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PCG · PG&E

50 filings

10-Q

PCG 10-Q Quarterly Reports

PG&E - 50 quarterly reports

Filing record · 2016–202610-K1310-Q338-K367

PCG filed 13 annual reports (10-K), 33 quarterly reports (10-Q) and 367 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Apr ’18Apr ’18
  2. Bankruptcy8-K · Jun ’20Jun ’20
  3. Leadership change8-K · Mar ’22Mar ’22
  4. Leadership change8-K · Dec ’25Dec ’25
  1. 2026-Q3

    PG&E Quarterly Report for Q3 Ended Sep 30, 2026

    PG&E Corporation and Pacific Gas and Electric Company reported income available to common shareholders of $749 million for the third quarter of 2026, compared with $823 million a year earlier, a decline the filing shows as 9%. For the nine months, income available to common shareholders was $2.34 billion, up from $1.95 billion, a 20% increase. The Utility's operating and maintenance costs and Wildfire Fund expense were key drivers, including accelerated amortization of the Wildfire Fund asset tied to SCE's disclosed Eaton fire receivable. Consolidated net income for the nine months was $2.42 billion. The most significant development for investors is the strategic review announced on September 2, 2026. The company is reducing planned 2027 capital expenditures from $13.4 billion to $11.4 billion and has withdrawn its previously disclosed 2028 through 2030 capital expenditure forecast. The review covers the full range of regulatory, financial, operational and strategic alternatives, including how the company is organized and financed, and securing an investment-grade credit rating is described as a foundational objective. The Utility's unsecured credit rating remains below investment grade with one major agency, and the company does not expect any equity issuances through 2030. Regulatory and wildfire matters remain central. On September 18, 2026, the CPUC issued a proposed decision in Track 1 of the wildfire and gas safety cost recovery proceeding that would authorize about $1.8 billion of recorded costs and disallow about $477 million. A 2027 general rate case proposed decision would allow $456 million in interim rate recovery effective January 1, 2027. The company has accrued $2.25 billion for the 2021 Dixie fire and $475 million for the 2022 Mosquito fire before available recoveries, and the California Legislature ended its 2025-2026 session without modifying the state's wildfire liability framework.

    Oct 22, 2026
  2. 2026-Q2

    PG&E Quarterly Report for Q2 Ended Jun 30, 2026

    PG&E Corporation reported income available to common shareholders of $733 million for the three months ended June 30, 2026, up from $521 million a year earlier, and $1.59 billion for the six months, up from $1.13 billion. The filing attributes the increase to the Utility, whose income available for common stock rose to $827 million in the quarter from $608 million. Results for the six months were supported by about $620 million of revenue authorized in the 2023 WMCE final decision, partly offset by higher cost of electricity, which rose $363 million in the six months as lower CAISO market sales revenues and higher transmission costs flowed through. Wildfire exposure remains the dominant issue. The Utility recorded a $2.25 billion aggregate liability for the 2021 Dixie fire before recoveries, after a $100 million charge in the second quarter, and a $400 million aggregate liability for the 2022 Mosquito fire. Recoveries include a $1.25 billion Wildfire Fund receivable for Dixie and insurance receivables, but the filing states that liabilities could exceed available recoveries. The Utility also filed a $1.59 billion cost-recovery request tied to the 2019 Kincade and 2021 Dixie fires, with a proposed decision expected by November 2026. California lawmakers are considering wildfire legislation in a session ending August 31, 2026, and the filing says insufficient action could lead management to revisit its financial plan and capital allocation. Liquidity was about $6.5 billion as of June 30, 2026, including $5.5 billion of revolving credit availability. The Utility expects to invest $12.4 billion in capital expenditures in 2026, and it expanded its revolving credit facility to $6.25 billion with a 2031 maturity. PG&E Corporation does not expect to issue equity through 2030 and has guided to a dividend payout ratio of approximately 20% of core earnings by 2028.

    Jul 23, 2026
  3. 2026-Q1

    PG&E Quarterly Report for Q1 Ended Mar 31, 2026

    PG&E Corporation and Pacific Gas and Electric Company filed a combined Form 10-Q for the quarter ended March 31, 2026. Consolidated income available to common shareholders was $858 million, compared with $607 million a year earlier, and diluted EPS was $0.39 versus $0.28. The Utility's operating revenues rose $898 million, or 15%, to $6,881 million, driven mainly by approximately $620 million of revenue authorized in the 2023 WMCE final decision, while operating and maintenance expense rose $466 million, including about $400 million of previously deferred costs recognized under that decision. Interest expense increased $62 million to $717 million, reflecting additional long-term debt. Liquidity and wildfire exposure remain the central investor concerns. The company had about $6.3 billion of total liquidity as of March 31, 2026, including $5.2 billion of revolver availability. Liabilities recorded for the 2019 Kincade fire ($1.325 billion), 2021 Dixie fire ($2.15 billion) and 2022 Mosquito fire ($400 million) are stated before available recoveries, and the filing notes that recorded liabilities for Kincade and Dixie have exceeded potential insurance recoveries. The Utility has an aggregate Wildfire Fund receivable of $1.150 billion for the Dixie fire, of which $892 million had been received. The Utility estimates $12.4 billion of 2026 capital expenditures, and the 2023 WMCE decision authorized $1.9 billion of costs, which is under rehearing application. Regulatory developments include the CPUC's February 2026 final decision in the 2023 WMCE proceeding, the NRC's April 2026 approval of a 20-year license renewal for Diablo Canyon, and an OEIS 2025 safety certificate issued in March 2026. A Wildfire Fund administrator study under SB 254 was issued April 7, 2026. The filing also reports that the company accelerated amortization of its Wildfire Fund asset following SCE's Eaton fire disclosures, with Wildfire Fund expense of $102 million in the quarter.

    Apr 23, 2026
  4. 2025-Q3

    PG&E Quarterly Report for Q3 Ended Sep 30, 2025

    PG&E Corporation and Pacific Gas and Electric Company filed a combined Form 10-Q for the quarter ended September 30, 2025. Consolidated net income for the nine months ended September 30, 2025 was $2.03 billion, compared with $1.84 billion a year earlier, and income available for common shareholders was $1.95 billion, or $0.89 diluted EPS, versus $0.85 in the prior-year period. For the three months ended September 30, 2025, PG&E Corporation reported income available for common shareholders of $823 million, or $0.37 diluted EPS. The Utility's operating revenues rose $309 million in the quarter, driven by DCPP extended operations and interim rate relief in the 2023 WMCE proceeding, partly offset by lower WGSC interim rate relief. Wildfire exposure remains the dominant investor issue. As of September 30, 2025, the Utility carried aggregate wildfire liabilities of $1.325 billion for the 2019 Kincade fire, $2.125 billion for the 2021 Dixie fire, and $250 million for the 2022 Mosquito fire, before insurance and other recoveries. Recorded recoveries include a $1.125 billion Wildfire Fund receivable for the Dixie fire, of which $609 million had been received, along with insurance receivables of $523 million and $256 million for the Dixie and Mosquito fires. The filing also notes that SB 254 became law on September 19, 2025, creating a Continuation Account with up to $18 billion of liquidity, and that the Utility's share of contributions is 47.85%. On the financing side, the Utility completed several first mortgage bond sales in 2025, including an October 2, 2025 offering totaling $2.0 billion, and entered into a $500 million term loan in September 2025. As of September 30, 2025, PG&E Corporation and the Utility had about $6.1 billion of total liquidity. The filing states that PG&E Corporation has completed the planned equity financing for its $73 billion capital expenditure plan for 2026 through 2030, and that the Utility's 2027 GRC requests a revenue requirement of $16.64 billion for 2027.

    Oct 23, 2025
  5. 2025-Q2

    PG&E Quarterly Report for Q2 Ended Jun 30, 2025

    PG&E Corporation and Pacific Gas and Electric Company file this combined quarterly report for the three and six months ended June 30, 2025. The Utility's operating revenues were $5.90 billion for the quarter (versus $5.99 billion a year earlier) and $11.88 billion for the six months. Consolidated income available for common shareholders was $521 million for the quarter and $1.13 billion for the six months, compared with $520 million and $1.25 billion in the prior-year periods. Income tax provision and interest expense declined for the Utility, while interest income and operating and maintenance expense moved in mixed directions. Management reports that the Utility's cash and cash equivalents stood at $236 million and total liquidity was about $7.5 billion as of June 30, 2025. Wildfire liabilities remain the central risk. The filing records aggregate liabilities of $1.325 billion for the 2019 Kincade fire, $2.075 billion for the 2021 Dixie fire, and $250 million for the 2022 Mosquito fire, each before insurance and, where applicable, other probable recoveries. The Utility carries a $1.075 billion Wildfire Fund receivable for the Dixie fire, of which $445 million had been received. The Utility also notes that the Wildfire Fund may be depleted faster than its 20-year life estimate, partly due to the Eaton fire liability disclosed by Southern California Edison. Regulatory activity is significant. The Utility filed its 2027 General Rate Case in May 2025 seeking a $16.64 billion revenue requirement for 2027, and a CPUC proposed decision issued July 25, 2025 would raise the energization cost cap by an aggregate $2.38 billion. The Utility also issued new long-term debt in 2025 and extended its revolving credit facilities, and it reports a $15 billion DOE loan guarantee facility under which it had not yet borrowed as of the report date.

    Jul 31, 2025
  6. 2025-Q1

    PG&E Quarterly Report for Q1 Ended Mar 31, 2025

    PG&E Corporation and the Utility (Pacific Gas and Electric Company) filed a combined Form 10-Q for the quarter ended March 31, 2025. Consolidated net income for PG&E Corporation was $634 million, compared to $735 million in the prior-year quarter, and income available for common shareholders was $607 million versus $732 million. Diluted EPS was $0.28 compared to $0.34. The Utility's revenues rose to $5.98 billion, while its net income fell to $695 million from $781 million, driven by higher depreciation and wildfire-related claims charges of $50 million tied to the 2019 Kincade fire. Cash from operations rose to $2.95 billion for the Utility. Wildfire exposure remains the dominant investor concern. The filing records aggregate liabilities of $1.275 billion for the 2019 Kincade fire, $1.925 billion for the 2021 Dixie fire, and $100 million for the 2022 Mosquito fire, each before insurance. Recorded Wildfire Fund receivables, regulatory recovery receivables, and insurance receivables are substantial, but the filing notes that the CPUC has not yet interpreted the revised AB 1054 prudency standard and recovery is not assured. The Utility also had about $8.0 billion of total liquidity at quarter-end and is planning $12.9 billion of capital expenditures in 2025. Financing activity included $1.0 billion and $750 million of first mortgage bonds issued in February 2025, and the Utility has not yet borrowed under the $15 billion DOE loan guarantee facility. The company also filed a 2026 cost of capital request seeking an 11.30% return on common equity and submitted its 2026-2028 wildfire mitigation plan to the OEIS in April 2025.

