PG&E Corporation (PCG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de la estrategia comercial de PG&E Corporation, donde la innovación cumple con la infraestructura en una compleja danza de gestión de energía y sostenibilidad. Este lienzo de modelo de negocio integral revela cómo el principal gigante de servicios públicos de California navega por el desafiante panorama de generación de energía, transmisión y servicio al cliente, equilibrando el avance tecnológico con el cumplimiento regulatorio y la resistencia a la comunidad. Desde el desarrollo de la energía renovable hasta los esfuerzos de modernización de la red de vanguardia, el enfoque estratégico de PG&E demuestra un compromiso multifacético para impulsar el futuro de California al tiempo que aborda los desafíos críticos en el ecosistema de energía en constante evolución.

PG&E Corporation (PCG) - Modelo de negocio: asociaciones clave

Fabricantes de equipos de servicios eléctricos

PG&E se asocia con los principales fabricantes de equipos que incluyen:

Fabricante	Detalles de la asociación	Valor anual del contrato
Electric General	Equipo de infraestructura de cuadrícula	$ 127.3 millones
Siemens	Componentes del sistema de transmisión	$ 93.6 millones
ABB LTD	Subestaciones eléctricas	$ 84.2 millones

Proveedores de tecnología de energía renovable

Las asociaciones clave de tecnología renovable incluyen:

• Primera adquisición de panel solar - panel solar
• Sistemas de viento Vestas - Infraestructura de turbina eólica
• Tesla - Soluciones de almacenamiento de baterías

Proveedor	Capacidad renovable	Inversión en asociación
Primero solar	Capacidad solar de 450 MW	$ 215.7 millones
Vestas	Capacidad eólica de 325 MW	$ 187.4 millones

Agencias reguladoras estatales y federales

Asociaciones regulatorias colaborativas:

• Comisión de servicios públicos de California
• Comisión Reguladora Federal de Energía
• Comisión de Energía de California

Socios de infraestructura del gobierno local

Municipio	Proyecto de infraestructura	Valor de asociación
San Francisco	Modernización de la red urbana	$ 76.5 millones
San José	Implementación de la red inteligente	$ 62.3 millones

Proveedores de servicios de tecnología y software

Proveedor	Categoría de servicio	Valor anual del contrato
Oráculo	Software empresarial	$ 14.2 millones
IBM	Nube y ciberseguridad	$ 22.7 millones
Salesforce	Gestión de la relación con el cliente	$ 8.9 millones

PG&E Corporation (PCG) - Modelo de negocio: actividades clave

Generación de energía eléctrica y transmisión

PG&E opera 106 instalaciones hidroeléctricas con 1.616 megavatios de capacidad de generación. Capacidad total de generación eléctrica de 5.500 megavatios en varias fuentes.

Fuente de generación	Capacidad (megavatios)	Porcentaje
Hidroeléctrico	1,616	29.4%
Gas natural	3,084	56.1%
Solar/renovable	800	14.5%

Mantenimiento de la cuadrícula y actualizaciones de infraestructura

Inversión anual de infraestructura de $ 5.8 mil millones. Mantiene 106,681 millas de circuito de líneas de transmisión y distribución eléctrica.

• La red cubre 70,000 millas cuadradas en California
• Atiende a 16 millones de clientes
• Presupuesto anual de mantenimiento de la cuadrícula: $ 2.3 mil millones

Prevención de incendios forestales y mitigación

Comprometió $ 1.9 mil millones a los esfuerzos de mitigación de incendios forestales en 2023. Implementó 1,400 millas de instalaciones de conductores cubiertos.

Estrategia de mitigación	Inversión	Cobertura
Conductor cubierto	$ 850 millones	1.400 millas
Endurecimiento del sistema	$ 650 millones	Áreas de alto riesgo

Desarrollo de energía renovable

Comprometido a un 60% de energía renovable para 2030. La cartera actual de renovable es del 33% de la generación total.

• Contratos solares: 2.500 megavatios
• Contratos de energía eólica: 1.200 megavatios
• Capacidad de almacenamiento de la batería: 500 megavatios

Servicio al cliente y gestión de energía

Opera centros de servicio al cliente con 4.500 empleados de soporte. La plataforma digital atiende a 5,4 millones de clientes residenciales.

