PG&E Corporate Responsibility and Sustainability Report 2018

PG&E Chapter 11 Update

PG&E Overview

PG&E Corporation is a holding company whose primary operating subsidiary is Pacific Gas and Electric Company, an investor-owned energy company that operates in Northern and Central California and delivers some of the nation’s cleanest energy. Throughout this report, when we refer to “PG&E,” we are discussing all of PG&E Corporation and its subsidiaries, including Pacific Gas and Electric Company. When we refer to the “Utility,” we are discussing Pacific Gas and Electric Company.

Headquarters Location
San Francisco, California
Service Area
70,000 square miles in Northern and Central California
Service Area Population
Approximately 16 million people

Based in San Francisco, PG&E delivers some of the nation’s cleanest energy to nearly 16 million people in Northern and Central California.

Customer Accounts (as of December 31, 2018)
5.4 million electric distribution accounts:
  • 4.8 million residential
  • 0.6 million commercial, industrial and other
4.4 million natural gas distribution accounts:
  • 4.2 million residential
  • 0.2 million commercial and industrial
Employees (as of December 31, 2018)
Approximately 24,000 regular employees
Approximately 14,500 employees are covered by collective bargaining agreements with three labor unions:
  • International Brotherhood of Electrical Workers (IBEW), Local 1245, AFL-CIO
  • Engineers and Scientists of California/International Federation of Professional and Technical Engineers (ESC/IFPTE), Local 20, AFL-CIO and CLC
  • Service Employees International Union (SEIU), Local 24/7
System
  • 7,686 MW of PG&E-owned hydroelectric, nuclear, natural gas, solar and fuel cell generation
  • Approximately 107,000 circuit miles of electric distribution lines (about 25 percent underground and 75 percent overhead) and approximately 18,000 circuit miles of electric transmission lines
  • Approximately 42,800 miles of gas distribution pipelines, 6,600 miles of backbone and local gas transmission pipelines and three gas storage facilities
Net Operating Capacity of Owned Generation Facilities Footnote 1
Facility Net Operating Capacity (MW)
Total 7,686
Fossil Fuel-Fired Plants
Colusa Generating Station Footnote 2 657
Gateway Generating Station Footnote 2 580
Humboldt Bay Generating Station Footnote 2 163
Fuel Cell Facilities 3
Other Plants
Diablo Canyon Power Plant Footnote 3 2,240
Hydroelectric Facilities 3,891
Solar Photovoltaic Facilities 152
  • 1. As of December 31, 2018 1
  • 2. Natural gas power plant 2a, 2b, 2c
  • 3. Nuclear power plant 3
General Energy Production Statistics
2016 2017 2018
Electricity Generated by PG&E (GWh net) Footnote 1 33,525 34,861 32,749
Fossil Fuel-Fired Plants (GWh net) 5,718 5,712 6,332
Colusa Generating Station (GWh net) 2,909 2,496 2,992
Gateway Generating Station (GWh net) 2,436 2,779 2,940
Humboldt Bay Generating Station (GWh net) 368 432 385
Fuel Cell Facilities (GWh net) 5 6 16
Other Plants (GWh)
Diablo Canyon Power Plant (GWh gross) 18,931 17,951 18,297
Hydroelectric Facilities (GWh net) 8,554 10,900 7,814
Solar Photovoltaic Facilities (GWh net) 322 298 310
Electricity Purchased (GWh) 41,691 29,814 20,099
Retail Electricity Sales (GWh) Footnote 2 68,441 61,397 48,832
  • 1. Net of electricity used to operate plants. Data may not add up due to rounding.1
  • 2. Excludes sales to direct access and community choice customers, and sales to railroads and railways.2
Natural Gas Throughput
2016 2017 2018
Total Natural Gas Throughput (million cubic feet or MMcf) Footnote 1 822,655 800,923 881,279
System Investments
Approximately $7.2 billion in capital investments in 2018 to enhance PG&E’s infrastructure and improve safety and reliability.
Contribution to State and Local Revenues
PG&E is a major contributor to the revenue that state and local governments depend on to fund critical public services. In addition to property taxes, PG&E pays franchise fees to cities and counties for the right to use public streets for gas and electric facilities.
Franchise Fee and Property Tax Payments
2016 2017 2018
Franchise Fees $157,305,763 $165,488,047 $160,040,020
Property Tax Payments $411,210,604 $461,832,527 $520,137,440
Financial Performance
The financial information below is derived from PG&E Corporation’s Consolidated Financial Statements at December 31, 2017 and December 31, 2018, unless otherwise indicated, which include the accounts of PG&E Corporation, the Utility and other wholly owned and controlled subsidiaries.
Financial Highlights Footnote 1
(unaudited, in millions, except share and per share amounts)
2017 2018
Dividends Declared Per Common Share Footnote 4 1.55 0
Total Assets at December 31 $68,012 $76,995
Number of Common Shares Outstanding at December 31 514,755,845 520,338,710
Operating Revenues $17,135 $16,759
Income Available for Common Shareholders
Non-GAAP earnings from operations Footnote 2 1,889 2,069
Items impacting comparability Footnote 3 (243) (8,920)
Reported Consolidated Income Available for Common Shareholders 1,646 (6,851)
Income Per Common Share, Diluted
Non-GAAP earnings from operations Footnote 2 3.68 4.00
Items impacting comparability Footnote 3 (0.47) (17.25)
Reported Consolidated Net Earnings Per Common Share, Diluted 3.21 (13.25)

For more information, see PG&E Corporation’s and Pacific Gas and Electric Company’s 2018 Joint Annual Report to Shareholders or Annual Report on Form 10-K for year ended December 31, 2018, which have been filed with the U.S. Securities and Exchange Commission.

Forward-Looking Statements

This Corporate Responsibility and Sustainability Report contains forward-looking statements regarding our plans, expectations, objectives and forecasts that are based on assumptions and information currently available to management.

These plans, expectations, objectives and forecasts, and the underlying assumptions on which they are based, are necessarily subject to various risks and uncertainties, the realization or resolution of which may be outside of management’s control. Actual results could differ materially from those expressed or implied in the forward-looking statements. For a discussion of some of the factors that could cause actual results to differ materially, please see our reports filed with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ended December 31, 2018 (the “2018 Annual Report”) our most recent quarterly report on Form 10-Q for the quarter ended June 30, 2019, and our subsequent reports filed with the SEC.