PG&E Corporation (PCG): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans le monde complexe de la stratégie commerciale de PG&E Corporation, où l'innovation rencontre les infrastructures dans une danse complexe de gestion de l'énergie et de durabilité. Cette toile complète du modèle commercial révèle comment le premier géant des services publics de Californie navigue dans le paysage difficile de la production d'électricité, de la transmission et du service client, équilibrant les progrès technologiques avec la conformité réglementaire et la résilience communautaire. Du développement des énergies renouvelables aux efforts de modernisation des grilles de pointe, l'approche stratégique de PG&E démontre un engagement multiforme à alimenter l'avenir de la Californie tout en relevant des défis critiques dans l'écosystème énergétique en constante évolution.

PG&E Corporation (PCG) - Modèle d'entreprise: partenariats clés

Fabricants d'équipements électriques

PG&E s'associe aux principaux fabricants d'équipements, notamment:

Fabricant	Détails du partenariat	Valeur du contrat annuel
Électrique générale	Équipement d'infrastructure de grille	127,3 millions de dollars
Siemens	Composants du système de transmission	93,6 millions de dollars
ABB LTD	Sous-stations électriques	84,2 millions de dollars

Fournisseurs de technologies d'énergie renouvelable

Les principaux partenariats en technologies renouvelables comprennent:

• Première approvisionnement solaire en panneau solaire
• Vestas Wind Systems - Éolienne infrastructure
• Tesla - Solutions de stockage de batteries

Fournisseur	Capacité renouvelable	Investissement de partenariat
Premier solaire	Capacité solaire de 450 MW	215,7 millions de dollars
Vestas	Capacité éolienne de 325 MW	187,4 millions de dollars

Agences de réglementation des États et fédérales

Partenariats réglementaires collaboratifs:

• California Public Utilities Commission
• Commission de réglementation de l'énergie fédérale
• California Energy Commission

Partenaires d'infrastructure du gouvernement local

Municipalité	Projet d'infrastructure	Valeur de partenariat
San Francisco	Modernisation de la grille urbaine	76,5 millions de dollars
San Jose	Implémentation de la grille intelligente	62,3 millions de dollars

Fournisseurs de services de technologie et de logiciel

Fournisseur	Catégorie de service	Valeur du contrat annuel
Oracle	Logiciel d'entreprise	14,2 millions de dollars
Ibm	Nuage et cybersécurité	22,7 millions de dollars
Salesforce	Gestion de la relation client	8,9 millions de dollars

PG&E Corporation (PCG) - Modèle d'entreprise: activités clés

Génération d'électricité et transmission électrique

PG&E exploite 106 installations hydroélectriques avec 1 616 mégawatts de capacité de production. Capacité totale de production électrique de 5 500 mégawatts sur diverses sources.

Source de génération	Capacité (Megawatts)	Pourcentage
Hydro-électrique	1,616	29.4%
Gaz naturel	3,084	56.1%
Solaire / renouvelable	800	14.5%

Mises à niveau de maintenance et d'infrastructure de grille

Investissement annuel sur les infrastructures de 5,8 milliards de dollars. Maintient 106 681 miles de circuit de lignes de transmission électrique et de distribution.

• Le réseau couvre 70 000 miles carrés en Californie
• Sert 16 millions de clients
• Budget annuel de maintenance du réseau: 2,3 milliards de dollars

Prévention et atténuation des incendies de forêt

A engagé 1,9 milliard de dollars dans les efforts d'atténuation des incendies de forêt en 2023. A mis en œuvre 1 400 miles d'installations de conducteurs couverts.

Stratégie d'atténuation	Investissement	Couverture
Chef d'orchestre couvert	850 millions de dollars	1 400 miles
Durcissement du système	650 millions de dollars	Zones à haut risque

Développement d'énergie renouvelable

Engagé dans 60% d'énergies renouvelables d'ici 2030. Le portefeuille renouvelable actuel s'élève à 33% de la génération totale.

• Contrats solaires: 2 500 mégawatts
• Contrats d'énergie éolienne: 1 200 mégawatts
• Capacité de stockage de la batterie: 500 mégawatts

Service client et gestion de l'énergie

Exploite des centres de service à la clientèle avec 4 500 employés de soutien. La plate-forme numérique dessert 5,4 millions de clients résidentiels.

