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$pcg $9.48 v -0.26 (-2.67%)
Volume: 10,338,166 @10/30/20 7:00:00 PM EDT
PG&E Corp. Reports Third-Quarter 2020 Financial Results, & 2020 & 2021 GAAP & Non-GAAP Core Earnings & EPS Guidance
October 29 2020 - 08:19AM
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Recorded GAAP earnings were $0.04 per share for the third quarter of 2020, compared to losses of $3.06 per share for the same period in 2019.
Non-GAAP core earnings were $0.22 per share for the third quarter of 2020, compared to $1.11 per share for the same period in 2019.
2020 EPS guidance adjusted for GAAP losses in the range of $1.00 to $1.06 and reaffirmed for non-GAAP core earnings of $1.60 to $1.63 per share.
2021 EPS guidance adjusted for GAAP earnings in the range of $0.14 to $0.26 and reaffirmed non-GAAP core earnings of $0.95 to $1.05 per share.
PG&E Corporation (NYSE: PCG) recorded third-quarter 2020 income available for common shareholders of $83 million, or $0.04 per share, as reported in accordance with generally accepted accounting principles (GAAP). This compares with losses attributable to common shareholders of $1.6 billion, or $3.06 per share, for the third quarter of 2019.
GAAP results include non-core items that management does not consider representative of ongoing earnings, which totaled $378 million after-tax, or $0.18 per share, for the quarter. These results were primarily driven by costs related to PG&E Corporation’s and Pacific Gas and Electric Company’s (Utility) reorganization cases under Chapter 11 of the U.S. Bankruptcy Code (Chapter 11). Other non-core items include the amortization of wildfire insurance fund contributions under Assembly Bill (AB) 1054, investigation remedies and delayed cost recovery, Kincade-fire related costs, and prior period net regulatory recoveries.
PG&E Corporation and Pacific Gas and Electric Company emerged from Chapter 11 on July 1, 2020 after successfully completing the restructuring process and achieving approval for its Plan of Reorganization confirmed by the United States Bankruptcy Court.
“We are focused on building a new PG&E that will deliver on our commitments to operate safely, reduce risk, and put our customers at the center of everything we do,” said Bill Smith, Interim Chief Executive Officer, PG&E Corporation. “Given the many challenges facing California, from wildfires to COVID-19, we know that being a trustworthy partner is more important than ever. We will do that by continuing our important wildfire mitigation work, leveraging innovative technologies to help California meet its clean energy goals, and achieving our performance targets in all areas of our business.”
Wildfire Mitigation Update
To further reduce the potential for wildfires associated with its electrical equipment in high fire-threat areas, PG&E is executing its 2020 Wildfire Mitigation Plan as submitted to the CPUC on February 7, 2020. The company is on track to meet its goals for each of the four categories of the 2020 Plan, which builds on the significant work completed in 2019. Wildfire Mitigation work during 2020 includes:
System hardening, where we have exceeded our 2020 target, with 257 circuit miles either relocated underground or replaced with stronger poles and covered conductor, making PG&E’s system more resilient.
Enhanced vegetation management work, which is at 90% of our 2020 target. PG&E has reviewed more than 1,624 miles of distribution and lower-voltage transmission lines and taken necessary action to trim or remove hazards and expand rights-of-way.
Situational awareness work, which is at 65% of our 2020 target, with 309 weather stations and 132 high definition cameras installed, despite some initial supply chain issues due to COVID-19 disruptions.
Enhanced inspections are at more than 96% of our 2020 target. PG&E continues to inspect all assets in Tier Three miles and a third of the Tier Two miles annually, which gives greater insight into the health of the company’s assets and information to act on for equipment requiring maintenance.
Improved PSPS implementation. For two of the three events for which an analysis is available, PG&E’s data shows that the number of customers affected was reduced by 56% when compared to the same set of conditions in 2019. For all three, service was restored for 94% of customers within 12 hours.
Asset Sale
In addition, PG&E filed an application with the CPUC for approval to sell its San Francisco office complex. This fulfills the first step of its commitment set out in the Plan of Reorganization to sell its San Francisco office complex and to distribute the gain on sale to customers.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20201029005679/en/
PG&E Diablo Canyon nuclear plant totally offline? How much lost revenue?
$pcg $9.81 v -0.02 (-0.20%)
Volume: 26,849,560 @10/02/20 7:59:31 PM EDT
* * $PCG Video Chart 09-28-2020 * *
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Just In: $PCG PG&E Conducts Public Safety Power Shutoffs in Response to High-Wind Event, Scope of Event Reduced to 65,000
First Wave of 11,000 Public Safety Power Shutoffs Completed Sunday Morning; Second Wave of 54,000 Customers Begins Sunday Afternoon, Primarily in the Central Sierra Region Community Resource Centers Accommodate Physical Distancing While Providing Water and Device Charging for ...
Find out more PCG - PG&E Conducts Public Safety Power Shutoffs in Response to High-Wind Event, Scope of Event Reduced to 65,000
NEWS: $PCG For Public Safety Due to Severe Weather and Wind, PG&E Expects to Turn Off Power to Approximately 89,000 Customers in Parts of 16 Counties
Strong Winds Expected to begin Early Sunday Morning and Last Through Monday Morning in Most Locations Pacific Gas and Electric Company (PG&E) has announced that it will de-energize certain electrical lines as part of a Public Safety Power Shutoff (PSPS) due to a strong a...
