The following is a summary of the PG&E Corporation (PCG) Q1 2024 Earnings Call Transcript:
Financial Performance:
PG&E reported strong Q1 2024 core earnings per share at $0.37.
2024 guidance range of $1.33 to $1.37 reaffirmed, representing at least a 10% increase from 2023.
Long-term annual earnings per share growth of at least 9% is expected from 2025 to 2028.
The financing plan includes $2.5 billion of dividend growth and now assumes up to $3 billion of fresh equity starting 2025.
The company reported an increase in operating cash flow from $5 billion in 2023 to $8 billion in 2024.
Business Progress:
PG&E has significantly reduced wildfire risk by 94%, demonstrating strong progress in risk mitigation.
The company plans to grow customer capital investments while keeping bills affordable.
Opportunities for load growth are seen in electric vehicles, data centers, and the overall decarbonization of the economy with clean electricity.
Investment in a range of operational areas such as devices for system hardening and automation, and replacement of gas distribution pipeline is in progress.
The company's mega bundling initiative expected to result in savings of at least $20 million this year.
PG&E has filed an application for its gas metering replacement program last month, marking regulatory progress.
Steady improvement in credit ratings reported since 2020 due to consistent financial and operational success.
Significant strides reported in working with policymakers and winning regulatory decisions manifesting over $1 billion in cash flow improvement.
The company expects to achieve its 9% EPS growth in 2025 through 2028 due to its momentum around credit ratings and the consistent execution of its business model.
PG&E reaffirms its commitment towards decarbonization of the nation, positioning itself as a leader in providing clean electricity.
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