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2019 Vault Rankings

About PG&e Corporation

PG&E is California's largest energy utility, serving 16 millions of consumers and businesses in central and northern portions of the state. The company's main operating subsidiary, Pacific Gas and Electric, serves 5.1 million electricity customers and 4.4 million natural gas customers. It operates more than 125,000 miles of power lines and nearly 50,000 miles of natural gas pipelines. PG&E annually delivers about 80,000 GWh of electricity to its millions of end users, primarily from its 135 power generation facilities. Facing massive wildfire liabilities, PG&E and Pacific Gas and Electric filed for Chapter 11 bankruptcy protection in 2019.


PG&E and subsidiary Pacific Gas and Electric filed for Chapter 11 bankruptcy in January 2019 after looking at $30 billion in liabilities related to wildfires in 2017 and 2018. Investigators determined that PG&E equipment caused the 2018 Camp Fire, which killed 85 people and destroyed 14,000 homes. The future of the company is uncertain as it deals with lawsuits from victims, bankers, government entities, and insurance companies alleging failure to properly maintain power lines. The company has secured $5.5 billion in credit (debtor-in-possession financing) to fund the process, which it expects to last up to two years.


PG&E's electric utility operations account for a majority (about 75%) of revenue. The utility's power network consists of approximately 107,000 circuit miles of distribution lines and more than 18,000 circuit miles of transmission lines.

PG&E has about 7,700 MW of generating capacity its 135 power plants, which include nuclear, fossil-fueled, hydroelectric, and solar facilities. When customer demand exceeds capacity, it purchases power through long-term agreements with third-party providers. About 30% of its delivered electricity comes from renewable sources. PG&E operates the Diablo Canyon nuclear power plant (more than 2,200 MW), which is scheduled for retirement around 2025 due to age and a shift towards renewable power sources.

The company's gas utility operations (over 25% of sales) include 42,000 miles of distribution pipelines, more than 6,000 miles of transmission pipelines, and various storage facilities. PG&E procures its gas supply through contracts with various gas transportation companies.

Geographic Reach

San Francisco-based PG&E serves customers across a 70,000-sq.-mi. service territory in central and northern California. Its service area includes San Francisco, Silicon Valley, and Sacramento. PG&E owns about 160,000 acres of land, the majority of which are watershed lands.

Sales and Marketing

PG&E has a diversified customer base, reducing its reliance on any one consumer segment. Residential and commercial customers each account for about 40% of PG&E's power sales, followed by industrial (more than 10%) and agricultural customers (about 10%). More than 50% of gas sales come from bundled transmission and distribution services to residential customers, while small commercial bundled customers account for about 15%. Transportation-only services for large commercial and industrial customers (including power plants) account for about 30% of gas sales; these customers must purchase gas from a third party but receive delivery, metering, and billing services from PG&E.

Though PG&E is the primary supplier in its territory, the company faces some competition from other energy providers under California's deregulation rules. Through direct access laws, some customers can purchase electricity or gas from third-party suppliers, which then use the company's transmission and distribution network to disperse the power or gas. Additionally, customers are increasingly adopting distributed energy resources, such as rooftop solar installations, that reduce dependence on utility-provided power.

Financial Performance

PG&E has reported relatively flat revenue growth in recent years as the company has faced declining electricity usage and increasing wildfire-related costs that led to its bankruptcy filing in 2019. The company reported revenue increases in 2016 and 2019 but declining sales in 2015, 2017, and 2018. Overall, revenue has decreased about 2% over the past five years. Net income has also fluctuated but showed positive overall growth until 2018 and 2019, when the company reported staggering losses.

Revenue increased 2% in 2019 to $17.1 billion. Electric operating revenue increased little due to higher sales on other services despite of lower power consumption across residential and commercial customer bases, while gas revenue increased about 10% on higher sales of transportation-only services and residential usage.

The company reported a net loss of $7.6 billion in 2019, higher from the net loss of $6.8 billion in 2018. PG&E Corporation's net income (loss) increased in 2019, as compared to 2018, primarily due to the impacts of the Chapter 11 Cases in 2019, with no corresponding activities in 2018.

PG&E ended 2019 with $1.6 billion in cash, fell of more than 5%from $1.7 billion of 2018. Operating activities contributed $4.8 billion, while investing activities used $6.4 billion (mostly on capital expenditures). Financing activities contributed $1.5 billion primarily due to increased proceeds from debtor-in-possession credit facility.



During 2019, the Utility continued its programs to mitigate the impact of the Utility's operations (including customer energy usage) on the environment and to plan for the actions that it will need to take to increase its resilience in light of the impacts of climate change on the Utility's operations. The Utility regularly reviews the most relevant scientific literature on climate change such as rising sea levels, major storm events, increasing temperatures and heat waves, wildfires, drought and land subsidence, to help the Utility identify and evaluate climate change-related risks and develop the necessary resilience strategies. The Utility maintains emergency response plans and procedures to address a range of near-term risks, including wildfires, extreme storms, and heat waves and uses its risk-assessment process to prioritize infrastructure investments for longer-term risks associated with climate change. The Utility also engages with leaders from business, government, academia, and non-profit organizations to share information and plan for the future.

