Pacific Gas & Electric Co. · NYSE:PCG
Pacific Gas & Electric — PG&E — 2022 Wolfe Research Utilities & Midstream Conference
15 slides from Pacific Gas & Electric's conference presentation, Sep 29, 2022
Slide 1: 2022 Wolfe Conference
2022 WOLFE CONFERENCE September 29, 2022
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” or “PG&E”) future performance, including expectations, objectives, and forecasts about operating results (including non-GAAP core earnings), equity ne
Slide 3: PG&E's Triple Bottom Line
® PG&E’s Triple Bottom Line ▪ 7,652 MW of owned hydroelectric, nuclear, natural gas, and PG&E solar generation Service Area Map ▪ 108,000 circuit miles of electric distribution lines and 18,000 circuit miles of electric transmission lines ▪ 43,800 miles of gas distribution pipelines. 6,200 miles of
Slide 4: 2022: Mitigating Risk…
® 2022: Mitigating Risk… Mitigating Physical Risk Mitigating Financial Risk System Resilience Customers • Wildfire Mitigation: Layers of • Simple and Affordable Model Protection • Improved Service • Improved Reliability and • Affordable Rates Response • Minority Generation Sale Working with Californ
Slide 5: PG&E Proposes Minority Generation Sale…
® PG&E Proposes Minority Generation Sale… Highlights of Generation Transaction ▪ PG&E seeking regulatory approval to market for sale up to 49.9% ownership stake in new non-nuclear generation subsidiary called Pacific Generation LLC (“Pacific Generation”) ▪ New subsidiary to be CPUC-regulated utility
Slide 6: Overview and Timeline…
® Overview and Timeline… 2023 Rate Base1 Anticipated Regulatory and Transaction Timeline2 ~$3.5B Regulatory Process Transaction Process September 28, 2022 Generation Capacity CPUC Application Natural Solar Gas 152 MW October 2022 1,400 MW FERC Application 1Q 2023 Battery and Pumped Storage 5.6GW Hyd
Slide 7: Value Proposition…
® Value Proposition… 2022-2024 2025-2026 1 Non-GAAP Core EPS (CAGR) 10% Non-GAAP Core EPS Growth At least 10% At least 9% 2 Dividend Eligibility reached mid-2023 Annual Non-GAAP Core EPS At least 10% At least 10% Growth & Dividend Yield 3 Rate Base Growth (CAGR) 9% 4 O&M Cost Reduction (Non-Fuel) 2%
Slide 8: Simple And Affordable Model…
® Simple And Affordable Model… OPPORTUNITIES1 Capital Investment 9% Long-Term Factors: Offset Capital Investments -O&M Cost Reduction (Non-Fuel)2 2% -Electric Load Growth3 1% - 3% -Other (Including Efficient Financing)4 2% Subtotal 5% - 7% Customer Impacts: At or Below Assumed Inflation 2% - 4% Pres
Slide 9: Appendix
[t PG&E Corporation Appendix
Slide 10: Reconciliation of GAAP Earnings to Non-GAAP Core Earnings
® Appendix 1, Exhibit A: Reconciliation of PG&E Corporation's Consolidated Earnings Available for Common Shareholders in Accordance with Generally Accepted Accounting Principles ("GAAP") to Non-GAAP Core Earnings Second Quarter, 2022 vs. 2021 (in millions, except per share amounts) Three Months Ende
Slide 11: Reconciliation of GAAP Earnings to Non-GAAP Core Earnings (notes)
® Appendix 1, Exhibit A: Reconciliation of PG&E Corporation's Consolidated Earnings Available for Common Shareholders in Accordance with Generally Accepted Accounting Principles ("GAAP") to Non-GAAP Core Earnings Second Quarter, 2022 vs. 2021 (in millions, except per share amounts) (2) Includes bank
Slide 12: Reconciliation of GAAP Earnings to Non-GAAP Core Earnings (notes)
® Appendix 1, Exhibit A: Reconciliation of PG&E Corporation's Consolidated Earnings Available for Common Shareholders in Accordance with Generally Accepted Accounting Principles ("GAAP") to Non-GAAP Core Earnings Second Quarter, 2022 vs. 2021 (in millions, except per share amounts) (4) The Utility r
Slide 13: Reconciliation of GAAP Earnings to Non-GAAP Core Earnings (notes)
® Appendix 1, Exhibit A: Reconciliation of PG&E Corporation's Consolidated Earnings Available for Common Shareholders in Accordance with Generally Accepted Accounting Principles ("GAAP") to Non-GAAP Core Earnings Second Quarter, 2022 vs. 2021 (in millions, except per share amounts) (7) Includes a $6
Slide 14: Use of Non-GAAP Financial Measures
® Appendix 2, Exhibit F: Use of Non-GAAP Financial Measures PG&E Corporation and Pacific Gas and Electric Company: Use of Non-GAAP Financial Measures PG&E Corporation discloses historical financial results and provides guidance based on “non-GAAP core earnings” and “non-GAAP core EPS” in order to pr
Slide 15: Presentation Endnotes
® Appendix 3 Presentation Endnotes Slide 4: 2022 Mitigating Risk 1. Non-GAAP core EPS is not calculated in accordance with GAAP and excludes non-core items. See Appendix 1, Exhibit A for a reconciliation of EPS on a GAAP basis to non-GAAP core earnings per share and Appendix 2, Exhibit F for the use
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