Métrico de servicio	Actuación
Usuarios de plataforma digital	3.2 millones
Tiempo de respuesta promedio	12 minutos
Interacciones anuales del cliente	22 millones

PG&E Corporation (PCG) - Modelo de negocio: recursos clave

Infraestructura de transmisión eléctrica extensa

PG&E opera aproximadamente 106,681 millas de circuito de líneas de transmisión y distribución eléctrica en California a partir de 2023. La compañía mantiene:

Tipo de infraestructura	Total de millas
Líneas de transmisión	18,466 millas
Líneas de distribución	88,215 millas

Instalaciones de generación de energía

La cartera de generación de PG&E incluye:

Fuente de generación	Capacidad (MW)
Energía renovable	4.723 MW
Nuclear	1.122 MW
Gas natural	3,854 MW

Fuerza laboral técnica y experiencia en ingeniería

Composición de la fuerza laboral:

• Total de empleados: 20,549 a partir de 2023
• Ingenieros: aproximadamente 3,200
• Especialistas técnicos: 2.500

Tecnologías avanzadas de gestión de energía

Las inversiones tecnológicas incluyen:

• Infraestructura de medidor inteligente: 5.5 millones desplegados
• Inversión de modernización de la cuadrícula: $ 1.9 mil millones anuales
• Presupuesto de infraestructura de ciberseguridad: $ 250 millones

Gran base de datos de clientes y territorios de servicio

Métricas del área de servicio	Valor
Total de clientes	5.4 millones de clientes eléctricos
Tamaño del territorio de servicio	70,000 millas cuadradas
Condados atendidos	47 condados en California

PG&E Corporation (PCG) - Modelo de negocio: propuestas de valor

Distribución de electricidad confiable

PG&E atiende a 5,5 millones de clientes eléctricos en 70,000 millas cuadradas en el norte y centro de California. La compañía opera 106,681 millas de circuito de líneas de transmisión eléctrica y 106,235 millas de circuito de líneas de distribución a partir de 2023.

Métrico	Valor
Total de clientes eléctricos	5.5 millones
Territorio de servicio	70,000 millas cuadradas
Líneas de transmisión	106,681 millas de circuito
Líneas de distribución	106,235 millas de circuito

Soluciones de energía sostenible y limpia

PG&E se ha comprometido con electricidad 100% libre de carbono para 2045. La cartera actual de energía renovable incluye:

• 33% de fuentes de energía renovables
• 80% de generación de electricidad sin carbono

Esfuerzos avanzados de modernización de la red

Inversión en infraestructura y tecnología de cuadrícula:

Categoría de inversión	Gasto anual
Modernización de la cuadrícula	$ 2.1 mil millones
Mitigación de incendios forestales	$ 1.9 mil millones

Programas integrales de eficiencia energética

Logros de eficiencia energética en 2022:

• 1.2 millones de evaluaciones de energía del cliente
• $ 350 millones invertidos en programas de eficiencia energética
• Reducción del consumo de energía del cliente en 1.100 Gigawatt-Hours

Suministro de energía resistente para las comunidades de California

Métricas de confiabilidad de poder:

Reflexión	Actuación
Índice de duración de interrupción promedio del sistema (Saili)	0.95 horas por cliente
Índice de frecuencia de interrupción promedio del sistema (SAIFI)	0.75 interrupciones por cliente

PG&E Corporation (PCG) - Modelo de negocio: relaciones con los clientes

Plataformas de servicio al cliente digital

PG&E opera una plataforma integral de servicio al cliente digital con las siguientes métricas clave:

Característica de la plataforma	Estadísticas de uso
Usuarios de aplicaciones móviles	1.2 millones de usuarios mensuales activos
Administración de cuentas en línea	5.4 millones de cuentas en línea registradas
Interacciones de soporte digital	3.8 millones de interacciones digitales de servicio al cliente por año

Seguimiento de uso de energía personalizado

PG&E proporciona servicios avanzados de seguimiento de energía con las siguientes capacidades:

• Monitoreo del consumo de energía en tiempo real
• Recomendaciones personalizadas de eficiencia energética
• Desglose de uso detallado por aparato y hora del día

Servicio de seguimiento	Tasa de adopción
Instalaciones de medidores inteligentes	5,5 millones desplegados
Usuarios de la plataforma Energy Insights	2.1 millones de usuarios activos

Programas de participación comunitaria

PG&E mantiene extensas iniciativas de participación comunitaria:

Programa	Inversión anual
Programas de asistencia comunitaria	$ 87.4 millones
Reembolsos de eficiencia energética	$ 342 millones
Asociaciones de la comunidad local	45 asociaciones activas

