PG&E Corporation Provides Update on Financial Impact of 2017 and 2018 Wildfires; Reports on Progress of Enhanced Wildfire Safety Inspections

Reports Full-Year and Fourth-Quarter 2018 Earnings

  • Records $10.5 Billion Charge Related to 2018 Camp Fire and Additional
    $1.0 Billion Charge Related to 2017 Northern California Wildfires
  • Caribou-Palermo Transmission Line in Butte County Associated with 2018
    Camp Fire to Remain Out of Service Until Determined to Be Fully Safe
    or Decommissioned
  • Completes Two-Thirds of Enhanced Electric Transmission Inspections in
    High Fire-Threat Areas Since November 2018

SAN FRANCISCO–(BUSINESS WIRE)–PG&E Corporation (NYSE: PCG) today provided an update on the expected
financial impact of the 2018 Camp Fire and 2017 Northern California
wildfires as part of the announcement of its full-year and
fourth-quarter 2018 financial results. Although the cause of the 2018
Camp Fire is still under investigation, based on the information
currently known to the company and reported to the California Public
Utilities Commission (CPUC) and other agencies, the company believes it
is probable that its equipment will be determined to be an ignition
point of the 2018 Camp Fire.

PG&E’s belief is based on information previously reported to the CPUC
through two Electric Incident Reports (EIRs) and a supplemental letter,
which stated:

  • On CAL FIRE’s website, the agency has identified coordinates for the
    2018 Camp Fire near a tower on PG&E’s Caribou-Palermo 115 kV
    Transmission Line and has identified the start time of the 2018 Camp
    Fire as 6:33 a.m. on November 8, 2018.
  • At approximately 6:15 a.m., the Caribou-Palermo 115 kV Transmission
    Line relayed and deenergized. At approximately 6:30 a.m. that day, a
    PG&E employee observed fire in the vicinity of Tower :27/222, and this
    observation was reported to 911. Later that day, PG&E observed damage
    on the line at Tower :27/222. Specifically, an aerial patrol
    identified that a suspension insulator supporting a transposition
    jumper had separated from an arm on Tower :27/222.
  • On November 14, 2018, the company observed a broken C-hook attached to
    the separated suspension insulator that had connected the suspension
    insulator to a tower arm, along with wear at the connection point. In
    addition, a flash mark was observed on Tower :27/222 near where the
    transposition jumper was suspended and damage to the transposition
    jumper and suspension insulator was identified.
  • In addition to the events on the Caribou-Palermo 115 kV Transmission
    Line, at approximately 6:45 a.m. on November 8, 2018, PG&E’s Big Bend
    1101 12 kV Circuit experienced an outage. PG&E employees subsequently
    patrolling the location observed damage to the pole and equipment and
    downed wires. Although CAL FIRE has identified this location as a
    potential ignition point, based on the condition of the site PG&E has
    not been able to determine whether the Big Bend 1101 12 kV Circuit may
    be a probable ignition point.

Based on these facts, the company is including a $10.5 billion pre-tax
charge related to third-party claims in connection with the 2018 Camp
Fire in its full-year and fourth-quarter 2018 financial results.

The company is also recording a new $1.0 billion pre-tax charge related
to the 2017 Northern California wildfires. The $1.0 billion charge is in
addition to the previously recorded $2.5 billion charge in the second
quarter of 2018. The new $1.0 billion charge relates to the 2017 Atlas
and Cascade fires, which were not included in the prior $2.5 billion
charge. The company has taken a total of $14.0 billion in pre-tax
charges related to the 2018 Camp Fire and the 2017 Northern California
wildfires to date, which reflects the lower end of the range of
estimated losses the company faces from such wildfires. The charges
represent a portion of the previously announced estimate of potential
wildfire liabilities, which could exceed more than $30 billion.

Enhanced Electric Transmission & Distribution Inspections

To help further reduce wildfire risk, PG&E is inspecting its electrical
equipment in areas at elevated (Tier 2) and extreme (Tier 3) wildfire
risk based on the CPUC’s High
Fire-Threat District Map
.

PG&E has completed more than two-thirds of the enhanced inspections
(including visual, ground and climbing) of its 5,500 miles of
transmission lines and approximately 50,000 transmission structures,
including towers and poles, in high fire-threat areas. The company is
taking action right away to address any issues that pose an immediate
risk to public safety, in advance of this year’s wildfire season.