    Apr 24, 2025
  7. 2024-Q3

    PG&E Quarterly Report for Q3 Ended Sep 30, 2024

    PG&E Corporation and Pacific Gas and Electric Company (the Utility) filed a combined quarterly report for the three and nine months ended September 30, 2024. Consolidated income available for common shareholders was $576 million for the third quarter of 2024, up from $348 million a year earlier, and $1.83 billion for the nine months, up from $1.32 billion. The third-quarter increase was driven largely by the absence of prior-year SB 901 securitization charges ($346 million in Q3 2023) and lower Wildfire Fund expense, partly offset by higher depreciation and interest expense. Nine-month diluted EPS was $0.85, compared with $0.62 in 2023. Wildfire liabilities remain the central investor issue. The Utility's accrued liabilities are $1.2 billion for the 2019 Kincade fire, $1.875 billion for the 2021 Dixie fire and $100 million for the 2022 Mosquito fire, before insurance and other recoveries. The filing records a $75 million Kincade charge and a $275 million Dixie charge in the third quarter. Recorded receivables include a $875 million Wildfire Fund receivable for Dixie and $598 million of regulatory recovery receivables for Dixie. Total cumulative wildfire payments through September 30, 2024 were $2.19 billion. Management states that liabilities could exceed available recoveries. Liquidity was about $5.2 billion at September 30, 2024. The Utility completed substantial debt financings in 2024, including a $1.42 billion AB 1054 recovery bond issuance and $1.0 billion of junior subordinated notes at PG&E Corporation. The Utility's ROE was reduced from 10.70% to 10.28% effective January 1, 2025, following an October 17, 2024 CPUC decision. The Utility also received $944 million of interim rate relief in the 2023 WMCE proceeding, subject to refund.

    Nov 7, 2024
  8. 2024-Q2

    PG&E Quarterly Report for Q2 Ended Jun 30, 2024

    PG&E Corporation and Pacific Gas and Electric Company filed this combined quarterly report for the period ended June 30, 2024. PG&E Corporation's income available for common shareholders was $520 million for the three months ended June 30, 2024 (versus $406 million in 2023) and $1.252 billion for the six months (versus $975 million), with the Utility contributing $561 million and $1.339 billion respectively. Consolidated operating revenues were $5.986 billion for the quarter and $11.847 billion for the six months, while interest expense rose sharply, at $812 million for the quarter versus $640 million a year earlier. Net cash provided by operating activities for PG&E Corporation was $2.972 billion for the six months, and capital expenditures were $4.936 billion. The Utility estimates $10.4 billion of capital expenditures in 2024. Wildfire exposure remains the dominant investor issue. The filing records aggregate liabilities of $1.125 billion for the 2019 Kincade fire, $1.6 billion for the 2021 Dixie fire, and $100 million for the 2022 Mosquito fire, before insurance and other recoveries. Recorded probable recoveries include a $600 million Wildfire Fund receivable and $525 million of insurance receivables for the Dixie fire. The Utility has been self-insuring wildfire liability up to $1.0 billion since August 2023. PG&E Corporation also recorded a $300 million liability for wildfire-related securities claims, and the Utility's cost recovery applications, including the 2023 WMCE request of approximately $1.86 billion, remain pending. Regulatory developments included a July 16, 2024 CPUC final decision on Phase 2 of the 2023 GRC setting a cumulative expenditure cap of $2.26 billion for 2024 to 2026, and a May 2024 CPUC decision denying the Pacific Generation application, which led to a $60 million write-off. The Utility also completed debt financings, including $2.25 billion of first mortgage bonds in February 2024, and expects to issue $1.42 billion of AB 1054 securitization bonds in August 2024. As of June 30, 2024, PG&E Corporation and the Utility had approximately $3.3 billion of total liquidity.

    Jul 25, 2024
  9. 2024-Q1

    PG&E Quarterly Report for Q1 Ended Mar 31, 2024

    PG&E Corporation and Pacific Gas and Electric Company (the Utility) filed this combined quarterly report for the three months ended March 31, 2024. PG&E Corporation reported consolidated income available for common shareholders of $732 million for the quarter, compared with $569 million a year earlier, with diluted EPS of $0.34 versus $0.27. The Utility's income available for common shareholders was $778 million versus $623 million. Lower wildfire-related and securitization charges, a $273 million SB 901 charge in the prior-year period that did not recur, and higher authorized base revenues from the 2023 GRC drove the improvement, partly offset by higher interest expense of $134 million at the Utility. Wildfire liabilities remain the central risk. Recorded liabilities as of March 31, 2024 were $1.125 billion for the 2019 Kincade fire, $400 million for the 2020 Zogg fire, $1.6 billion for the 2021 Dixie fire and $100 million for the 2022 Mosquito fire, before insurance and other recoveries. The Utility also recorded a $600 million Wildfire Fund receivable for the Dixie fire, and it notes that liabilities could exceed available recoveries. The Utility's accrued regulatory and balancing account costs totaled about $4.6 billion, and several cost recovery applications, including the 2023 WMCE and the WGSC proceedings, remain pending before the CPUC. Liquidity was approximately $4.4 billion as of March 31, 2024. The Utility issued $2.25 billion of first mortgage bonds in February 2024 and expects capital expenditures of $10.4 billion in 2024. PG&E Corporation does not plan to issue equity in 2024 except for employee compensation, and it is pursuing a potential sale of a minority interest in Pacific Generation, a proposal for which a CPUC administrative law judge has issued a proposed decision to deny.

    Apr 25, 2024
  10. 2023-Q3

    PG&E Quarterly Report for Q3 Ended Sep 30, 2023

    PG&E Corporation and Pacific Gas and Electric Company (the Utility) filed this combined Form 10-Q for the quarter ended September 30, 2023. For the nine months ended September 30, 2023, PG&E Corporation reported income available for common shareholders of $1.323 billion, compared with $1.287 billion a year earlier, while the Utility reported $1.516 billion versus $1.610 billion. Three-month income available for common shareholders was $348 million, down from $456 million. Operating and maintenance expense rose sharply in the quarter, driven largely by recognition of previously deferred expenses tied to the 2021 WMCE settlement, and SB 901 securitization charges climbed as Fire Victim Trust share sales generated tax benefits that are refundable to ratepayers. Wildfire exposure remains the dominant investor issue. Recorded aggregate liabilities as of September 30, 2023 were $1.025 billion for the 2019 Kincade fire, $400 million for the 2020 Zogg fire, $1.6 billion for the 2021 Dixie fire, and $100 million for the 2022 Mosquito fire, before insurance. The filing states that recorded liabilities for the Kincade and Dixie fires already exceed recoverable insurance, and it records a $600 million Wildfire Fund receivable for Dixie. Liquidity at September 30, 2023 was approximately $4.4 billion. The 2023 General Rate Case remains pending, with a proposed decision and alternate proposed decision issued in September 2023 that differ materially from the utility's requested revenue requirements, and a final decision expected in the fourth quarter of 2023. The filing also notes that the Utility sought an increase in ROE from 10.0% to 10.7% through a cost of capital adjustment mechanism filed October 13, 2023, and that PG&E Corporation does not plan to issue equity securities in 2023 or 2024.

    Oct 26, 2023
  11. 2023-Q2

    PG&E Quarterly Report for Q2 Ended Jun 30, 2023

    PG&E Corporation and Pacific Gas and Electric Company (the Utility) filed this combined quarterly report for the period ended June 30, 2023. Consolidated net income was $982 million for the six months ended June 30, 2023, versus $838 million a year earlier, and income available for common shareholders was $975 million versus $831 million. The Utility's six-month operating and maintenance expense that impacted earnings decreased slightly, and the period included about $585 million of revenue authorized in the final 2020 WMCE decision. Interest expense rose sharply, up $356 million, or 50%, for the six months, mainly from new long-term debt and higher variable rates, and SB 901 securitization charges climbed to $562 million on tax benefits from Fire Victim Trust share sales. Wildfire exposure remains the dominant investor concern. The filing records aggregate liabilities of $1.025 billion for the 2019 Kincade fire, $400 million for the 2020 Zogg fire, $1.175 billion for the 2021 Dixie fire, and $100 million for the 2022 Mosquito fire, each before insurance and other recoveries. Insurance receivables are $430 million, $372 million, $528 million, and $54 million respectively, and a $175 million Wildfire Fund receivable is recorded for the Dixie fire. The company notes that recorded liabilities for Kincade and Dixie already exceed potential insurance recoveries, and it also discloses that the Utility has moved to self-insurance for wildfire liability beginning in 2023. Liquidity was about $5.0 billion as of June 30, 2023, including $4.2 billion of revolving credit availability. The Utility completed several first mortgage bond sales during the first half of 2023 and extended its revolving credit facilities to 2028 and 2026 for the Utility and PG&E Corporation, respectively. The company also reports ongoing regulatory items, including a pending 2023 General Rate Case with a requested revenue requirement of $15.82 billion for 2023, a $749 million wildfire and gas safety cost recovery request, and a proposed Pacific Generation transfer of non-nuclear assets.

    Jul 27, 2023
  12. 2023-Q1

    PG&E Quarterly Report for Q1 Ended Mar 31, 2023

    PG&E Corporation and Pacific Gas and Electric Company (the Utility) filed this combined quarterly report for the three months ended March 31, 2023. Consolidated net income was $572 million, and income available for common shareholders was $569 million, or $0.27 diluted EPS, compared with $475 million and $0.22 a year earlier. The Utility's earnings that impacted shareholders rose on recognition of about $585 million of revenues authorized in the final 2020 WMCE decision, partially offset by the absence of a roughly $310 million CEMA settlement recognized in Q1 2022. Results were also affected by a $273 million SB 901 securitization charge, reflecting tax benefits from the Fire Victim Trust's sale of PG&E Corporation stock that are refundable to ratepayers, and higher interest expense of $156 million. Wildfire exposure remains the central investor issue. Recorded liabilities as of March 31, 2023 were $1.025 billion for the 2019 Kincade fire, $400 million for the 2020 Zogg fire, $1.175 billion for the 2021 Dixie fire, and $100 million for the 2022 Mosquito fire, all before insurance. The Zogg criminal case has been reduced from 31 counts to 11, with a tentative ruling that would leave two misdemeanor charges. The filing states that the Utility could face losses materially exceeding recorded amounts. The Utility also reported a Wildfire Fund receivable of $175 million for the Dixie fire and regulatory receivables for recovery. Liquidity was approximately $3.9 billion as of March 31, 2023, comprising $871 million of Utility cash, $157 million of PG&E Corporation cash, and $2.8 billion of revolver availability. Operating cash flow fell by $470 million year over year, primarily due to winter storm restoration costs. The Utility issued $750 million of 6.70% First Mortgage Bonds due 2053 in March 2023, and it expects capital expenditures of $7.9 billion to $11.2 billion in 2023.

    May 4, 2023
  13. 2022-Q3

    PG&E Quarterly Report for Q3 Ended Sep 30, 2022

    PG&E Corporation and Pacific Gas and Electric Company (the Utility) filed a combined quarterly report for the three and nine months ended September 30, 2022. PG&E Corporation reported net income attributable to common shareholders of $1.29 billion for the nine months ended September 30, 2022, compared with a loss of $574 million a year earlier, and the Utility reported $1.61 billion for the same period, compared with a loss of $435 million. The filing attributes much of the nine-month improvement to a $337 million income tax benefit from the Fire Victim Trust's sales of PG&E Corporation common stock, and to a $310 million CEMA settlement revenue recognition, offset by higher depreciation and interest expense. Wildfire exposure remains the dominant issue: the company has recorded aggregate liabilities of $950 million for the 2019 Kincade fire, $375 million for the 2020 Zogg fire, $1.15 billion for the 2021 Dixie fire and $100 million for the 2022 Mosquito fire, before insurance and other recoveries. The filing states that the Zogg fire losses would materially exceed the recorded amount if convictions occur on certain charges, and it records a $300 million liability for wildfire-related securities claims. Liquidity and financing activity was heavy during the period. The Utility issued $7.5 billion of SB 901 recovery bonds in May and July 2022, and as of September 30, 2022 PG&E Corporation and the Utility had access to approximately $2.6 billion of total liquidity. Capital expenditures for the nine months were $7.41 billion, and the filing estimates 2022 capital expenditures of $7.8 billion to $9.4 billion. Subsequent to quarter end, the company amended its revolving credit agreements and the Utility filed a 2023 General Rate Case requesting a $16.18 billion revenue requirement for 2023. The Utility also disclosed on October 25, 2022 that the SED proposed a $155 million penalty related to the Zogg fire. PG&E Corporation has suspended dividends on its common stock and may not pay them until it recognizes $6.2 billion in Non-GAAP Core Earnings following emergence from Chapter 11. The Utility resumed common stock dividends of $425 million to PG&E Corporation in June and September 2022.