Sistemas de facturación y soporte en línea

La infraestructura de facturación y soporte digital incluye:

• Opciones de facturación sin papel
• Múltiples canales de pago
• Soporte en línea 24/7

Función de facturación	Estadísticas de uso
Usuarios de pago de facturas en línea	4.7 millones de usuarios activos
Tiempo promedio de procesamiento de pagos en línea	2.3 minutos

Servicios de consulta de eficiencia energética

PG&E ofrece consultas especializadas de eficiencia energética:

Servicio de consulta	Métricas anuales
Auditorías de energía para el hogar gratis	52,000 auditorías completadas
Servicios de asesoramiento de energía empresarial	3.800 consultas comerciales
Presupuesto del programa de ahorro de energía	$ 456 millones

PG&E Corporation (PCG) - Modelo de negocio: canales

Portal web en línea

El portal web en línea de PG&E atiende a aproximadamente 5.4 millones de clientes eléctricos y 4.7 millones de clientes de gas natural en California. A partir de 2024, el portal procesa más de 2.3 millones de pagos mensuales de facturas en línea.

Característica de canal	Estadísticas de uso
Usuarios activos mensuales	1.8 millones
Transacciones de pago de facturas en línea	2.3 millones por mes
Activaciones del tablero de uso de energía	890,000 clientes

Aplicación móvil

La aplicación móvil de PG&E se ha descargado 1.2 millones de veces con una calificación de 4.1 estrellas en las tiendas de aplicaciones.

• Conteo de descarga de la aplicación: 1.2 millones
• Usuarios móviles activos mensuales: 725,000
• Características de informes de interrupción: seguimiento en tiempo real

Centros de servicio al cliente

PG&E opera 27 centros de servicio al cliente físico en California, manejando aproximadamente 3.1 millones de interacciones de los clientes anualmente.

Métrico de centro de servicio	Valor
Ubicaciones físicas totales	27
Interacciones anuales del cliente	3.1 millones
Tiempo de espera promedio	12.5 minutos

Representantes de ventas directas

PG&E emplea 620 representantes de ventas directas centrados en programas de eficiencia energética y adquisición de clientes.

• Representantes de ventas totales: 620
• Costo promedio de adquisición de clientes: $ 187
• Tasa de conversión del programa de eficiencia energética: 14.3%

Vendedores de energía de terceros

PG&E colabora con 42 vendedores de energía de terceros, que administran aproximadamente $ 640 millones en contratos de energía alternativos.

Métrica de vendedor de terceros	Valor
Vendedores de terceros totales	42
Valor de contrato de energía alternativo	$ 640 millones
Contratos de energía renovable	28 vendedores

PG&E Corporation (PCG) - Modelo de negocio: segmentos de clientes

Consumidores de electricidad residencial

PG&E atiende a aproximadamente 5.4 millones de clientes de electricidad residencial en el norte y centro de California.

Categoría de clientes	Número de clientes	Factura mensual promedio
Casas unifamiliares	4.2 millones	$157.43
Residencial de múltiples unidades	1.2 millones	$112.76

Clientes comerciales de negocios

PG&E admite 1,1 millones de clientes de electricidad comercial e industrial en California.

• Pequeñas empresas: 850,000 clientes
• Enterprisas medianas: 180,000 clientes
• Grandes entidades comerciales: 70,000 clientes

Usuarios de energía industrial

El segmento industrial representa el 15% de la base total de clientes de PG&E.

Sector industrial	Número de clientes	Consumo anual de energía
Fabricación	22,500	38,600 gwh
Tecnología	8,750	15,200 gwh

Entidades municipales y gubernamentales

PG&E atiende a 250 clientes municipales y gubernamentales en California.

• Instalaciones del gobierno estatal: 75 clientes
• Entidades del gobierno local: 125 clientes
• Instalaciones del gobierno federal: 50 clientes

Clientes de energía del sector agrícola

Los clientes agrícolas representan el 7% de la base total de clientes de PG&E.

