Latest news with #PG&ECorp
Time of India
24-04-2025
- Business
- Time of India
Power company PG&E misses first-quarter profit estimates on higher expenses
PG&E Corp missed first-quarter profit estimates on Thursday, as the power company was hurt by higher operating and interest expenses . Higher-for-longer interest rates push up borrowing costs for utility companies, which typically need more capital for expenses such as maintaining the grid. PG&E said its interest expenses rose 2.7 per cent to $734 million in the first quarter from a year earlier. Multiple wildfires scorched tens of thousands of acres across Los Angeles in January in what is now expected to be the most costly natural disaster in U.S. history. The area's electric utilities have also come under increasing scrutiny. PG&E plans to construct nearly 700 miles of underground powerlines and 500 miles of other wildfire safety system upgrades between 2025 and 2026. PG&E said that average residential electric rates were lower in March than they were a year earlier and it expects natural gas delivery rates to remain flat in 2025. The company's total operating revenue was $5.98 billion in the quarter, missing analysts' estimate of $6.14 billion, according to data compiled by LSEG. For the quarter ended March 31, the company's total operating expenses were up 3.8 per cent at $4.76 billion. The Oakland, California-based company reaffirmed its forecast for adjusted core earnings to be between $1.48 and $1.52 per share. Analysts have expected $1.50 per share. The utility also said it added nearly 3,000 customers in the quarter to its electric grid system. On an adjusted basis, PG&E reported a profit of 33 cents per share, compared with the average analyst estimate of 34 cents.
Reuters
24-04-2025
- Business
- Reuters
Power company PG&E misses first-quarter profit estimates on higher expenses
April 24 (Reuters) - PG&E Corp (PCG.N), opens new tab missed first-quarter profit estimates on Thursday, as the power company was hurt by higher operating and interest expenses. Higher-for-longer interest rates push up borrowing costs for utility companies, which typically need more capital for expenses such as maintaining the grid. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. PG&E said its interest expenses rose 2.7% to $734 million in the first quarter from a year earlier. Multiple wildfires scorched tens of thousands of acres across Los Angeles in January in what is now expected to be the most costly natural disaster in U.S. history. The area's electric utilities have also come under increasing scrutiny. PG&E plans to construct nearly 700 miles of underground powerlines and 500 miles of other wildfire safety system upgrades between 2025 and 2026. PG&E said that average residential electric rates were lower in March than they were a year earlier and it expects natural gas delivery rates to remain flat in 2025. The company's total operating revenue was $5.98 billion in the quarter, missing analysts' estimate of $6.14 billion, according to data compiled by LSEG. For the quarter ended March 31, the company's total operating expenses were up 3.8% at $4.76 billion. The Oakland, California-based company reaffirmed its forecast for adjusted core earnings to be between $1.48 and $1.52 per share. Analysts have expected $1.50 per share. The utility also said it added nearly 3,000 customers in the quarter to its electric grid system. On an adjusted basis, PG&E reported a profit of 33 cents per share, compared with the average analyst estimate of 34 cents.
Yahoo
13-02-2025
- Business
- Yahoo
PG&E raises 2025 core earnings forecast on higher electricity rates
(Reuters) - PG&E Corp on Thursday raised its adjusted core earnings forecast for 2025, as the power company benefits from lower operating expenses and higher electricity rates. Last month, the California Public Utilities Commission approved another request from the company to raise electricity prices after a series of similar hike approvals last year. The utility said it recorded a rate base growth of 10.5% in 2024. U.S. electric utilities are pushing for more hikes, as rising demand from data centers, manufacturers and other industries such as transportation has put tremendous pressure on grids. The company said it added nearly 14,000 new customers in 2024 to its electric grid system. "In 2024, we connected more new customers to our grid than we have in decades," PG&E Corporation CEO Patti Poppe said. As of February, the company saw a two gigawatt (GW) increase in its data center pipeline from July last year. PG&E is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. The Oakland, California-based company raised its full-year forecast for adjusted core earnings to between $1.48 and $1.52 per share, up from $1.47 to $1.51 previously. Analysts expect earnings of $1.49 per share, according to data compiled by LSEG. In 2024, the company's operating expenses fell 8.3% to $19.96 billion compared to last year. On an adjusted basis, PG&E reported a fourth-quarter core profit of 31 cents per share, in line with analysts' estimates. Shares of the company rose 1% in premarket trading. Sign in to access your portfolio
Reuters
13-02-2025
- Business
- Reuters
PG&E raises 2025 core earnings forecast on higher electricity rates
Feb 13 (Reuters) - PG&E Corp (PCG.N), opens new tab on Thursday raised its adjusted core earnings forecast for 2025, as the power company benefits from lower operating expenses and higher electricity rates. Last month, the California Public Utilities Commission approved another request from the company to raise electricity prices after a series of similar hike approvals last year. The utility said it recorded a rate base growth of 10.5% in 2024. U.S. electric utilities are pushing for more hikes, as rising demand from data centers, manufacturers and other industries such as transportation has put tremendous pressure on grids. The company said it added nearly 14,000 new customers in 2024 to its electric grid system. "In 2024, we connected more new customers to our grid than we have in decades," PG&E Corporation CEO Patti Poppe said. As of February, the company saw a two gigawatt (GW) increase in its data center pipeline from July last year. PG&E is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. The Oakland, California-based company raised its full-year forecast for adjusted core earnings to between $1.48 and $1.52 per share, up from $1.47 to $1.51 previously. Analysts expect earnings of $1.49 per share, according to data compiled by LSEG. In 2024, the company's operating expenses fell 8.3% to $19.96 billion compared to last year. On an adjusted basis, PG&E reported a fourth-quarter core profit of 31 cents per share, in line with analysts' estimates. Shares of the company rose 1% in premarket trading.