    Oct 27, 2022
  14. 2022-Q2

    PG&E Quarterly Report for Q2 Ended Jun 30, 2022

    PG&E Corporation and Pacific Gas and Electric Company (the Utility) filed a combined quarterly report for the period ended June 30, 2022. The company reported consolidated net income of $831 million available to common shareholders for the six months ended June 30, 2022, versus $517 million a year earlier, with the Utility contributing $1,123 million for the six-month period and PG&E Corporation recording a loss of $292 million. The six-month results were lifted by a $337 million tax benefit from the Fire Victim Trust's sale of 100,000,000 shares of PG&E Corporation common stock, and by a $310 million settlement-related revenue recognition tied to the 2018 CEMA application. The filing highlights significant wildfire-related exposure. As of June 30, 2022, the company had recorded aggregate liabilities of $950 million for the 2019 Kincade fire, $375 million for the 2020 Zogg fire, and $1.15 billion for the 2021 Dixie fire, before insurance and other recoveries. The Utility faces criminal charges in connection with the Zogg fire and states its total losses could materially exceed the recorded amount if convicted of certain charges. The Utility also disclosed identified instances of noncompliance with wildfire mitigation inspection requirements, and it remains under step 1 of the CPUC's Enhanced Oversight and Enforcement Process. Liquidity was supported by approximately $2.7 billion of total liquidity as of June 30, 2022, and by financing activity including $3.6 billion of Series 2022-A SB 901 recovery bonds issued in May 2022, with a further $3.9 billion of Series 2022-B bonds issued July 20, 2022. The Utility filed a 2023 cost of capital application requesting an 11% ROE and a 4.30% cost of debt, and a 2023 GRC requesting a revenue requirement of $15.34 billion for 2023. The company reinstated a Utility common stock dividend of $425 million paid to PG&E Corporation, while PG&E Corporation itself remains restricted from paying common dividends until it recognizes $6.2 billion in Non-GAAP Core Earnings following emergence.

    Jul 28, 2022
  15. 2022-Q1

    PG&E Quarterly Report for Q1 Ended Mar 31, 2022

    PG&E Corporation and Pacific Gas and Electric Company filed this combined quarterly report for the three months ended March 31, 2022. PG&E Corporation's net income available for common shareholders was $475 million, compared with $120 million in the same period of 2021. The Utility's income attributable to common stock was $527 million, versus $174 million a year earlier. Revenue growth was driven by the recognition of approximately $310 million tied to the 2018 CEMA settlement, higher base revenues under the 2020 GRC, and FERC formula rate revenues. Income tax benefit also rose, including a $135 million benefit tied to the Fire Victim Trust's January 31, 2022 sale of 40,000,000 shares. Wildfire exposure remains the dominant risk factor. Recorded liabilities are $800 million for the 2019 Kincade fire, $375 million for the 2020 Zogg fire, and $1.15 billion for the 2021 Dixie fire, before insurance and other recoveries. The filing states that recorded Kincade and Dixie liabilities already exceed potential insurance recoveries, and that the Utility believes its total Zogg losses would materially exceed the recorded $375 million if convicted of certain charges. Recent stipulated judgments require payments of $20.25 million for Kincade and $34.75 million for Dixie, neither recoverable through rates. The Utility also reports that it is probable it will incur a loss on the Wildfire-Related Securities Claims, but that amount is not reasonably estimable, so no liability has been recorded. Liquidity was approximately $2.4 billion as of March 31, 2022, including $199 million of Utility cash, $48 million of PG&E Corporation cash, and $2.2 billion of revolver availability. Subsequent to quarter end, the Utility entered into new term loans totaling $1.025 billion in April 2022. The Utility estimates 2022 capital expenditures of $7.8 billion to $8.9 billion. The 2023 GRC requests a revenue requirement of $15.34 billion for 2023, with a decision expected in the third quarter of 2023.

    Apr 28, 2022
  16. 2021-Q3

    PG&E Quarterly Report for Q3 Ended Sep 30, 2021

    PG&E Corporation and Pacific Gas and Electric Company filed this combined Form 10-Q for the quarter ended September 30, 2021. For the nine months, PG&E Corporation reported a consolidated net loss of $564 million and a loss attributable to common shareholders of $574 million, or $(0.29) per diluted share, compared with a loss of $1.52 billion, or $(1.50) per share, a year earlier. The third quarter included a $1.3 billion charge, net of tax, tied to the grantor trust election for the Fire Victim Trust. Operating revenues were $15.40 billion for the nine months, and interest expense rose to $1.21 billion from $844 million. The central investor issue is wildfire liability. The company recorded aggregate liabilities of $800 million for the 2019 Kincade fire, $375 million for the 2020 Zogg fire, and $1.15 billion for the 2021 Dixie fire, each before available insurance and recoveries. The filing states these amounts are the lower end of reasonably estimable ranges and that the Utility's total losses could materially exceed them if convicted on certain criminal charges. Insurance receivables were $430 million, $331 million and $569 million for those fires, respectively, and a $150 million Wildfire Fund receivable was recorded for the Dixie fire. Liquidity totaled approximately $3.3 billion as of September 30, 2021, comprising $269 million of Utility cash, $151 million of PG&E Corporation cash and $2.9 billion of credit facility availability. The Utility generated $2.05 billion of operating cash flow for the nine months, and capital expenditures were $5.47 billion. The Utility sold its general office complex (SFGO) for net proceeds of $749 million, and it issued new first mortgage bonds during the period.

    Nov 1, 2021
  17. 2021-Q2

    PG&E Quarterly Report for Q2 Ended Jun 30, 2021

    PG&E Corporation and Pacific Gas and Electric Company filed a combined Form 10-Q for the quarter ended June 30, 2021. PG&E Corporation reported net income attributable to common shareholders of $397 million for the three months and $517 million for the six months ended June 30, 2021, compared with net losses of $1,972 million and $1,601 million in the same periods of 2020. The 2020 results were driven largely by backstop commitment premium expense and reorganization items tied to the Chapter 11 cases, which were absent in 2021. Diluted EPS was $0.18 for the quarter and $0.24 for the six months. Total operating revenues were $5,215 million for the quarter, up from $4,533 million, and the Utility's electric and gas revenues that impacted earnings rose by $335 million (11%) for the quarter. The most significant risk disclosed is wildfire liability. The Utility has recorded aggregate probable liabilities of $800 million for the 2019 Kincade fire and $375 million for the 2020 Zogg fire, before available insurance, and says losses from the Kincade fire could materially exceed that accrual if it is convicted of certain criminal charges filed by the Sonoma County District Attorney. The company also believes a loss from the 2021 Dixie fire is probable but cannot yet estimate its amount. Total liquidity was approximately $3.2 billion at June 30, 2021, and long-term debt rose as the Utility issued new First Mortgage Bonds and amended its revolving credit facility. Regulatory and other developments include a $7.5 billion securitization of 2017 Northern California wildfire costs approved by the CPUC, a $1.2 billion AB 1054 securitization of fire risk mitigation capital expenditures, a pending 2023 General Rate Case requesting $15.46 billion in 2023 revenue requirements, and the SEC's May 2021 notice that it did not intend to recommend enforcement action in its investigation of the company's disclosures.

    Jul 29, 2021
  18. 2021-Q1

    PG&E Quarterly Report for Q1 Ended Mar 31, 2021

    PG&E Corporation and Pacific Gas and Electric Company filed a combined Form 10-Q for the quarter ended March 31, 2021. PG&E Corporation reported consolidated net income of $123 million for the quarter, with income available for common shareholders of $120 million, or $0.06 per diluted share, compared with $371 million, or $0.57 per diluted share, in the prior-year period. The decline was driven by $172 million of wildfire-related claims (net of insurance recoveries) tied to the 2019 Kincade fire and 2020 Zogg fire, $119 million of Wildfire Fund expense, and interest expense rising to $408 million from $254 million. Operating and maintenance expense increased to $2.336 billion from $1.967 billion. The company's wildfire exposure remains the dominant investor issue. The Utility recorded an aggregate liability of $800 million for the 2019 Kincade fire and $300 million for the 2020 Zogg fire, both before available insurance, and the filing states that losses could materially exceed these amounts. On April 6, 2021, the Sonoma County District Attorney filed a criminal complaint charging the Utility with 5 felonies and 28 misdemeanors related to the Kincade fire. The CPUC placed the Utility in step 1 of its Enhanced Oversight and Enforcement Process on April 15, 2021. Cash and cash equivalents at PG&E Corporation fell to $229 million at March 31, 2021 from $484 million at year-end 2020, while short-term borrowings declined to $1.448 billion from $3.547 billion. Liquidity improved through a $2.382 billion long-term debt issuance by the Utility, a $350 million proceeds sale of future revenue from transmission tower licenses, and the repayment of revolving credit borrowings. The filing also reports that the CPUC approved a $7.5 billion rate-neutral securitization of 2017 Northern California wildfire costs on April 23, 2021, and that the Utility's wildfire liability insurance was renewed in April 2021 at approximately $268 million in coverage.

    Apr 29, 2021
  19. 2020-Q3

    PG&E Quarterly Report for Q3 Ended Sep 30, 2020

    PG&E Corporation and Pacific Gas and Electric Company filed a combined Form 10-Q for the quarter ended September 30, 2020, their first full quarter after emerging from Chapter 11 on July 1, 2020. Net income attributable to common shareholders was $83 million for the three months ended September 30, 2020, compared with a loss of $1,619 million a year earlier, and the nine-month loss narrowed to $1,518 million from $4,039 million. Results were driven by the absence of large 2019 wildfire charges, though 2020 included $1.5 billion of reorganization-related expenses (backstop premium and bridge facility fees), $625 million of Kincade fire liability accrued as of September 30, 2020 (before $430 million of insurance receivables), and $293 million of Wildfire Fund expense. Cash flows were dominated by emergence: operating cash flow was negative $19.2 billion for the nine months, reflecting $18.8 billion paid on pre-petition wildfire claims and $5.0 billion of Wildfire Fund contributions, while the company raised about $9.0 billion of equity and substantial new debt, including $13.5 billion of net long-term debt proceeds at PG&E Corporation. The filing highlights significant ongoing uncertainty. The 2019 Kincade fire has been attributed by Cal Fire to Utility transmission lines, and the 2020 Zogg fire is under investigation, with the company unable to estimate a possible loss for Zogg. Several regulatory and legal matters remain open, including the 2020 General Rate Case proposed decision issued October 23, 2020, the Wildfires OII settlement, securitization of $7.5 billion in 2017 wildfire costs, and securities litigation tied to subordinated claims that could require share issuances or cash payments. Dividends remain restricted until $6.2 billion of non-GAAP core earnings is recognized after the Effective Date. Liquidity at September 30, 2020 was approximately $2.6 billion, comprising about $140 million of Utility cash, $262 million of PG&E Corporation cash, and $2.2 billion of credit facility availability. Subsequent to quarter end, the Utility closed a $1 billion accounts receivable securitization program in October 2020.

