Pacific Gas and Electric Company plant in Sacramento, California, 1912
Publication date: 18-04-2025
Pacific Gas and Electric Company (PG&E) is one of the largest regulated electric and natural gas utilities in the United States, serving over 10 million customers across Northern and Central California. The company plays a critical role in California’s energy infrastructure, with a vast network of electricity transmission and distribution lines, as well as natural gas pipelines
In recent years, PG&E has focused on improving safety and reducing the risk of wildfires through large investments in its infrastructure. These efforts include placing lines underground, upgrading equipment, and improving early warning systems. As a result, the company avoided major wildfire-related losses in the past two seasons and has improved its financial health.
Importantly, the recent wildfires in Southern California occurred outside PG&E’s service area, so they did not directly impact the company. However, there is a potential indirect effect: if other utilities make large claims on the state’s wildfire insurance fund, the remaining capacity of the fund could be reduced. PG&E continues to have access to the fund, but its future strength depends on how the situation develops.
The bond maturing pays a fixed coupon of 6,4% and is issued by PG&E’s core operating company. This bond is backed by the utility’s physical assets, such as infrastructure used to deliver electricity and gas. This provides an added layer of protection for bondholders compared to unsecured bonds.
as of 31.12.2024 USD bn
| Column 1 | Column 2 | Column 3 | Column 4 | Column 5 | Column 6 |
|---|---|---|---|---|---|
| Assets | 133,7 | EBITDA Margin | 35 % | CFO/Debt | 0,1 |
| Revenue | 24,4 | Net debt | 57,1 | FCF | (2,4) |
| EBITDA | 8,6 | Net Debt/EBITDA | 6,6x | Equity | 30,4 |
| Net Profit | 2,5 | EBITDA/Interest | 3x | Debt/Equity | 1,9x |
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