Segmento agrícola	Número de clientes	Consumo anual de energía
Producción de cultivos	12,500	6.750 gwh
Operaciones ganaderas	3,750	2.250 gwh

PG&E Corporation (PCG) - Modelo de negocio: Estructura de costos

Gastos de mantenimiento de infraestructura

Los gastos de mantenimiento de la infraestructura de PG&E para 2023 totalizaron $ 6.2 mil millones, con asignaciones clave de la siguiente manera:

Categoría de infraestructura	Costo anual
Mantenimiento de la red eléctrica	$ 3.7 mil millones
Mantenimiento de la tubería de gas natural	$ 1.5 mil millones
Infraestructura de prevención de incendios forestales	$ 1 mil millones

Costos de generación de energía y transmisión

Gastos de generación de energía y transmisión para el desglose de 2023:

• Costos de generación de energía total: $ 2.8 mil millones
• Infraestructura de energía renovable: $ 1.2 mil millones
• Actualizaciones de red de transmisión: $ 850 millones
• Acuerdos de compra de energía: $ 750 millones

Inversiones de cumplimiento regulatorio

Los costos de cumplimiento regulatorio para 2023 incluyeron:

Categoría de cumplimiento	Inversión anual
Cumplimiento de la regulación ambiental	$ 450 millones
Implementación de la regulación de seguridad	$ 350 millones
Gastos legales y de informes	$ 200 millones

Inversiones de tecnología y actualización del sistema

Inversiones tecnológicas para 2023:

• Tecnología de la red inteligente: $ 475 millones
• Mejoras de ciberseguridad: $ 250 millones
• Iniciativas de transformación digital: $ 325 millones
• Análisis de datos y sistemas de IA: $ 200 millones

Compensación y capacitación de empleados

Gastos relacionados con los empleados para 2023:

Categoría de compensación	Costo anual
Compensación total de empleados	$ 1.6 mil millones
Capacitación y desarrollo profesional	$ 85 millones
Beneficios y atención médica	$ 420 millones

PG&E Corporation (PCG) - Modelo de negocio: flujos de ingresos

Ventas de electricidad a clientes residenciales

En 2022, PG&E reportó ingresos de electricidad residencial de $ 10.47 mil millones. El cliente residencial promedio pagó aproximadamente $ 132.63 por mes por servicios de electricidad.

Segmento de clientes	Total de clientes	Ingresos anuales
Clientes residenciales	5.4 millones	$ 10.47 mil millones

Contratos de energía comercial e industrial

Las ventas de electricidad comercial e industrial generaron $ 8.63 mil millones en ingresos para PG&E en 2022.

Segmento	Número de clientes	Ingresos anuales
Clientes comerciales	290,000	$ 6.2 mil millones
Clientes industriales	45,000	$ 2.43 mil millones

Ventas de crédito de energía renovable

PG&E generó $ 215 millones a partir de ventas de crédito de energía renovable en 2022.

• Créditos totales de energía renovable vendida: 3.2 millones de MWh
• Precio de crédito promedio: $ 67.19 por MWH

Conexión de la cuadrícula y tarifas de servicio

Las tarifas de conexión y transmisión de la red totalizaron $ 1.87 mil millones en 2022.

Tipo de servicio	Ingresos anuales
Tarifas de conexión de cuadrícula	$ 1.24 mil millones
Tarifas de servicio de transmisión	$ 630 millones

Ingresos del programa de eficiencia energética

Los ingresos del programa de eficiencia energética alcanzaron los $ 412 millones en 2022.

• Programas de eficiencia energética residencial: $ 186 millones
• Programas comerciales de eficiencia energética: $ 226 millones

PG&E Corporation (PCG) - Canvas Business Model: Value Propositions

You're looking at the core promises PG&E Corporation (PCG) is making to its customers and the state of California as of late 2025. These aren't just vague goals; they are backed by massive capital commitments and measurable operational results, which is what you need to see as a financially-literate stakeholder.

Enhanced safety and grid resilience through system hardening

The primary value proposition revolves around permanently mitigating the risk of catastrophic wildfires and ensuring the lights stay on, especially with the massive load growth coming from data centers. PG&E Corporation (PCG) has committed to a staggering $73 billion capital expenditure program through 2030 to overhaul its system. This isn't just for new connections; a significant portion is dedicated to hardening the existing infrastructure against extreme weather events.

Here's a quick look at how that capital is being allocated, based on the latest five-year plan details:

Capital Plan Component (2026-2030)	Allocated Amount	Metric/Goal
Electric Distribution Investment	$38 billion	Largest segment of the overhaul
Safety Allocation	$20 billion	Directly related to wildfire mitigation
Resiliency Allocation	$16 billion	Focus on grid hardening and DER integration
Undergrounding (2025-2026 Target)	Nearly 700 miles	Part of the prior 2026-2028 plan, building momentum
Community Microgrids Supported (MIP)	9 projects	Supported by up to $43 million in MIP funding

To be fair, the sheer scale of the investment is necessary given the utility's history, but the execution on prior targets is encouraging; for example, in 2024, they completed 258 miles of underground powerlines in high-fire-risk areas.

