OAKLAND — PG&E earnings hopped increased in 2024 — however drooped within the last three months of the yr — though the utility titan predicted 2025 earnings are poised to outpace final yr’s outcomes, a brand new report reveals.
The electrical energy and fuel providers supplier reported on Thursday that it posted a revenue of slightly below $2.48 billion in 2024, up 10.4% from the $2.24 billion the corporate earned in 2023.
Throughout the October-through-December fourth quarter, nevertheless, PG&E earned $647 million, which was down 29.6% from the corporate’s $919 million in earnings for a similar quarter in 2023.
Calculating solely objects and operations which might be PG&E’s core enterprise, the utility posted a fourth-quarter revenue of $658 million, down 34.6% from earnings, calculated the identical approach, of barely lower than $1.01 billion within the yr in the past fourth quarter.
“In 2024, we continued to progress in ways that matter to both customers and investors,” mentioned PG&E Chief Govt Officer Patricia Poppe. “We delivered energy safely. Our system has never been safer.”
For the second consecutive yr, no main wildfires occurred that had been attributable to PG&E’s tools, the corporate said.
PG&E buyers can anticipate earnings in 2025 that can high these of 2024.
Oakland-based PG&E posted a revenue of $1.15 a share in 2024. For 2025, PG&E predicts that its earnings will vary from $1.30 to $1.36 a share. The midpoint of that estimate would level to a 16% enhance in per-share earnings.
PG&E and the state Public Utilities Fee have been beneath fireplace from shopper teams and others due to the corporate’s steadily rising earnings and skyrocketing electrical and fuel month-to-month payments. The state PUC is in concept purported to supervise and regulate PG&E, in accordance with state regulation.
However a respite for PG&E prospects appeared with the January billing cycles.
PG&E prospects who reckoned with a collection of charge will increase in 2024 found once they opened up their statements that their payments had been solely a bit increased in comparison with a yr in the past, based mostly on PG&E’s estimate of the common invoice for the everyday buyer.
A typical PG&E residential buyer who receives each electrical energy and pure fuel providers from the investor-owned utility paid a median of $295 a month beginning with their January 2025 billing cycle.
This was $1 increased than the $294 a month that typical PG&E residential prospects had been paying for mixed electrical energy and fuel providers in January 2024.
It was additionally a dramatic turnaround from the will increase ratepayers had skilled in recent times.
“We stabilized combined gas and electric bills for residential customers,” Poppe mentioned. “And we connected more new customers to our grid than we have in decades.”
