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Pacific Gas & Electric Co. (PCG+1.69%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in electric operating revenues to $4,538 million from $4,507 million in the same quarter the previous year. Natural gas operating revenues increased to $1,403 million from $1,381 million.
Operating expenses for the quarter were $4,907 million, compared to $5,484 million in the same quarter of the previous year. This decrease is attributed to lower operating and maintenance expenses.
The company reported a net income of $618 million for the quarter, compared to $420 million in the previous year. The increase is attributed to higher operating income and lower wildfire-related claims.
PG&E recorded a liability of $1.2 billion for the 2019 Kincade fire and $1.875 billion for the 2021 Dixie fire, reflecting the estimated losses from these events.
The company has recognized $525 million in insurance receivables for the 2021 Dixie fire and $86 million for the 2022 Mosquito fire.
PG&E's cash provided by operating activities was $6,272 million, while cash used in investing activities was $8,219 million, primarily due to capital expenditures.
Cash provided by financing activities was $2,257 million, reflecting proceeds from the issuance of long-term debt and securitization bonds.
PG&E continues to focus on wildfire mitigation initiatives, with substantial expenditures incurred in connection with these efforts.
The filing details various regulatory matters, including the status of cost recovery proceedings and the impact of recent CPUC decisions.
The company acknowledges its dependence on the Wildfire Fund under AB 1054 to mitigate financial impacts from future wildfires.
PG&E does not anticipate cash dividend payments to common stockholders in the near future, as it prioritizes capital requirements and regulatory obligations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Pacific Gas & Electric Co. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.