The company expects to complete the remaining inspections of its
electric transmission lines by the end of March 2019. Similar
inspections of approximately 685,000 distribution poles across more than
25,000 miles of distribution lines began in February 2019. These
enhanced distribution inspections are expected to be complete by the end
of May 2019, pending any weather or access constraints.

In addition to providing the results to the company’s regulator and
other agencies, PG&E intends to provide a further update on its
inspections to its customers and communities when they are completed.

We recognize that more must be done to adapt to and address the
increasing threat of wildfires and extreme weather in order to keep our
customers and communities safe,” said John Simon, Interim Chief
Executive Officer of PG&E Corporation. “We are taking action now on
important safety and maintenance measures identified through our
accelerated and enhanced safety inspections and will continue to keep
our regulators, customers and investors informed of our efforts.”

This enhanced inspection work is being performed as part of the
company’s Community Wildfire Safety Program, implemented following the
2017 Northern California wildfires as additional precautionary measures
intended to further reduce wildfire risk. The accelerated inspection
program is in addition to routine inspections and maintenance programs
already performed in accordance with state and federal regulatory
requirements. Considering the growing threat of extreme weather and
wildfires, PG&E has enhanced the criteria used for inspections using a
risk-based approach to identify components on electric towers and poles
that have the potential to initiate fires.

All 24,000 PG&E employees are public safety officers in the communities
we have the privilege to serve. We have heard the calls for change and
are committed to taking action by focusing our resources on reducing
risk and improving safety throughout our system,” said Simon.

Caribou-Palermo Electric Transmission Line

As previously noted, PG&E filed two EIRs on November 8 and 14, 2018, as
well as a supplemental publicly-released letter dated December 11, 2018,
concerning the Caribou-Palermo transmission line.

The 56-mile Caribou-Palermo electric transmission line has been
de-energized since December 2018. Preliminary results from the enhanced
inspections on this transmission line have identified some equipment
conditions that require repair or replacement. As a result, this entire
transmission line will remain out of service until it is verified to be
fully safe or decommissioned. The 115 kV circuit runs from PG&E’s
Caribou Powerhouse in Plumas County to PG&E’s Palermo Substation in
Butte County.

Chapter 11 Reorganization

As previously announced, on January 29, 2019, PG&E Corporation and its
subsidiary, Pacific Gas and Electric Company (the Utility), voluntarily
filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code.
Throughout the Chapter 11 process, PG&E Corporation and the Utility
remain committed to delivering safe and reliable electric and natural
gas service to customers, and to continuing to make critical investments
in system safety and maintenance. This includes PG&E Corporation’s and
the Utility’s work to further reduce the risk of wildfire in the
communities it serves, and to rebuild infrastructure in areas impacted
by wildfires.

In addition, as previously announced, PG&E Corporation’s and the
Utility’s respective Boards of Directors continue to actively assess the
Utility’s operations, finances, management, structure and governance—and
remain focused on improving safety and operational effectiveness.

Fourth-Quarter and Full-Year 2018 Results

PG&E Corporation’s full-year net losses attributable to common
shareholders were $6.9 billion, or $13.25 per share, as reported in
accordance with generally accepted accounting principles (GAAP). This
compares to net income available to common shareholders of $1.6 billion,
or $3.21 per share, for the full year 2017. For the fourth quarter of
2018, GAAP results were net losses of $6.9 billion, or $13.24 per share,
compared to net income of $114 million, or $0.22 per share for the same
quarter in 2017. As noted above, in 2018, PG&E Corporation recognized
wildfire-related pre-tax charges of $14.0 billion for third-party claims
(consisting of $10.5 billion for the 2018 Camp Fire and $3.5 billion for
the 2017 Northern California wildfires), partially offset by probable
insurance recoveries of $2.2 billion.

GAAP results include items that management does not consider part of
normal, ongoing operations (items impacting comparability), which
totaled $8.9 billion after-tax, or $17.25 per share, for the year. This
was primarily driven by third-party claims, net of probable insurance
recoveries, and legal and other costs related to the 2018 Camp Fire and
2017 Northern California wildfires. This was partially offset by a
reduction in natural gas-related capital disallowance estimates and 2017
insurance premium cost recoveries. Items impacting comparability for the
year also include legal costs related to the 2015 Butte fire and costs
to clear pipeline rights-of-way.

