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Morningstar’s Analysis

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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

PG&E's Growth Plan Gets Support From California Regulators

Travis Miller Strategist

Analyst Note

| Travis Miller |

We are reaffirming our $11 fair value estimate for PG&E after the California Public Utilities Commission signed off on substantially all of the terms in its 2020-22 general rate-case settlement reached in December 2019. We are reaffirming our no-moat, stable moat trend, and high uncertainty ratings.

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Company Profile

Business Description

PG&E is a holding company whose main subsidiary is Pacific Gas and Electric, a regulated utility operating in Central and Northern California that serves 5.3 million electricity customers and 4.4 million gas customers in 47 of the state's 58 counties. PG&E operated under bankruptcy court supervision between January 2019 and June 2020. In 2004, PG&E sold its unregulated assets as part of an earlier postbankruptcy reorganization.

Contact
77 Beale Street, P. O. Box 770000
San Francisco, CA, 94177
T +1 415 973-1000
Sector Utilities
Industry Utilities - Regulated Electric
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Slow Growth
Employees 23,000

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