PG&E Corporation, incorporated in California in 1995, is a holding company whose primary operating subsidiary is Pacific Gas and Electric Company, a public utility operating in Northern and Central California. The Utility was incorporated in California in 1905. PG&E Corporation became the holding company of the Utility and its subsidiaries in 1997. The Utility generates revenues mainly through the sale and delivery of electricity and natural gas to customers. The Utility's service area is shown in the graphic below.

• Employees: approximately 28,000 (as of December 31, 2023)
• Geographic Footprint: Northern and Central California
• Headquarters: Oakland, California
• Founded: 1905 (Utility), 1995 (PG&E Corporation)
• Number of locations/facilities: 127 generation facilities
• Revenue: $24.428 billion (FY2023)

• CEO: Patricia K. Poppe
• CFO: Carolyn J. Burke
• Executive Vice President, Operations and Chief Operating Officer: Sumeet Singh
• Executive Vice President and Chief Information Officer: Ajay Waghray
• Executive Vice President, Corporate Affairs and Chief Sustainability Officer: Carla J. Peterman
• Executive Vice President, General Counsel and Chief Ethics & Compliance Officer: John R. Simon
• Executive Vice President, Engineering, Planning, and Strategy: Jason M. Glickman
• Executive Vice President, Chief People Officer: Kaled Awada

• Annual Revenue: $24.428 billion (FY2023)
• Net Income: $2.530 billion (Utility)
• Total Assets: $125.698 billion (as of December 31, 2023)
• Key Financial Highlights: The Utility's electric and natural gas operating revenues increased by $2.7 billion, or 13%, in 2023 compared to 2022.

The Utility generates revenues mainly through the sale and delivery of electricity and natural gas to customers.

• Electricity: Generation, transmission, and distribution services.
• Natural Gas: Transportation, storage, and distribution services.

The Utility generates revenues mainly through the sale and delivery of electricity and natural gas to customers. The Utility's service area is shown in the graphic below.

PG&E Corporation's and the Utility's purpose is to deliver for their hometowns, serve the planet, and lead with love. In support of this purpose, the companies employ a Lean operating model designed to drive more effective and responsive decision-making, reduce the difficulties many coworkers face in their day-to-day work, and deliver better outcomes for customers and communities.

• Key strategic initiatives include improving safety, increasing reliability, and improving customer satisfaction.
• Growth drivers include increasing electrification and renewable energy adoption.
• Investment priorities include wildfire mitigation, grid modernization, and clean energy infrastructure.

The Utility operates in the regulated utility industry, primarily in California. The Utility is subject to the regulatory jurisdiction of various agencies at the federal, state, and local levels. At the state level, the Utility is regulated primarily by the CPUC.

• Market Position: The Utility is a public utility operating in Northern and Central California.
• Key Competitors: The Utility competes with other natural gas pipeline companies for customers transporting natural gas into the southern California market and with other third-party storage providers, primarily in Northern California. The Utility also competes with other electric service providers in California, including Community Choice Aggregators (CCAs), Direct Access (DA) providers, and government-owned utilities.
• Industry Trends: The electric power and natural gas industries are undergoing significant changes driven by technological advancements and a decarbonized economy.

• Wildfire Risks: The extent to which the Wildfire Fund and revised prudency standard under AB 1054 effectively mitigate the risk of liability for damages arising from catastrophic wildfires.
• Operational Risks: The hazardous nature of the Utility's electricity and natural gas operations, including the operation and decommissioning of the Utility's nuclear generation facilities.
• Regulatory Risks: Existing and future regulation and federal, state or local legislation, their implementation, and their interpretation.
• Financial Risks: Risks and uncertainties associated with PG&E Corporation's and the Utility's substantial indebtedness.
• Cybersecurity Risks: Cyber or physical attacks, including acts of terrorism, war, and vandalism, on the Utility or its third-party vendors, contractors, or customers.