PG&E Corporation

Hello, my name is Chris, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the PG&Eth Corporation third quarter 2023 earnings release. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there'll be a question and answer session. If you'd like to ask a question during this time, simply press star, then the number one on your telephone keypad. To withdraw your question, please press star one again. Thank you. Jonathan Arnold, Vice President, Investor Relations. You may begin.

Good morning, everyone, and thank you for joining us for PG&E's third quarter 2023 earnings call. With us today are Patti Poppe, Chief Executive Officer, and Carolyn Burke, Executive Vice President and Chief Financial Officer. We also have other members of the leadership team here with us in our Oakland headquarters. First, I should remind you that today's discussion will include forward looking statements about our outlook for future financial results. These statements are based on information currently available to management. Some of the important factors which could affect our actual financial results are described on the second page of today's third quarter presentation. The presentation also includes a reconciliation between non-GAAP and GAAP financial measures. The slides, along with other relevant information, can be found online at investor.pgecorp.com. We would also encourage you to review our quarterly report on Form 10-Q for the quarter ended September 30th, 2023. With that, it's my pleasure to hand the call over to our CEO, Patti Poppe.

Thank you, Jonathan, and good morning, everyone. I'm pleased to report another quarter of solid progress. As you'll see on slide three, Our core earnings per share of $0.24 for the third quarter bring us to $0.76 for the first nine months of 2023. We continue to work through the review process of our general rate case at the California Public Utilities Commission and have therefore not yet recognized the benefit in our earnings. With the customary memo account in place, once we receive the final order, we will book the new GRC revenues starting from the January 1, 2023 effective date. As you may know, our general rate case is on the agenda for CPUC's November 2nd voting meeting next week, and we trust that the Commission appreciates the importance of reaching a timely and constructive resolution, one which provides sufficient cash flow to support the critical work we have in front of us. If the GRC is not voted out next week, there are two further voting meetings in November, one on the 16th and one on the 30th. Resolving our GRC will be a key milestone as it sets our CPUC-based revenue through 2026. While we await the final decision, our memo account allows us to reaffirm our 2023 guidance range of $1.19 to $1.23. We also reaffirm our commitment to at least 10% earnings per share growth in 2024 and at least 9% in both 2025 and 2026, along with our plan for no new equity issuance through 2024. Looking ahead, once we have the final GRC decision, we anticipate scheduling a follow-up investor call, and we look forward to providing you with a more granular update on our financial plan at the time. Then, on our year-end call in February, you should expect further detail around our investment plans. With respect to reinstating our common dividend, we recognize how important this is to traditional utility and income investors, and we look forward to recommending this important step to our board soon.