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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report: May 2, 2019 (Date of earliest event reported) Commission File Number Exact Name of Registrant as specified in its charter State or Other Jurisdiction of Incorporation or Organization IRS Employer Identification Number 1-12609 PG&E CORPORATION California 94-3234914 1-2348 PACIFIC GAS AND ELECTRIC COMPANY California 94-0742640 77 Beale Street P.O. Box 770000 San Francisco, California 94177 77 Beale Street P.O. Box 770000 San Francisco, California 94177 (Address of principal executive offices) (Zip Code) (Address of principal executive offices) (Zip Code) (415) 973-1000 (Registrant’s telephone number, including area code) (415) 973-7000 (Registrant’s telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company PG&E Corporation ☐ Emerging growth company Pacific Gas and Electric Company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. PG&E Corporation ☐ Pacific Gas and Electric Company ☐

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Page 1: Item 2.02 Results of Operations and Financial …d18rn0p25nwr6d.cloudfront.net/CIK-0001004980/383c390e-28...10-Q for the quarter ended March 31, 2019 and other reports filed with the

UNITEDSTATESSECURITIES AND EXCHANGE COMMISSION

Washington,D.C.20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report: May 2, 2019(Dateofearliesteventreported)

CommissionFile Number

Exact Name of Registrantas specified in its charter

State or Other Jurisdiction ofIncorporation or Organization

IRS EmployerIdentification Number

1-12609 PG&E CORPORATION California 94-32349141-2348 PACIFIC GAS AND ELECTRIC COMPANY California 94-0742640

77 Beale Street

P.O. Box 770000San Francisco, California 94177

77 Beale StreetP.O. Box 770000

San Francisco, California 94177(Addressofprincipalexecutiveoffices)(ZipCode) (Addressofprincipalexecutiveoffices)(ZipCode)

(415) 973-1000(Registrant’stelephonenumber,includingareacode)

(415) 973-7000(Registrant’stelephonenumber,includingareacode)

ChecktheappropriateboxbelowiftheForm8-Kfilingisintendedtosimultaneouslysatisfythefilingobligationoftheregistrantunderanyofthefollowingprovisions(seeGeneralInstructionA.2.below):☐ WrittencommunicationspursuanttoRule425undertheSecuritiesAct(17CFR230.425)

☐ SolicitingmaterialpursuanttoRule14a-12undertheExchangeAct(17CFR240.14a-12)

☐ Pre-commencementcommunicationspursuanttoRule14d-2(b)undertheExchangeAct(17CFR240.14d-2(b)

☐ Pre-commencementcommunicationspursuanttoRule13e-4(c)undertheExchangeAct(17CFR240.13e-4(c))

IndicatebycheckmarkwhethertheregistrantisanemerginggrowthcompanyasdefinedinRule405oftheSecuritiesActof1933(§230.405ofthischapter)orRule12b-2oftheSecuritiesExchangeActof1934(§240.12b-2ofthischapter). Emerginggrowthcompany PG&ECorporation ☐

Emerginggrowthcompany PacificGasandElectricCompany ☐

Ifanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanyneworrevisedfinancialaccountingstandardsprovidedpursuanttoSection13(a)oftheExchangeAct. PG&ECorporation ☐

PacificGasandElectricCompany ☐

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SecuritiesregisteredpursuanttoSection12(b)oftheAct:

Titleofeachclass

TradingSymbol(s)

Nameofeachexchangeonwhichregistered

Commonstock,noparvalue PCG NYSE

Firstpreferredstock,cumulative,parvalue$25pershare,5%seriesAredeemable PCG-PE NYSEAmerican

Firstpreferredstock,cumulative,parvalue$25pershare,5%redeemable PCG-PD NYSEAmerican

Firstpreferredstock,cumulative,parvalue$25pershare,4.80%redeemable PCG-PG NYSEAmerican

Firstpreferredstock,cumulative,parvalue$25pershare,4.50%redeemable PCG-PH NYSEAmerican

Firstpreferredstock,cumulative,parvalue$25pershare,4.36%seriesAredeemable PCG-PI NYSEAmerican

Firstpreferredstock,cumulative,parvalue$25pershare,6%nonredeemable PCG-PA NYSEAmerican