The company is facing extraordinary challenges relating to the 2018 Camp
Fire and 2017 Northern California wildfires. Management has concluded
that these circumstances raise substantial doubt about PG&E
Corporation’s and the Utility’s ability to continue as going concerns,
and their independent registered public accountants have included an
explanatory paragraph in their auditors’ report which states certain
conditions exist which raise substantial doubt about PG&E Corporation’s
and the Utility’s ability to continue as going concerns in relation to
the foregoing.

Non-GAAP Earnings from Operations

PG&E Corporation’s non-GAAP earnings from operations, which exclude
items impacting comparability (IIC), were $2.1 billion, or $4.00 per
share, for the full year of 2018. This is compared to $1.9 billion, or
$3.68 per share, for 2017. For the fourth quarter of 2018, non-GAAP
earnings from operations were $417 million, or $0.80 per share, compared
to $327 million, or $0.63 per share, during the same period in 2017. For
the full year and the fourth quarter of 2018, non-GAAP earnings from
operations exclude, among other things, the impact of wildfire-related
costs, net of probable insurance recoveries, in an aggregate after-tax
amount of $8.9 billion (consisting of $6.8 billion for the 2018 Camp
Fire and $2.1 billion for the 2017 Northern California wildfires) and
$7.3 billion (consisting of $6.8 billion for the 2018 Camp Fire and $0.5
billion for the 2017 Northern California wildfires), respectively.

The increase in quarter-over-quarter non-GAAP earnings from operations
was primarily driven by a reduction in short-term incentive
compensation, growth in rate base earnings, timing of operational spend
in 2017, and probable cost recoveries of insurance premiums incurred in
2018 above amounts included in authorized revenue requirements,
partially offset by costs to perform enhanced vegetation management work
and the timing of taxes.

PG&E Corporation discloses “non-GAAP earnings from operations,” which is
a non-GAAP financial measure, in order to provide a measure that allows
investors to compare the underlying financial performance of the
business from one period to another, exclusive of items impacting
comparability. See the accompanying tables for a reconciliation of
non-GAAP earnings from operations to PG&E Corporation’s earnings (loss)
on a GAAP basis.

IIC Guidance

At this time, PG&E Corporation is not providing guidance for 2019 GAAP
earnings and non-GAAP earnings from operations due to the continuing
uncertainty related to the 2018 Camp Fire and the 2017 Northern
California wildfires and the Chapter 11 proceedings. PG&E Corporation is
providing 2019 IIC guidance of $670 million to $907 million after-tax
for costs related to the 2018 Camp Fire and 2017 Northern California
wildfires, electric asset inspections, and Chapter 11-related matters.

IIC guidance is based on various assumptions and forecasts related to
future expenses and certain other factors.

Supplemental Financial Information

In addition to the financial information accompanying this release,
presentation slides have been furnished on Form 8-K to the Securities
and Exchange Commission and are available on PG&E Corporation’s website
at: http://investor.pgecorp.com/financials/quarterly-earnings-reports/default.aspx.

Public Dissemination of Certain Information

PG&E Corporation and the Utility routinely provide links to the
Utility’s principal regulatory proceedings with the CPUC and the Federal
Energy Regulatory Commission (FERC) at http://investor.pgecorp.com,
under the “Regulatory Filings” tab, so that such filings are available
to investors upon filing with the relevant agency. PG&E Corporation and
the Utility also routinely post, or provide direct links to,
presentations, documents, and other information that may be of interest
to investors at http://investor.pgecorp.com,
under the “Wildfire Updates” and “News & Events: Events & Presentations”
tabs, respectively, in order to publicly disseminate such information.
It is possible that any of these filings or information included therein
could be deemed to be material information.

About PG&E Corporation

PG&E Corporation (NYSE: PCG) is a holding company headquartered in San
Francisco. It is the parent company of Pacific Gas and Electric Company,
an energy company that serves 16 million Californians across a
70,000-square-mile service area in Northern and Central California. Each
of PG&E Corporation and the Utility is a separate entity, with distinct
creditors and claimants, and is subject to separate laws, rules and
regulations. For more information, visit http://www.pgecorp.com.
In this press release, they are together referred to as “PG&E.”

