February 18, 2016
ISSUED BY:   PG&E Corporation, 1-415-973-5930


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Press Release and Selected Exhibits
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SAN FRANCISCO, Calif.—PG&E Corporation's (NYSE: PCG) full-year 2015 net income after dividends on preferred stock (also called "income available for common shareholders") was $874 million or $1.79 per share, as reported in accordance with generally accepted accounting principles (GAAP). This compares with $1,436 million, or $3.06 per share, for the full year 2014. For the fourth quarter of 2015, GAAP results were $134 million, or $0.27 per share, compared with $131 million, $0.27 per share, for the same quarter in 2014.

GAAP results include items that management does not consider part of normal, ongoing operations (items impacting comparability), which totaled $1,019 million pre-tax, or $1.33 per share, for the year and $190 million pre-tax, or $0.23 per share, for the quarter. These items primarily included payments and accruals related to the fines and penalties assessed by the California Public Utilities Commission (CPUC) in connection with their investigation into the San Bruno gas pipeline accident. Other items included expenses associated with work to clear pipeline rights of way and pipeline safety enhancement work, as well as legal and regulatory costs. These were offset partially by insurance recoveries.

"Our 2015 investments and operating strategies drove additional progress on safety, including additional third-party certifications for gas safety, as well as a seventh straight year of record electric reliability and the integration of more renewables into our system. We are well positioned for 2016," said PG&E Corporation Chairman and CEO Tony Earley.

Earnings from Operations

On a non-GAAP basis, excluding items impacting comparability, PG&E Corporation's earnings from operations in 2015 were $1,519 million, or $3.12 per share, compared with $1,648 million, or $3.50 per share, in 2014. For the fourth quarter of 2015, earnings from operations were $247 million, or $0.50 per share, compared with $253 million, or $0.53 per share, during the same period in 2014.

The difference in quarter-over-quarter earnings from operations is attributable primarily to the fact that the company has not yet received a final decision in its 2015 Gas Transmission and Storage rate case. (When that decision is received, any revenue increase will be retroactive to January 1, 2015, and will be recorded in the period in which a final decision is issued.) The difference also reflects the impacts of the nuclear refueling outage at Diablo Canyon Power Plant in the fourth quarter of 2015, as well as a number of smaller miscellaneous items. These were partially offset by higher rate base earnings.

2016 Earnings Guidance

PG&E Corporation is providing 2016 guidance for non-GAAP earnings from operations in the range of $3.65 to $3.85 per share. On a GAAP basis, the guidance range for projected earnings is $2.86 to $3.18 per share, which includes forecasts for expected pipeline-related costs, legal and regulatory expenses, and the remaining amount of the San Bruno-related penalties imposed last year by the CPUC. Guidance is based on various assumptions and forecasts, including those relating to expenses, authorized revenues, capital expenditures, rate base, and equity issuances.

PG&E Corporation discloses historical financial results and provides guidance based on "earnings from operations" in order to provide a measure that allows investors to compare the underlying financial performance of the business from one period to another, exclusive of items that management believes do not reflect the normal course of operations. Earnings from operations are not a substitute or alternative for consolidated income available for common shareholders presented in accordance with GAAP. See the accompanying tables for a reconciliation of the differences between results and guidance based on earnings from operations and results and guidance based on consolidated income available for common shareholders.

Supplemental Financial Information

In addition to the financial information accompanying this release, presentation slides for today's conference call with the financial community have been furnished to the Securities and Exchange Commission and are available on PG&E Corporation's website at:

Conference Call with the Financial Community to Discuss Financial Results

Today's call at 12:00 p.m., Eastern Time, is open to the public on a listen-only basis via webcast. Please visit for more information and instructions for accessing the webcast. The webcast call and the related materials will be available for replay through the website for at least one year. Alternatively, a toll-free replay of the conference call may be accessed shortly after the live call until 8:00 p.m. Eastern Time, March 3, 2016, by dialing (866) 415-9493. International callers may dial (205) 289-3247. For both domestic and international callers, the replay pin 24226# will be required to access the replay.

About PG&E Corporation

PG&E Corporation (NYSE: PCG) is a Fortune 200 energy-based holding company, headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company, California's largest investor-owned utility. PG&E serves 16 million Californians across a 70,000 square-mile service area in Northern and Central California. For more information, visit

Cautionary Language Regarding Forward-Looking Statements

Management's statements providing guidance for PG&E Corporation's 2016 financial results and the assumptions and forecasts underlying such guidance constitute forward-looking statements that reflect management's judgments and opinions. These statements and assumptions are necessarily subject to various risks and uncertainties, the realization or resolution of which may be outside management's control. Actual results may differ materially. Factors that could cause actual results to differ materially include, but are not limited to:

  • the timing and outcomes of the Utility's pending regulatory proceedings, including the 2015 Gas Transmission & Storage (GT&S) rate case, the 2017 General Rate Case, the Transmission Owner rate cases, the proceedings related to the 2006-2008 energy efficiency program and to the development of electric vehicle charging infrastructure, and other ratemaking and regulatory proceedings;
  • the timing and amount of fines, penalties, and remedial costs that the Utility may incur in connection with the federal criminal prosecution of the Utility, the CPUC investigation of the Utility's natural gas distribution record-keeping practices, the Safety and Enforcement Division's enforcement matters relating to the Utility's compliance with natural gas-related laws and regulations, and other investigations that have been or may be commenced relating to the Utility's compliance with natural gas-related laws and regulations;
  • the timing and outcome of (i) the CPUC's investigation of communications between the Utility and the CPUC that may have violated the CPUC's rules regarding ex parte communications or are otherwise alleged to be improper, and (ii) the U.S. Attorney's Office in San Francisco and the California Attorney General's office investigations in connection with communications between the Utility's personnel and CPUC officials, and whether such matters negatively affect the final decisions to be issued in the 2015 GT&S rate case or other ratemaking proceedings;
  • the Utility's ability to control its costs within the authorized levels of spending and the extent to which the Utility incurs unrecoverable costs that are higher than the forecasts of such costs;
  • changes in cost forecasts or the scope and timing of planned work resulting from changes in customer demand for electricity and natural gas or other reasons;
  • the impact that reductions in customer demand for electricity and natural gas have on the Utility's ability to make investments and recover its costs through rates and earn its authorized return on equity, and whether the Utility's business strategy to address the impact of growing distributed and renewable generation resources and changing customer demand for natural gas and electric services is successful;
  • the amount and timing of charges reflecting probable liabilities for third-party claims and the extent to which costs incurred in connection with third-party claims or litigation can be recovered through insurance, rates, or from other third parties;
  • the ability of PG&E Corporation and the Utility to access capital markets and other sources of debt and equity financing in a timely manner on acceptable terms, and the amount and timing of additional common stock and debt issuances by PG&E Corporation;
  • changes in estimated environmental remediation costs, including costs associated with the Utility's natural gas compressor sites;
  • the outcome of federal or state tax audits and the impact of any changes in federal or state tax laws, policies, regulations, or their interpretation;
  • the impact of changes in GAAP, standards, rules, or policies, including those related to regulatory accounting, and the impact of changes in their interpretation or application; and
  • the other factors disclosed in PG&E Corporation's and the Utility's joint Annual Report on Form 10-K for the year ended December 31, 2015.