Delivery of 98% greenhouse gas-free electricity to customers

PG&E Corporation (PCG) is delivering one of the cleanest power mixes in the nation. For the 2024 reporting period, the utility supplied 98% greenhouse gas-free electricity to the customers to whom it directly sells power. This is a concrete metric supporting California's broader clean energy mandates.

The composition of that clean energy portfolio in 2024 was:

• Eligible renewable resources (wind, solar, geothermal, biomass, small hydro): 23%
• Non-emitting nuclear generation: 63%
• Large hydroelectric facilities: 12%

Fossil fuels, specifically natural gas, accounted for only 2% of the power mix delivered to these bundled customers in 2024.

Essential, reliable electric and natural gas utility service

As a regulated monopoly, the core value proposition is the provision of essential service. Beyond the safety investments mentioned, reliability is being enhanced through technology. PG&E Corporation (PCG) is integrating distributed energy resources (DERs) and has targets for battery storage deployment to manage peak demand and integrate intermittent renewables. They had brought online over 2,100 MW of new incremental battery storage capacity by early 2024, with an additional 687.5 MW planned for 2025. This helps ensure service continuity even when weather stresses the system.

Bill stabilization efforts to keep residential rates flat or decreasing

You're right to focus on affordability; significant safety spending can quickly translate into customer bill shock. PG&E Corporation (PCG) has actively worked to offset these necessary costs. The company forecasts no further electric rate increases in 2025. Furthermore, residential electric rates have dropped three times over the past 15 months (as of September 2025), effectively offsetting prior increases.

The most recent rate action in September 2025 saw a 2.1% residential electric rate decrease, which translates to about a $5 monthly dip for a typical customer using 500 kWh. Looking forward, the goal is for total residential combined gas and electric bills to be flat in 2027 compared to 2025 levels, even with proposed rate case increases, because expiring cost recoveries are expected to offset them. For customers needing immediate help, the PG&E REACH program distributed over $50 million in financial assistance last year alone.

Supporting California's clean energy goals and electric vehicle adoption

PG&E Corporation (PCG) is a key enabler for the state's decarbonization targets. The utility has a stated goal to serve 3 million EVs by 2030. This is a critical component, as transportation is the single largest source of climate-related pollution in California.

Here are the adoption metrics as of early to mid-2025:

• EVs currently in PG&E's service area: Over 700,000
• Impact of next 1 million EVs connecting: Estimated 2% to 3% lower residential electric rates by spreading fixed costs
• EV Fleet Program Goal: Deploy over 6,500 electric vehicles in medium- and heavy-duty fleets

The company has already helped more than 13,000 income-qualified customers get into EVs through rebate programs, directly addressing the equity gap in the clean energy transition. Finance: draft 13-week cash view by Friday.

PG&E Corporation (PCG) - Canvas Business Model: Customer Relationships

The service relationship for PG&E Corporation customers is fundamentally highly regulated, meaning terms of service, rates, and operational standards are non-negotiable and set by the California Public Utilities Commission (CPUC).

For the 2025 fiscal year, PG&E Corporation reaffirmed its GAAP earnings guidance in the range of $1.30 to $1.36 per share, reflecting the financial outcomes within this regulated structure. Furthermore, residential combined gas and electric bills were reported as remaining flat in January 2025 compared to January 2024, assuming similar usage patterns.

Community engagement is heavily focused on mitigating the impact of Public Safety Power Shutoff (PSPS) events, a necessary tool used as a last resort due to wildfire risk. PG&E Corporation is working to improve the PSPS experience, including expanding the use of 13 distribution microgrids, with two pre-staged with temporary generation for the 2025 wildfire season. During a January 2025 PSPS event, PG&E de-energized 583 customers in two TPs in one county, while contacting more than 10 community representatives to ensure local preparation.

Digital self-service tools offer personalized tracking, allowing customers to view electric and gas cost and usage trends by Day, Week, Month, or Year. For electric usage, data is available in 15-minute intervals, and customers can download this data or stream near real-time usage if on specific small- or medium-business rate schedules.

Support for income-qualified customers is a key relationship component. The California Alternate Rates for Energy (CARE) program provides a monthly discount of 20 percent or more on gas and electricity. PG&E Corporation supports approximately 1.4 million customers through this program, which, along with FERA, reduced customer bills by almost $1 billion in 2023.

