Summary
PG&E Corp. is the holding company for Pacific Gas & Electric Co., an investor-owned utility. The utility provides electricity to 5.5 million accounts and natural gas to 4.5 million accounts in northern and central California. Electricity accounted for about 70% of 2022 revenues. The company’s customer base is weighted toward residential and small business customers – 45% in the electric business and 41% in the gas business. PG&E is also a large operator of underground natural gas storage fields in California. The company has a varied fuel mix, including 16% from natural gas and 18% from fossil fuels. About 31% of generation comes from renewables and 10% from hydropower. In 2020, PG&E generated about 30% of its power from the Diablo Canyon plant, the last nuclear facility in California. The company
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had planned to shut down Diablo Canyon by 2025 as management said that it could not afford to run the plant. However, PCG has now applied for a license extension and federal aid to continue to operate Diablo Canyon. In May 2022, PCG said that it had met the requirements for inclusion in the S&P 500 after four straight quarters of GAAP earnings. Its market cap is $42 billion.
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