Forward-Looking Statements

This press release contains forward-looking statements that are not
historical facts, including statements about the beliefs, expectations,
estimates, future plans and strategies of PG&E Corporation and the
Utility, as well as forecasts and estimates regarding potential
liability in connection with the 2018 Camp Fire and 2017 Northern
California wildfires, the company’s Community Wildfire Safety Program,
and PG&E Corporation’s 2019 IIC guidance. These statements are based on
current expectations and assumptions, which management believes are
reasonable, and on information currently available to management, but
are necessarily subject to various risks and uncertainties. In addition
to the risk that these assumptions prove to be inaccurate, factors that
could cause actual results to differ materially from those contemplated
by the forward-looking statements include factors disclosed in PG&E
Corporation’s and the Utility’s annual report on Form 10-K for the year
ended December 31, 2018 and other reports filed with the SEC, which are
available on PG&E Corporation’s website at www.pgecorp.com
and on the SEC website at www.sec.gov.
Additional factors include, but are not limited to, those associated
with the Chapter 11 cases of PG&E Corporation and the Utility that
commenced on January 29, 2019. PG&E Corporation and the Utility
undertake no obligation to publicly update or revise any forward-looking
statements, whether due to new information, future events or otherwise,
except to the extent required by law.

 
PG&E CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts)
 
  Year ended December 31,
2018   2017   2016
Operating Revenues
Electric $ 12,713 $ 13,124 $ 13,864
Natural gas 4,046   4,011   3,802  
Total operating revenues 16,759   17,135   17,666  
Operating Expenses
Cost of electricity 3,828 4,309 4,765
Cost of natural gas 671 746 615
Operating and maintenance 7,153 6,321 7,326
Wildfire-related claims, net of insurance recoveries 11,771 125
Depreciation, amortization, and decommissioning 3,036   2,854   2,755  
Total operating expenses 26,459   14,230   15,586  
Operating Income (Loss) (9,700 ) 2,905 2,080
Interest income 76 31 23
Interest expense (929 ) (888 ) (829 )
Other income, net 424   123   188  
Income (Loss) Before Income Taxes (10,129 ) 2,171 1,462
Income tax provision (benefit) (3,292 ) 511   55  
Net Income (Loss) (6,837 ) 1,660 1,407
Preferred stock dividend requirement of subsidiary 14   14   14  
Income (Loss) Available for Common Shareholders $ (6,851 ) $ 1,646   $ 1,393  
Weighted Average Common Shares Outstanding, Basic 517   512   499  
Weighted Average Common Shares Outstanding, Diluted 517   513   501  
Net Earnings (Loss) Per Common Share, Basic $ (13.25 ) $ 3.21   $ 2.79  
Net Earnings (Loss) Per Common Share, Diluted $ (13.25 ) $ 3.21   $ 2.78  
 
 
Reconciliation of PG&E Corporation’s Consolidated Income Available
for Common Shareholders in Accordance with Generally Accepted
Accounting Principles (“GAAP”) to Non-GAAP Earnings from Operations
Fourth Quarter and Year to Date, 2018 vs. 2017
(in millions, except per share amounts)
 
   
Three Months Ended Year Ended
December 31, December 31,
  Earnings per   Earnings per
Common Share Common Share
Earnings (Diluted) Earnings (Diluted)
(in millions, except per share amounts) 2018   2017 2018   2017 2018   2017 2018   2017
PG&E Corporation’s Earnings (Loss) on a GAAP basis $ (6,873 ) $ 114 $ (13.24 ) $ 0.22 $ (6,851 ) $ 1,646 $ (13.25 ) $ 3.21
Items Impacting Comparability: (1)
2018 Camp fire-related costs, net of insurance (2) 6,823 13.15 6,823 13.20
2017 Northern California wildfire-related costs, net of insurance (3) 452 49 0.87 0.09 2,090 49 4.04 0.09
Pipeline-related expenses (4) 8 7 0.02 0.01 33 52 0.06 0.10
2015 Butte fire-related costs, net of insurance (5) 7 9 0.01 0.02 24 36 0.05 0.07
Reduction in gas-related capital disallowances (6) (27 ) (0.05 )
2017 insurance premium cost recoveries (7) (23 ) (0.05 )
Tax Cuts and Jobs Act transition impact (8) 147 0.29 147 0.29
Fines and penalties (9) 47 0.09
Diablo Canyon settlement-related disallowance (10) 32 0.06
Legal and regulatory-related expenses (11) 1 6 0.01
GT&S revenue timing impact (12) (88 ) (0.17 )
Net benefit from derivative litigation settlement (13)           (38 )   (0.07 )
PG&E Corporation’s Non-GAAP Earnings from Operations
(14)
$ 417   $ 327   $ 0.80   $ 0.63   $ 2,069   $ 1,889   $ 4.00   $ 3.68  
 

All amounts presented in the table above are tax adjusted at PG&E
Corporation’s statutory tax rate of 27.98% for 2018 and 40.75% for 2017,
except for certain fines and penalties in 2017. Amounts may not sum due
to rounding.