Here are some key figures related to customer service and support initiatives:

Metric/Program	Value/Amount	Context/Year
CARE Program Customer Count (Target/Reference)	1.4 million customers	Reference from outline
CARE/FERA Bill Reduction	Almost $1 billion	2023
PSPS De-energized Customers (Example Event)	583 customers	January 2025 PSPS
Distribution Microgrids in Use	13	2025 Season Preparation
Electric Usage Data Granularity	15-minute intervals	Digital Tools
2025 GAAP EPS Guidance Range	$1.30 to $1.36 per share	2025 Financial Outlook

The utility maintains several avenues for customers to manage their accounts and find assistance:

• Self-serve options to update account, pay bills, and update alert settings online.
• Access to rate analysis tools to find a potentially less expensive electric rate.
• The Relief for Energy Assistance through Community Help (REACH) program provided more than $50 million in total financial assistance to nearly 58,000 customers in 2024.
• The LIHEAP program provided over $49 million in funding to over 58,000 PG&E customers in 2024.
• CARE offers a minimum 20 percent discount on gas and electric rates.

Finance: draft 13-week cash view by Friday.

PG&E Corporation (PCG) - Canvas Business Model: Channels

You're looking at how PG&E Corporation physically connects with and delivers service to its customers across Northern and Central California. This is all about the wires, pipes, and digital touchpoints that make up their delivery mechanism.

Physical electric transmission and distribution infrastructure

The physical backbone is massive, covering a service area of approximately 70,000 square miles, serving about 16 million people. The company is actively managing this system, for instance, by burying 258 miles of powerlines in 2024 to reduce wildfire risk. For 2025 and 2026, PG&E Corporation plans to replace up to 100 miles of distribution pipelines annually, focusing on vintage plastic and steel pipes.

Here's a snapshot of the electric system utilization and related capital work:

Metric	Value	Context/Year
Average Grid Utilization Rate	45%	As of July 2025
New Service Connections Completed	13,640	Full Year 2024
Targeted New Service Connections	Approximately 19,000	Full Year 2025
New EV Charging Ports Installed	Over 3,800	Full Year 2024

Natural gas pipeline network and storage facilities

The natural gas delivery system is extensive. PG&E Corporation operates approximately 4.5 million natural gas distribution customer accounts. The network itself comprises significant mileage for delivery and transport.

• Natural gas distribution pipelines: 42,141 miles
• Natural gas transmission pipelines: 6,438 miles
• Total combined pipeline mileage: Over 50,000 miles
• Annual natural gas provided: Roughly 970 billion cubic feet

The utility is also focused on integrity and emissions, responding to gas odor reports within 19.6 minutes on average in 2024.

Digital platforms: Website and mobile app for billing and outage reporting

Digital channels are critical for customer interaction, especially for routine tasks and emergencies. Customer satisfaction metrics reflect the performance of these interfaces, though overall satisfaction for residential customers in the West region was low.

• Residential Customer Satisfaction (ACSI Score): 66 out of 100
• Telecommunications Customer Overall Satisfaction (9 or 10 rating): 88%
• Telecommunications Service Planning and Design Score: 9.4 out of 10
• Telecommunications Design Time Improvement: Reduced to 55 days from nearly six months in 2024

The company is using these digital improvements to streamline processes, aiming to streamline applications for repeat customers.

Customer call centers and field service personnel

Direct human interaction remains a key channel, supported by a large workforce. PG&E Corporation has approximately 28,000 coworkers who live and work in the communities served. Field service personnel are dispatched for essential tasks, including emergency response.

For income-qualified households, the Energy Savings Assistance Program provided weatherization and efficiency solutions to more than 50,750 households in 2024, and the CARE program provided a monthly discount to 1.4 million income-qualified customers.

Direct connections to large C&I and new data center loads

Serving large, new loads is a strategic channel for utilizing existing infrastructure and potentially lowering bills for all customers. The data center pipeline is substantial, representing significant future demand.

The current data center demand pipeline is estimated at 10 GW as of July 2025. This is a major increase from the 5.5 GW reported at the end of 2024.