    Oct 29, 2020
  20. 2020-Q2

    PG&E Quarterly Report for Q2 Ended Jun 30, 2020

    PG&E Corporation and Pacific Gas and Electric Company filed this combined Form 10-Q for the quarter ended June 30, 2020, covering the period in which they emerged from Chapter 11 on July 1, 2020 under the Plan confirmed by the Bankruptcy Court on June 20, 2020. For the three months ended June 30, 2020, PG&E Corporation reported a consolidated net loss attributable to common shareholders of $1,972 million, compared with a loss of $2,553 million in the same period of 2019. Results were driven by a $600 million loss recorded for the 2019 Kincade fire (before insurance), $1.5 billion of expense for backstop commitment premiums and bridge loan fees within reorganization items, and a $173 million Wildfire Fund expense. Total operating revenues were $4,533 million for the quarter, up from $3,943 million. At June 30, 2020, total assets were $109,229 million, and liabilities subject to compromise had been reclassified, with wildfire-related claims of $26,143 million and long-term debt of $34,920 million on the balance sheet. The filing states that the Plan provides for $5.4 billion in cash plus 477 million shares to the Fire Victim Trust, $11.0 billion to the Subrogation Wildfire Trust, and $1.0 billion to Settling Public Entities, and that the company raised approximately $9.0 billion of gross equity proceeds and issued new debt including a $2.75 billion PG&E Corporation term loan and $8.925 billion of Utility first mortgage bonds. The company entered into a $3.5 billion Utility revolving credit facility, a $3.0 billion Utility term loan, and a $500 million Corporation revolving facility. Substantial doubt about going concern has been alleviated. The Utility also contributed approximately $4.8 billion initially and $193 million annually to the Wildfire Fund under AB 1054, and recorded a $6.5 billion Wildfire Fund asset and $5.2 billion current liability. Investors should note several open risks disclosed in the filing: the Kincade fire liability could exceed the $600 million accrued amount and $430 million of insurance, the outcome of pending CPUC and probation proceedings, the unresolved amount of subordinated securities claims that could require material share issuances or cash payments, the Elliott Management administrative claim of approximately $250 million, and the potential for tax-related impairment of a $619 million charge depending on whether the Fire Victim Trust is treated as a grantor trust. Dividends are not expected to resume upon emergence, and the common stock dividend restriction requires $6.2 billion of non-GAAP core earnings after the Effective Date.

    Jul 30, 2020
  21. 2020-Q1

    PG&E Quarterly Report for Q1 Ended Mar 31, 2020

    PG&E Corporation and Pacific Gas and Electric Company filed this combined Form 10-Q for the quarter ended March 31, 2020 while both remain debtors-in-possession under Chapter 11 (case filed January 29, 2019). The financial statements carry a going-concern qualification: management concluded that uncertainty regarding the 2017 Northern California wildfires and 2018 Camp fire raises substantial doubt about both companies' ability to continue as going concerns. PG&E Corporation reported consolidated net income available for common shareholders of $371 million for the first quarter of 2020, versus $136 million a year earlier, and the Utility reported $448 million, versus $133 million. Consolidated operating revenues were $4.31 billion, up from $4.01 billion. Reorganization items, net were a $176 million expense, and interest expense rose to $254 million from $103 million as the Utility resumed accruing interest on pre-petition debt. The central investor issue is the plan of reorganization. The Utility's best estimate of probable losses for the 2018 Camp fire, 2017 Northern California wildfires and 2015 Butte fire is $25.5 billion, and the filing states this could substantially exceed that amount if settlements terminate or impaired classes fail to approve the plan. The plan's settlements cover the Subrogation RSA ($11.0 billion), the TCC RSA ($13.5 billion) and public entity claims ($1.0 billion). The plan targets confirmation by June 30, 2020, with a confirmation hearing scheduled for May 27, 2020, and the AB 1054 Wildfire Fund eligibility depends on meeting that deadline. The Utility's liquidity at March 31, 2020 was approximately $4.6 billion, including $2.7 billion of availability under the DIP Credit Agreement, and it expects a significant impact on monthly cash collections from COVID-19. Other significant items include a $1.625 billion disallowance settlement with the CPUC in the Wildfires OII, which a presiding officer decision modified and the assigned commissioner's Decision Different later adopted, and a $1.0 billion-plus fire-related cost picture that remains subject to CPUC and bankruptcy court approval. The filing also discloses a 2019 Kincade fire loss estimate of at least $600 million before insurance (reasonably possible, not accrued), a $2.5 billion PSPS class action that was dismissed by the Bankruptcy Court, and a SEC investigation into disclosures and accounting for the wildfire losses.

    May 1, 2020
  22. 2019-Q3

    PG&E Quarterly Report for Q3 Ended Sep 30, 2019

    PG&E Corporation and Pacific Gas and Electric Company filed this combined Form 10-Q for the quarter ended September 30, 2019, while operating as debtors-in-possession under Chapter 11 (petition date January 29, 2019). PG&E Corporation reported a net loss attributable to common shareholders of $1,619 million for the three months and $4,039 million for the nine months ended September 30, 2019, compared with income of $564 million and $22 million in the same periods of 2018. The results were driven primarily by wildfire-related claims charges of $2,548 million in the quarter and $6,448 million year to date, net of insurance recoveries. Total wildfire-related claims liabilities reached $20,560 million at September 30, 2019, and the filing states the aggregate liability for the 2018 Camp fire and 2017 Northern California wildfires is $20.3 billion, with possible losses that could exceed $30 billion. Liabilities subject to compromise totaled $45,093 million, and the filing states that the going-concern basis carries substantial doubt about the companies' ability to continue as going concerns. The restructuring path remains contested. The Proposed Plan, as amended, contemplates up to $14 billion of equity, $27.35 billion of Utility-level and $7.0 billion of PG&E Corporation-level permanent financing, and an $11.0 billion subrogation claims settlement under a restructuring support agreement. A competing TCC/Ad Hoc Noteholder Plan was filed October 17, 2019, and the Bankruptcy Court terminated exclusivity as to those two groups on October 9, 2019. The filing states that the TCC/Ad Hoc Noteholder Plan would leave pre-petition PG&E Corporation common stockholders with approximately 0.1% of post-emergence shares, and that the Utility's ability to participate in the AB 1054 Wildfire Fund depends on resolving the Chapter 11 Cases by June 30, 2020. Liquidity depends on the $5.5 billion DIP facilities, of which $1.5 billion was drawn at September 30, 2019 and $3,401 million was shown as aggregate availability. Cash and cash equivalents were $2,970 million at PG&E Corporation and $2,539 million at the Utility. The filing also discloses a $1.0 billion public-entity settlement, a possible inverse condemnation ruling hearing on November 19, 2019, a Tubbs-fire jury trial set for January 7, 2020, and new October 2019 PSPS and Kincade fire matters that the company says could have material effects.

    Nov 7, 2019
  23. 2019-Q2

    PG&E Quarterly Report for Q2 Ended Jun 30, 2019

    PG&E Corporation and Pacific Gas and Electric Company filed this combined Form 10-Q for the quarter ended June 30, 2019, while operating as debtors-in-possession under Chapter 11 cases filed January 29, 2019. The filing states that the financial statements are prepared on a going concern basis, but that substantial doubt exists about the companies' ability to continue as going concerns. For the three months ended June 30, 2019, PG&E Corporation reported a net loss attributable to common shareholders of $2.55 billion ($4.83 per share), compared with a loss of $984 million ($1.91 per share) in the prior-year quarter. Operating revenues were $3.94 billion for the quarter, and wildfire-related claims, net of insurance recoveries, were $3.90 billion. Total wildfire-related claims liabilities reached $18.11 billion at June 30, 2019, reflecting an additional $1.9 billion charge for the 2018 Camp fire and $2.0 billion for the 2017 Northern California wildfires in the quarter. The filing states that the aggregate liability for these two events is $17.9 billion and that potential liability could exceed $30 billion. Liquidity depends on a $5.5 billion DIP Credit Agreement, of which $1.5 billion was drawn on the initial term loan as of June 30, 2019, with $3.479 billion of aggregate availability. Cash and cash equivalents were $3.46 billion at June 30, 2019 (PG&E Corporation consolidated), up from $1.67 billion at December 31, 2018. Pre-petition debt and other claims totaling $42.61 billion were classified as liabilities subject to compromise, and the companies have ceased recording interest expense on that debt, with $405 million of contractual interest not recorded. Dividends remain suspended, and the companies do not expect to pay cash dividends during the Chapter 11 Cases. Key pending items include the exclusivity periods for filing and soliciting a Chapter 11 plan (through September 26, 2019 and November 26, 2019, respectively), competing motions to terminate exclusivity, a claims bar date of October 21, 2019, and the companies' participation in the statewide Wildfire Fund under AB 1054, which the filing says would require an initial contribution of approximately $4.8 billion upon emergence and is expected to have a material impact on financial condition.

    Aug 9, 2019
  24. 2019-Q1

    PG&E Quarterly Report for Q1 Ended Mar 31, 2019

    PG&E Corporation and Pacific Gas and Electric Company filed this combined Form 10-Q for the quarter ended March 31, 2019, after both entities filed voluntary Chapter 11 petitions on January 29, 2019. The financial statements carry a going-concern qualification: management states that uncertainty tied to the 2017 Northern California and 2018 Camp fire wildfires raises substantial doubt about the companies' ability to continue as going concerns. PG&E Corporation reported consolidated net income available for common shareholders of $136 million, or $0.25 per diluted share, versus $442 million ($0.86 per share) a year earlier. Operating income fell to $189 million from $599 million, driven by higher operating and maintenance expense ($2.087 billion versus $1.604 billion), including $210 million of enhanced inspection costs and $179 million of Camp fire clean-up costs at the Utility, plus $127 million of reorganization items. Liabilities subject to compromise total $39.32 billion, and the balance sheet shows wildfire-related claims of $14.21 billion for the Camp fire and 2017 wildfires, plus $10.5 billion and $3.5 billion charges recorded in 2018. The filing states that potential liability for the 2018 Camp fire and 2017 Northern California wildfires could exceed $30 billion, excluding punitive damages, fines, penalties, and future claims. The Utility obtained $5.5 billion of debtor-in-possession financing, of which $1.5 billion of initial term loan was borrowed on April 3, 2019. Cash and cash equivalents at PG&E Corporation rose to $2.964 billion from $1.668 billion at December 31, 2018. The filing also discloses an SEC investigation into public disclosures and accounting for the wildfire losses, a criminal investigation of the 2018 Camp fire by the Butte County District Attorney and the California Attorney General, and a Utility request for a waiver of the CPUC capital structure condition. A proposed 2020 cost of capital application requests a 16% return on equity, and a new CEO, William D. Johnson, took office effective May 2, 2019.

    May 2, 2019
  25. 2018-Q3

    PG&E Quarterly Report for Q3 Ended Sep 30, 2018

    PG&E Corporation and Pacific Gas and Electric Company filed a combined quarterly report for the period ended September 30, 2018. PG&E Corporation reported net income available for common shareholders of $22 million for the nine months ended September 30, 2018, compared with $1,532 million in the same period of 2017, and diluted EPS of $0.04 versus $2.98. For the three months ended September 30, 2018, income available for common shareholders was $564 million, or $1.09 per diluted share, compared with $550 million, or $1.07 per diluted share, a year earlier. The results were driven by a $2.5 billion pre-tax charge recorded in the second quarter of 2018 for estimated third-party claims from 14 of the Northern California wildfires, which was partially offset by $385 million of probable insurance recoveries. Non-GAAP earnings from operations were $1.652 billion ($3.19 per diluted share) for the nine months ended September 30, 2018, compared with $1.562 billion ($3.04) a year earlier. The balance sheet shows wildfire-related claims liabilities rising to $2.79 billion at September 30, 2018, from $561 million at December 31, 2017, and short-term borrowings and long-term debt remaining substantial. Cash flow from operations was $4.24 billion for the nine months, against $4.74 billion a year earlier, while capital expenditures were $4.59 billion. Common dividends were suspended beginning in the fourth quarter of 2017, and the filing states that PG&E Corporation may need to issue significant additional equity to maintain the Utility's CPUC-authorized capital structure, which could be materially dilutive. The filing also discloses that Cal Fire has determined the causes of 17 Northern California wildfires as involving the Utility's equipment, that the Utility faces roughly 500 complaints on behalf of at least 3,100 plaintiffs, and that the Utility estimates a probable loss of at least $1.1 billion for the Butte fire, with a reasonably possible additional $200 million. The filing states that PG&E Corporation's and the Utility's credit ratings were downgraded several times during 2018 but remained at investment grade at September 30, 2018. Management states that liquidity, equity needs, and financial condition could be materially affected by wildfire-related liabilities, fines, and the timing of cost recovery through rates, and it notes that SB 901, signed September 21, 2018, introduces a customer harm threshold that will govern the CPUC's review of wildfire cost disallowances.

