November 01, 2021
ISSUED BY: PG&E Corporation, 1-415-973-5930

PG&E Corporation Reports Third-Quarter 2021 Financial Results

Related Documents
Press Release and Selected Exhibits
Presentation and Complete Earnings Exhibits

SAN FRANCISCO, Calif. — PG&E Corporation (NYSE: PCG) recorded third-quarter 2021 losses attributable to common shareholders of $1,091 million, or $0.55 per share, as reported in accordance with generally accepted accounting principles (GAAP). This compares with income available for common shareholders of $83 million, or $0.04 per share, for the third quarter of 2020.

GAAP results include non-core items that management does not consider representative of ongoing earnings, which totaled $1,570 million after tax, or $0.79 per share, for the quarter. These results were primarily driven by costs related to the PG&E Corporation's and Pacific Gas and Electric Company's (Utility) reorganization cases under Chapter 11 of the U.S. Bankruptcy Code (Chapter 11), amortization of wildfire insurance fund contributions under Assembly Bill (AB) 1054, prior period net regulatory recoveries, investigation remedies, and 2019-2020 wildfire-related costs.

"Our leadership team is implementing the necessary systems and processes to run a high-performing utility – over both the short and long term – that will produce triple bottom-line results for people, the planet, and California's prosperity," said Patti Poppe, CEO of PG&E Corporation. "As part of this, we continue to deliver on our wildfire mitigation commitments while initiating bold new actions to reduce risk across our electric system, including: undergrounding power lines, calibrating the sensitivity of our automatic shutoff equipment, and executing more vegetation management."

Non-GAAP Core Earnings

PG&E Corporation's non-GAAP core earnings, which exclude non-core items, were $479 million, or $0.24 per share, in the third quarter of 2021, compared with $461 million, or $0.22 per share, during the same period in 2020.

The increase in quarter-over-quarter non-GAAP core earnings per share was primarily driven by the growth in rate base earnings, the change in shares, and wildfire mitigation costs above authorized, partially offset by the timing of taxes.

PG&E Corporation uses "non-GAAP core earnings," which is a non-GAAP financial measure, in order to provide a measure that allows investors to compare the underlying financial performance of the business from one period to another, exclusive of non-core items. See the accompanying tables for a reconciliation of non-GAAP core earnings to consolidated earnings (loss) attributable to common shareholders.

2021 Guidance

PG&E Corporation is adjusting 2021 GAAP earnings guidance to a range of $(0.12) to $0.07 per share, which includes non-core items. PG&E Corporation is adjusting 2021 non-core items guidance to a range of $2.1 billion to $2.3 billion after tax, reflecting costs related to PG&E Corporation and Utility's reorganization cases under Chapter 11, the amortization of wildfire insurance fund contributions under AB1054, investigation remedies, 2019-2020 wildfire-related costs, and prior period net regulatory recoveries, partially offset by the rate neutral securitization inception impact.

On a non-GAAP basis, the guidance range for projected 2021 core earnings is reaffirmed at $0.95 to $1.05 per share. Factors driving non-GAAP core earnings include net below the line and spend above authorized of up to $100 million after tax and unrecoverable interest expense of $300 million to $325 million after tax.

Guidance is based on various assumptions and forecasts, including those relating to authorized revenues, future expenses, capital expenditures, rate base, equity issuances, rate neutral securitization, and certain other factors.

Supplemental Financial Information

In addition to the financial information accompanying this release, presentation slides have been furnished to the Securities and Exchange Commission (SEC) and are available on PG&E Corporation's website at:

Earnings Conference Call

PG&E Corporation will also hold a conference call on November 1, 2021, at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time) to discuss its third quarter 2021 results. The public can access the conference call through a simultaneous webcast. The link is provided below and will also be available from the PG&E Corporation website.

What: Third Quarter 2021 Earnings Call

When: Monday, November 1, 2021 at 11:00 a.m. Eastern Time


A replay of the conference call will be archived through November 8, 2021 at

Alternatively, a toll-free replay of the conference call may be accessed shortly after the live call through November 8, 2021, by dialing (800)585-8367. International callers may dial (416)621-4642. For both domestic and international callers, the confirmation code 9548628 will be required to access the replay.

Public Dissemination of Certain Information

PG&E Corporation and the Utility routinely provide links to the Utility's principal regulatory proceedings with the CPUC and the Federal Energy Regulatory Commission (FERC) at, under the "Regulatory Filings" tab, so that such filings are available to investors upon filing with the relevant agency. PG&E Corporation and the Utility also routinely post, or provide direct links to, presentations, documents, and other information that may be of interest to investors at, under the "Chapter 11," "Wildfire and Safety Updates" and "News & Events: Events & Presentations" tabs, respectively, in order to publicly disseminate such information. It is possible that any of these filings or information included therein could be deemed to be material information.

About PG&E Corporation

PG&E Corporation (NYSE: PCG) is a holding company headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. For more information, visit In this press release, they are together referred to as "PG&E."

Forward-Looking Statements

This news release contains forward-looking statements that are not historical facts, including statements about the beliefs, expectations, estimates, future plans and strategies of PG&E Corporation and the Utility, including but not limited to earnings guidance for 2021. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include factors disclosed in PG&E Corporation and the Utility's joint annual report on Form 10-K for the year ended December 31, 2020, their most recent quarterly report on Form 10-Q for the quarter ended September 30, 2021, and other reports filed with the SEC, which are available on PG&E Corporation's website at and on the SEC website at PG&E Corporation and PG&E 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.

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