PG&E Achieves 42% Reduction in Methane Emissions, Surpassing 2025 Goal
Rhea-AI Summary
PG&E (NYSE:PCG) reported a significant environmental achievement, announcing a 42% reduction in methane emissions from its gas pipeline system in 2024 compared to 2015 levels. This surpasses their original commitment of a 20% reduction by 2025 set by California regulators.
The company implemented several key initiatives to achieve this reduction, including enhanced leak surveys covering 42,000 miles of natural gas distribution pipeline every three years, advanced leak detection technologies, and the Super Emitter Program. PG&E has now set a voluntary target of 45% emissions reduction by 2030 and aims to achieve a net zero emissions energy system by 2040.
Positive
- Achieved 42% methane emissions reduction, significantly exceeding the mandated 20% target
- Enhanced leak survey program efficiency from 5 years to 3 years rotation
- Set ambitious voluntary target of 45% emissions reduction by 2030
- Implementation of advanced leak detection technologies and Super Emitter Program
Negative
- None.
News Market Reaction – PCG
On the day this news was published, PCG declined 2.91%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
In 2017, the CPUC and California Air Resources Board (CARB) directed PG&E to achieve a 20 percent emissions reduction below 2015 baseline levels by 2025. The company outpaced this goal and voluntarily set a target to achieve a 45 percent reduction by 2030.
In June of this year, PG&E submitted its annual 2024 emissions data to the CPUC, which outlined the methodology and comprehensive approach the company took to achieve the 42 percent emission reduction, including:
- Enhancing the leak survey program that now assesses more than 42,000 miles of natural gas distribution pipeline every three years versus the previous five year rotation.
- Applying advanced leak detection technologies and utilizing an accelerated repair schedule for the largest emissions findings, also known as the PG&E Super Emitter Program.
- Continuing strategic implementation of gas mitigation technologies for planned ventings on transmission pipelines, compressor stations and underground storage.
"Achieving and surpassing our methane emissions reduction goal is an important milestone that highlights our efforts to reduce the carbon footprint of our natural gas pipeline system. Coupled with our ongoing commitment to support the interconnection and delivery of
PG&E's Climate Strategy Report outlines the company's commitment to achieve a net zero emissions energy system by 2040 and a "climate positive" system by 2050.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and
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SOURCE Pacific Gas and Electric Company