    Nov 5, 2018
  26. 2018-Q2

    PG&E Quarterly Report for Q2 Ended Jun 30, 2018

    PG&E Corporation and Pacific Gas and Electric Company filed this combined Form 10-Q for the quarter ended June 30, 2018. The quarter was dominated by a $2.5 billion pre-tax charge for estimated third-party claims related to 14 of the Northern California wildfires, which drove a GAAP net loss of $980 million for the three months ended June 30, 2018, compared with net income of $410 million a year earlier. For the six months, PG&E Corporation reported a net loss of $535 million versus net income of $989 million in 2017. Management reports that the charge reflects the lower end of its reasonably estimated loss range, that it is reasonably possible the loss could be greater, and that the company has recorded $375 million of probable insurance recoveries against the charge. The balance sheet shows wildfire-related claims rising to $2.86 billion at June 30, 2018, from $561 million at December 31, 2017, and short-term borrowings increasing to $1.45 billion. Credit ratings were downgraded by Fitch, S&P and Moody's in the first quarter of 2018, and S&P downgraded again in the second quarter; the company remains at investment grade. Dividends remain suspended, and no dividends were declared in the 2018 period. Non-GAAP earnings from operations were $601 million, or $1.16 per diluted share, for the second quarter, compared with a prior-year amount of $440 million, and the company's own disclosures note that Butte fire and other litigation, regulatory proceedings, and the pending wildfire legislation remain unresolved. Investors should note that the filing states liability could be substantial and could exceed the approximately $10 billion in estimated insured property losses for the Northern California wildfires, that insurance coverage is approximately $840 million for third-party liability, and that the Utility's capital structure condition requires a 52% equity ratio, which may require significant equity issuances in the future.

    Jul 26, 2018
  27. 2018-Q1

    PG&E Quarterly Report for Q1 Ended Mar 31, 2018

    PG&E Corporation and its primary operating subsidiary, Pacific Gas and Electric Company (the Utility), filed a combined quarterly report for the three months ended March 31, 2018. Consolidated operating revenues were $4.06 billion versus $4.27 billion a year earlier, operating income fell to $599 million from $867 million, and net income was $445 million versus $579 million. Income available for common shareholders was $442 million, or $0.86 per diluted share, compared with $1.13 a year earlier. On a non-GAAP basis, earnings from operations were $468 million, or $0.91 per share, versus $544 million and $1.06 per share in the prior-year period. Dividends on common stock were suspended beginning in the fourth quarter of 2017, and no common dividend was declared in the quarter. The dominant issue for investors is the Northern California wildfires that began October 8, 2017. The filing states that the Utility incurred $259 million of service restoration and repair costs through March 31, 2018, and that its facilities could be the substantial cause of one or more fires, which could create liability under inverse condemnation and other theories. The company does not believe a loss is probable at this time and states it cannot reasonably estimate potential losses. More than 150 lawsuits, representing about 2,500 plaintiffs, have been filed, and the Utility's liability insurance covers approximately $840 million. Separately, for the Butte fire, the Utility states it believes a loss of at least $1.1 billion is probable, with $443 million of the related third-party claims liability remaining at March 31, 2018. Credit ratings were downgraded by Fitch, Standard & Poor's, and Moody's during the quarter, but remained investment grade. Balance sheet and liquidity metrics show total assets of $68.15 billion and total equity of $19.98 billion at March 31, 2018. Cash and cash equivalents declined to $144 million from $449 million at year-end. Capital expenditures were $1.47 billion in the quarter, and the Utility estimates capital expenditures of $6.3 billion in 2018. The Utility's ability to recover wildfire costs through CEMA and the outcome of the Butte fire and wildfire litigation remain the key uncertainties.

    May 3, 2018
  28. 2017-Q3

    PG&E Quarterly Report for Q3 Ended Sep 30, 2017

    PG&E Corporation and Pacific Gas and Electric Company filed this combined Form 10-Q for the quarter ended September 30, 2017. PG&E Corporation reported third-quarter 2017 net income available for common shareholders of $550 million ($1.07 diluted EPS), compared with $388 million ($0.77) in the third quarter of 2016. For the nine months, income available for common shareholders was $1.532 billion ($2.98 diluted EPS), versus $701 million ($1.40) a year earlier. Non-GAAP earnings from operations were $578 million ($1.12 per share) for the quarter and $1.562 billion ($3.04 per share) for the nine months. Operating revenues for the nine months rose to $13.035 billion from $12.953 billion. The filing's dominant issue is the Northern California wildfires that began October 8, 2017, which the filing says destroyed an estimated 8,900 structures and caused 43 fatalities. The Utility estimates $160 million to $200 million in service restoration and repair costs, which it believes are recoverable through CEMA subject to CPUC approval, and it has approximately $800 million in liability insurance for potential losses. The causes are under investigation by Cal Fire and the CPUC, including the possible role of the Utility's power lines, and the company says it cannot reasonably estimate possible losses from these fires. The Butte fire remains a major liability. The Utility now believes a loss of at least $1.1 billion is probable, up from $750 million previously, and it has recorded $922 million in probable insurance recoveries for that fire. The filing also discloses a $1.0 billion potential increase in environmental costs, a Valero refinery lawsuit seeking $114 million, and a federal investigation in which the Utility is a target. Liquidity is also relevant: the Utility's capital expenditure estimate is $5.7 billion for 2017, PG&E Corporation expects to issue $400 million to $500 million of common stock by year-end 2017, and its equity needs could increase because of wildfire costs.

    Nov 2, 2017
  29. 2017-Q2

    PG&E Quarterly Report for Q2 Ended Jun 30, 2017

    PG&E Corporation and Pacific Gas and Electric Company filed this combined Form 10-Q for the quarter ended June 30, 2017. For the six months ended June 30, 2017, PG&E Corporation reported consolidated net income of $989 million and income available for common shareholders of $982 million, or $1.92 diluted EPS, compared with $313 million, or $0.63, a year earlier. Results were lifted by the absence of 2016's large disallowance and fine charges. On a non-GAAP basis, earnings from operations were $984 million ($1.92 per diluted share) versus $737 million ($1.48) in the prior-year period. Operating income rose to $1.63 billion from $496 million, largely because operating and maintenance expense fell to $3.05 billion from $3.85 billion. The main investor risk is the Butte fire. The Utility believes it is probable it will incur a loss of at least $750 million, has recorded $646 million of probable insurance recoveries against liability coverage of about $900 million, and faces additional claims from the State's Office of Emergency Services (about $190 million) and Calaveras County (about $85 million). A June 22, 2017 court ruling found the Utility liable for inverse condemnation to the plaintiffs in the coordinated proceeding. The Utility also filed on July 26, 2017 to establish a Wildfire Expense Memorandum Account to seek future recovery of costs above insurance. Other open matters include the safety culture OII, the ex parte communications settlement (total financial remedy of $86.5 million), a federal investigation tied to the Migratory Bird Treaty Act, and a CPUC decision reducing the authorized return on equity from 10.40% to 10.25% effective January 1, 2018. Capital needs remain significant. The Utility estimates capital expenditures of $5.9 billion in 2017, $6.1 billion in 2018 and $6.0 billion in 2019. PG&E Corporation forecasts $400 million to $500 million of common stock issuance in 2017, which could be materially dilutive to EPS. The Utility's credit rating was investment grade at June 30, 2017.

    Jul 27, 2017
  30. 2017-Q1

    PG&E Quarterly Report for Q1 Ended Mar 31, 2017

    PG&E Corporation and Pacific Gas and Electric Company filed a combined Form 10-Q for the quarter ended March 31, 2017. PG&E Corporation reported consolidated net income of $579 million for the quarter, with income available for common shareholders of $576 million, or $1.13 per diluted share, compared with $107 million, or $0.22 per diluted share, in the first quarter of 2016. Operating revenues rose to $4,268 million from $3,974 million, and operating income was $880 million versus $95 million. Management's non-GAAP earnings from operations were $544 million, or $1.06 per share, after excluding items such as fines and penalties and a $88 million GT&S revenue timing impact. The Utility's operating and maintenance expense fell to $1,504 million from $2,010 million, mainly because of lower Butte fire charges and the absence of the 2016 disallowed capital charge. The main investor focus is contingent liabilities. The Utility has accrued a $750 million loss for Butte fire third-party claims, with a $646 million balance at March 31, 2017, and recorded $632 million of probable insurance recoveries. Cal Fire is seeking $87 million in firefighting costs, and the SED issued citations totaling $8.3 million. The filing also describes a federal conviction and probation, a pending settlement of the San Bruno derivative suits, and a pending CPUC decision on the 2017 General Rate Case, which proposes a 2017 revenue requirement increase of $86 million and an alternate proposal of $88 million. The Utility expects to need $6.0 billion in capital expenditures in each of 2017, 2018 and 2019, and PG&E Corporation forecasts $400 million to $600 million of common stock issuance in 2017 to fund equity contributions. Balance sheet and liquidity are stable. At March 31, 2017, PG&E Corporation had total assets of $69,164 million and total equity of $18,605 million. Net cash from operating activities was $1,574 million for PG&E Corporation and $1,598 million for the Utility. The Utility's commercial paper balance was $263 million, and its debt-to-capitalization ratio was 49%, below the 65% covenant limit. The Utility's credit rating remained investment grade.

    May 2, 2017
  31. 2016-Q3

    PG&E Quarterly Report for Q3 Ended Sep 30, 2016

    PG&E Corporation and Pacific Gas and Electric Company's combined Form 10-Q for the quarter ended September 30, 2016 reports consolidated net income of $391 million for the third quarter of 2016 versus $310 million in the same quarter of 2015, and income available for common shareholders of $388 million, or $0.77 diluted EPS, versus $0.63 a year earlier. For the nine months, income available for common shareholders was $701 million ($1.40 diluted EPS) versus $740 million ($1.53) in 2015. Earnings from operations, a non-GAAP measure, were $1,209 million ($2.42 per diluted share) for the nine months, after items impacting comparability including $497 million of fines and penalties in 2015 and $206 million of fines and penalties in 2016, plus $110 million of net Butte fire costs and a $113 million GT&S capital disallowance in 2016. The largest risks disclosed are legal and regulatory. A federal jury in August 2016 acquitted the Utility on six record-keeping counts but convicted it on six felony counts, and the Utility has filed a motion for judgment of acquittal with sentencing scheduled for January 23, 2017; the maximum statutory fine is $3 million. The Utility also faces a DOI debarment inquiry, a CPUC ex parte communications proceeding in which penalties are considered probable but cannot be estimated, and the Butte fire, for which the Utility has accrued $350 million for property damages against $260 million of probable insurance recoveries and says losses could exceed the accrual. Nuclear decommissioning cost estimates rose to $4.8 billion, and the Utility has proposed retiring Diablo Canyon in 2024 and 2025. On the capital side, PG&E Corporation issued $742 million of common stock in the nine months, including a 4.9 million share underwritten offering in August 2016 for $309 million net, and forecasts about $800 million of common stock issuance in 2016 and $400 million to $600 million in 2017. The Utility estimates capital expenditures of $5.7 billion in 2016 and about $6.0 billion each year from 2017 through 2019. The filing states that these equity issuances would have a material dilutive impact on EPS.

