 1,985,400,540 Footnote 5
Operating Revenues $18,469 $20,642
Income (Loss) Attributable to Common Shareholders
Non-GAAP core earnings Footnote 2 2,020 2,138
Non-core items Footnote 3 (3,338) (2,240)
Reported Consolidated Income Attributable to Common Shareholders (1,318) (102)
Income Per Common Share, Diluted
Non-GAAP core earnings Footnote 2 1.61 1.08
Non-core items Footnote 3 (2.66) (1.12)
Reported Consolidated Net Earnings Per Common Share, Diluted (1.05) (0.05)
  • 1. This is combined information of PG&E Corporation and 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 costs, that 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 (taken on a basic basis in the event of a GAAP loss and a diluted basis in the event of a GAAP gain). 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.
    Year Ended December 31
    Earnings Earnings per Common Share (Diluted)
    (in millions, except per share amounts) 2021 2020 2021 2020
    PG&E Corporation’s Non-GAAP Core Earnings $2,138 $2,020 $1.08 $1.61
    PG&E Corporation’s Loss on a GAAP basis $(102) $(1,318) $(0.05) $(1.05)
    Non-core items:
    Amortization of wildfire fund contribution 372 297 0.19 0.24
    Investigation remedies 148 223 0.07 0.18
    Bankruptcy and legal costs 1,413 2,651 0.71 2.11
    2019-2020 Wildfire-related costs, net of insurance 145 213 0.07 0.17
    Prior period net regulatory recoveries 162 (46) 0.08 (0.04)
    For information about Non-core items in 2020 and 2021, see PG&E Corporation 2021 Fourth Quarter and Full Year Earnings report for the years ended December 31, 2020 and December 31, 2021, respectively. 3a, 3b
  • 4. The quarterly cash dividend on PG&E Corporation’s common stock was suspended beginning with the fourth quarter of 2017.4
  • 5. Excludes 377,743,590 shares of common stock held by PG&E ShareCo LLC, a wholly-owned subsidiary of PG&E Corporation, and 100,000,000 shares of common stock held by the Utility.5

For more information, see PG&E Corporation’s and Pacific Gas and Electric Company’s Annual Report on Form 10-K (PDF) or 2022 Joint Proxy Statement (PDF) for year ended December 31, 2021, which have been filed with the U.S. Securities and Exchange Commission (SEC).

PG&E’s Triple Bottom Line

Icon of the earth with a red heart on itPG&E’s responsibilities as an energy provider go far beyond our core mission of providing safe, reliable, affordable, and clean energy to our 16 million customers. We also have a responsibility to build a better future for everyone whose lives we touch.

This means delivering for our hometowns, serving our planet, and leading with love. It means making it right and making it safe. It means helping drive clean energy technologies, while also ensuring that their benefits are accessible to all. And it means helping communities build resilience against climate change today—as well as tackling climate change—in ways that leave no one behind.

We approach this work through the triple bottom line framework of serving people, the planet, and California’s prosperity—supported by strong operational performance.

About the Report

Our Corporate Sustainability Report highlights the strategies and partnerships we’re pursuing to meet our commitment to deliver for our hometowns, serve the planet, and lead with love. Using statistics and stories, this comprehensive report outlines how we’re working every day to provide safe, reliable, affordable, and clean energy for our customers, while also helping to build a better future for California.

The report is organized around the “triple bottom line” framework with sections covering People, the Planet, California’s Prosperity, and our Performance. It features many highlights, including our goal to help heal the planet by 2050 as part of our commitment to enable California’s transition to a decarbonized and more climate-resilient economy.

The report aligns with the voluntary reporting frameworks of the Global Reporting Initiative, Sustainability Accounting Standards Board, Task Force on Climate-Related Financial Disclosures, and the United Nations Sustainable Development Goals. 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.