PG&E Corporation

PG&E Corporation, through its primary subsidiary Pacific Gas and Electric Company, stands as one of the largest combined natural gas and electric utilities in the United States. Since its formation in 1905 through the merger of San Francisco Gas and Electric Company and California Gas and Electric Corporation, PG&E has served Northern and Central California across a vast 70,000-square-mile service territory, delivering energy to approximately 16 million people.

The company operates extensive infrastructure including over 106,000 circuit miles of electric distribution lines, more than 42,000 miles of natural gas distribution pipelines, and a diverse generation portfolio consisting of hydroelectric systems, one operating nuclear power plant, and natural gas-fired facilities. PG&E's utility-owned generation portfolio represents a significant component of California's energy infrastructure, with the company holding an estimated 18.6% market share in the hydroelectric power industry.

In recent years, PG&E has undergone a dramatic transformation following its emergence from bankruptcy in July 2020. The bankruptcy, triggered by potential $30 billion liability from California wildfires between 2015-2018, represented the largest utility bankruptcy in U.S. history. Since emerging, the company has achieved remarkable progress in wildfire safety, recording two consecutive years of zero major wildfires caused by company equipment in 2023-2024. This achievement stems from aggressive system hardening efforts, including undergrounding 366 miles of powerlines in 2024 alone and implementing advanced grid modernization technologies.

PG&E is now positioned at the forefront of California's clean energy transition. In 2024, the company delivered 98% greenhouse gas-free electricity to residential and business customers, with 23% coming from eligible renewable resources including wind, geothermal, biomass, solar, and small hydro. The company has connected over 2,100 megawatts of battery storage to its grid, with plans to expand to more than 3,500 megawatts by 2025. In December 2024, PG&E secured a historic $15 billion low-interest loan from the U.S. Department of Energy to modernize its hydroelectric infrastructure and enhance transmission lines critical for renewable energy integration, data centers, and electric vehicle deployment.

With approximately 28,000 employees and a five-year capital plan totaling $63 billion through 2028, PG&E continues to balance operational safety, customer affordability, and environmental sustainability. The company's 2024 financial performance demonstrated strong recovery with revenues of $24.4 billion, operating cash flow of $8.0 billion, and non-GAAP core earnings of $1.36 per share. As California pursues aggressive decarbonization goals, PG&E's role as the state's largest investor-owned utility positions it as a critical enabler of the clean energy future while maintaining reliable service to millions of customers across Northern and Central California.