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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