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PG&E Gets Warning From Regulators Heading Into Potentially Dangerous Fire Season

Travis Miller Strategist

Analyst Note

| Travis Miller |

We are reaffirming our $11.50 per share fair value estimate for PG&E after California regulators moved the company into the first of six levels of enhanced oversight that could trigger a state takeover. We still consider a state takeover highly unlikely and expect PG&E to make changes necessary to return to standard regulatory oversight. We are reaffirming our no-moat, stable moat trend, and high uncertainty ratings.

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Company Profile

Business Description

PG&E is a holding company whose main subsidiary is Pacific Gas and Electric, a regulated utility operating in Central and Northern California that serves 5.3 million electricity customers and 4.4 million gas customers in 47 of the state's 58 counties. PG&E operated under bankruptcy court supervision between January 2019 and June 2020. In 2004, PG&E sold its unregulated assets as part of an earlier postbankruptcy reorganization.

77 Beale Street, P. O. Box 770000
San Francisco, CA, 94177
T +1 415 973-1000
Sector Utilities
Industry Utilities - Regulated Electric
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type Slow Growth
Employees 24,000