pge-corp
PG&E’s service area
- 28,000 employees
* 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.
- 5.6 million electric distribution
- 4.6 million natural gas distribution
* Electric and gas customers are counted separately as customers and are given unique service agreement numbers individually for gas and electric service.
- 7,820 MW of owned hydroelectric, nuclear, natural gas, battery energy storage, 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
- 44,200 miles of gas distribution pipelines, over 6,400 miles of backbone and local gas transmission pipelines, and various gas storage facilities
- 3.5+ GW of energy storage nameplate capacity under contract
- $9.8 billion in capital investments in 2023 to enhance and upgrade PG&E’s infrastructure for safety, reliability, decarbonization, and wildfire mitigation.
Clean energy progress
PG&E delivers some of the nation’s cleanest energy. In 2023, PG&E delivered 100% greenhouse gas-free electricity to residential and business customers to whom we directly sell power.
Financial performance
Unless otherwise indicated, the financial information below is derived from PG&E Corporation’s Consolidated Financial Statements as of December 31, 2022, and December 31, 2023, which include the accounts of PG&E Corporation, the Utility, and other wholly owned and controlled subsidiaries.
Financial highlights1
(unaudited, in millions, except share and per share amounts)
- 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.
- “Non-GAAP core earnings” and “Non-GAAP core EPS,” also referred to as “non-GAAP core earnings per share,” are non-GAAP financial measures. Non-GAAP core earnings is calculated as income available for common shareholders less non-core items. “Non-core items” include items that management does not consider representative of ongoing earnings and affect comparability of financial results between periods. Non-GAAP core EPS is calculated as non-GAAP core earnings divided by common shares outstanding.
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.
- “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.
- Excludes 477,743,590 shares of common stock held by Pacific Gas and Electric Company.
Year Ended December 31 (in millions, except per share amounts)
For information about Non-core items in 2022 and 2023, see PG&E Corporation Fourth Quarter and Full Year Earnings report for the years ended December 31, 2022 and December 31, 2023, respectively.
For more information, see PG&E Corporation’s and Pacific Gas and Electric Company’s 2023 Joint Annual Report to Shareholders or Annual Report on Form 10-K for year ended December 31, 2023, which have been filed with the U.S. Securities and Exchange Commission.
Contents
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 more sustainable energy 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 climate action in California.
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.
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, improvements in operating procedures and technology, and potential benefits to us therefrom; our efforts to enable our customers to achieve their own ESG goals; demand for our services; competition; government regulation; and other matters. 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 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’s and the Utility’s annual report on Form 10-K for the year ended December 31, 2023, their joint quarterly report on Form 10-Q for the period ended March 31, 2024, and their subsequent reports filed with the Securities and Exchange Commission (SEC), which are available on PG&E Corporation’s website at www.pgecorp.com and on the SEC website at www.sec.gov. Unless otherwise indicated, the statements in this report are made as of July 29, 2024. Some of the factors that could cause future climate and clean energy results to differ materially from those expressed or implied by the forward-looking statements, or from historical results, include, but are not limited to: whether we are able to dedicate adequate resources to implement our climate strategy; uncertainty regarding maturing technologies; uncertainly whether the necessary infrastructure updates will be made to enable a diverse supply of cleaner fuels; the degree to which customers adopt technologies and behaviors that reduce greenhouse gas emissions; regulatory and financing innovations needed to reduce unnecessary new costs for the energy system, and recovering necessary costs in a sustainable, equitable, and affordable manner; the degree to which we attract, retain, and develop a workforce with the required skill profiles to meet our climate strategy; and the impact of changes to federal, state, and local climate policies. Additionally, some of the factors that could cause our undergrounding results to differ materially from those expressed or implied by the forward-looking statements, or from historical results, include, but are not limited to: the timing and outcome of CPUC proceedings, including ratemaking and cost recovery. PG&E Corporation and Pacific Gas and Electric Company 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.