Latest news with #PGECorp
Yahoo
31-07-2025
- Business
- Yahoo
PG&E misses profit estimates hit by higher operating and maintenance costs
(Reuters) -PG&E Corp on Thursday narrowly missed Wall Street estimates for second-quarter profit, as the utility firm was hit by an increase in operating and maintenance costs, sending its shares down 1.4% in premarket trading. The company said its total operating and maintenance costs rose 3.7% to $2.86 billion, adding that wildfire-related claims, net of recoveries and the utility's wildfire fund expense increased from a year earlier. PG&E has been blamed for sparking numerous wildfires, including some of California's most deadly, and has been making investments to improve the reliability of its power grid. In a wildfire mitigation plan filed in March for the 2026-2028 period, the utility said it aims to build nearly 700 miles of underground power lines and complete 500 miles of additional wildfire safety system upgrades between 2025 and 2026. PG&E's total quarterly operating revenue fell to $5.90 billion, from $5.99 billion a year earlier. 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 company said it added nearly 3,300 new customers in the second quarter to its electric grid system. On an adjusted basis, PG&E reported a quarterly profit of 31 cents per share for the three-month period ended June 30, missing Wall Street expectations by 1 cent per share, according to LSEG.
Reuters
31-07-2025
- Business
- Reuters
PG&E misses profit estimates hit by higher operating and maintenance costs
July 31 (Reuters) - PG&E Corp (PCG.N), opens new tab on Thursday narrowly missed Wall Street estimates for second-quarter profit, as the utility firm was hit by an increase in operating and maintenance costs, sending its shares down 1.4% in premarket trading. The company said its total operating and maintenance costs rose 3.7% to $2.86 billion, adding that wildfire-related claims, net of recoveries and the utility's wildfire fund expense increased from a year earlier. PG&E has been blamed for sparking numerous wildfires, including some of California's most deadly, and has been making investments to improve the reliability of its power grid. In a wildfire mitigation plan filed in March for the 2026-2028 period, the utility said it aims to build nearly 700 miles of underground power lines and complete 500 miles of additional wildfire safety system upgrades between 2025 and 2026. PG&E's total quarterly operating revenue fell to $5.90 billion, from $5.99 billion a year earlier. 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 company said it added nearly 3,300 new customers in the second quarter to its electric grid system. On an adjusted basis, PG&E reported a quarterly profit of 31 cents per share for the three-month period ended June 30, missing Wall Street expectations by 1 cent per share, according to LSEG.
Bloomberg
30-07-2025
- Business
- Bloomberg
Newsom Seeks $18 Billion for Utilities' Wildfire Fund as California Faces Future Blazes
California Governor Gavin Newsom is circulating a legislative proposal to shore up a state fund for utilities that's at risk of being depleted following the deadly wildfires that struck Los Angeles County in January. The plan would channel an additional $18 billion to the wildfire fund, almost doubling the current commitments, said people familiar with the matter. Electricity ratepayers would contribute half the money through a monthly fee while the other half would come from three utility companies that benefit from the fund, Edison International, PG&E Corp. and Sempra, the people said.
Yahoo
22-07-2025
- Business
- Yahoo
PG&E (PCG) Stock Short-Circuits in 2025 as Regulatory Risk Sparks Investor Jitters
PG&E Corp (NYSE:PCG) is one of the most oversold S&P 500 stocks so far in 2025. After a relatively better performance in 2024, PG&E stock has been a laggard in 2025 with declines of over 33%, and is now trading near the bottom of its 52-week range. A major part of this correction occurred in June, when the shares nosedived by around 20%. Investors became increasingly cautious after several reform proposals were advanced, including regulatory changes as part of the California utility regulation overhaul bill. Investors were already digesting the company's May announcement of its plan to keep rates flat for the next few years. While management stated that utility bills won't rise in 2025 and will fall in 2026, consumers appeared to remain sceptical, as the company has already raised rates multiple times in 2024. A utility employee connecting wires at a power station in order to distribute electricity to customers. Driven by regulatory uncertainty, analyst opinions on the shares remained mixed. In mid-May, Morgan Stanley analyst David Arcaro had cut his price target on PG&E Corp (NYSE:PCG) to $18 from $18.5. While utilities continue to see good demand from both data centers and large load customers, the analyst maintained his Underperform rating. More recently, in mid-June, Bank of America Securities analyst Ross Fowler maintained a Buy rating with a price target of $24. PG&E Corp (NYSE:PCG) provides electric and natural gas distribution services, as well as electric generation and natural gas transmission and storage services, through its subsidiaries. PG&E serves retail customers for both electric and natural gas in northern and central California. While we acknowledge the potential of PCG as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: Harvard University Stock Portfolio: Top 10 Stock Picks and . Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
22-07-2025
- Business
- Yahoo
PG&E (PCG) Stock Short-Circuits in 2025 as Regulatory Risk Sparks Investor Jitters
PG&E Corp (NYSE:PCG) is one of the most oversold S&P 500 stocks so far in 2025. After a relatively better performance in 2024, PG&E stock has been a laggard in 2025 with declines of over 33%, and is now trading near the bottom of its 52-week range. A major part of this correction occurred in June, when the shares nosedived by around 20%. Investors became increasingly cautious after several reform proposals were advanced, including regulatory changes as part of the California utility regulation overhaul bill. Investors were already digesting the company's May announcement of its plan to keep rates flat for the next few years. While management stated that utility bills won't rise in 2025 and will fall in 2026, consumers appeared to remain sceptical, as the company has already raised rates multiple times in 2024. A utility employee connecting wires at a power station in order to distribute electricity to customers. Driven by regulatory uncertainty, analyst opinions on the shares remained mixed. In mid-May, Morgan Stanley analyst David Arcaro had cut his price target on PG&E Corp (NYSE:PCG) to $18 from $18.5. While utilities continue to see good demand from both data centers and large load customers, the analyst maintained his Underperform rating. More recently, in mid-June, Bank of America Securities analyst Ross Fowler maintained a Buy rating with a price target of $24. PG&E Corp (NYSE:PCG) provides electric and natural gas distribution services, as well as electric generation and natural gas transmission and storage services, through its subsidiaries. PG&E serves retail customers for both electric and natural gas in northern and central California. While we acknowledge the potential of PCG as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: Harvard University Stock Portfolio: Top 10 Stock Picks and . Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
