- Pacific Gas & Electric (PG&E) Corp. has emerged from bankruptcy as a stronger company, with a financial plan that will enable it to get back to an investment-grade rating, interim CEO Bill Smith said during the earnings conference call Thursday, the first it has held since filing for Chapter 11 in January 2019.
- The utility’s parent company recorded a $1.97 billion loss in the second quarter, translating to $3.73 per share — compared to a $2.55 billion loss during the same period in 2019.
- The company is also facing a tight liability insurance market and significantly higher insurance costs, according to Jason Wells, executive vice president and chief financial officer at PG&E Corp., and this trend is likely to continue.