PG&E Corporation Shines in Q1 2025 with Strong Core Earnings and Affordability Focus
PG&E Corporation has kicked off the year with a solid performance, reporting core earnings per share of $0.33 for the first quarter of 2025. The company's CEO, Patti Poppe, expressed confidence in reaffirming their full-year guidance range of $1.48 to $1.52, an increase of 10% from 2024 results.
PG&E's focus on affordability is evident, with bills down in 2025 compared to the previous year and forecasted to decrease again in 2026. The company's commitment to affordable energy is driven by the importance of attracting sufficient high-quality, long-term, and low-cost capital to power California's growth and clean energy transition.
The ongoing discussion around AB 1054, a legislative solution aimed at improving financial risk mitigation for utilities, has PG&E advocating for a constructive outcome. The company believes that an AB 1054 legislative solve in 2025 will produce the best long-term affordability outcome for customers.
One of the key highlights from Q1 is the filing of PG&E's general rate case (GRC) on May 15, covering the period of 2027 through 2030. This proposal aims to kick off a conversation about California's ambitions and expectations, with PG&E showcasing its simple, affordable model.
The GRC will reflect efficiency gains achieved in the past three years, prioritizing stabilization of rate increases at or below inflation or 2% to 4%. This move is expected to break the pattern of double-digit increases for customers. Additionally, the proposal highlights opportunities to deploy capital into quality infrastructure, benefiting customers further.
Beyond the GRC, PG&E emphasizes customer savings through interest cost reductions from drawdowns on their $15 billion DOE loan guarantee facility. This demonstrates the company's commitment to affordability and long-term financial stability.
PG&E's CEO remains optimistic about the future, highlighting three key areas of focus: submitting a general rate case that showcases its simple affordable model; seizing data center load growth opportunities; and continuing execution of its performance playbook to deliver improved outcomes for customers in safety, quality, cost, and delivery.
