Pacific Gas and Electric Company

For the band, see Pacific Gas & Electric (band).

PG&E Corporation
Company typePublic
Industry
Founded1905; 119 years ago (1905)
Headquarters
Key people
  • PG&E Corporation:
  • Robert Flexon (chairman)
  • Patti Poppe (CEO)
  • Carolyn Burke (EVP & CFO)
  • Pacific Gas & Electric Company:
  • Sumeet Singh (EVP & COO)
  • Peter Kenny (SVP, Electric)
  • Joseph Forline (SVP, Gas)
Products
RevenueIncrease US$24.43 billion (2023)
Increase US$2.67 billion (2023)
Increase US$2.24 billion (2023)
Total assetsIncrease US$125.7 billion (2023)
Total equityIncrease US$25.04 billion (2023)
Number of employees
c. 28,000 (2023)
Websitepgecorp.com
Footnotes / references
[1]

The Pacific Gas and Electric Company (PG&E) is an American investor-owned utility (IOU).[2] The company is headquartered at 300 Lakeside Drive, in Oakland, California. PG&E provides natural gas and electricity to 5.2 million households in the northern two-thirds of California, from Bakersfield and northern Santa Barbara County, almost to the Oregon and Nevada state lines.[3]: 27 [4]

Overseen by the California Public Utilities Commission, PG&E is the leading subsidiary of the holding company PG&E Corporation, which has a market capitalization of $36.33 billion as of February 23, 2024.[5] PG&E was established on October 10, 1905 from the merger and consolidation of predecessor utility companies, and by 1984 was the United States' "largest electric utility business".[6] PG&E is one of six regulated, investor-owned electric utilities (IOUs) in California; the other five are PacifiCorp, Southern California Edison, San Diego Gas & Electric, Bear Valley Electric, and Liberty Utilities.[7]

In 2018 and 2019, the company received widespread media notoriety when investigations by the California Department of Forestry and Fire Protection (Cal Fire) found the company's infrastructure primarily responsible for causing two separate devastating wildfires in California, including the 2018 Camp Fire,[8][9] the deadliest wildfire in California history. The formal finding of liability led to losses in federal bankruptcy court.[10] On January 14, 2019, PG&E announced its filing for Chapter 11 bankruptcy in response to its liability for the catastrophic 2017 and 2018 wildfires in Northern California.[11][12] The company hoped to come out of bankruptcy by June 30, 2020,[13][14] and was successful on Saturday, June 20, 2020, when U.S. Bankruptcy Judge Dennis Montali issued the final approval of the plan for PG&E to exit bankruptcy.[15][16][17]

  1. ^ "US SEC: Form 10-K Pacific Gas and Electric Company". U.S. Securities and Exchange Commission. February 22, 2024.
  2. ^ "How PG&E Makes Money", PG&E, archived from the original on April 26, 2016, retrieved April 17, 2016
  3. ^ Cite error: The named reference ucdavis_2014 was invoked but never defined (see the help page).
  4. ^ Cite error: The named reference PGE_environment_2015 was invoked but never defined (see the help page).
  5. ^ "PCG Stock Price & News – PG&E Corp. – Wall Street Journal". quotes.wsj.com. Archived from the original on April 17, 2016. Retrieved April 17, 2016.
  6. ^ Cummings, Judith (April 7, 1985), "In Short: a review of Dynamos and Virgins by David Roe", The New York Times, archived from the original on January 22, 2016, retrieved April 17, 2016
  7. ^ "Electric Utilities in California". ww2.energy.ca.gov. Archived from the original on February 14, 2020. Retrieved February 14, 2020.
  8. ^ CAL FIRE (July 16, 2020). "CAL FIRE Investigators Determine Cause of the Kincade Fire" (PDF). press release. ca.gov. Archived from the original (PDF) on November 17, 2020. Retrieved February 27, 2021.
  9. ^ "CAL FIRE Investigators Determine Cause of the Camp Fire" (PDF). press release. ca.gov. Archived from the original (PDF) on January 28, 2021. Retrieved February 27, 2021.
  10. ^ Falconer, Rebecca (November 28, 2019). "PG&E bankruptcy judge sides with fire victims in liability challenge". AXIOS. Axios Media. Retrieved July 17, 2020.
  11. ^ "PG&E FORM 8-K" (PDF). www.pge.com. Archived (PDF) from the original on January 29, 2019. Retrieved January 15, 2019.
  12. ^ Peltz, James F. (January 15, 2019). "PG&E to file for bankruptcy as wildfire costs hit $30 billion. Its stock plunges 52%". Los Angeles Times. Archived from the original on May 27, 2019. Retrieved June 15, 2019.
  13. ^ Gonzales, Richard (December 7, 2019). "PG&E Announces $13.5 Billion Settlement Of Claims Linked To California Wildfires". NPR. Retrieved June 8, 2020.
  14. ^ Penn, Ivan (May 20, 2020). "PG&E Says Wildfire Victims Back Settlement in Bankruptcy". The New York Times. Retrieved June 8, 2020.
  15. ^ Scaggs, Alexandra (June 22, 2020). "PG&E Is Emerging From Bankruptcy After Its Financing Plan Was Approved". Barron's.
  16. ^ Chediak, Mark (June 21, 2020). "PG&E Wins Final Approval for Its Bankruptcy Reorganization". Bloomberg News. Power giant can now exit largest U.S. utility restructuring
  17. ^ PG&E. "Important Documents Related to the Plan and Disclosure Statement". Prime Clerk. Retrieved June 26, 2020. The most useful document is the Disclosure Statement to the Plan.