Core Insights - PG&E is experiencing significant new data center load growth, with 1.4 GW expected from 15 customers across 27 unique sites over the next five years [1] - The company estimates that for every 1,000 MW (1 GW) of new electric demand from data centers, customers may save between 1-2% on their monthly bills in the long term [2] - PG&E's cluster study aims to efficiently meet the energy needs of large loads like data centers by grouping applications together for quicker confirmation and connection [3] Group 1: Load Growth and Customer Benefits - The addition of new electric demand from data centers allows PG&E to better utilize its existing power infrastructure, leading to cost savings for customers [2][4] - PG&E is pursuing load growth in a thoughtful manner, which is expected to lower customer bills while serving the innovation capital of the world [4] - The anticipated steady demand growth from large load transmission customers, including data centers, is expected to improve reliability and lower electric rates by spreading costs over more units of energy [8] Group 2: Regulatory and Process Improvements - PG&E has submitted a proposal for a new Rule 30 tariff to streamline the interconnection process for new electric retail transmission customers, including data centers [5][6] - The Rule 30 tariff allows large load customers to fund their projects upfront, which accelerates PG&E's ability to serve them while protecting existing customers from infrastructure costs if the load does not materialize [7] - This new approach aims to improve PG&E's ability to meet customer requested in-service dates and enhance overall service efficiency [7]

Financial Data and Key Metrics Changes - Core earnings per share for Q4 2024 were $0.31, leading to a total of $1.36 for the year, representing an 11% growth over 2023 [8][44] - The updated guidance for 2025 EPS is set between $1.48 and $1.52, reflecting a 10% increase from 2024 results [9][10] - The company achieved a 4% reduction in non-fuel O&M costs in 2024, building on previous savings [11][58] Business Line Data and Key Metrics Changes - Higher customer capital investment contributed $0.26 to the core earnings, with a return on equity (ROE) of 10.7% [44] - Redeployment of $0.16 for risk mitigation programs, including inspections and maintenance, was noted [46] Market Data and Key Metrics Changes - The company reported that combined residential gas and electric bills remained flat in January 2025 compared to January 2024, indicating effective cost management [12][62] Company Strategy and Development Direction - PG&E is focused on a $63 billion capital investment plan through 2028, with an additional $5 billion in incremental investment needs anticipated [47][48] - The company aims to achieve a dividend payout ratio of 20% of core EPS by 2028, with consistent annual increases [10][11] - The strategy includes a focus on beneficial load growth, particularly from data centers, with 5.5 gigawatts of new potential load in the pipeline [36][76] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the effectiveness of the AB 1054 framework for wildfire risk mitigation, while acknowledging the need for ongoing improvements [17][19] - The company is optimistic about legislative support for necessary adjustments to the wildfire fund to ensure investor confidence [85][101] Other Important Information - PG&E has implemented advanced technologies for wildfire mitigation, including situational awareness tools and risk-informed inspection protocols [31][132] - The company has seen a significant increase in demand for electric service from data centers and other large load customers, which is expected to positively impact customer bills [35][36] Q&A Session Summary Question: Concerns about the California wildfire construct and funding - Management acknowledged the need for discussions on the longevity of the wildfire fund and recognized the importance of leadership on this issue [73][74] Question: Load expectations for data centers and infrastructure investment - Management confirmed that the current demand is being met with existing infrastructure, with no immediate need for new generation capacity [78] Question: Legislative process and urgency regarding wildfire funding - Management indicated that improvements to the wildfire fund could be made before year-end, emphasizing the importance of attracting capital for infrastructure [84][85] Question: Firefighting capabilities and investment - Management stated that while they do not need to invest in firefighting resources, they will continue to support community fire-hardening efforts [110] Question: Investment framework for data centers - Management confirmed that the investment framework of $0.5 billion to $1.6 billion per gigawatt remains valid, with flexibility in capital planning [115][118] Question: Credit rating discussions with agencies - Management reported productive conversations with rating agencies, emphasizing improved credit metrics and ongoing efforts to enhance financial health [137][138]

