PG&E (PCG) - 2025 FY - Earnings Call Transcript

Financial Data and Key Metrics Changes - The company reported a stabilization of typical residential combined bills since January 2024, with expectations for a decrease in 2026 [30] - The general rate case proposal for 2027 through 2030 includes the smallest percentage increase request in a decade, attributed to $2.5 billion saved in operating and capital costs over the past three years [30] Business Line Data and Key Metrics Changes - The company achieved zero major wildfires caused by its equipment for the second consecutive year in 2024, indicating effective wildfire protection measures [21] - Over 900 miles of power lines have been buried in high-risk areas, reducing ignition risk by nearly 98$63 billion from 2024 to 2028, with a goal to limit annual growth in customer costs to 2-4% [25] - The strategy includes reducing non-fuel operating and maintenance costs by at least 2% each year, which has been met or surpassed for three consecutive years [25] Management's Comments on Operating Environment and Future Outlook - Management emphasized a commitment to safety, reliability, and affordability in energy services, aiming to build trust with customers and communities [17][19] - The company is focused on serving people, the planet, and California's prosperity, with ongoing efforts to improve service at lower costs [28] Other Important Information - The board of directors is currently set at 14 members, as required by CPUC regulations, which allows for a diversity of experience and skills [32] - The company is committed to inclusion and belonging as core values, enhancing company strength and responsiveness to customer needs [34] Q&A Session Summary Question: What is PG and E doing to help customers navigate bill increases? - The company is stabilizing bills and expects them to decrease in 2026, with a proposal for the smallest general rate case percentage increase in a decade [30] Question: Why is the PG and E board currently set at 14 members? - The board size is determined by CPUC regulations, which require between twelve and fifteen directors to ensure diverse oversight [32] Question: Why is inclusion and belonging a core value for PG and E? - Inclusion and belonging are integral to the company’s operations, making it stronger and more responsive to diverse customer needs [34]