Métrique de service	Performance
Utilisateurs de plate-forme numérique	3,2 millions
Temps de réponse moyen	12 minutes
Interactions annuelles du client	22 millions

PG&E Corporation (PCG) - Modèle d'entreprise: Ressources clés

Infrastructure étendue de transmission électrique

PG&E exploite environ 106 681 miles de circuit de lignes de transmission et de distribution électriques à travers la Californie à partir de 2023. La société maintient:

Type d'infrastructure	Kilomètres totaux
Lignes de transmission	18 466 miles
Lignes de distribution	88 215 miles

Installations de production d'électricité

Le portefeuille de génération de PG&E comprend:

Source de génération	Capacité (MW)
Énergie renouvelable	4 723 MW
Nucléaire	1 122 MW
Gaz naturel	3 854 MW

Expertise technique sur la main-d'œuvre et l'ingénierie

Composition de la main-d'œuvre:

• Total des employés: 20 549 en 2023
• Ingénieurs: environ 3 200
• Spécialistes techniques: 2 500

Technologies avancées de gestion de l'énergie

Les investissements technologiques comprennent:

• Infrastructure de compteur intelligent: 5,5 millions déployés
• Investissement de modernisation du réseau: 1,9 milliard de dollars par an
• Budget des infrastructures de cybersécurité: 250 millions de dollars

Grande base de données client et territoires de service

Métriques de la zone de service	Valeur
Total des clients	5,4 millions de clients électriques
Taille du territoire de service	70 000 miles carrés
Les comtés servis	47 comtés de Californie

PG&E Corporation (PCG) - Modèle d'entreprise: propositions de valeur

Distribution d'électricité fiable

PG&E dessert 5,5 millions de clients électriques sur 70 000 milles carrés dans le nord et le centre de la Californie. La société exploite 106 681 miles de circuit de lignes de transmission électrique et 106 235 miles de circuit de lignes de distribution en 2023.

Métrique	Valeur
Clients électriques totaux	5,5 millions
Territoire de service	70 000 miles carrés
Lignes de transmission	106 681 miles de circuit
Lignes de distribution	106 235 miles de circuit

Solutions d'énergie durable et propre

PG&E s'est engagé à 100% d'électricité sans carbone d'ici 2045. Le portefeuille actuel des énergies renouvelables comprend:

• 33% de sources d'énergie renouvelable
• Génération d'électricité sans carbone à 80%

Efforts avancés de modernisation de la grille

Investissement dans l'infrastructure et la technologie du réseau:

Catégorie d'investissement	Dépenses annuelles
Modernisation de la grille	2,1 milliards de dollars
Atténuation des incendies de forêt	1,9 milliard de dollars

Programmes complets d'efficacité énergétique

Réalisations de l'efficacité énergétique en 2022:

• 1,2 million d'évaluations d'énergie des clients
• 350 millions de dollars investis dans des programmes d'efficacité énergétique
• Réduction de la consommation d'énergie des clients de 1 100 gigawattheures

Alimentation d'électricité résiliente pour les communautés californiennes

Métriques de fiabilité de l'énergie:

Métrique de fiabilité	Performance
Indice de durée d'interruption moyenne du système (Saidi)	0,95 heures par client
Indice de fréquence d'interruption moyenne du système (SAIFI)	0,75 interruptions par client

PG&E Corporation (PCG) - Modèle d'entreprise: relations clients

Plateformes de service client numérique

PG&E exploite une plate-forme de service client numérique complète avec les mesures clés suivantes:

Fonctionnalité de plate-forme	Statistiques d'utilisation
Utilisateurs d'applications mobiles	1,2 million d'utilisateurs mensuels actifs
Gestion de compte en ligne	5,4 millions de comptes en ligne enregistrés
Interactions de support numérique	3,8 millions d'interactions de service client numérique par an

Suivi de consommation d'énergie personnalisée

PG&E fournit des services avancés de suivi de l'énergie avec les capacités suivantes:

• Surveillance de la consommation d'énergie en temps réel
• Recommandations d'efficacité énergétique personnalisées
• Répartition détaillée de l'utilisation par l'appareil et l'heure de la journée