Data Center Load Metric	Value	Status/Projection
Total Data Center Pipeline	10 GW	As of July 2025
Load in Final Engineering	Approximately 1.5 GW	Projected online between 2026 and 2030
Potential Bill Reduction per 1 GW Served	1% to 2%	Long term estimate
Estimated Property Tax Revenue from 10 GW	$1.25 billion to $1.75 billion	Total estimate

This growth is being managed through streamlined processes like the interim implementation of Electric Rule 30, which facilitates accelerated connections for large loads. The company is also focused on connecting new commercial and industrial demand, having connected nearly 14,000 new customers in 2024.

PG&E Corporation (PCG) - Canvas Business Model: Customer Segments

You're looking at the core groups PG&E Corporation (PCG) serves across its 70,000-square-mile territory in Northern and Central California. These segments drive the massive infrastructure investment you see in their capital plan, which is approximately $63 billion through 2028.

The customer base is segmented by service type and energy demand profile. Here are the key groups:

• Residential customers: Approximately 5.6 million residential gas customers served as of 2024.
• Commercial and Industrial (C&I) businesses.
• High-demand data centers with a 10 gigawatt pipeline.
• Agricultural operations across Northern and Central California.
• Public sector entities (e.g., street lighting, government facilities).

The sheer scale of the residential base is significant, but the growth in data center demand is reshaping the load profile. The 10 GW data center pipeline, as reported in July 2025, is enough electricity to power about 7.5 million homes simultaneously.

Here's a breakdown of the non-residential segments with the latest available financial contribution data:

Customer Segment	Metric	Amount/Value
Residential Customers	Gas Customers (approx.)	5.6 million
High-Demand Data Centers	Electricity Demand Pipeline (as of July 2025)	10 gigawatts (GW)
Commercial Customers	Electric Revenue (Q1 2025)	$1,506 million
Commercial Customers	Natural Gas Revenue (Q1 2025)	$399 million
Industrial Customers	Electric Revenue (Q1 2025)	$414 million
Agricultural Operations	Electric Revenue (Q1 2025)	$199 million
Public Sector (Street Lighting)	Revenue (Q1 2025)	$27 million

The data center pipeline growth is notable; it increased from 5.5 GW at the end of 2024 to 10 GW by July 2025.

For the broader Commercial and Industrial group, which PG&E Corporation often groups with Agricultural for reporting purposes, the combined electric revenue for the three months ended March 31, 2025, was substantial. You can see the individual components above, but it's worth noting the operational data available for these non-residential classes:

• PG&E Corporation provides non-confidential, aggregated usage data quarterly for Residential, Commercial, Industrial, and Agricultural customer types.
• Public datasets must meet aggregation standards: a minimum of 100 Residential customers and a minimum of 15 Non-Residential customers per aggregation point.

The utility is actively connecting new customers, having connected nearly 14,000 new customers to its electric system in 2024, and anticipates load growth of 2% to 4% per year through 2040, partly driven by these segments.

PG&E Corporation (PCG) - Canvas Business Model: Cost Structure

You're looking at the major outflows that keep PG&E Corporation's system running and hardening it against climate risk. These costs are significant and heavily scrutinized by regulators.

Capital Expenditures (CapEx) Scale

The investment required for grid modernization is massive, underpinning future operational costs. PG&E Corporation has a multi-year plan that signals the scale of this spending commitment.

• PG&E Corporation has a 5-year capital plan of $63 billion through 2028.
• A more recent plan outlines $73 billion in capital expenditures through 2030.
• The weighted average rate base is projected to grow from $69 billion in 2025 to $106 billion by 2030.

Wildfire Mitigation Costs (Undergrounding, Vegetation Management, Insurance)

These costs are a primary driver of capital deployment and rate increases. The utility has a dedicated, multi-year plan to address this risk.

• PG&E planned to spend roughly $18 billion through 2025 under its 2023-2025 Wildfire Mitigation Plan (WMP) cycle.
• The 2026-2028 Wildfire Mitigation Plan includes targets like nearly 1,100 miles of undergrounding.
• PG&E Corporation deployed 1,000 miles of underground power lines in the highest fire-risk areas.
• The California legislature expanded the state's wildfire fund by $18 billion.

Debt Servicing and Unrecoverable Interest Expense

Interest expense related to certain financing activities is explicitly called out as a non-core item impacting GAAP earnings.

For 2025 GAAP earnings guidance, costs related to unrecoverable interest expense are projected to be between $350 million and $400 million after tax. The guidance range for 2025 non-core items, which includes this expense, is $360 million to $400 million after tax.

Energy Procurement Costs (Natural Gas and Electricity)

These costs are managed through regulatory proceedings that set procurement-related rates.