    Nov 4, 2016
  32. 2016-Q2

    PG&E Quarterly Report for Q2 Ended Jun 30, 2016

    PG&E Corporation and Pacific Gas and Electric Company filed this combined Form 10-Q for the quarter ended June 30, 2016. Consolidated net income for the three months ended June 30, 2016 was $210 million ($0.41 diluted EPS), down from $406 million ($0.83 diluted) a year earlier. For the six months, net income was $320 million ($0.63 diluted EPS) versus $440 million ($0.90 diluted) in 2015. The decline is driven largely by charges tied to the CPUC's April 2015 Penalty Decision, a $190 million charge for capital disallowance from the phase one 2015 GT&S rate case decision, a $350 million accrual for property damages from the Butte fire (partly offset by $260 million of probable insurance recoveries), and a $24 million accrual related to the CPUC record-keeping proceeding. The filing reports an earnings-from-operations figure of $330 million ($0.66 per diluted share) for the quarter, a non-GAAP measure the company defines in its MD&A. The company's largest exposures remain legal and regulatory. A federal criminal trial against the Utility began June 14, 2016, with 12 counts remaining after one was dismissed; the case was submitted to the jury on July 27, 2016, and the Utility cannot predict the verdict. The CPUC's June 1, 2016 proposed decision assessed a $24 million penalty for record-keeping failures, and the SED has appealed, seeking $112 million, which would bring total fines to $66 million if the lower SED alternative is adopted. The Utility also reports it is probable the CPUC will impose penalties in the ex parte communications proceeding, though the amount cannot be estimated. Investors should note that PG&E Corporation forecasts continued material equity issuance (approximately $800 million of common stock in 2016), which would have a material dilutive impact on EPS. Balance sheet and cash flow data show total assets of $65.9 billion at June 30, 2016, short-term borrowings of $1.5 billion, and long-term debt of $16.5 billion. Net cash provided by operating activities was $1.78 billion for the six months, while capital expenditures were $2.65 billion, and the Utility estimates 2016 capital expenditures of approximately $5.6 billion. The Utility's capital structure is authorized at 52% equity, and the company adopted a dividend payout target range of 55% to 65% of earnings.

    Jul 28, 2016
  33. 2016-Q1

    PG&E Quarterly Report for Q1 Ended Mar 31, 2016

    PG&E Corporation and its primary operating subsidiary, Pacific Gas and Electric Company (the Utility), filed this combined Form 10-Q for the quarter ended March 31, 2016. PG&E Corporation reported first-quarter income available for common shareholders of $107 million, or $0.22 per diluted share, compared with $31 million, or $0.06 per diluted share, a year earlier. The results include an $381 million pre-tax charge related to the Butte fire, and $87 million of additional charges under the CPUC's Penalty Decision. Excluding items impacting comparability, the filing reports earnings from operations of $407 million, or $0.82 per share, versus $418 million, or $0.87 per share, in the prior-year quarter. The filing highlights significant ongoing liability exposure. The Utility recorded a $350 million provision for property damages from the Butte fire, and says it is reasonably possible that additional fire suppression, personal injury and other costs could follow. The federal criminal case against the Utility has 13 remaining counts, with the trial date vacated and no new date set. The Utility also faces pending CPUC proceedings on ex parte communications, natural gas record-keeping (where the SED recommended a fine of approximately $112 million), and a rehearing of 2006-2008 energy efficiency incentive awards involving a $104 million refund request. Management states that it will continue issuing material equity to fund charges, and forecasts $600 million to $800 million of common stock issuance in 2016. On the regulatory front, the Utility's 2017 General Rate Case requests a $333 million revenue requirement increase for 2017, and the 2015 Gas Transmission and Storage rate case remains pending. The Utility's total nuclear decommissioning obligation was $3.3 billion at March 31, 2016, reflecting a $818 million adjustment following an updated cost estimate of $4.8 billion.

    May 4, 2016
  34. 2015-Q3

    PG&E Quarterly Report for Q3 Ended Sep 30, 2015

    PG&E Corporation and Pacific Gas and Electric Company filed a combined Form 10-Q for the quarter ended September 30, 2015. Consolidated net income fell to $310 million for the third quarter of 2015 from $814 million a year earlier, and income available for common shareholders was $307 million, or $0.63 per diluted share, versus $811 million, or $1.71 per diluted share. For the nine months, income available for common shareholders was $740 million ($1.53 per diluted share) compared with $1.305 billion ($2.79). The filing attributes the decline mainly to the Penalty Decision of the California Public Utilities Commission, which imposes penalties totaling $1.6 billion. Of that total, $770 million was recorded as charges in the nine months ended September 30, 2015, with $142 million in the third quarter. Operating and maintenance expenses rose sharply as a result, and PG&E Corporation has indicated it will continue issuing material equity to fund the Utility's unrecoverable costs and fines. The filing also highlights significant ongoing legal and regulatory exposure. A 28-count superseding federal criminal indictment against the Utility carries a maximum alternative fine of approximately $1.13 billion, with trial scheduled to begin March 8, 2016. The CPUC has opened investigations into ex parte communications, natural gas distribution record-keeping, and the Utility's safety culture. The Butte Fire in September 2015 is under investigation, and the Utility states it is reasonably possible it will incur a material amount of losses, though it cannot reasonably estimate the amount. Pending regulatory matters include the 2015 Gas Transmission and Storage rate case, expected to be decided in 2016, and the 2017 General Rate Case, which requests a revenue requirement increase of $457 million. Balance sheet and financing activity remained active. PG&E Corporation sold 6.8 million shares in August 2015 for $352 million net of fees, and total shareholders' equity at the Utility rose to $17.01 billion at September 30, 2015. Long-term debt for PG&E Corporation's consolidated balance sheet was $15.545 billion. The Utility's capital expenditures for the nine months were $3.662 billion, and it estimated $5.3 billion in capital expenditures for 2015.

    Oct 28, 2015
  35. 2015-Q2

    PG&E Quarterly Report for Q2 Ended Jun 30, 2015

    PG&E Corporation and Pacific Gas and Electric Company filed a combined Form 10-Q for the quarter ended June 30, 2015. Net income for the three months ended June 30, 2015 was $406 million, versus $271 million a year earlier, while income available for common shareholders was $402 million ($0.83 diluted EPS), compared with $267 million ($0.57) in 2014. For the six months, income available for common shareholders was $433 million ($0.90 diluted EPS), down from $494 million ($1.06) in 2014. The decline is driven by the CPUC Penalty Decision, which imposed penalties totaling $1.6 billion on the Utility, of which $628 million was recorded in the six months ended June 30, 2015 ($75 million in the quarter). Reported earnings from operations for the six months were $860 million ($1.78 per diluted share) in 2015 versus $575 million ($1.24) in 2014, a non-GAAP measure the company defines by excluding items impacting comparability. The filing highlights substantial remaining exposure. The Penalty Decision includes a $300 million fine, a $400 million customer bill credit, and $850 million for pipeline safety projects, of which at least $688.5 million must be capitalized and excluded from rate base. The company expects to issue a material amount of common equity to fund these obligations, and PG&E Corporation's common stock issuances will have a material dilutive effect on EPS. A federal criminal trial on the 27-count pipeline safety indictment is set for March 8, 2016, with a maximum alternative fine of approximately $1.13 billion, though no charges for criminal fines have been accrued. Additional CPUC investigations into ex parte communications, record-keeping, and the Utility's safety culture are pending, and the company could not reasonably estimate the amount of future charges. On the balance sheet, total assets at PG&E Corporation were $61.63 billion at June 30, 2015, and total equity was $16.27 billion. The Utility's long-term debt was $15.19 billion, and the company issued $500 million of senior notes in June 2015. Management forecasts $5.5 billion of capital expenditures for 2015 and $5.3 billion to $5.8 billion for 2016.

    Jul 29, 2015
  36. 2015-Q1

    PG&E Quarterly Report for Q1 Ended Mar 31, 2015

    PG&E Corporation and Pacific Gas and Electric Company filed a combined Form 10-Q for the quarter ended March 31, 2015. Consolidated net income fell to $34 million from $230 million a year earlier, and income available for common shareholders was $31 million, or $0.06 per diluted share, versus $227 million, or $0.49 per diluted share. The decline is driven mainly by $553 million of charges tied to the CPUC's April 9, 2015 Penalty Decision, which imposes $1.6 billion in penalties on the Utility, all funded by shareholders. The penalties comprise a $300 million fine to the State General Fund, a one-time $400 million bill credit to natural gas customers, $850 million for future pipeline safety projects and programs, and remedial measures the CPUC estimates will cost at least $50 million. The Utility has elected not to appeal any of the decisions. Several legal and regulatory matters remain open. A federal criminal indictment charges the Utility with 27 felony counts under the Natural Gas Pipeline Safety Act plus one obstruction count, with a maximum alternative fine of approximately $1.13 billion; the trial is set to begin March 8, 2016, and no criminal fines have been accrued. The CPUC has announced new investigations into ex parte communications and the Utility's safety culture, and the 2015 GT&S rate case final decision is scheduled for August 2015, with the amount of revenue disallowance still uncertain. Management expects to issue a material amount of equity in 2015, with planned issuances of $700 million to $800 million, which it says will have a material dilutive effect on EPS. On the balance sheet, total assets were $60.55 billion at March 31, 2015, and long-term debt was $15.05 billion. Operating cash flow for the quarter was $1.08 billion, and capital expenditures were $1.19 billion. The Utility estimates 2015 capital expenditures of approximately $5.5 billion.

    Apr 29, 2015
  37. 2014-Q3

    PG&E Quarterly Report for Q3 Ended Sep 30, 2014

    PG&E Corporation and Pacific Gas and Electric Company filed this combined quarterly report for the period ended September 30, 2014. Nine-month consolidated net income rose to $1.32 billion from $738 million a year earlier, and income available for common shareholders reached $1.31 billion, or $2.79 diluted EPS, versus $1.65 in the prior-year period. Third-quarter net income was $814 million, or $1.71 diluted EPS, compared with $164 million and $0.36 a year earlier. The filing attributes the improvement to natural gas matters, the 2014 General Rate Case revenue increase, and a lower tax provision from flow-through ratemaking. Operating and maintenance expense fell sharply, reflecting lower net costs for natural gas matters. The dominant risk for investors is the CPUC enforcement proceedings tied to the San Bruno accident and natural gas transmission operations. The presiding ALJs recommended total penalties of $1.4 billion, and the Utility has appealed while several Commissioners requested review. The Utility has accrued $200 million for the minimum probable fines. Separately, a 28-count superseding federal criminal indictment alleges 27 felony gas-safety counts and one obstruction count, with a maximum alternative fine of approximately $1.13 billion, and the Utility has pleaded not guilty. The company also disclosed new ex parte communications issues with the CPUC, which led to a one-year communications ban and additional federal and state investigations. Liquidity depends heavily on equity issuance. PG&E Corporation sold $496 million of common stock under its February 2014 equity distribution agreement and contributed $705 million of equity to the Utility in the nine months. The company expects to keep issuing material equity, which could dilute EPS further if enforcement outcomes add costs. Total assets were $57.88 billion at September 30, 2014.

