{"id":525691,"date":"2021-08-09T20:36:04","date_gmt":"2021-08-10T00:36:04","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/pge-briefs-financial-community-on-the-companys-2021-wildfire-mitigation-work-and-future-infrastructure-plans\/"},"modified":"2021-08-09T20:36:04","modified_gmt":"2021-08-10T00:36:04","slug":"pge-briefs-financial-community-on-the-companys-2021-wildfire-mitigation-work-and-future-infrastructure-plans","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/pge-briefs-financial-community-on-the-companys-2021-wildfire-mitigation-work-and-future-infrastructure-plans\/","title":{"rendered":"PG&E Briefs Financial Community on the Company\u2019s 2021 Wildfire Mitigation Work and Future Infrastructure Plans"},"content":{"rendered":"

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PG&E Briefs Financial Community on the Company\u2019s 2021 Wildfire Mitigation Work and Future Infrastructure Plans<\/b><\/p>\n

Each Year, PG&E Invests $2.5 Billion Beyond Customer Rates in Electric, Gas and Generation Safety and Reliability <\/i><\/p>\n

Attracting Cost-Effective Capital Is Vital to Funding Expanded Undergrounding Work and Other Wildfire Mitigation Efforts<\/i><\/p>\n

SAN RAMON, Calif.–(BUSINESS WIRE<\/a>)–
\nEarlier today, operational and emergency response leaders from PG&E Corporation and Pacific Gas and Electric Company (together \u201cPG&E\u201d) briefed representatives from the financial community on the company\u2019s progress on investing in electric and gas infrastructure that is safe, reliable and clean for customers in Northern and Central California. Approximately 150 members of the financial community received an in-depth briefing at PG&E\u2019s Wildfire Command Center in San Ramon, Calif., where company leaders track daily progress in key areas such as electric system hardening, miles of power lines cleared of vegetation and trees, equipment inspections, weather status, and future risk-reduction work plans. PG&E\u2019s Wildfire Safety Operations Center also recently relocated to San Ramon from the company\u2019s previous headquarters in San Francisco.\n<\/p>\n

\nA link to the financial community briefing materials can be found here<\/a>.\n<\/p>\n

\n\u201cWe are encouraging investors from around the world to deploy their capital in California to reimagine and rebuild our energy system to make it safer and more reliable. As we are seeing with California\u2019s current drought-fueled wildfires, we are in a war on climate change, and investment capital is one of the necessary tools in our arsenal to deliver the energy system that our hometowns deserve,\u201d said Patti Poppe, CEO of PG&E Corporation.\n<\/p>\n

Outside Capital Investments Required to Support Customers and Communities<\/b><\/p>\n

\nEach year, PG&E invests approximately $7.5 billion in its electric, gas and generation infrastructure. About $5 billion of that figure comes from customer rates on a yearly basis. Therefore, the company must secure an additional $2.5 billion in funding from non-customer financial sources like investors to make up the difference. Those outside investments are needed to fund accelerated risk reduction and safety improvements, reliability upgrades, and clean energy assets that help California meet its climate goals.\n<\/p>\n

Recently Announced Initiative to Underground 10,000 Miles of Power Lines<\/b><\/p>\n

\nPG&E recently announced<\/a> a major new initiative to expand the undergrounding of electric distribution power lines in High Fire Threat Districts (HFTDs) to further harden its system and help prevent wildfires.\n<\/p>\n

\nThe new infrastructure safety initiative is a multi-year effort to underground approximately 10,000 miles of power lines, or about half the distance around the globe. PG&E\u2019s commitment represents the largest effort in the U.S. to underground power lines as a wildfire risk reduction measure and will require significant additional investor funding to realize in the coming years.\n<\/p>\n

\nThe exact number of projects or miles undergrounded each year through PG&E\u2019s new expanded undergrounding program will evolve as PG&E performs further project scoping and inspections, estimating and engineering review.\n<\/p>\n

PG&E\u2019s Commitment to Community Wildfire Safety<\/b><\/p>\n

\nInvestors also received an update on PG&E\u2019s multi-faceted Community Wildfire Safety Program, which includes both immediate and long-term action plans to further reduce wildfire risk and keep its customers and communities safe.\n<\/p>\n

\nSince 2018, PG&E\u2019s wildfire safety work has resulted in:\n<\/p>\n