 

(1)

“Items impacting comparability” represent items that management does
not consider part of the normal course of operations and affect
comparability of financial results between periods, consisting of
the items listed in the table above. See Use of Non-GAAP Financial
Measures.
 
(2) The Utility incurred costs, net of insurance, of $9.5 billion
(before the tax impact of $2.7 billion) during the three and twelve
months ended December 31, 2018 associated with the 2018 Camp fire.
This includes accrued charges of $10.5 billion (before the tax
impact of $2.9 billion) during the three and twelve months ended
December 31, 2018 related to estimated third-party claims. The
Utility also recorded $185 million (before the tax impact of $52
million) during the three and twelve months ended December 31, 2018
reflecting the accelerated amortization of prepaid insurance
premiums for single event coverage policies. In addition, the
Utility incurred costs of $169 million (before the tax impact of $47
million) during the three and twelve months ended December 31, 2018
for clean-up and repair costs. These costs were partially offset by
$1.4 billion (before the tax impact of $386 million) recorded during
the three and twelve months ended December 31, 2018 for probable
insurance recoveries.
 
   
Three Months Ended Year Ended December
(in millions, pre-tax) December 31, 2018 31, 2018
Third-party claims $ 10,500 $ 10,500
Accelerated amortization of prepaid insurance premiums 185 185
Utility clean-up and repair costs 169 169
Insurance recoveries (1,380 ) (1,380 )
2018 Camp fire-related costs, net of insurance $ 9,474   $ 9,474  
 
 
(3) The Utility incurred costs, net of insurance, of $629 million
(before the tax impact of $176 million) and $2.9 billion (before the
tax impact of $813 million) during the three and twelve months ended
December 31, 2018, respectively, associated with the 2017 Northern
California wildfires. This includes accrued charges of $1 billion
(before the tax impact of $280 million) and $3.5 billion (before the
tax impact of $979 million) during the three and twelve months ended
December 31, 2018, respectively, related to third-party claims. The
Utility also recorded $85 million (before the tax impact of $24
million) and $205 million (before the tax impact of $57 million)
during the three and twelve months ended December 31, 2018,
respectively, for legal and other costs. In addition, the Utility
incurred costs of $40 million (before the tax impact of $11 million)
during the twelve months ended December 31, 2018 for Utility
clean-up and repair costs. These costs were partially offset by $456
million (before the tax impact of $128 million) and $842 million
(before the tax impact of $236 million) recorded during the three
and twelve months ended December 31, 2018, respectively, for
probable insurance recoveries.
 
   
Three Months Ended Year Ended December
(in millions, pre-tax) December 31, 2018 31, 2018
Third-party claims $ 1,000 $ 3,500
Legal and other costs 85 205
Utility clean-up and repair costs 40
Insurance recoveries (456 ) (842 )
2017 Northern California wildfire-related costs, net of insurance $ 629   $ 2,903  
 
 
(4) The Utility incurred costs of $11 million (before the tax impact of
$3 million) and $46 million (before the tax impact of $13 million)
during the three and twelve months ended December 31, 2018,
respectively, for pipeline-related expenses incurred in connection
with the multi-year effort to identify and remove encroachments from
transmission pipeline rights-of-way.
 
(5) The Utility incurred costs, net of insurance, of $9 million (before
the tax impact of $2 million) and $40 million (before the tax impact
of $11 million) during the three and twelve months ended December
31, 2018, respectively, associated with legal costs for the 2015
Butte fire. These costs were partially offset by $7 million (before
the tax impact of $2 million) recorded during the twelve months
ended December 31, 2018 for contractor insurance recoveries.
 
