PG&E Q2 net loss $2.6 billionChristian Fernsby ▼ | August 11, 2019
PG&E Corporation’s recorded second-quarter 2019 net losses attributable to common shareholders were $2.6 billion, or $4.83 per share, as reported in accordance with generally accepted accounting principles (GAAP).
PG&E GAAP results include items that management does not consider normal
GAAP results include items that management does not consider part of normal, ongoing operations (items impacting comparability), which totaled $3.1 billion after-tax, or $5.92 per share, for the quarter.
This was primarily driven by an additional $3.9 billion pre-tax charge for estimated third-party claims related to the 2017 Northern California wildfires and the 2018 Camp fire.
This additional charge reflects, among other things, the previously announced agreement with local public entities to resolve their wildfire-related claims, the status of PG&E’s efforts to reach a resolution with other holders of wildfire-related claims and additional information from Cal Fire.
Items impacting comparability for the quarter also include enhanced and accelerated electric asset inspection costs; clean-up and repair costs related to the 2018 Camp fire; legal and other costs related to the 2017 Northern California wildfires and the 2018 Camp fire; and financing, legal, and other costs related to PG&E Corporation’s and Pacific Gas and Electric Company’s (Utility) reorganization cases under Chapter 11 of the U.S. Bankruptcy Code. ■