PG&E : First Quarter 2025 Earnings Presentation

Published: 2025-04-24 06:12:19 ET PCG

2025 FIRST QUARTER EARNINGS

Delivering For

Customers AND

Investors

April 24, 2025

1

Reaffirming Guidance…

Non-GAAP Core EPS1

2025 Results

33¢

First Quarter

On Track

Guidance

$1.48 - $1.52

2025 Mid-Point up 10%

At Least 9%

2026 - 2028

2024 - 2028 Derisked Equity Need

Key Takeaways

Endnotes are included in the Appendix

…For Customers AND Investors

3

PG&E Power Pyramid…

Decarbonized Energy System

Affordable and Resilient Energy

Physical and Financial Safety

…Delivering For Customers AND Investors

4

Simple, Affordable Model…

Simple, Affordable Model

2027 - 2030 GRC Preview

Customer Capital Investment

Enablers

O&M cost reduction (non-fuel)2 Electric load growth3

Other (including efficient financing)4

Subtotal

Customer Bills: At or Below Assumed Inflation

PLAN1OPPORTUNITY1

~9%

9% -

9% - 10%

10%

2%

2% -

2% - 3%

2% -

1% - 3%

3%

2% - 4%

2%

4%

2%

5% - 7%

6% -

6% - 9%

9%

2% - 4%

1% - 3%

Endnotes are included in the Appendix

…Supporting Customers And California's Ambitions

5

Enabling Affordable Load Growth…

Data Center Pipeline1

MWs

March 2025

Total

8,700

Application & Preliminary Engineering

7,250

• From application to selection of service option.

Study fee required

Final Engineering

study (includes engineering, ordering long lead

1,400

materials & permitting)

• Payment commensurate with work performed

Construction

50

• Ends with customer energization

Estimated Long-Term Customer Savings2:

1 GW = 1%-2% Electric Bill Reduction

Endnotes are included in the Appendix

Final Engineering: Load Ramp

1.4 GW

2025

2030

2035

As of March 2025

…For Customers And California

6

California Has Taken Action…

Alice Reynolds, CPUC President

If the utility acted prudently… these

Moving Forward

[property damage] costs are covered by

ratepayers.

What's True Today

In 2019...

AB 1054 was passed to:

PG&E's legislative priorities on wildfires are to

build upon original principles of AB 1054:

Endnotes are included in the Appendix

…And Is Building An Industry Leading

Model

7

Layers Of Protection...

Situational Awareness and Response*

Situational Awareness

And Response

Enhanced Powerline Safety Settings (EPSS)

Public Safety Power

Shutoff (PSPS)

Wildfire Mitigation

Programs

✓ 643 Cameras Installed

✓ Advanced Meteorology & Fire Models

✓ 1,589 Weather Stations Installed

✓ Safety & Infrastructure Protection

✓ 24/7/365 HAWC Monitoring

Teams

Enhanced Powerline Safety Settings (EPSS)

Public Safety Power Shutoff (PSPS)

✓ In 2025, successfully executed 3 PSPS events; all included transmission lines

Wildfire Mitigation Programs

✓ 2,061 System Hardening Miles Completed**

✓ 899 Undergrounding Miles Completed**

✓ 1,585 Sectionalizing Devices Installed*

✓ 4M Trees Removed*

✓ 64 Idle/Permanently Abandoned Lines Removed***

* 2019 - March 31, 2025 | ** The 10,000-Mile Undergrounding Program started in 2021 and System Hardening totals include data starting in 2018 | *** 2022 - March 31, 2025

…Making O

ur Distribution And Transmission System Safer Every

Day

8

Non-GAAP Core EPS1 Comparison...

First Quarter 2025 vs. 2024

Earnings Drivers

Q2 through Q4

2¢

1¢

(2¢)

(2¢)

Customer

37¢

(3¢)

Capital Investment

33¢

Operating &

Maintenance

Savings

Redeployment

Equity Dilution

Timing and Other

2024

Customer

Operating &

Redeployment

Equity

Timing

2025

First Quarter

Capital

Maintenance

Dilution

and

First Quarter

Investment2

Savings

Other

Endnotes are included in the Appendix

…On Track For 2025 Guidance Of $1.48 - $1.52

9

Five-Year Capital Plan…

Weighted Average

Rate Base ($B)

~10%

CAGR 2023-2028

CPUC

FERC

83

91

69

74

63

57

69

76

57

61

52

46

11

11

12

13

14

15

2023A

2024A

2025F

2026F

2027F

2028F

93%

93%

86%

82%

% Already Authorized1

CapEx ($B)2

$63B 2024-2028

CPUC

FERC

13.6

14.0

12.9

12.0

10.6

11

9.9

11.8

12.1

9.1

1.9

2.1

1.8

1.9

1.5

2024A

2025F

2026F

2027F

2028F

Plus At Least $5B

Customer Beneficial

Investment Opportunities3

Transportation Electrification Capacity Investments

Transmission Upgrades: Data Centers and System Investments

Incremental New Business

Connections

Hydro and Storage

IT and Automation

Endnotes are included in the Appendix

…Unchanged At

$63B

10

Disclaimer

PG&E Corporation published this content on April 24, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 24, 2025 at 10:11 UTC.