November 01, 2021 SAN FRANCISCO, Calif. — PG&E Corporation (NYSE: PCG) recorded third-quarter 2021 losses attributable to common shareholders of $1,091 million, or $0.55 per share, as reported in accordance with generally accepted accounting principles (GAAP). This compares with income available for common shareholders of $83 million, or $0.04 per share, for the third quarter of 2020.
GAAP results include non-core items that management does not consider representative of ongoing earnings, which totaled $1,570 million after tax, or $0.79 per share, for the quarter. These results were primarily driven by costs related to the PG&E Corporation’s and Pacific Gas and Electric Company’s (Utility) reorganization cases under Chapter 11 of the U.S. Bankruptcy Code (Chapter 11), amortization of wildfire insurance fund contributions under Assembly Bill (AB) 1054, prior period net regulatory recoveries, investigation remedies, and 2019-2020 wildfire-related costs.
“Our leadership team is implementing the necessary systems and processes to run a high-performing utility – over both the short and long term – that will produce triple bottom-line results for people, the planet, and California’s prosperity,” said Patti Poppe, CEO of PG&E Corporation. “As part of this, we continue to deliver on our wildfire mitigation commitments while initiating bold new actions to reduce risk across our electric system, including: undergrounding power lines, calibrating the sensitivity of our automatic shutoff equipment, and executing more vegetation management.”