Core Insights - PG&E Corporation (PCG) reported fourth-quarter 2024 adjusted earnings per share (EPS) of 31 cents, a 34% decline from 47 cents in the same quarter last year, but in line with the Zacks Consensus Estimate [1] - The company reported full-year adjusted earnings of $1.36 per share for 2024, an increase from $1.23 in the previous year, also meeting the Zacks Consensus Estimate [2] - PG&E's total revenues for 2024 were $24.42 billion, slightly lower than $24.43 billion in 2023 and missing the Zacks Consensus Estimate of $24.96 billion [3] Financial Performance - Total operating expenses for 2024 were $19.96 billion, an 8.3% decrease from the prior year, with operating income rising to $4.46 billion from $2.67 billion [4] - Interest expenses increased to $3.05 billion from $2.85 billion in the previous year [4] Financial Condition - As of December 31, 2024, cash and cash equivalents were $0.94 billion, up from $0.64 billion a year earlier [5] - Net cash flow from operating activities was $8.04 billion in 2024, compared to $4.75 billion at the end of 2023 [5] - Capital expenditures rose to $10.37 billion from $9.71 billion in 2023, while long-term debt increased to $53.57 billion from $50.98 billion [5] Future Guidance - PG&E updated its adjusted EPS guidance for 2025 to a range of $1.48-$1.52 per share, higher than the previous guidance of $1.47-$1.51, with the Zacks Consensus Estimate at $1.49 per share [6] Market Position - PG&E currently holds a Zacks Rank of 3 (Hold) [7]

2024 FOURTH QUARTER AND FULL YEAR EARNINGS Delivering For Customers AND Investors February 13, 2025 1 Forward-Looking Statements This presentation contains statements regarding PG&E Corporation's and Pacific Gas and Electric Company's (the "Utility") future performance, including expectations, objectives, and forecasts about operating results (including 2025 non-GAAP core earnings), debt and equity issuances, rate base growth, capital expenditures, cash flow, cost savings, customer bills, wildfire risk miti ...

PG&E (PCG) came out with quarterly earnings of $0.31 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.47 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this utility holding company would post earnings of $0.32 per share when it actually produced earnings of $0.37, delivering a surprise of 15.63%.Over the last four quarters, the company has surpassed consensus EPS estimates three times.PG&E, which belongs to th ...

OAKLAND, Calif., Feb. 13, 2025 /PRNewswire/ -- PG&E Corporation (NYSE: PCG) delivered solid financial results in 2024 and is on track to deliver beyond: GAAP earnings were $0.30 per share for the fourth quarter of 2024, compared to earnings of $0.43 for the same period in 2023. GAAP earnings were $1.15 per share for the full year of 2024, compared to earnings of $1.05 per share for the same period in 2023. Non-GAAP core earnings were $0.31 per share for the fourth quarter of 2024, compared to earnings of $0 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________________________ FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to ___________ | Commission | Exact Name of Registrant | State or Other Jurisdi ...

Investor Relations: invrel@pge-corp.com | Media: 415.973.5930 | www.pgecorp.com February 13, 2025 PG&E Corporation Delivers on Guidance for Full-Year 2024 and Updates 2025 Earnings Guidance OAKLAND — PG&E Corporation (NYSE: PCG) delivered solid financial results in 2024 and is on track to deliver beyond: Operational progress during 2024 continued to focus on physical safety and delivery of affordable and resilient energy: • GAAP earnings were $0.30 per share for the fourth quarter of 2024, compared to earni ...

PG&E Corp‘s PCG stock price has been down 21% year to date and trading well below key moving averages.But with its fourth-quarter earnings set for release on Thursday before the market opens, investors are watching closely for signs of a turnaround.The utility giant is expected to report earnings per share of 31 cents on revenue of $7.11 billion, per Benzinga Pro data.A Bearish Trend, But Signs Of Buying Pressure Chart created using Benzinga ProTechnically, PCG stock remains in a strongly bearish trend, tra ...

PG&E Corporation (PCG) is scheduled to report fourth-quarter 2024 results on Feb. 13, before market open.Find the latest earnings estimates and surprises on Zacks Earnings Calendar.In the last reported quarter, the company posted an earnings surprise of 15.63%. Moreover, the company has a trailing four-quarter average earnings surprise of 7.28%.Let’s take a closer look at the factors that are likely to be reflected in PG&E’s upcoming quarterly results.Factors to Note Ahead of PCG’s Q4 Earnings During most o ...