Pacific Gas & Electric Co. · NYSE:PCG
Pacific Gas & Electric — PG&E — Evercore ISI Utility Conference 2020
16 slides from Pacific Gas & Electric's conference presentation, Jan 9, 2020
Slide 1: Evercore ISI Utility Conference
Evercore ISI Utility Conference January 9 -10, 2020
Slide 2: Table of Contents
Table of Contents Resolution of Key Issues Slide iii Upcoming Milestones Slide iv Appendix: 2019 Third Quarter Earnings Presentation dated Slides 1-12 November 7, 2019 (without appendices) ii
Slide 3: Resolution of Key Issues
Resolution of Key Issues Path to expeditious Chapter 11 exit through the fair settlement of wildfire claims and pending regulatory proceedings, progress with legislative initiatives, and establishment of a multi-year investment and rate roadmap. Third-Party Claims Ratemaking Regulatory & Legislative
Slide 4: Upcoming Milestones
Upcoming Milestones Status as of 12/31/19 2020 Expected Milestones Q1 Q2 RSAs: TCC, Subros, Public Entities Claimants Hearing on TCC Wildfire, Trade provide terms for objection to Payables, and Pending: FEMA, CalOES, Trade Fire Victims Trust FEMA claims Other Claims Payables on 1/20 on 2/11 Chapter
Slide 5: Appendix – Q3 2019 Third Quarter Earnings
Appendix – Q3 2019 Earnings Presentation 2019 THIRD QUARTER EARNINGS November 7, 2019
Slide 6: Forward Looking Statements
® Forward Looking Statements This presentation contains statements regarding management’s expectations and objectives for future periods as well as forecasts and estimates regarding potential liability in connection with the 2018 Camp fire and 2017 Northern California wildfires, the AB 1054 Wildfire
Slide 7: AB 1054 Wildfire Fund
® AB 1054 Wildfire Fund (1) Wildfire Fund Contribution Treatment $21B Wildfire Fund • Contribution amounts expected to be amortized based on an assumed ~10-year life (3) • Tax treatment pending private letter ruling from the IRS PG&E Pre-Emergence Wildfire Liabilities $4.8B • For fires occurring aft
Slide 8: Wildfire Mitigation Highlights
® Wildfire Mitigation Highlights 6 PSPS Events 1.0M+ Customer Impacts (1) 300+ Damages and Hazards Data-Driven Decision Making PSPS Restoration and Repair Recent Enhancements Enhanced data gathering and analytics 2019 PSPS Key Facts Minimize Impact on Customers provides for: Line Miles Patroll
Slide 9: 2019 Wildfire Mitigation Plan Progress
® 2019 Wildfire Mitigation Plan Progress (1) (2) 2019 Forecast Spend Year-To-Date Spend Expense ~$1.4B ~$1.1B (3) Capital ~$1.1B ~$0.6B Completed Programs Ongoing Programs Enhanced Situational Awareness Enhanced Inspections System Hardening & Resiliency Weather Stations (# of Stations) Transmission
Slide 10: Q3 2019 Earnings Results
® Q3 2019 Earnings Results Q3 YTD 2019 (in millions, except per share amounts) Earnings EPS Earnings EPS PG&E Corporation’s Loss on a GAAP basis $ (1,619) $ (3.06) $ (4,039) $ (7.65) Items Impacting Comparability: 2017 Northern California wildfire-related costs 1,465 2.77 2,935 5.56 2018 Camp fire-r
Slide 11: Q3 2019 Quarter over Quarter Comparison
® Q3 2019 Quarter over Quarter Comparison Non-GAAP Earnings per Share from Operations $1.25 ($0.09) $0.05 ($0.03) $0.13 ($0.03) ($0.01) ($0.04) $1.00 $0.75 $1.13 $1.11 $0.50 $0.25 $0.00 Q3 2018 Vegetation Resolution of Increase in Timing of Miscellaneous Growth in rate Liability Q3 2019 Earnings fro
Slide 12: 2019 Assumptions
® 2019 Assumptions Capital Expenditures Authorized Ratebase* (weighted average) ($ millions) ($ billions) (1) Equity Ratio: 52% Return on Equity: 10.25% 2019 2019 General Rate Case $4,700 General Rate Case $27.7 Gas Transmission and Storage 800 Gas Transmission and Storage (2) 4.5 Transmission Owner
Slide 13: 2019 Items Impacting Comparability Guidance
® 2019 Items Impacting Comparability Guidance ($ millions, pre-tax) (1) 2017 Northern California wildfire-related costs $ ~ 4,110 (2) 2018 Camp fire-related costs ~ 2,780 (3) Electric asset inspection costs 700 - 900 (4) Chapter 11-related costs ~ 550 - 600 (5) 2019 GT&S capital disallowance ~ 240 (
Slide 14: Capital Expenditures Forecast
® Capital Expenditures Forecast (1) 2018-2023 Capital Expenditures ~$7.2B $0.2B ~$7B $6.6B ~$1.1B ~$5.7B Wildfire Mitigation Plan: ~$900M Other GRC and Separately Funded: ~$200M 2018 Recorded 2019 Currently Authorized Incremental GRC Incremental TO Authorized Plus (3) (4) CapEx Requests and Other Re
Slide 15: Expected Ratebase Growth
® Expected Ratebase Growth (1) (2) 2018-2023 Weighted Average Ratebase ~7 - 8.5 % CAGR ~$52.0-56.0B ~$49.5-52.5B ~$47.0-49.0B ~$44.5-45.5B ~$40.3B $36.6B (5) (4) 2018 2019 2020 2021 2022 2023 (3) General Rate Case Gas Transmission & Storage Electric Transmission Owner Range Changes from prior quarte
Slide 16: Cap Ex and Ratebase Assumptions
® Cap Ex and Ratebase Assumptions Base Case Assumptions 2020 2021 2021 2022 2023 General Rate Case L 2017 GRC Decision (1) H 2020 GRC Filing (including Wildfire Mitigation Plan) Gas Transmission & Storage L 2019 GT&S Decision H 2019 GT&S Decision Transmission Owner L TO17 Settlement H TO20 Filing Li