Firstpreferredstock,cumulative,parvalue$25pershare,5.50%nonredeemable PCG-PB NYSEAmerican

Firstpreferredstock,cumulative,parvalue$25pershare,5%nonredeemable PCG-PC NYSEAmerican

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Item 2.02 Results of Operations and Financial Condition

OnMay2,2019,PG&ECorporationissuedapressreleasereportingitsfinancialresultsandthefinancialresultsofitssubsidiary,PacificGasandElectricCompany(the“Utility”),forthequarterendedMarch31,2019.ThepressreleaseisattachedasExhibit99.1tothisreport.Aslidepresentation,whichincludessupplementalinformationrelatingtoPG&ECorporationandtheUtility,isattachedasExhibit99.2tothisreport.TheExhibitswillbepostedonPG&ECorporation’swebsiteathttp://investor.pgecorp.com.

TheinformationincludedinthisCurrentReportonForm8-Kisbeingfurnished,andshallnotbedeemedtobe“filed”forpurposesofSection18oftheSecuritiesExchangeActof1934,asamended(the“ExchangeAct”),orotherwisesubjecttotheliabilitiesofthatsection,norshallitbedeemedtobeincorporatedbyreferenceinanyfilingundertheSecuritiesActof1933,asamended(the“SecuritiesAct”).

Item 7.01 Regulation FD Disclosure

Exhibits

TheinformationincludedintheExhibitstothisreportisincorporatedbyreferenceinresponsetothisItem7.01,isbeing“furnished”andshallnotbedeemedtobe“filed”forpurposesofSection18oftheExchangeActorotherwisesubjecttotheliabilitiesofthatsection,norshallitbedeemedtobeincorporatedbyreferenceinanyfilingundertheSecuritiesAct.

Public Dissemination of Certain Information

PG&ECorporationandtheUtilityroutinelyprovidelinkstotheUtility’sprincipalregulatoryproceedingsbeforetheCaliforniaPublicUtilitiesCommission(“CPUC”)andtheFederalEnergyRegulatoryCommission(“FERC”)athttp://investor.pgecorp.com,underthe“RegulatoryFilings”tab,sothatsuchfilingsareavailabletoinvestorsuponfilingwiththerelevantagency.PG&ECorporationandtheUtilityalsoroutinelypostorprovidedirectlinkstopresentations,documents,andotherinformationthatmaybeofinteresttoinvestorsathttp://investor.pgecorp.com,underthe“News&Events:Events&Presentations”tabandlinkstocertaindocumentsandinformationrelatedtothe2018Campfire,2017NorthernCaliforniawildfires,and2015Buttefirewhichmaybeofinteresttoinvestors,athttp://investor.pgecorp.com,underthe“WildfireUpdates”tab,inordertopubliclydisseminatesuchinformation.Itispossiblethatanyofthesefilingsorinformationincludedthereincouldbedeemedtobematerialinformation.TheinformationcontainedonsuchwebsiteisnotpartofthisoranyotherreportthatPG&ECorporationortheUtilityfileswith,orfurnishesto,theSecuritiesandExchangeCommission.

Item 9.01 Financial Statements and Exhibits

Exhibits

ThefollowingExhibitsarebeingfurnished,andarenotdeemedtobefiled:

Exhibit99.1 PressreleasedatedMay2,2019

Exhibit99.2 SlidepresentationdatedMay2,2019

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SIGNATURES

PursuanttotherequirementsoftheSecuritiesExchangeActof1934,theregistrantshavedulycausedthisreporttobesignedontheirbehalfbytheundersignedthereuntodulyauthorized.

PG&E CORPORATION

By: /s/JASONP.WELLSDated:May2,2019 JasonP.Wells

SeniorVicePresidentandChiefFinancialOfficer

PACIFIC GAS AND ELECTRIC COMPANY

By: /s/DAVIDS.THOMASONDated:May2,2019 DavidS.Thomason

VicePresident,ChiefFinancialOfficerandController

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Exhibit99.22019FIRSTQUARTEREARNINGSMay2,2019Exhibit99.22019FIRSTQUARTEREARNINGSMay2,2019