The annual Energy Resource and Recovery Account (ERRA) forecast proceeding sets electric procurement-related rates. For the January 2025 rate change, PG&E saw an average rate decrease of about 0.5% for bundled customers for PG&E-provided services. The utility is conducting a solicitation to sell Greenhouse Gas-Free (GHG-Free) energy generated in 2025 and 2026.

Here's a look at the components impacting the cost structure, based on recent financial reporting:

Cost Component Category	Specific Metric/Item	Reported/Projected Value (FY 2025 or Relevant Period)
Capital Investment Scale	5-Year CapEx Plan (2026-2030)	$73 billion
Wildfire Mitigation	2023-2025 WMP Planned Expenditure (Total)	Roughly $18 billion
Wildfire Mitigation	Undergrounding Miles Deployed (Recent)	1,000 miles
Debt Servicing/Interest	Unrecoverable Interest Expense (After Tax)	$350 million to $400 million
Energy Procurement	January 2025 Rate Change (Bundled Customers)	Average rate decrease of about 0.5%
Operating & Maintenance (O&M)	Non-Fuel O&M Reduction Target	2%
Operating & Maintenance (O&M)	Non-Fuel O&M Savings (YTD Impact on EPS)	+8¢ per share

Operating and Maintenance (O&M) Expenses

PG&E Corporation is actively targeting reductions in its day-to-day running costs, excluding fuel expenses.

• PG&E Corporation is on track to meet its 2% non-fuel O&M reduction target in 2025.
• The company saved over $200 million in non-fuel O&M costs in each of the past three years.
• Year-to-date 2025 performance was positively impacted by operating and maintenance savings of +8¢ per share.

PG&E Corporation (PCG) - Canvas Business Model: Revenue Streams

The revenue streams for PG&E Corporation are fundamentally anchored in its regulated utility operations, selling electricity and natural gas to customers across Northern and Central California. This forms the base upon which all other financial metrics are calculated.

Regulated electric and natural gas sales to customers are the primary source of top-line revenue. As of the first quarter of 2025, PG&E Corporation reported total operating revenues of $5,983 million. This revenue supports a massive service territory, covering approximately 5.3 million electricity customers and 4.6 million gas customers. The company is actively working on bill stabilization, with average residential electric rates reported as lower in March 2025 compared to the previous year.

A critical component of the regulated revenue model is the Return on Equity (ROE) earned on the regulated rate base. This is a key lever for profitability within the regulatory framework. For instance, the decrease in GAAP earnings per share for the first quarter of 2025 was partially attributed to a lower authorized ROE, which had recently reduced from 10.7% to 10.28% following a cost of capital decision. This direct impact on the authorized return highlights the sensitivity of earnings to regulatory outcomes.

The overall revenue requirement, which dictates the total authorized revenue PG&E Corporation can collect, is determined through the Authorized revenue from General Rate Case (GRC) decisions. PG&E Corporation's latest application sought a revenue requirement of $17.43 billion for the 2025 fiscal year. The rates effective January 1, 2025, were established through the consolidation of authorized changes via an Annual Electric True-Up advice letter. The Utility noted that its General Rate Case proposal submitted in 2025 represented its smallest percentage increase in a decade.

While specific industrial electric revenue for Q1 2025 is not explicitly detailed in the latest reports, the overall revenue performance reflects the combined sales to all customer classes. The company's performance is tracked through quarterly earnings, which give you a view of the flow of funds:

Period	Total Operating Revenue (Millions USD)	GAAP EPS (USD)	Non-GAAP Core EPS (USD)
Q1 2025	$5,983	$0.28	$0.33
Q2 2025	Not Reported	$0.24	$0.31
Q3 2025	Not Reported	$0.37	$0.50

Finally, the revenue structure includes performance-based mechanisms, such as Incentive revenues tied to safety and performance metrics. These incentive revenues are explicitly listed as a factor expected to drive non-GAAP core earnings for the full year 2025. The company also tracks progress against operational goals that can influence regulatory outcomes, such as meeting its 2% non-fuel O&M reduction target, which it was on track to meet or exceed as of the second quarter of 2025.

The overall expectation for the year is captured in the guidance:

• Full Year 2025 GAAP EPS Guidance (as of July 2025): $1.26 to $1.32 per share.
• Full Year 2025 Non-GAAP Core EPS Guidance (narrowed as of October 2025): $1.49 to $1.51 per share.
• Five-Year Capital Plan (through 2028): $63 billion.

Finance: draft 13-week cash view by Friday.