Pacific Gas & Electric Co. ( (PCG) ) has released its Q1 earnings. Here is a breakdown of the information Pacific Gas & Electric Co. presented to its investors.
Pacific Gas & Electric Co. (PG&E) is a major energy provider in Northern and Central California, serving 16 million customers across a 70,000-square-mile area. The company is known for its focus on delivering reliable and affordable energy, as well as its efforts in enhancing infrastructure safety.
In its latest earnings report, PG&E Corporation announced first-quarter GAAP earnings of $0.28 per share, a decrease from $0.34 per share in the same period last year. Non-GAAP core earnings also saw a decline, reaching $0.33 per share compared to $0.37 per share in the previous year. Despite these decreases, the company remains on track to achieve its financial targets for 2025.
Key highlights from the report include PG&E’s successful connection of over 3,000 new electric customers and nearly 400 electric vehicle charging ports. The company also made significant progress in wildfire safety, constructing 24 miles of underground powerlines and 26 miles of strengthened poles in high-risk areas. Additionally, PG&E’s Diablo Canyon Power Plant received top performance ratings from the U.S. Nuclear Regulatory Commission.
Looking ahead, PG&E has updated its 2025 GAAP earnings guidance to a range of $1.29 to $1.35 per share, while reaffirming its non-GAAP core earnings guidance at $1.48 to $1.52 per share. The company plans to continue its focus on operational efficiency and infrastructure improvements to support long-term growth and stability.
Overall, PG&E’s management remains optimistic about the company’s future, emphasizing ongoing efforts to stabilize customer rates and enhance energy resilience. The company’s strategic initiatives are expected to drive continued progress in delivering affordable and reliable energy solutions.