Q2 2024 PG&E Corp Earnings Call Transcript
Key Points
- PG&E Corp (PCG) reported core earnings per share of $0.31 for Q2 2024, bringing the total to $0.69 for the first half of the year.
- The company reaffirmed its 2024 guidance range of $1.33 to $1.37, indicating at least a 10% increase from 2023.
- PG&E Corp (PCG) has committed to no new equity in 2024 and has maintained its five-year financing plan.
- The CPUC approved an incremental $2.3 billion of capital investment for energization, with the possibility of requesting more if needed.
- The company's wildfire risk mitigation strategies have significantly reduced wildfire risk, with no fires of consequence linked to PG&E Corp (PCG) so far this season.
- The company faces increased wildfire risk, with circuit mile days under high-risk conditions up 48% year-to-date.
- CPUC reportable ignitions under R3 or higher conditions have increased to 20 year-to-date, compared to 6 at the same time last year.
- Despite improvements, the company still faces challenges in maintaining system reliability during extreme weather conditions.
- There is ongoing scrutiny and skepticism from interveners like Cal Advocates regarding the company's ability to keep bill increases below inflation.
- The company has a significant amount of planned capital expenditure, which may require careful balancing of financing and operational efficiency to avoid impacting customer bills.
(audio in progress) (Operator Instructions) Thank you. I'll now turn the call over to Jonathan Arnold, Vice President of Investor Relations. Please go ahead.
Good morning, everyone, and thank you for joining us for PG&E's second-quarter 2024 earnings call. With us today are Patty Poppe, Chief Executive Officer; and Carolyn Burke, Executive Vice President and Chief Financial Officer. We also have other members of the leadership team here with us in our Oakland headquarters.
First, I should remind you that today's discussion will include forward-looking statements about our outlook for future financial results. These statements are based on information currently available to management. Some of the important factors which could affect our actual financial results are described on the second page of today's earnings presentation.
The presentation also includes a reconciliation between non-GAAP and GAAP financial measures. The slides, along with other relevant information,
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