Service de suivi	Taux d'adoption
Installations de compteur intelligent	5,5 millions déployés
Utilisateurs de la plate-forme d'énergie	2,1 millions d'utilisateurs actifs

Programmes d'engagement communautaire

PG&E maintient de vastes initiatives d'engagement communautaire:

Programme	Investissement annuel
Programmes d'aide communautaire	87,4 millions de dollars
Rebouins de l'efficacité énergétique	342 millions de dollars
Partenariats communautaires locaux	45 partenariats actifs

Systèmes de facturation et de soutien en ligne

L'infrastructure de facturation et de soutien numérique comprend:

• Options de facturation sans papier
• Canaux de paiement multiples
• Assistance en ligne 24/7

Fonction de facturation	Statistiques d'utilisation
Utilisateurs de factures en ligne	4,7 millions d'utilisateurs actifs
Temps de traitement des paiements en ligne moyen	2,3 minutes

Services de consultation de l'efficacité énergétique

PG&E propose des consultations spécialisées en matière d'efficacité énergétique:

Service de consultation	Métriques annuelles
Audits d'énergie à domicile gratuits	52 000 audits terminés
Services de conseil en énergie commerciale	3 800 consultations commerciales
Budget du programme d'épargne énergétique	456 millions de dollars

PG&E Corporation (PCG) - Modèle d'entreprise: canaux

Portail Web en ligne

Le portail Web en ligne de PG&E dessert environ 5,4 millions de clients électriques et 4,7 millions de clients de gaz naturel en Californie. En 2024, le portail traite plus de 2,3 millions de paiements de factures mensuels en ligne.

Fonctionnalité de canal	Statistiques d'utilisation
Utilisateurs actifs mensuels	1,8 million
Transactions de paiement de factures en ligne	2,3 millions par mois
Activations du tableau de bord de la consommation d'énergie	890 000 clients

Application mobile

L'application mobile de PG&E a été téléchargée 1,2 million de fois avec une note 4.1 étoiles sur les magasins d'applications.

• Compte de téléchargement d'applications: 1,2 million
• Utilisateurs mobiles actifs mensuels: 725 000
• Fonctionnalités de reporting des pannes: suivi en temps réel

Centres de service à la clientèle

PG&E exploite 27 centres de service client physique à travers la Californie, gérant environ 3,1 millions d'interactions clients par an.

Métrique du centre de service	Valeur
Emplacements physiques totaux	27
Interactions annuelles du client	3,1 millions
Temps d'attente moyen	12,5 minutes

Représentants des ventes directes

PG&E emploie 620 représentants des ventes directes axées sur les programmes d'efficacité énergétique et l'acquisition des clients.

• Représentants des ventes totales: 620
• Coût moyen d'acquisition du client: 187 $
• Taux de conversion du programme d'efficacité énergétique: 14,3%

Spécialistes du marketing d'énergie tiers

PG&E collabore avec 42 spécialistes du marketing d'énergie tiers, gérant environ 640 millions de dollars de contrats énergétiques alternatifs.

Métrique de commercialisation tiers	Valeur
Total des spécialistes du marketing tiers	42
Valeur de contrat d'énergie alternative	640 millions de dollars
Contrats d'énergie renouvelable	28 spécialistes du marketing

PG&E Corporation (PCG) - Modèle d'entreprise: segments de clientèle

Consommateurs d'électricité résidentielle

PG&E dessert environ 5,4 millions de clients d'électricité résidentielle dans le nord et le centre de la Californie.

Catégorie client	Nombre de clients	Facture mensuelle moyenne
Maisons unifamiliales	4,2 millions	$157.43
Résidentiel multi-unités	1,2 million	$112.76

Clients commerciaux

PG&E prend en charge 1,1 million de clients d'électricité commerciale et industrielle à travers la Californie.

• Petites entreprises: 850 000 clients
• Entreprises moyennes: 180 000 clients
• Grandes entités commerciales: 70 000 clients

Utilisateurs d'énergie industrielle

Le segment industriel représente 15% de la clientèle totale de PG&E.

