What is PG&E?
Incorporated in 1905, Pacific Gas and Electric Company, often referred to as PG&E, is one of the main electrical energy and natural gas providers in the United States. The company represents the leading subsidiary of PG&E Corporation holding company. With a team of some 20,000 people, the company delivers electric services and natural gas to almost 16 million residents, covering a 70,000 square mile service area in California. As of March 2018, PG&E had 5.4 million electric customer accounts and 4.3 million natural gas customer accounts.
PG&E's portfolio comprises an extensive hydroelectric system, the Diablo Canyon nuclear power plant, and several natural gas power plants. As of 31 December 2014 the company had 7,684 MW of net operating capacity, some 141,700 circuit miles of electric distribution lines, and around 42,500 miles of gas distribution pipelines.
Who are the key people at PG&E?
Geisha J. Williams is Chief Executive Officer and President of PG&E Corporation. She joined the company in 2007. Nick Stavropoulos is President and Chief Operating Officer of Pacific Gas and Electric Company. With over 35 years’ experience in the U.S. and international energy industry, he knows the business inside out. Two other key figures at PG&E are Patrick M. Hogan (Senior Vice President, Electric Operations) and Jesus Soto Jr. (Senior Vice President, Gas Operations).
What is the modern history of PG&E?
Pacific Gas and Electric Company was established in 1905 through the merger of theSan Francisco Gas and Electric Company and the California Gas and Electric Corporation. PG&E Corporation became the parent company in 1997 – a time when California was moving to restructure its energy market.
The new millennium saw an energy crisis in California in 2001, and PG&E entered bankruptcy under Chapter 11. The state of California had to step in to provide power, and the crisis is estimated to have cost PG&E and the state upwards of $40 billion. PG&E Company emerged from bankruptcy in 2004, after paying $10.2 billion to its creditors.
What are the latest developments at PG&E?
PG&E Corporation's full-year 2017 net income after dividends on preferred stock was $1.65 billion or $3.21 per share, compared with $1.39 billion or $2.78 per share for the full year 2016. Meanwhile, a regulatory filing revealed that CEO Geisha Williams was awarded $8.6 million in total direct compensation in 2017. Her pay package for the year was 106% higher than the $4.2 million she received in 2016.
The PG&E share price, which collapsed to just $7.20 in April 2001, has seen periods of steady recovery since then – punctuated by some sharp declines. Since mid-2006 the shares have generally traded north of $40, and in September 2017 they even reached $70. However, they lost ground again in Q4 2017, and in March 2018 the shares stood at around $45. To find out how PG&E shares are doing right now, follow Capital.com. Our PCG chart puts all the information at your fingertips.
Where does PG&E operate?
Headquartered in San Francisco, PG&E provides natural gas and electricity to most of northern California.The company’s service area stretches from Eureka in the north to Bakersfield in the south, and from the Pacific Ocean in the west to the Sierra Nevada in the east.
Where is PG&E traded?
PG&E is traded on the New York Stock Exchange (NYSE) and is included in the S&P 500 and Dow Jones Utility Average index. Check out Capital.com for the latest PCG chart. We’ll keep you up to date and in the picture.