The Utility is conducting foundational work to help anticipate and plan for evolving conditions in terms of weather and climate-change related events. This work is guiding efforts to design a Utility-wide climate change risk integration strategy. This strategy will inform resource planning and investment, operational decisions, and potential additional programs to identify and pursue mitigations that will incorporate the resilience and safety of the Utility's assets, infrastructure, operations, employees, and customers.

PG&E Corporation's and the Utility's ability to engage, motivate and retain key employees or take other measures intended to motivate and incentivize key employees to remain with PG&E Corporation or the Utility, as applicable, through the pendency of the Chapter 11 Cases is limited by restrictions on implementation of retention and incentive programs under the Bankruptcy Code. The loss of members of senior management could impair PG&E Corporation's and the Utility's ability to execute their strategies and implement operational initiatives, which would likely have a material effect on PG&E Corporation's and the Utility's financial condition, results of operations, liquidity, and cash flows.

As the state continues to face increased risk of wildfires, the Utility's activities, including vegetation management, will continue to play an important role to help reduce the risk of wildfire and its impact on electric and gas facilities. Climate scientists predict that climate change will result in varying temperatures and levels of precipitation in the Utility's service territory. This could, in turn, affect the Utility's hydroelectric generation. To plan for this potential change, the Utility is engaging with state and local stakeholders and is also adopting strategies such as maintaining higher winter carryover reservoir storage levels, reducing discretionary reservoir water releases, and collaborating on research and new modeling tools.

With respect to natural gas operations, both safety-related pipeline strength testing and normal pipeline maintenance and operations release the GHG methane into the atmosphere. The Utility has taken steps to reduce the release of

methane by implementing techniques including drafting and cross-compression, which reduce the pressure and volume of natural gas within pipelines prior to venting. In addition, the Utility continues to achieve reductions in methane emissions by implementing improvements in leak detection and repair, upgrades at metering and regulating stations, and maintenance and replacement of other pipeline materials.

PG&E is adjusting its power generation mix to comply with recent California clean energy laws. By 2030, 60% of total retail sales from utilities like PG&E must come from renewable sources. During 2018 about 40% of the company's retail sales came from renewable deliveries generated by solar, wind, geothermal, biopower, and hydroelectric. The company is decommissioning its aging nuclear plant and investing in new power technologies.

The company is also working to adopt smart grid technologies. Modernized electricity transmission and distribution assets are needed to enable adoption of renewable energy resources (such as wind and solar farms that produce fluctuating power levels), distributed energy resources (on-site generators requiring two-way energy flows), demand response technologies, energy storage, and other power advancements.

Company Background

Pacific Gas and Electric (PG&E) was formed through the 1905 consolidation of utilities California Electric Light (founded in 1879) and San Francisco Gas & Electric (SFG&E, founded in 1896). 

The utility began developing nuclear and geothermal power plants in the 1950s and 60s. By the late 1970s PG&E had acquired some 500 electric, gas, and water utilities, but it left the water business in the 1980s. PG&E formed an independent power producer, which became U.S. Generating, with construction giant Bechtel. In 1995, as deregulation accelerated in California, the company formed an energy services division to serve large customers.

PG&E Corporation was formed as a holding company in 1997, and utility Pacific Gas and Electric became a subsidiary. 

As its home state deregulated in 1998, PG&E was required to sell off most of its California power plants. In 1999 the company divested its Texas gas operations and most of its retail marketing arm (PG&E Services).

A price squeeze brought on in part by deregulation led to Pacific Gas and Electric's 2001 bankruptcy filing; the utility completed its reorganization in 2004.

In 2010 one of the Pacific Gas and Electric's major gas transmission lines ruptured in San Bruno, near San Francisco, causing a major fire, loss of life, and destruction of, or damage to, scores of homes.

PG&e Corporation

77 Beale St
San Francisco, CA 94105-1814
Phone: 1 (415) 973-1000

Firm Stats

Employer Type: Publicly Owned
Stock Symbol: PCG
Stock Exchange: , NYSE
Chairman: Anthony F. Earley
SVP and CFO: Jason P. Wells
President and CEO: Geisha J. Williams
Employees (This Location): 12
Employees (All Locations): 23,000

Major Office Locations

San Francisco, CA

Other Locations

Antioch, CA
Auberry, CA
Auburn, CA
Avenal, CA
Avila Beach, CA
Bakersfield, CA
Chico, CA
Clovis, CA
Concord, CA
Daly City, CA
Davis, CA
Dinuba, CA
Downieville, CA
Eureka, CA
Fairfield, CA
Fremont, CA
Fresno, CA
Fulton, CA
Garberville, CA
Grass Valley, CA
Hayward, CA
Hinkley, CA
Jackson, CA
Livermore, CA
Loomis, CA
Los Banos, CA
Magalia, CA
Manton, CA
Marysville, CA
Milpitas, CA
Modesto, CA
Monterey, CA
Needles, CA
Newman, CA
Oakdale, CA
Oakland, CA
Paradise, CA
Petaluma, CA
Pioneer, CA
Pismo Beach, CA
Placerville, CA
Redding, CA
Sacramento, CA
San Carlos, CA
San Francisco, CA
San Jose, CA
San Luis Obispo, CA
San Mateo, CA
Santa Rosa, CA
Stockton, CA
Templeton, CA
Ukiah, CA
Vallejo, CA
Walnut Creek, CA
West Sacramento, CA
Willits, CA
Willows, CA
Washington, DC
Monroe Bridge, MA
Seattle, WA