On February 13, 2025, PG&E Corp (PCG, Financial) released its 8-K filing detailing its financial performance for the fourth quarter and full year of 2024. PG&E Corp, a holding company with its main subsidiary, Pacific Gas and Electric, serves millions of electricity and gas customers across Central and Northern California. The company, which emerged from bankruptcy court supervision in 2020, continues to focus on delivering safe and reliable energy.
PG&E Corp reported GAAP earnings of $0.30 per share for Q4 2024, falling short of the analyst estimate of $0.33 per share. This represents a decrease from $0.43 per share in the same quarter of 2023. For the full year 2024, GAAP earnings were $1.15 per share, slightly below the annual estimate of $1.19 but an improvement from $1.05 per share in 2023.
Non-GAAP core earnings for Q4 2024 were $0.31 per share, also below the previous year's $0.47 per share. However, for the full year, non-GAAP core earnings increased to $1.36 per share from $1.23 in 2023, indicating a positive trend in underlying financial performance.
PG&E Corp successfully met its equity needs to fund a five-year capital plan of $63 billion through 2028. The company also reduced its non-fuel operating and maintenance costs by 4% in 2024, exceeding its target and saving over $200 million annually for the past three years. Operating cash flow significantly increased to $8.0 billion in 2024 from $4.7 billion in 2023, showcasing strong cash generation capabilities.
Additionally, PG&E Corp achieved a second consecutive year without major wildfires caused by its equipment, completed 366 miles of system hardening, and maintained flat residential gas and electric bills year-over-year, contributing to customer satisfaction and safety.
| Metric | 2024 | 2023 |
|---|---|---|
| Total Operating Revenues | $24,419 million | $24,428 million |
| Operating Income | $4,459 million | $2,671 million |
| Net Income | $2,512 million | $2,256 million |
PG&E Corp's total operating revenues remained stable at approximately $24.4 billion for both 2024 and 2023. Operating income saw a significant increase to $4.459 billion in 2024 from $2.671 billion in 2023, driven by increased customer capital investment and cost savings in operations and maintenance.
Despite the positive financial achievements, PG&E Corp faces challenges such as managing wildfire-related costs and regulatory impacts. The company has signed a $15 billion loan guarantee agreement with the U.S. Department of Energy to finance grid modernization projects, potentially saving customers up to $1 billion through lower-cost financing.
PG&E Corp's strategic initiatives include connecting nearly 14,000 new customers to the electric system and installing over 3,800 new electric vehicle charging ports, which are expected to contribute to long-term energy bill stability and reduced electricity prices for all customers.
“In 2024, we continued progress in ways that matter to both customers and investors. We delivered energy safely—our system has never been safer, and we are working to make it even safer. We stabilized combined gas and electric bills for residential customers. And we connected more new customers to our grid than we have in decades. We believe clean, climate-resilient energy can be accessible for all, and we’re showing it’s possible,” said PG&E Corporation CEO Patti Poppe.
PG&E Corp's financial results for 2024 reflect a mix of achievements and challenges. While the company missed analyst estimates for Q4 earnings, it demonstrated strong operational performance and strategic progress in key areas such as wildfire risk reduction and customer connectivity. As PG&E Corp continues to navigate regulatory and operational challenges, its focus on safety, cost management, and infrastructure investment positions it for future growth and stability in the regulated utilities sector.
Explore the complete 8-K earnings release (here) from PG&E Corp for further details.
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