    Oct 28, 2014
  38. 2014-Q2

    PG&E Quarterly Report for Q2 Ended Jun 30, 2014

    PG&E Corporation and Pacific Gas and Electric Company filed this combined Form 10-Q for the quarter ended June 30, 2014. Consolidated net income for PG&E Corporation was $271 million for the three months ended June 30, 2014 (versus $332 million in 2013) and $501 million for the six months (versus $574 million). Income available for common shareholders was $267 million, or $0.57 diluted EPS, for the quarter (versus $0.74), and $494 million, or $1.06 diluted EPS, for the six months (versus $1.29). The filing attributes the decline primarily to higher unrecovered natural gas matter costs ($40 million pre-tax-equivalent impact in the quarter as shown in the EPS reconciliation), timing of 2014 GRC expense recovery, and share dilution. The most significant risk for investors is the natural gas enforcement overhang. On July 30, 2014, the U.S. Attorney's Office filed a 28-count superseding criminal indictment against the Utility, with a maximum alternative fine of approximately $1.13 billion. Three CPUC investigations remain pending, with the SED recommending a $2.25 billion penalty; the Utility has accrued only $200 million for the minimum probable fine. Cumulative charges related to natural gas matters total approximately $2.6 billion since the San Bruno accident. The company forecasts continued equity issuances to fund the Utility, which could be materially dilutive to EPS. On the regulatory side, a proposed decision in the 2014 General Rate Case recommends a $453 million, or 6.8%, increase in 2014 revenue requirements versus the $1,160 million requested, and the CPUC may issue a final decision on August 14, 2014. At June 30, 2014, PG&E Corporation's consolidated total assets were $57.0 billion and the Utility had $13.97 billion of long-term debt; the Utility expects 2014 capital expenditures of $5 billion to $6 billion.

    Jul 31, 2014
  39. 2014-Q1

    PG&E Quarterly Report for Q1 Ended Mar 31, 2014

    PG&E Corporation and Pacific Gas and Electric Company filed a combined quarterly report for the three months ended March 31, 2014. PG&E Corporation's consolidated income available for common shareholders was $227 million, or $0.49 diluted EPS, versus $239 million, or $0.55, in the prior-year quarter. Operating revenues rose to $3.89 billion from $3.67 billion, while operating income fell to $484 million from $502 million. The Utility's 2014 pipeline-related costs not recoverable through rates are forecast at $350 million to $450 million, and cumulative charges related to natural gas matters since the San Bruno accident reached $2.52 billion. The most significant risks are regulatory and legal. The SED has recommended a $2.25 billion penalty in the pending CPUC investigations, and the Utility has accrued $200 million as the minimum probable fine. On April 1, 2014, a federal grand jury indictment, filed by the U.S. Attorney's Office, charged the Utility with 12 felony counts under the Natural Gas Pipeline Safety Act, seeking total fines of $6 million. The filing states the Utility has pleaded not guilty. The company also disclosed that it expects to keep issuing material amounts of common stock to fund equity contributions to the Utility, which could be materially dilutive to EPS. Liquidity activity included $1.19 billion of capital expenditures in the quarter, $1.24 billion of long-term debt issued by the Utility, and $302 million of common stock issued by PG&E Corporation. The Utility forecasts 2014 capital expenditures of $5 billion to $6 billion. The 2014 General Rate Case, in which the Utility seeks a $1.16 billion increase in 2014 revenue requirements, remains pending at the CPUC, with a proposed decision anticipated in the second quarter of 2014.

    May 1, 2014
  40. 2013-Q3

    PG&E Quarterly Report for Q3 Ended Sep 30, 2013

    PG&E Corporation and Pacific Gas and Electric Company filed a combined quarterly report for the period ended September 30, 2013. For the nine months, PG&E Corporation reported operating revenues of $11.62 billion (vs. $11.21 billion in 2012), operating income of $1.43 billion (vs. $1.57 billion), and net income of $738 million (vs. $839 million). Income available for common shareholders was $728 million, or $1.65 diluted EPS, versus $829 million, or $1.96, a year earlier. For the three months ended September 30, 2013, net income fell to $164 million from $364 million, and diluted EPS was $0.36 versus $0.84. The decline was driven mainly by natural gas matters: the Utility recorded a $196 million charge for disallowed PSEP capital expenditures and a $110 million charge for San Bruno third-party claims settlements in the quarter. The most significant investor issue is the pending CPUC investigations into the San Bruno accident and natural gas operations. The SED has recommended a $2.25 billion penalty, of which $300 million would be a fine to the State General Fund. The Utility estimates total unrecovered costs and fines related to natural gas transmission would exceed $4 billion if that recommendation is adopted. The Utility has accrued $200 million for the minimum probable fine. The record in these proceedings closed on October 15, 2013, and presiding officers' decisions are due within 60 days. The filing also notes a criminal investigation in which the Utility is a target, with no estimate of possible losses. The company states that future equity issuances needed to fund unrecoverable costs are expected to have a material dilutive effect on EPS. Liquidity remains active. PG&E Corporation issued 18 million common shares for $724 million net in the nine months and contributed $835 million of equity to the Utility. Capital expenditures were $3.88 billion for the nine months, and the Utility forecasts 2013 capital expenditures of about $5.1 billion. The Utility's 2014 general rate case seeks a $1,160 million revenue requirement increase, against a DRA recommendation to reduce 2014 revenue requirements by $125 million.

    Oct 30, 2013
  41. 2013-Q2

    PG&E Quarterly Report for Q2 Ended Jun 30, 2013

    PG&E Corporation and Pacific Gas and Electric Company (the Utility) filed a combined quarterly report for the period ended June 30, 2013. PG&E Corporation reported six-month 2013 operating revenues of $7.45 billion and net income for common shareholders reflected in diluted EPS of $1.29, versus $1.11 in the prior-year period. Second-quarter diluted EPS was $0.74, compared with $0.55 a year earlier. The company attributes the improvement largely to lower natural gas matter charges, a $0.37 six-month EPS effect cited in the earnings reconciliation, partly offset by a reduction in authorized cost of capital. Operating and maintenance expense fell to $2.59 billion for the six months from $2.79 billion, while the Utility's cost of electricity rose to $2.17 billion for the six months from $1.82 billion, largely passed through to customers. The dominant investor issue is the San Bruno natural gas pipeline matters. On July 16, 2013, the Safety and Enforcement Division recommended a $2.25 billion penalty, including a $300 million fine and $1.95 billion of non-recoverable costs under the pipeline safety plan. The Utility estimates total past and future unrecovered costs and fines for gas transmission operations would exceed $4 billion if that recommendation is adopted. The Utility has accrued $200 million for the minimum probable fine, and the filing states that the final CPUC decision could come before the end of 2013. The company also states that additional PG&E Corporation equity issuances to fund the Utility are expected to have a material dilutive effect on EPS, and that the criminal investigation of the accident could materially affect the company. Balance sheet and financing activity remained active. PG&E Corporation issued 14 million shares for $562 million in net proceeds during the first half and contributed $665 million of equity to the Utility. The Utility issued $750 million of senior notes in June 2013 and redeemed $461 million of 4.80% notes. Total shareholders' equity at PG&E Corporation was $13.87 billion at June 30, 2013, up from $13.07 billion at year-end 2012. The Utility is seeking a $1.207 billion increase in 2014 revenue requirements in its general rate case, while the Division of Ratepayer Advocates recommended a reduction of $162 million.

    Jul 31, 2013
  42. 2013-Q1

    PG&E Quarterly Report for Q1 Ended Mar 31, 2013

    PG&E Corporation and Pacific Gas and Electric Company filed this combined Form 10-Q for the quarter ended March 31, 2013. PG&E Corporation reported first-quarter 2013 net income of $242 million (income available for common shareholders of $239 million, or $0.55 diluted EPS), compared with $236 million ($233 million, or $0.56 diluted EPS) in the prior-year quarter. Operating revenues were $3.67 billion versus $3.64 billion. The filing attributes a significant share of ongoing costs to natural gas matters following the San Bruno accident: the Utility recorded $62 million of unrecoverable natural gas costs in the quarter (versus $163 million a year earlier), and cumulative charges since September 2010 total approximately $1.9 billion. The Utility has accrued at least $200 million for penalties in pending CPUC investigations, and the Utility states it is reasonably possible it could incur up to an additional $145 million in third-party claims. Briefs on proposed penalties are due May 6, 2013, with presiding officer decisions currently due August 5, 2013. PG&E Corporation issued common stock for $426 million in net cash proceeds during the quarter and contributed $370 million of equity to the Utility, with a further $210 million contributed on April 30, 2013. The filing states that additional equity issuances to fund unrecoverable costs and penalties are expected to have a material dilutive effect on EPS. The Utility's CPUC-authorized capital structure is 52% common equity, and the authorized ROE is 10.40%, down from 11.35%. The company intends to enter into a new equity distribution agreement with a maximum offering price of $400 million on May 2, 2013. The filing also notes that the revolving credit facilities were amended and restated on April 1, 2013, with termination dates extended to April 1, 2018, and that the Utility's 2014 GRC requests a $1.28 billion increase in 2014 base revenues over 2013 levels. Investors should weigh the continuing uncertainty around penalty amounts, criminal investigation outcomes, and the potential for further equity dilution.

    May 2, 2013
  43. 2012-Q3

    PG&E Quarterly Report for Q3 Ended Sep 30, 2012

    PG&E Corporation and its utility subsidiary, Pacific Gas and Electric Company (the "Utility"), filed a combined Form 10-Q for the quarter ended September 30, 2012. PG&E Corporation reported net income of $364 million for the third quarter of 2012 versus $203 million a year earlier, and income available for common shareholders of $361 million, or $0.84 diluted EPS, compared with $200 million, or $0.50, in the prior-year quarter. For the nine months, income available for common shareholders was $829 million, or $1.96 per diluted share, versus $761 million, or $1.90. Operating revenues were $3.98 billion for the quarter. Results continue to be shaped by costs tied to natural gas safety improvements and the San Bruno accident. Operating and maintenance expense fell in the quarter to $1,344 million from $1,492 million, largely due to lower net natural gas matter costs, while the nine-month figure rose to $4,138 million from $3,955 million. The filing highlights significant contingencies. The Utility considers it probable it will incur total CPUC penalties of at least $200 million, with potentially higher amounts possible. It has recorded a cumulative $455 million charge for San Bruno third-party claims and estimates up to an additional $145 million is reasonably possible. A proposed CPUC decision issued October 12, 2012 would disallow recovery of $401 million of the $1.4 billion requested for the gas safety plan and reduce the authorized return on related capital investments. Criminal and civil investigations are ongoing, and the Utility is a target of the criminal investigation. The Utility also faces a FERC transmission rate request seeking a $254 million increase. Balance sheet and financing activity reflect heavy capital needs. Total assets were $50.87 billion at September 30, 2012. PG&E Corporation issued equity and contributed $715 million to the Utility to maintain its 52% CPUC-authorized common equity ratio, and the Utility issued $750 million of senior notes during 2012. Net cash provided by operating activities was $3.45 billion for the nine months, against capital expenditures of $3.36 billion.

