Pacific Gas & Electric Co. · NYSE:PCG
Pacific Gas & Electric — PG&E — Investor Presentation (May 2025)
20 slides from Pacific Gas & Electric's investor presentation, May 15, 2025
Slide 1: May 2025 Investor Meetings: Delivering For Customers AND Investors
May 2025 Investor Meetings Delivering For Customers AND Investors May 15, 2025 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains statements regarding PG&E Corporation’s and Pacific Gas and Electric Company’s (the “Utility”) future performance, including expectations, objectives, and forecasts about operating results (including 2025 non-GAAP core earnings), debt and equity
Slide 3: PG&E's 2027 General Rate Case Proposal
PG&E’s 2027 General Rate Case Proposal… Key Takeaways 2027 GRC By The Numbers ► Lowest PG&E GRC percentage increase requested in 10 years Flat 307 miles ► 2027 residential customer bills forecast 2027 Combined Annual Powerline to be flat compared to 20251 Residential Undergrounding ► Supporting curr
Slide 4: Proposal Reflects Simple, Affordable Model
Proposal Reflects Simple, Affordable Model… Combined Electric and Gas Residential Bills PLAN1 OPPORTUNITY1 ► Customer bills in 2027 are Customer Capital Investment ~9% 9% - 10% forecast to remain flat compared to 2025 bills5 Enablers ► Headline GRC revenue O&M cost reduction (non-fuel)2 2% 2% 2% --
Slide 5: Higher 2027 GRC Revenue Requirement
Higher 2027 GRC Revenue Requirement… Illustrative Residential Select Other Items Combined Bill Coming Off Bills Lower Bills in 2026 ► $1.15B catch-up 2023 recovery from Other Changes from delayed prior GRC comes off bills in January of 2026 ► $900M 2021 Wildfire Mitigation and Catastrophic Events (W
Slide 6: Proposal Benefits Customers
Proposal Benefits Customers… 2027-2030 GRC Proposal ($B) Funding Customer Priorities Wildfire Safety Revenue Requirement • Replace 760 miles of powerlines with stronger poles and covered powerlines • Underground 307 miles of powerlines per year in highest fire-risk areas as bridge to 10Y plan 18.726
Slide 7: PG&E's Proposed Schedule
PG&E’s Proposed Schedule… Procedural Event Proposed Timeline 2027-2030 GRC Filing May 15, 2025 Prehearing Conference June 30, 2025 Scoping Memo August 15, 2025 Intervenor Testimony December 15, 2025 Rebuttal Testimony January 30, 2026 Evidentiary Hearings February 2026 Opening Briefs April 20, 2026
Slide 8: Reaffirming Financial Guidance
Reaffirming Financial Guidance… 2025 Non-GAAP 2025 Non-GAAP 2024-2028 5-Year 2024-2028 5-Year Prioritizing Core EPS Guidance11 Core EPS Guidance Capital Plan FinancingGrade Investment Plan On Track $1.48 $1.48 -- $1.52 $1.52 Unchanged $63B Unchanged Unchanged 2026-2028 Non-GAAP 2023-2028 Rate Non-fu
Slide 9: Appendix: Presentation Endnotes
Appendix 1 Presentation Endnotes 9
Slide 10: Appendix 1: Presentation Endnotes
Appendix 1: Presentation Endnotes Slide titles are hyperlinks Slide 3: PG&E’s 2027 General Rate Case Proposal 1. Based on information available as of the date of this presentation, residential gas and electric bills are expected to stay flat in 2027 compared to 2025, assuming full approval of the 20
Slide 11: Appendix: Supplemental Non-GAAP Information
Appendix 2 Supplemental Non-GAAP Information 11
Slide 12: Supplemental Earnings Materials
Supplemental Earnings Materials Exhibit Title Slide (Link) Reconciliation of PG&E Corporation's Consolidated Earnings Available Exhibit A for Common Shareholders in Accordance with Generally Accepted Slide 13-15 Accounting Principles (“GAAP”) to Non-GAAP Core Earnings Exhibit B PG&E Corporation’s 20
Slide 13: A: Reconciliation of GAAP to Non-GAAP Core Earnings
Exhibit A: Reconciliation of PG&E Corporation's Consolidated Earnings Available for Common Shareholders in Accordance with GAAP to Non-GAAP Core Earnings First Quarter, 2025 vs. 2024 (in millions, except per share amounts) Three Months Ended March 31, Earnings per Earnings Common Share (in millions,
Slide 14: A: Reconciliation of GAAP to Non-GAAP Core Earnings (footnotes)
Exhibit A:Exhibit Reconciliation of PG&E Corporation's Consolidated Earnings Available for Common A: Reconciliation of PG&E Corporation's Consolidated Earnings Available for Common Shareholders in Shareholders in Accordance Accordance with GAAP with Generally to Non-GAAP CoreAccepted Earnings Accoun
Slide 15: A: Reconciliation of GAAP to Non-GAAP Core Earnings (footnotes)
Exhibit A:Exhibit Reconciliation of PG&E Corporation's Consolidated Earnings Available for Common A: Reconciliation of PG&E Corporation's Consolidated Earnings Available for Common Shareholders in Shareholders in Accordance Accordance with GAAP with Generally to Non-GAAP CoreAccepted Earnings Accoun
Slide 16: B: PG&E Corporation's 2025 Earnings Guidance
Exhibit C: PG&E Exhibit Corporation's B: PG&E 2024 Corporation's 2025 Earnings Earnings Guidance Guidance 2025 EPS guidance Low High Estimated EPS on a GAAP basis ~ $ 1.29 ~ $ 1.35 Estimated non-core items: (1) Amortization of Wildfire Fund contribution (2) ~ 0.10 ~ 0.10 Bankruptcy and legal costs (
Slide 17: B: PG&E Corporation's 2025 Earnings Guidance (footnotes)
Exhibit C: PG&E Exhibit Corporation's B: PG&E 2024 Corporation's 2025 Earnings Earnings Guidance Guidance (3) “Bankruptcy Exhibitand E: legal PG&E costs” consists of 2020 Corporation's costs and to resolve 2021 proof of claims Earnings filed in PG&E Corporation’s and the Utility’s Chapter 11 filing.
Slide 18: B: PG&E Corporation's 2025 Earnings Guidance (footnotes)
Exhibit C: PG&E Exhibit Corporation's B: PG&E 2024 Corporation's 2025 Earnings Earnings Guidance Guidance (5) “Prior period net regulatory impact” represents the recovery of capital expenditures from 2011 through 2014 above amounts adopted in the 2011 GT&S rate case. 2025 Low guidance High guidance
Slide 19: B: PG&E Corporation's 2025 Earnings Guidance (footnotes)
Exhibit C: PG&E Exhibit Corporation's B: PG&E 2024 Corporation's 2025 Earnings Earnings Guidance Guidance (7) “Wildfire-related costs, net of recoveries” includes costs to resolve third-party claims, net of recoveries, for the 2019 Kincade fire and 2021 Dixie fire, inclusive of outside counsel fees.
Slide 20: C: Non-GAAP Financial Measures
Exhibit C: Non-GAAP Financial Measures Exhibit E: PG&E Corporation's 2020 and 2021 Earnings Guidance Non-GAAP Core Earnings and Non-GAAP Core EPS “Non-GAAP core earnings” and “Non-GAAP core EPS,” also referred to as “non-GAAP core earnings per share,” are non-GAAP financial measures. Non-GAAP core e