Pacific Gas and Electric: PG&E Corporation Reports Second Quarter 2022 Financial Results

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PG&E Corporation reported second-quarter 2022 income available to common shareholders of $356 million, or $0.17 per diluted share, as reported in accordance with generally accepted accounting principles (GAAP). That compares to disposable income for common stockholders of $397 million, or $0.18 per diluted share, for the second quarter of 2021.

The GAAP results include non-core items that management does not believe are indicative of ongoing earnings, which totaled $180 million after tax, or $0.08 per diluted share, for the quarter. These results were primarily driven by costs related to the reorganization cases of PG&E Corporation and Pacific Gas and Electric Company (Utility) under Chapter 11 of the U.S. Bankruptcy Code (Chapter 11), costs related to wildfires, amortization of Wildfire Fund contributions under Assembly Bill (AB) 1054, strategic repositioning costs and investigative remedies, partially offset by neutral rate securitization (Senate Bill (SB) 901) and the tax benefits of the trust for victims of fire.

“We are on track to meet our 2022 commitments,” said Patti Poppe, CEO of PG&E Corporation. “We are reducing risk and making the right investments for the future. Our daily focus on delivering predictable results and controlling costs reflects our triple bottom line of serving people, the planet and the prosperity of California.

Non-GAAP Basic Earnings

PG&E Corporation’s non-GAAP basic earnings, which exclude non-core items, were $536 million, or $0.25 per diluted share, in the second quarter of 2022, compared with $575 million, or $0.27 per diluted share, over the same period in 2021.

The decline in non-GAAP basic earnings per diluted share quarter-over-quarter was primarily due to regulatory, tax and other miscellaneous items, partially offset by growth in rate base earnings and cost reductions.

PG&E Corporation uses “core non-GAAP earnings,” which is a non-GAAP financial measure, to provide a measure that allows investors to compare the company’s underlying financial performance from period to period. the other, excluding non-essential items. . See the accompanying tables for a reconciliation of basic non-GAAP earnings to consolidated earnings available to common shareholders.

Orientation 2022

PG&E Corporation adjusts GAAP 2022 earnings guidance within a range of $0.74 to $1.02 per diluted share, which includes non-core items. PG&E Corporation adjusts 2022 non-core items guidance in the range of $230 million to $720 million after tax, reflecting costs related to the amortization of Wildfire Fund contributions under AB 1054, the PG&E Corporation and utility Chapter 11 reorganization cases related to the wildfires. costs, investigative remedies and strategic repositioning costs, partially offset by neutral rate securitization (SB 901) and Fire Victim Trust tax benefits and prior period net regulatory impact.

On a non-GAAP basis, the indicative range of non-GAAP earnings forecast for 2022 is reaffirmed at $1.07 to $1.13 per diluted share. Factors driving non-GAAP core earnings include uncollectible interest charges of $330 million to $370 million after tax and other earnings factors, including provision for funds used during construction, incentive income, tax benefits and cost savings, net of expenses below the expense line.

The guidance is based on various assumptions and forecasts, including those relating to allowed revenues, future expenses, capital expenditures, rate base, share issuances and certain other factors.

Additional financial information

In addition to the financial information accompanying this release, presentation slides have been provided to the Securities and Exchange Commission (SEC) and are available on the PG&E Corporation website at: http://investor.pgecorp.com/financials/quarterly-earnings-reports/default.aspx.

Earnings Conference Call

PG&E Corporation will also hold a conference call on July 28, 2022 at 8:00 a.m. PT to discuss its second quarter 2022 results. The public can access the conference call via simultaneous webcast. The link is provided below and will also be available on the PG&E Corporation website.

What: Call for second quarter 2022 results

When: Thursday, July 28 at 8 a.m. PT

Where: http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx

A replay of the conference call will be archived at http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx.

Alternatively, a toll-free replay of the conference call can be viewed shortly after the live call through August 5, 2022, by dialing (800) 770-2030. International callers can dial

(647) 362-9199. For domestic and international callers, the confirmation code 64421 will be required to access the replay.

Email Currents at [email protected]

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