    Oct 29, 2012
  44. 2012-Q2

    PG&E Quarterly Report for Q2 Ended Jun 30, 2012

    PG&E Corporation and its utility, Pacific Gas and Electric Company (the "Utility"), filed this combined Form 10-Q for the quarter ended June 30, 2012. PG&E Corporation's income available for common shareholders fell to $235 million for the three months ended June 30, 2012, from $362 million a year earlier, and to $468 million for the six months, from $561 million. Diluted EPS was $0.55 for the quarter versus $0.91 and $1.11 for the six months versus $1.41. The filing attributes the decline mainly to natural gas matters, timing of 2011 rate case decisions, planned incremental work, and environmental-related costs, partly offset by rate base earnings growth. The filing is dominated by the San Bruno pipeline accident of September 9, 2010. The Utility has recorded a cumulative $455 million charge for third-party claims, including an $80 million charge in the second quarter, and estimates a reasonably possible additional $145 million, for a total possible loss of $600 million. The Utility states it believes it is probable that total CPUC penalties will be at least $200 million, and that penalties could be materially higher. A criminal investigation is ongoing, and the Utility has been indicated as a target. The Utility forecasts 2012 pipeline-related costs of up to $550 million that may not be recoverable through rates. On the financing side, PG&E Corporation contributed $565 million of equity to the Utility in the first half to maintain a 52% common equity component, funded largely through common stock issuances, and the filing warns that future equity issuances could be materially dilutive. The Utility's 2014 general rate case draft seeks a $1.25 billion increase in 2014 base revenues over 2013 authorized levels. Cash and cash equivalents at PG&E Corporation fell to $292 million at June 30, 2012 from $513 million at December 31, 2011.

    Aug 7, 2012
  45. 2012-Q1

    PG&E Quarterly Report for Q1 Ended Mar 31, 2012

    PG&E Corporation and Pacific Gas and Electric Company (the Utility) filed a combined Form 10-Q for the quarter ended March 31, 2012. PG&E Corporation reported first-quarter 2012 net income of $236 million and income available for common shareholders of $233 million, or $0.56 per diluted share, compared with $199 million, or $0.50 per diluted share, in the first quarter of 2011. Total operating revenues were $3.64 billion, up from $3.60 billion, while operating expenses rose to $3.15 billion from $3.11 billion, driven by higher operating and maintenance costs tied to natural gas matters and environmental remediation at the Hinkley natural gas compressor site. The filing states that the San Bruno accident and related natural gas matters continue to have a material negative effect on results, financial condition and cash flows. The company's largest contingencies relate to the San Bruno pipeline accident. The Utility has accrued at least $200 million for probable CPUC penalties, while the CPUC could impose materially higher amounts. Third-party claims include a cumulative charge of $375 million, with up to an additional $225 million reasonably possible. The Hinkley remediation accrual rose to $218 million from $149 million, and the total environmental remediation liability reached $921 million. The Utility also filed a 2013 cost of capital application on April 20, 2012, proposing a lower overall rate of return of 8.45% versus the currently authorized 8.79%. Liquidity remained supported by equity issuances. PG&E Corporation sold 5.9 million shares in a March 2012 public offering for $254 million net of fees, and it contributed $385 million of equity to the Utility to maintain a 52% common equity capital structure. Cash and cash equivalents fell to $257 million at March 31, 2012 from $513 million at December 31, 2011, and commercial paper outstanding at the Utility was $1.1 billion at quarter end. The Board expects to maintain the current annual common dividend of $1.82 per share through 2012, subject to the outcome of natural gas matters.

    May 2, 2012
  46. 2011-Q3

    PG&E Quarterly Report for Q3 Ended Sep 30, 2011

    PG&E Corporation's Form 10-Q for the quarter ended September 30, 2011 is a combined report with Pacific Gas and Electric Company (the Utility). For the nine months ended September 30, 2011, PG&E Corporation reported operating revenues of $11.14 billion (versus $10.22 billion in 2010), net income of $771 million (versus $859 million), and income available for common shareholders of $761 million, or $1.90 diluted EPS, compared with $849 million and $2.19 a year earlier. For the third quarter, income available for common shareholders fell to $200 million ($0.50 diluted EPS) from $258 million ($0.66). Operating and maintenance expense rose sharply, driven by natural gas pipeline matters, a $155 million nine-month accrual for third-party claims related to the San Bruno accident, and $151 million of environmental remediation charges at the Hinkley compressor site. The most significant investor issues are the San Bruno pipeline accident and related exposures. The Utility's cumulative provision for third-party claims is $375 million, and it estimates it is reasonably possible that losses could reach $600 million. The filing states that the Utility projects up to $550 million of 2011 pipeline-related expenses that will not be recovered through rates, and that criminal and CPUC penalties could be material and cannot be estimated. A $38 million Rancho Cordova penalty has been proposed, and the Utility's Hinkley remediation liability has risen to $150 million, with reasonably possible costs up to $1.4 billion for environmental matters overall. Balance sheet and financing activity remained active. PG&E Corporation's total assets were $47.52 billion at September 30, 2011, and it issued $391 million of equity during the nine months. The filing says the company may need approximately $600 million of additional equity through the end of 2012, and that the Utility's debt and equity needs are expected to increase significantly as pipeline costs are incurred. The quarterly dividend was $0.455 per share, and the company expects to maintain an annual dividend of $1.82 per share, subject to the outcome of the natural gas pipeline matters.

    Nov 3, 2011
  47. 2011-Q2

    PG&E Quarterly Report for Q2 Ended Jun 30, 2011

    PG&E Corporation and Pacific Gas and Electric Company (the Utility) filed a combined Form 10-Q for the quarter ended June 30, 2011. PG&E Corporation's income available for common shareholders rose to $362 million ($0.91 diluted EPS) for the three months ended June 30, 2011, up from $333 million ($0.86) a year earlier. For the six months, income available for common shareholders decreased to $561 million ($1.41 diluted EPS) from $591 million ($1.54), with the filing attributing the change largely to natural gas pipeline matters. Operating revenues for the six months were $7.28 billion, and net income was $568 million. The filing's central risk is the San Bruno accident of September 9, 2010, in which a Utility gas transmission pipeline ruptured and exploded, killing eight people. The Utility has recorded a cumulative provision of $279 million for third-party claims and estimates it may record as much as an additional $121 million, for a total possible loss of $400 million. The Utility estimates 2011 pipeline-related costs of $350 million to $550 million, of which $126 million had been incurred through June 30, 2011. The filing also discloses a pending CPUC investigation into pipeline recordkeeping, a criminal investigation by the U.S. Department of Justice, the California Attorney General's Office and the San Mateo County District Attorney's Office, and a proposed $26 million penalty for the Rancho Cordova accident. The company cannot estimate losses from the criminal or CPUC penalty matters. On the balance sheet, total assets were $47.32 billion at June 30, 2011. PG&E Corporation issued 2,354,062 shares under its equity distribution program for $103 million in net cash proceeds, and it contributed $255 million of equity to the Utility to maintain the CPUC-authorized 52% common equity ratio. The Utility issued $300 million of 4.25% senior notes due 2021 and has a new $3.0 billion revolving credit facility maturing May 31, 2016. The 2011 General Rate Case authorized a 2011 revenue requirement of approximately $6.0 billion, an increase of $450 million, or 8.1%.

    Aug 4, 2011
  48. 2011-Q1

    PG&E Quarterly Report for Q1 Ended Mar 31, 2011

    PG&E Corporation's first-quarter 2011 Form 10-Q, filed May 4, 2011, is a combined report with its utility subsidiary, Pacific Gas and Electric Company. PG&E Corporation reported net income of $202 million for the three months ended March 31, 2011, versus $261 million a year earlier, and income available for common shareholders of $199 million, or $0.50 diluted EPS, compared with $258 million and $0.67. Total operating revenues rose to $3.597 billion from $3.475 billion, while operating and maintenance expense climbed to $1.226 billion from $991 million. The filing attributes the earnings decline mainly to natural gas pipeline matters tied to the San Bruno accident ($31 million after-tax), delayed rate case decisions ($27 million after-tax), and storm costs ($18 million after-tax). The San Bruno accident remains the dominant risk. The Utility estimates it may incur as much as $400 million for third-party claims, against a $220 million provision recorded in 2010, and has about $992 million of liability insurance in excess of a $10 million deductible, though no insurance recovery has been recorded. The Utility now estimates 2011 incremental natural gas transmission costs of $350 million to $550 million, up from the $200 million to $300 million range in the 2010 Annual Report. The CPUC has opened a formal investigation into pipeline recordkeeping and a rulemaking, and the filing says penalties could reach $20,000 per day per violation. Balance sheet and liquidity: total assets were $46.259 billion at March 31, 2011, and short-term borrowings rose to $1.288 billion from $853 million. Net cash provided by operating activities was $1.088 billion, against capital expenditures of $945 million. The Utility also disclosed a 52% common equity ratio requirement, with PG&E Corporation contributing $65 million of equity to the Utility in the quarter, and stated it anticipates issuing equity in the future to fund pipeline safety work.

    May 4, 2011
  49. 2010-Q3

    PG&E Quarterly Report for Q3 Ended Sep 30, 2010

    PG&E Corporation's combined Form 10-Q for the quarter ended September 30, 2010 shows consolidated operating revenues of $3.51 billion for the third quarter, up from $3.24 billion a year earlier, while operating income fell to $503 million from $607 million and diluted EPS was $0.66 versus $0.83. For the nine months, income available for common shareholders was $849 million, or $2.19 diluted EPS, compared with $947 million and $2.49 a year earlier. The filing attributes the decline primarily to $141 million, after tax, of costs related to the September 9, 2010 San Bruno pipeline rupture and explosion, which killed eight people. The Utility has recorded a $220 million provision for estimated third-party claims, may incur as much as $400 million for such claims, and carries roughly $992 million of liability insurance above a $10 million deductible, though no insurance recoveries have been recorded. Balance sheet and liquidity items include total assets of $45.25 billion, net cash provided by operating activities of $2.32 billion for the nine months, and capital expenditures of $2.79 billion. The Utility issued $550 million of 3.5% Senior Notes due 2020 in September and $250 million of Floating Rate Senior Notes in October 2010. PG&E Corporation also entered into an Equity Distribution Agreement on November 4, 2010 permitting sales of up to $400 million of common stock. Regulatory matters are significant: a 2011 General Rate Case settlement proposes a $395 million increase in 2011 revenue requirements against the $1.1 billion originally requested, and the CPUC has opened a safety phase in the gas transmission rate case. Key uncertainties for investors include the unknown cause of the rupture, pending NTSB and CPUC investigations, pending shareholder demands and lawsuits, the outcome of the GRC and gas transmission proceedings, and the timing of the Utility's insurance recoveries.

    Nov 4, 2010
  50. 2010-Q2

    PG&E Quarterly Report for Q2 Ended Jun 30, 2010

    PG&E Corporation and Pacific Gas and Electric Company (the Utility) filed a combined Form 10-Q for the quarter ended June 30, 2010. PG&E Corporation reported income available for common shareholders of $333 million for the three months ended June 30, 2010, down from $388 million a year earlier, and diluted EPS of $0.86 versus $1.02. For the six months, income available for common shareholders was $591 million versus $629 million, and diluted EPS was $1.54 versus $1.67. The filing attributes the decline partly to $20 million, after tax, of costs to support Proposition 16 in the quarter, and to 2009 benefits (a $28 million after-tax hydroelectric cost recovery and a $56 million after-tax tax settlement) that did not recur. The Utility's results were supported by a $40 million after-tax increase in earnings on higher authorized capital investments for the six months, and operating and maintenance expense fell 7% for the six months. Total operating revenues were $6.71 billion for the six months, up from $6.63 billion. Net cash provided by operating activities was $1.37 billion for PG&E Corporation over the six months, compared with $1.75 billion a year earlier, largely reflecting $206 million of higher net collateral paid related to price risk management. Balance sheet and financing activity included the conversion of all $247 million of PG&E Corporation's Convertible Subordinated Notes into 16,370,779 common shares in June 2010, the Utility's issuance of $250 million of 5.8% Senior Notes due 2037, and a new $750 million unsecured revolving credit agreement. Pending regulatory matters include the 2011 General Rate Case, where the Utility requested a $1.1 billion revenue increase and the Division of Ratepayer Advocates recommended a revenue requirement $883 million lower than requested, and the CPUC's 2006-2008 energy efficiency true-up.

    Aug 4, 2010