PG&E Corporation operates primarily through its subsidiary, Pacific Gas and Electric Company, delivering electricity and natural gas to millions of customers in Northern and Central California. The company's business model is that of a regulated utility, generating revenue through the transmission, distribution, and sale of energy. In 2023, PG&E reported total operating revenues of $24.4 billion. The revenue breakdown is heavily weighted toward electricity, with electric operating revenues accounting for approximately 71% ($17.4 billion) and natural gas operating revenues making up the remaining 29% ($7.0 billion). The company's geographic footprint is concentrated entirely within California, serving major markets from Bakersfield to near the Oregon border. PG&E's key infrastructure includes over 100,000 circuit miles of electric distribution lines, extensive natural gas pipelines, and significant generation assets like the Diablo Canyon Power Plant and various hydroelectric facilities. Competitively, PG&E operates as a regulated monopoly in its service territory, overseen by the California Public Utilities Commission (CPUC) and the Federal Energy Regulatory Commission (FERC). In recent years, the company has focused heavily on system hardening, undergrounding power lines, and implementing Public Safety Power Shutoffs to mitigate wildfire risks associated with its equipment.
