Daily Tax Report ®

PG&E Projects 2020 Profit, Says It’s on Track to Exit Bankruptcy

Feb. 18, 2020, 7:08 PM

Embattled California power giant PG&E Corp. expects to earn a $454 million profit this year as it pushes to emerge from the largest utility bankruptcy in U.S. history.

The company, which had a $7.7 billion loss for 2019, released projections Tuesday forecasting total earnings for common shareholders will be positive in four of the next five years, rising to $2.4 billion in 2024. The utility expects a $54 million loss in 2021.

The San Francisco-based company cautioned that the projected earnings forecast was made to help determine the feasibility of its Chapter 11 plan and is not intended to comply...

To read the full article log in. To learn more about a subscription click here.