   
Three Months Ended Year Ended December
(in millions, pre-tax) December 31, 2018 31, 2018
Legal costs $ 9 $ 40
Insurance recoveries   (7 )
2015 Butte fire-related costs, net of insurance $ 9   $ 33  
 
 
(6) The Utility reduced the estimated disallowance for gas-related
capital costs that were expected to exceed authorized amounts by $38
million (before the tax impact of $11 million) during the twelve
months ended December 31, 2018. The Utility had previously recorded
$85 million (before the tax impact of $35 million) in 2016 for
probable capital disallowances in the 2015 Gas Transmission and
Storage (“GT&S”) rate case. From 2012 through 2014, the Utility had
recorded cumulative charges of $665 million (before the tax impact
of $271 million) for disallowed Pipeline Safety Enhancement Plan
(“PSEP”) related capital expenditures.
 
(7) As a result of the California Public Utilities Commission’s (“CPUC”)
June 2018 decision authorizing a Wildfire Expense Memorandum Account
(“WEMA”), the Utility recorded $32 million (before the tax impact of
$9 million) during the twelve months ended December 31, 2018 for
probable cost recoveries of insurance premiums incurred in 2017
above amounts included in authorized revenue requirements.
 
(8) PG&E Corporation and the Utility incurred total after-tax costs of
$147 million during the three and twelve months ended December 31,
2017, as a result of the Tax Cuts and Jobs Act, which was signed
into law on December 22, 2017. The Utility recorded a one-time,
after-tax charge of $64 million during the three and twelve months
ended December 31, 2017, primarily related to deferred tax assets
associated with disallowed plant, and PG&E Corporation recorded a
one-time, after-tax charge of $83 million during the three and
twelve months ended December 31, 2017, primarily related to net
operating loss carryforwards.
 
(9) The Utility incurred costs of $71 million (before the tax impact of
$24 million) during the twelve months ended December 31, 2017, for
fines and penalties. This included disallowed expenses of $32
million (before the tax impact of $13 million) during the twelve
months ended December 31, 2017, associated with safety-related cost
disallowances imposed by the CPUC in its April 9, 2015 decision
(“San Bruno Penalty Decision”) in the gas transmission pipeline
investigations. The Utility also recorded $15 million (before the
tax impact of $6 million) during the twelve months ended December
31, 2017, for disallowances imposed by the CPUC in its final phase
two decision of the 2015 GT&S rate case for prohibited ex parte
communications. In addition, the Utility recorded $24 million
(before the tax impact of $5 million) during the twelve months ended
December 31, 2017, for financial remedies in connection with the
settlement filed with the CPUC on March 28, 2017, related to the
order instituting investigation into compliance with ex parte
communication rules.
 
(10) The Utility recorded a disallowance of $47 million (before the tax
impact of $15 million) during the twelve months ended December 31,
2017, comprised of canceled projects of $24 million (before the tax
impact of $6 million) and disallowed license renewal costs of $23
million (before the tax impact of $9 million), as a result of the
settlement agreement submitted to the CPUC in connection with the
Utility’s joint proposal to retire the Diablo Canyon Power Plant.
 
(11) The Utility incurred costs of $2 million (before the tax impact of
$1 million) and $10 million (before the tax impact of $4 million)
during the three and twelve months ended December 31, 2017,
respectively, for legal and regulatory related expenses incurred in
connection with various enforcement, regulatory, and litigation
activities regarding natural gas matters and regulatory
communications.
 
(12) The Utility recorded revenues of $150 million (before the tax impact
of $62 million) during the twelve months ended December 31, 2017 in
excess of the 2017 authorized revenue requirement, which included
the final component of under-collected revenues retroactive to
January 1, 2015, as a result of the CPUC’s final phase two decision
in the 2015 GT&S rate case.
 
(13) PG&E Corporation recorded proceeds from insurance, net of plaintiff
payments, of $65 million (before the tax impact of $27 million)
during the three and twelve months ended December 31, 2017,
associated with the settlement agreement in connection with the San
Bruno shareholder derivative litigation that was approved by the
Superior Court of California, County of San Mateo, on July 18, 2017.
This included $90 million (before the tax impact of $37 million)
during the three and twelve months ended December 31, 2017, for
proceeds from insurance, partially offset by $25 million (before the
tax impact of $10 million) during the three and twelve months ended
December 31, 2017, for plaintiff legal fees paid in connection with
the settlement.
 
(14) “Non-GAAP earnings from operations” is a non-GAAP financial measure.
See Use of Non-GAAP Financial Measures.
 

Contacts

PG&E Media Line, 415-973-5930

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