PCG.PRA Stock Price, News & Analysis

On February 15, 2023, Pacific Gas and Electric Company (PG&E) announced its Power Saver Rewards Program, which will provide over $55 million in bill credits to customers for reducing energy use during peak demand. This initiative, a response to high natural gas prices, successfully prevented power outages during extreme temperatures in summer 2022. More than 1.6 million customers are currently enrolled, receiving an average credit of $35 for participation. Customers earn $2 per kilowatt hour (kWh) for decreasing energy usage, with no penalties for non-participation.

Pacific Gas and Electric Company (PG&E) is collaborating with Angel Island-Tiburon Ferry Company to electrify the Angel Island vessel, set to be California's first zero-emission, electric propulsion ferry starting in 2024. This initiative signifies a pivotal expansion of PG&E's Electric Vehicle (EV) Fleet Program into the marine sector, supporting clean energy transportation goals. The partnership includes enhancing electricity transmission to the ferry terminal and installing charging infrastructure for the 59-foot, 400-passenger vessel. PG&E aims to meet California's 2030 clean energy objectives while maintaining support for local businesses in the transition to electric operations.

On February 10, 2023, PG&E Corporation (NYSE: PCG) announced that Sumeet Singh will take on the role of Executive Vice President, Operations, and Chief Operating Officer of Pacific Gas and Electric Company, effective March 1, 2023. Singh, who has over 20 years of experience at PG&E, will succeed Adam Wright. His responsibilities will encompass all Utility operations, including Gas, Electric, and Generation, with a focus on safety and operational excellence. Singh's previous role involved overseeing risk management, including PG&E's Wildfire Mitigation Strategy, which achieved a notable 99% reduction in acres affected by Utility equipment-related fires in 2022.

Pacific Gas and Electric Company (PCG) warns customers of increased outages due to metallic balloons around Valentine’s Day. In 2022, there were 415 outages disrupting power to over 210,000 customers. The company suggests keeping metallic balloons tied to weights to prevent them from floating away and causing accidents. Additionally, a new California law will ban sales of non-compliant metallic balloons starting January 1, 2027. PG&E encourages safety measures, such as avoiding overhead power lines and reporting any tangled balloons to the utility. For more details, visit PG&E's website.

Pacific Gas and Electric (PG&E) announced on February 9, 2023, that rising natural gas prices are expected to increase energy bills for customers. The company emphasized that it does not control these market prices and does not mark them up. To assist customers facing higher bills, PG&E highlighted the recent approval by the California Public Utilities Commission to distribute the California Climate Credit earlier, providing a total relief of $91.17 for qualifying customers. PG&E also offered tools and programs, including Budget Billing and the California Alternate Rates for Energy Program, to help manage costs during the winter season.

Pacific Gas and Electric Company (PCG) announces that the California Public Utilities Commission (CPUC) has approved the early distribution of the California Climate Credit. Residential customers will automatically receive credits of $52.78 for natural gas and $38.39 for electricity, totaling $91.17 for those utilizing both services. This initiative aims to ease the financial burden from increased energy costs, particularly due to rising natural gas prices and higher demand in California. The credits are part of California's broader efforts to combat climate change, with customers receiving these adjustments directly on their bills.

Pacific Gas and Electric Company (NYSE:PCG) announced the launch of its new Pre-Owned Electric Vehicle (EV) Rebate Program on February 1, 2023, aimed at making electric vehicle ownership more affordable. The program will distribute more than $78 million in rebates, providing up to $4,000 for qualified residential customers purchasing or leasing pre-owned EVs. The initiative targets customers based on household income and has no impact on customer rates. Funded through the California Air Resources Board's Low Carbon Fuel Standard, this program aligns with PG&E's goals to enhance EV infrastructure and sustainability.

Pacific Gas and Electric Company (NYSE: PCG) reports a significant increase in energy bills for customers this winter, largely attributed to rising natural gas prices and unusually cold temperatures. From November to March, PG&E anticipates residential bills to rise by 32% compared to last winter. California's gas prices have been five times higher than national benchmarks, driven by increased demand and low supply. In response, PG&E supports the California Public Utilities Commission's initiative to issue the annual Climate Credit early to provide relief. The company is also implementing strategies to mitigate costs for customers and ensure long-term price stability.

PG&E Corporation (NYSE: PCG) is set to hold its fourth quarter and full year 2022 earnings call on February 23, 2023, at 11:00 a.m. Eastern Time. The public can access the call via a live webcast, with a replay available until March 2, 2023. The company's operational overview emphasizes its role as a key energy provider, serving around 16 million Californians across a vast area in Northern and Central California. For further details, stakeholders can visit the PG&E Corporation website.