Secteur de l'industrie	Nombre de clients	Consommation d'énergie annuelle
Fabrication	22,500	38 600 GWh
Technologie	8,750	15 200 GWh

Entités municipales et gouvernementales

PG&E dessert 250 clients municipaux et gouvernementaux à travers la Californie.

• Installations gouvernementales de l'État: 75 clients
• Entités gouvernementales locales: 125 clients
• Installations du gouvernement fédéral: 50 clients

Clients énergétiques du secteur agricole

Les clients agricoles représentent 7% de la clientèle totale de PG&E.

Segment agricole	Nombre de clients	Consommation d'énergie annuelle
Production agricole	12,500	6 750 GWh
Opérations de bétail	3,750	2 250 GWh

PG&E Corporation (PCG) - Modèle d'entreprise: Structure des coûts

Frais de maintenance des infrastructures

Les dépenses de maintenance des infrastructures de PG&E pour 2023 ont totalisé 6,2 milliards de dollars, avec des allocations clés comme suit:

Catégorie d'infrastructure	Coût annuel
Entretien du réseau électrique	3,7 milliards de dollars
Entretien du gazoduc	1,5 milliard de dollars
Infrastructure de prévention des incendies de forêt	1 milliard de dollars

Coûts de production d'électricité et de transmission

Frais de production d'électricité et de transmission pour la rupture de 2023:

• Coûts totaux de production d'électricité: 2,8 milliards de dollars
• Infrastructure d'énergie renouvelable: 1,2 milliard de dollars
• Mises à niveau du réseau de transmission: 850 millions de dollars
• Accords d'achat d'électricité: 750 millions de dollars

Investissements de conformité réglementaire

Les frais de conformité réglementaire pour 2023 comprenaient:

Catégorie de conformité	Investissement annuel
Conformité de la réglementation environnementale	450 millions de dollars
Mise en œuvre de la réglementation de la sécurité	350 millions de dollars
Dépenses juridiques et de déclaration	200 millions de dollars

Investissements de mise à niveau de la technologie et du système

Investissements technologiques pour 2023:

• Technologie de la grille intelligente: 475 millions de dollars
• Améliorations de la cybersécurité: 250 millions de dollars
• Initiatives de transformation numérique: 325 millions de dollars
• Analyse des données et systèmes d'IA: 200 millions de dollars

Compensation et formation des employés

Dépenses liées aux employés pour 2023:

Catégorie de compensation	Coût annuel
Compensation totale des employés	1,6 milliard de dollars
Formation et développement professionnel	85 millions de dollars
Avantages et soins de santé	420 millions de dollars

PG&E Corporation (PCG) - Modèle d'entreprise: Strots de revenus

Ventes d'électricité aux clients résidentiels

En 2022, PG&E a déclaré des revenus d'électricité résidentielle de 10,47 milliards de dollars. Le client résidentiel moyen a payé environ 132,63 $ par mois pour les services d'électricité.

Segment de clientèle	Total des clients	Revenus annuels
Clients résidentiels	5,4 millions	10,47 milliards de dollars

Contrats d'électricité commerciaux et industriels

Les ventes d'électricité commerciale et industrielle ont généré 8,63 milliards de dollars de revenus pour PG&E en 2022.

Segment	Nombre de clients	Revenus annuels
Clients commerciaux	290,000	6,2 milliards de dollars
Clients industriels	45,000	2,43 milliards de dollars

Ventes de crédit d'énergie renouvelable

PG&E a généré 215 millions de dollars à partir des ventes de crédit aux énergies renouvelables en 2022.

• Crédits totaux d'énergie renouvelable vendus: 3,2 millions de MWh
• Prix ​​de crédit moyen: 67,19 $ par MWh

Frais de connexion et de service de la grille

Les frais de connexion et de transmission du réseau ont totalisé 1,87 milliard de dollars en 2022.

Type de service	Revenus annuels
Frais de connexion de la grille	1,24 milliard de dollars
Frais de service de transmission	630 millions de dollars

Revenus du programme d'efficacité énergétique

Les revenus du programme d'efficacité énergétique ont atteint 412 millions de dollars en 2022.

• Programmes d'efficacité énergétique résidentielle: 186 millions de dollars
• Programmes commerciaux de l'efficacité énergétique: 226 millions de dollars

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.