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PG&E Corporation's Q1 Financial Results

On April 24, 2025, PG&E Corporation announced its financial results for the first quarter, indicating a solid trajectory for the year. With GAAP earnings reported at $0.28 per share, a slight decline from the previous year’s $0.34, the company continues to demonstrate resilience amid challenges. Meanwhile, non-GAAP core earnings were $0.33 per share, down from $0.37 a year prior, highlighting the ongoing adjustments within the organization.

Key Financial Highlights

Earnings Performance

The corporation’s first-quarter financial performance reflects some fluctuations, but overall, it remains on track for strong financial results in 2025, supported by several key factors:

• - GAAP Earnings: $607 million in income available for common shareholders, translating to $0.28 per share, down from $732 million or $0.34 per share in the first quarter of 2024.
• - Non-GAAP Core Earnings: These earnings were $728 million, equating to $0.33 per share, compared to the previous year's $800 million, or $0.37 per share. This decline is closely linked to the lower return on equity seen recently.

Rate Stability

One of the notable commitments from PG&E Corporation is the stabilization of residential electric rates, which are now lower than they were a year ago. This positive shift reflects the corporation's strategic efforts to ensure affordable energy solutions for its customers. Average residential electric rates decreased in March, and gas delivery rates are expected to hold steady throughout the year.

Infrastructure Investments

PGE is advancing its infrastructure through significant investments aimed at bolstering safety and service reliability:

• - The company has connected over 3,000 new electric customers and installed nearly 400 electric vehicle charging ports.
• - A substantial pipeline (24 miles) of underground powerlines has been constructed, in addition to 26 miles of strengthened poles and covered powerlines to mitigate wildfire risks.

Additionally, PG&E Corporation is set to invest around $63 billion in its five-year capital plan, ensuring substantial equity to support upcoming projects through 2028. The updated 2025 GAAP EPS guidance is anticipated to fall between $1.29 and $1.35, while the non-GAAP core EPS guidance remains reaffirmed at $1.48 to $1.52.

Operational Enhancements

Operationally, PG&E has solidified its focus on safety as their foremost priority. The company achieved top ratings among industry peers for its Diablo Canyon Power Plant per the U.S. Nuclear Regulatory Commission. Furthermore, management emphasizes ongoing efforts to maintain efficiency, with a target of 2% reduction in non-fuel operational maintenance expenses set for 2025.

CEO Patti Poppe expressed optimism regarding PG&E’s progress, stating, “My coworkers at PG&E continue our operational progress with a focus on safety as our foundation. We have stabilized customer bills and are building infrastructure for the long term that supports electric load growth.”

Conference Call Announcement

PG&E Corporation will conduct a conference call on April 24, 2025, at 11:00 AM ET (8:00 AM PT) to further discuss these results. The public can access the call via a live webcast on the company's investor relations website. A replay will also be provided following the live event.

Overall, despite the hurdles faced, PG&E Corporation’s robust capital plans and strategic initiatives position it well for stable growth in 2025 and beyond. With an emphasis on customer satisfaction, affordability, and safety, PG&E appears poised to meet the needs of its vast customer base efficiently and effectively.