PG&E Not Providing FY19 Guidance Due To Continuing Fire Related Uncertainty

(RTTNews) - While reporting financial results for the second quarter on Friday, PG&E Corp. (PCG) said it is still not in a position to provide fiscal 2019 guidance for earnings and adjusted earnings from operations due to the continuing uncertainty related to the 2018 Camp Fire and the 2017 Northern California wildfires and the Chapter 11 proceedings.

However, PG&E is providing 2019 items impacting comparability (IIC) guidance of $3.8 billion to $4.1 billion after-tax for costs related to the 2018 Camp Fire and 2017 Northern California wildfires, enhanced and accelerated electric asset inspections, and Chapter 11-related matters.

"Our primary focus areas are to further reduce the risk of wildfires in the communities we serve, to improve our safety and operational performance across the board, and to move expeditiously through the Chapter 11 process, which includes paying wildfire victims fairly and as soon as possible," said PG&E Corporation Chief Executive Officer and President Bill Johnson.

The company is facing extraordinary challenges relating to the 2018 Camp Fire and 2017 Northern California wildfires.