Analyst Report: PG&E Corp.

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PG&E Corp. is the holding company for Pacific Gas & Electric Co., an investor-owned utility. The utility provides electricity to 5.5 million accounts and natural gas to 4.5 million accounts in northern and central California. Electricity accounted for about 70% of 2022 revenues. The company’s customer base is weighted toward residential and small business customers – 45% in the electric business and 41% in the gas business. PG&E is also a large operator of underground natural gas storage fields in California. The company has a varied fuel mix, including 16% from natural gas and 18% from fossil fuels. About 31% of generation comes from renewables and 10% from hydropower. In 2020, PG&E generated about 30% of its power from the Diablo Canyon plant, the last nuclear facility in California. The company had planned to shut down Diablo Canyon by 2025 as management said that it could not afford to run the plant. However, PCG has now applied for a license extension and federal aid to continue to operate Diablo Canyon. In May 2022, PCG said that it had met the requirements for inclusion in the S&P 500 after four straight quarters of GAAP earnings. Its market cap is $42 billion.

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