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PG&E Corp. (PCG) Declares $0.01 Quarterly Dividend; 0.2% Yield

November 28, 2023 8:03 AM EST

PG&E Corp. (NYSE: PCG) declared a quarterly dividend of $0.01 per share, or $0.04 annualized.

The dividend will be payable on January 15, 2024, to stockholders of record on December 29, 2023, with an ex-dividend date of December 28, 2023.

The annual yield on the dividend is 0.2 percent.

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PG&E Corporation (NYSE: PCG) today announced the company is declaring a cash dividend on its common stock for the first time since 2017. Reinstating the common dividend reflects Pacific Gas and Electric Company's (PG&E's) substantial progress in becoming a safe and stable utility that can now attract more long-term investors. The reinstatement of the common stock dividend does not impact customer rates or bills.

Declaring a dividend enables PG&E Corporation to attract new sources of capital from the financial markets, which are critical to funding PG&E's safety and reliability infrastructure work. Expanding PG&E's investment appeal opens up access to lower-cost, stable financing, which translates into more affordable customer rates in the long term.

"I'm very proud of the progress PG&E has made reducing operating risk and financial risk. We have reduced wildfire risk from our equipment by 94%i, and today we operate one of the safest gas utility systems in America. These safety improvements are core to our becoming a stable and financially healthy utility," said PG&E Corporation CEO Patti Poppe.

"Since 2017, we have reinvested the vast majority of our earnings back into our system and will continue to do so. Our earnings have gone directly into infrastructure projects focused on improving safety and reliability for our customers. We're committed to continuing to build a safe, reliable energy system for the hometowns we're privileged to serve, as well as offering investors a stable long-term investment option," Poppe continued.

Details on the Common Stock Dividend
PG&E Corporation declared a regular quarterly cash dividend on its common stock of $0.01 per share. The dividend is payable on January 15, 2024, to shareholders of record as of December 29, 2023. Moving forward, PG&E Corporation expects to pay a common stock dividend to shareholders every quarter from its net income.

The significant majority of PG&E Corporation's Non-GAAP Core Earnings will still be invested back into the safety and reliability of PG&E's energy system.

The terms of PG&E's emergence from bankruptcy in July 2020 required that PG&E Corporation not pay a common stock dividend until the company had recognized $6.2 billion in Non-GAAP Core Earnings as described in the Plan of Reorganization. This eligibility threshold was passed with PG&E Corporation's third quarter earnings as filed in our Quarterly Report on Form 10-Q on October 26, 2023.

For a dividend history and other dividend-related data on PG&E Corp. (PCG) click here.



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