Read the whole news PCG - For Public Safety Due to Severe Weather and Wind, PG&E Expects to Turn Off Power to Approximately 89,000 Customers in Parts of 16 Counties
* * $PCG Video Chart 09-15-2020 * *
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* * $PCG Video Chart 09-14-2020 * *
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$pcg $9.18 v -0.08 (-0.86%)
Volume: 16,927,376 @09/01/20 7:56:17 PM EDT
NEWS: $PCG This High-Yield Renewable Energy Stock Sees More High-Powered Dividend Growth Ahead
Clearway Energy 's (NYSE: CWEN) (NYSE: CWEN.A) dividend has been growing at a brisk pace this year. The renewable energy producer increased its payout by 5% in February and then provided investors with a monster 49% raise in August. As a result, it now yiel...
Find out more PCG - This High-Yield Renewable Energy Stock Sees More High-Powered Dividend Growth Ahead
* * $PCG Video Chart 08-21-2020 * *
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$pcg $9.35 ^ 0.07 (0.75%)
Volume: 28,842,917 @07/31/20 7:55:46 PM EDT
* * $PCG Video Chart 07-29-2020 * *
Link to Video - click here to watch the technical chart video
$pcg $9.49 ^ 0.16 (1.71%)
Volume: 28,158,817 @07/21/20 7:43:37 PM EDT
$pcg $9.22 ^ 0.2 (2.22%)
Volume: 19,241,990 @07/17/20 7:59:47 PM EDT
We should be ok now I'm no chart expert but I know a Little.
Expect some nice green candle sticks from here on out.
THIS STOCK is being loaded by big investors. YESTERDAY AROUND 8.60 TO 8.70 NEARLY 40 million shares was loaded. WE have bought a big amount and we do expect this stock very soon to start a move upward.
THIS POWER and gas is a big company in the west and at these levels will be a big profit maker for investors. WE are buying another huge amount this morning at these levels. 2 INSTIUTION are buying this stock which is very bullish
This needs to stop being red everyday right now. Sht.,,,,
WE BELIEVE this stock will start up dividends again and will announce this sometime next month. THIS STOCK has a possible double from these levels within 2 to 3 months THIS is NOT A pump we are adding on any dip into the 8 dollars ranges . THIS is OUR last post here and we believe this stock will start a big bullish move upward. GL TO all investors
BUYING STOCK AND CALL OPTIONS. I do BELIEVE Buffett will be buying energy companies and this stock could be one he will be investing in big time. AS HE is involved in Dominion now and will be looking for more energy companies. STOCK COULD sore toward 20 dollars and higher in a short time.
I agree with you thanks for the advice.
Good. More for me! :D
I think BoA just raised their price target to 11. So... bullish.
Not going to happen. If it was it would have happened already.
We are on the road to recovery.
How do I know?
Yesterday a wire fell in my neighborhood. I received a text from PG&E that my power might be out. The next test about a minute latter was a County Alert. I went on fire dispatch and in a couple of minutes it popped up as an active event. I clicked on the audio and when the first engine arrived it was just a wire down with no fire and to contact PG&E Priority. What I suspect was PG&E was already on the way cause they knew the wire was down. The eta from dispatch was 45 minutes. I know it takes over 45 minutes to get from their nearest yard. For other pole vs car events in the past in our area the ETA has been 1-1.5 hours.
What does this tell me? PG&E is at its floor and should continue to climb from here with BK essentially behind us.
What do you think would happen to the stock if California took over energy company
If you are averaging 147% you are either a multi millionaire, you started with a very small amount, are you have only been at it a very short time. If a person just started with $100k and made 147% a month for 5 years it would be worth about $20 million in 5 years and about $2.5 Billion in 10 years.
* * $PCG Video Chart 07-02-2020 * *
Link to Video - click here to watch the technical chart video
I don’t flip for pennies. I’m a swing trader and I average 147% gains per month. This will go up. See ya at $10+....
Well the stock is trading for less now than when I posted. Sorry your birthday didn't work out so well.
Your loss! It’s my Birthday today and everything I touch turns to gold! See ya at $10+ Monday!$$$$ lol
Wouldn't touch this stock with a 10 ft. pole.
Looking like a possible reverse. $$$
I think it is good just to have it behind us
What do you guys think of the bankruptcy reconstruction
With an RSI of 24, I couldn't help but hop back in at 8.88 (dumped my load in the 16's and 17's and have been waiting patiently till now). Set a little cabbage aside incase we briefly see the 6's. glta!
* * $PCG Video Chart 06-26-2020 * *
Link to Video - click here to watch the technical chart video
This is a long play but I’m sure this will hit 20$ again.
Good luck, I think we got it.
Did some quick research on Google that 20 billion is enough to pay the fire victims and have a couple of billion spending money they're going to be totally out of the red now With a few billion playing money.
I'm with you. I hope this works out. In at 15$ for 1500 shares
So they just sold a little more then 4 billion of stock at $9.5
Is that 4 billion enough to put them in the green now? What was their total bill they owe the wild fire victims?
Halted due to news, I've never seen that halted due to increase volume but never pending news.
Hopefully my few 1000 shares works out here let's see what happens when they let this start trading
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Pacific Gas & Electric Co
U.S. Bankruptcy Court
Northern District of California (San Francisco)
Bankruptcy Petition #: 19-30088
Prime Clerk is the Bankruptcy Case Administrator.
https://restructuring.primeclerk.com/pge/Home-DocketInfo
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