Message from the CEO

To Our Stakeholders:

Today at PG&E, we continue to write our story of progress as we deliver on our Triple Bottom Line approach of serving People, the Planet, and California’s Prosperity.

For the People and hometowns we are privileged to serve, we have created a foundation of safety for our energy system. For example, our layers of wildfire protection are working. In 2023 and 2024, we successfully prevented major wildfires caused by company equipment, and we will continue to invest in technology and programs that further reduce risk. Our natural gas system continues top-quartile industry performance in reducing pipeline dig-ins and responding to gas emergencies in under 20 minutes.

Overall, we are focused on building resilient infrastructure for California—a gas and electric system that’s both safe and reliable, even in the face of changing climate conditions.

Just as importantly, we are building an energy system that serves our Planet. In 2024, 98% of the electricity we delivered to customers who purchase their power directly from us was greenhouse-gas free. We interconnected four new renewable natural gas facilities to reduce methane emissions. And we continued safe operations of our Diablo Canyon Power Plant—California’s largest source of clean energy.

In addition to our progress for People and the Planet, we are determined to serve California’s Prosperity with energy that’s affordable for all. We work every day to stabilize customer bills, in part by improving processes and systems that further reduce our operating costs.

Looking ahead, we expect electricity demand to double by 2040, driven by growing demand for new data centers, electric vehicle charging, and electric homes and businesses. This type of growth can reduce the price per kilowatt-hour for all by spreading out the fixed costs of grid operations.

It’s an exciting time at PG&E and in California. Our story of progress is real, and we are optimistic about the future we’re building—a future of resilient, clean, and affordable energy that serves People, the Planet, and California’s Prosperity. On behalf of my PG&E coworkers, we’re glad to have you on our journey.

Sincerely,

Patricia K. Poppe

Chief Executive Officer

PG&E Corporation