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ForwardLookingStatementsThispresentationcontainsstatementsregardingmanagement’sexpectationsandobjectivesforfutureperiodsaswellasforecastsandestimatesregardingpotentialliabilityinconnectionwiththe2018Campfireand2017NorthernCaliforniawildfires,theproposedWildfireSafetyPlan,2019assumptions,2019IICguidance,2019-2023capitalexpenditures,2019-2023weightedaverageratebase,capitalexpendituresandratebaseassumptions,andgeneralearningssensitivitiesfor2019.Italsoincludesassumptionsregardingcapitalexpenditures,authorizedratebase,keyfactorsaffectingearningsfromoperationsandpendingitemswithpotentialearningsfromoperationsimpact.Thesestatementsandotherstatementsthatarenotpurelyhistoricalconstituteforward-lookingstatementsthatarenecessarilysubjecttovariousrisksanduncertainties.Actualresultsmaydiffermateriallyfromthosedescribedinforward-lookingstatements.PG&ECorporationandPacificGasandElectricCompany(the“Utility”)arenotabletopredictallthefactorsthatmayaffectfutureresults.Factorsthatcouldcauseactualresultstodiffermateriallyinclude,butarenotlimitedto:•therisksanduncertaintiesassociatedwithPG&ECorporation’sandtheUtility’sChapter11cases,including,butnotlimitedto,theabilitytodevelop,consummate,andimplementaplanofreorganizationwithrespecttoPG&ECorporationandtheUtility,theabilitytodevelopandobtainapplicablebankruptcycourt,creditororregulatoryapprovals,theeffectofanyalternativeproposals,viewsorobjectionsrelatedtotheplanofreorganization,potentialcomplexitiesthatmayariseinconnectionwithconcurrentproceedingsinvolvingthebankruptcycourt,theU.S.DistrictCourt,theCPUC,andtheFERC,increasedcostsrelatedtotheChapter11cases,theabilitytoobtainsufficientfinancingsourcesforongoingandfutureoperations,disruptionstoPG&ECorporation’sandtheUtility’sbusinessandoperationsandthepotentialimpactonregulatorycompliance;•theimpactofthe2018Campfire,2017NorthernCaliforniawildfires,and2015Buttefire,includingwhethertheUtilitywillbeabletotimelyrecovercostsincurredinconnectiontherewithinexcessoftheUtility'scurrentlyauthorizedrevenuerequirements;thetimingandoutcomeoftheremainingwildfireinvestigationsandtheextenttowhichtheUtilitywillhaveliabilitiesassociatedwiththesefires;thetimingandamountofinsurancerecoveries;andpotentialliabilitiesinconnectionwithfinesorpenaltiesthatcouldbeimposedontheUtilityiftheCPUCoranyotherlawenforcementagencyweretobringanenforcementactionanddeterminedthattheUtilityfailedtocomplywithapplicablelawsandregulations;•thetimingandoutcomeofissuanceofrecoverybonds(securitization)of2017NorthernCaliforniawildfirescoststhattheCPUCfindsjustandreasonable;•whethertheUtilitywillbeabletoobtainfullrecoveryofitssignificantlyincreasedinsurancepremiums,andthetimingofanysuchrecovery;•whethertheUtilitycanobtainwildfireinsuranceatareasonablecostinthefuture,oratall,andwhetherinsurancecoverageisadequateforfuturelossesorclaims;•thetimingandoutcomeofanyCPUCdecisionrelatedtotheUtility’sMarch30,2018submissionsinconnectionwiththeimpactoftheTaxCutsandJobsActof2017ontheUtility’sratecases,anditsimplementationplan;•thetimingandoutcomesofthe2019GT&Sratecase,2020GRC,FERCTO18,TO19,andTO20ratecases,2018CEMA,WEMA,FHPMA,FRMMA,2020CostofCapitalproceeding,andotherratemakingandregulatoryproceedings;•thetimingandoutcomeoffutureregulatoryandlegislativedevelopmentsinconnectionwiththeCaliforniaGovernor’sStrikeForceReportandSB901,includingthecustomerharmthresholdinconnectionwiththe2017NorthernCaliforniawildfires,andfuturewildfirereformsorotherreformstargetedattheUtility;•thepossibilitythatPG&ECorporationandtheUtilitymaynotbeabletoobtainexitfinancingonfavorabletermsoratall;•theoutcomeoftheUtility’sWildfireSafetyPlantohelpreducewildfirethreatsandimprovesafetyasaresultofclimate-drivenwildfiresandextremeweather,includingtheUtility’sabilitytocomplywithtargetsandmetricssetforthinthe2019WildfireSafetyPlan;thecostoftheprogram;andthetimingandoutcomeofanyproceedingtorecoversuchcostthroughrates;•theimpactofwildfiresorotherweather-relatedconditionsorevents,climatechange,actsofterrorism,war,vandalism(includingcyber-attacks),downedpowerlines,andothereventsthatcancauseunplannedoutages,reducegeneratingoutput,disrupttheUtility’sservicetocustomers,ordamageordisruptthefacilities,operations,orinformationtechnologyandsystemsownedbytheUtility,itscustomers,orthirdpartiesonwhichtheUtilityrelies,andthereparationandothercoststhattheUtilitymayincurinconnectionwithsuchconditionsorevents;theimpactoftheadequacyoftheUtility’semergencypreparedness;whethertheUtilityincursliabilitytothirdpartiesforpropertydamageorpersonalinjurycausedbysuchevents;whethertheUtilityissubjecttocivil,criminal,orregulatorypenaltiesinconnectionwithsuchevents;andwhethertheUtility’sinsurancecoverageisavailableforthesetypesofclaimsandsufficienttocovertheUtility’sliability;•thetimingandoutcomesofphasetwooftheexparteorderinstitutinginvestigation(OII),ofthesafetycultureOII,andthelocateandmarkOII;•theUtility’sabilitytoefficientlymanagecapitalexpendituresanditsoperatingandmaintenanceexpenseswithintheauthorizedlevelsofspendingandtimelyrecoveritscoststhroughrates,andtheextenttowhichtheUtilityincursunrecoverablecoststhatarehigherthantheforecastsofsuchcosts;•theoutcomeoftheprobationandthemonitorshipandotherinvestigationsthathavebeenormaybecommencedinthefuture,andtheultimateamountoffines,penalties,andremedialandothercoststhattheUtilitymayincurasaresult;•theabilityofPG&ECorporationandtheUtilitytocontinueasgoingconcerns(astowhichmanagementandtheirauditorshaveexpressedsubstantialdoubt);and•theotherfactorsdisclosedinPG&ECorporationandtheUtility’sjointannualreportonForm10-KfortheyearendedDecember31,2018,jointquarterlyreportonForm10-QforthequarterendedMarch31,2019andotherreportsfiledwiththeSEC,whichareavailableonPG&ECorporation’swebsiteatwww.pgecorp.comandontheSECwebsiteatwww.sec.gov.Unlessotherwiseindicated,thestatementsinthispresentationaremadeasofMay2,2019.PG&ECorporationandtheUtilityundertakenoobligationtoupdateinformationcontainedherein.Thispresentation,includingAppendices,andtheaccompanyingpressreleasewereattachedtoPG&ECorporation’sCurrentReportonForm8-KthatwasfurnishedtotheSEConMay2,2019andisalsoavailableonPG&ECorporation’swebsiteatwww.pgecorp.com.2ForwardLookingStatementsThispresentationcontainsstatementsregardingmanagement’sexpectationsandobjectivesforfutureperiodsaswellasforecastsandestimatesregardingpotentialliabilityinconnectionwiththe2018Campfireand2017NorthernCaliforniawildfires,theproposedWildfireSafetyPlan,2019assumptions,2019IICguidance,2019-2023capitalexpenditures,2019-2023weightedaverageratebase,capitalexpendituresandratebaseassumptions,andgeneralearningssensitivitiesfor2019.Italsoincludesassumptionsregardingcapitalexpenditures,authorizedratebase,keyfactorsaffectingearningsfromoperationsandpendingitemswithpotentialearningsfromoperationsimpact.Thesestatementsandotherstatementsthatarenotpurelyhistoricalconstituteforward-lookingstatementsthatarenecessarilysubjecttovariousrisksanduncertainties.Actualresultsmaydiffermateriallyfromthosedescribedinforward-lookingstatements.PG&ECorporationandPacificGasandElectricCompany(the“Utility”)arenotabletopredictallthefactorsthatmayaffectfutureresults.Factorsthatcouldcauseactualresultstodiffermateriallyinclude,butarenotlimitedto:•therisksanduncertaintiesassociatedwithPG&ECorporation’sandtheUtility’sChapter11cases,including,butnotlimitedto,theabilitytodevelop,consummate,andimplementaplanofreorganizationwithrespecttoPG&ECorporationandtheUtility,theabilitytodevelopandobtainapplicablebankruptcycourt,creditororregulatoryapprovals,theeffectofanyalternativeproposals,viewsorobjectionsrelatedtotheplanofreorganization,potentialcomplexitiesthatmayariseinconnectionwithconcurrentproceedingsinvolvingthebankruptcycourt,theU.S.DistrictCourt,theCPUC,andtheFERC,increasedcostsrelatedtotheChapter11cases,theabilitytoobtainsufficientfinancingsourcesforongoingandfutureoperations,disruptionstoPG&ECorporation’sandtheUtility’sbusinessandoperationsandthepotentialimpactonregulatorycompliance;•theimpactofthe2018Campfire,2017NorthernCaliforniawildfires,and2015Buttefire,includingwhethertheUtilitywillbeabletotimelyrecovercostsincurredinconnectiontherewithinexcessoftheUtility'scurrentlyauthorizedrevenuerequirements;thetimingandoutcomeoftheremainingwildfireinvestigationsandtheextenttowhichtheUtilitywillhaveliabilitiesassociatedwiththesefires;thetimingandamountofinsurancerecoveries;andpotentialliabilitiesinconnectionwithfinesorpenaltiesthatcouldbeimposedontheUtilityiftheCPUCoranyotherlawenforcementagencyweretobringanenforcementactionanddeterminedthattheUtilityfailedtocomplywithapplicablelawsandregulations;•thetimingandoutcomeofissuanceofrecoverybonds(securitization)of2017NorthernCaliforniawildfirescoststhattheCPUCfindsjustandreasonable;•whethertheUtilitywillbeabletoobtainfullrecoveryofitssignificantlyincreasedinsurancepremiums,andthetimingofanysuchrecovery;•whethertheUtilitycanobtainwildfireinsuranceatareasonablecostinthefuture,oratall,andwhetherinsurancecoverageisadequateforfuturelossesorclaims;•thetimingandoutcomeofanyCPUCdecisionrelatedtotheUtility’sMarch30,2018submissionsinconnectionwiththeimpactoftheTaxCutsandJobsActof2017ontheUtility’sratecases,anditsimplementationplan;•thetimingandoutcomesofthe2019GT&Sratecase,2020GRC,FERCTO18,TO19,andTO20ratecases,2018CEMA,WEMA,FHPMA,FRMMA,2020CostofCapitalproceeding,andotherratemakingandregulatoryproceedings;•thetimingandoutcomeoffutureregulatoryandlegislativedevelopmentsinconnectionwiththeCaliforniaGovernor’sStrikeForceReportandSB901,includingthecustomerharmthresholdinconnectionwiththe2017NorthernCaliforniawildfires,andfuturewildfirereformsorotherreformstargetedattheUtility;•thepossibilitythatPG&ECorporationandtheUtilitymaynotbeabletoobtainexitfinancingonfavorabletermsoratall;•theoutcomeoftheUtility’sWildfireSafetyPlantohelpreducewildfirethreatsandimprovesafetyasaresultofclimate-drivenwildfiresandextremeweather,includingtheUtility’sabilitytocomplywithtargetsandmetricssetforthinthe2019WildfireSafetyPlan;thecostoftheprogram;andthetimingandoutcomeofanyproceedingtorecoversuchcostthroughrates;•theimpactofwildfiresorotherweather-relatedconditionsorevents,climatechange,actsofterrorism,war,vandalism(includingcyber-attacks),downedpowerlines,andothereventsthatcancauseunplannedoutages,reducegeneratingoutput,disrupttheUtility’sservicetocustomers,ordamageordisruptthefacilities,operations,orinformationtechnologyandsystemsownedbytheUtility,itscustomers,orthirdpartiesonwhichtheUtilityrelies,andthereparationandothercoststhattheUtilitymayincurinconnectionwithsuchconditionsorevents;theimpactoftheadequacyoftheUtility’semergencypreparedness;whethertheUtilityincursliabilitytothirdpartiesforpropertydamageorpersonalinjurycausedbysuchevents;whethertheUtilityissubjecttocivil,criminal,orregulatorypenaltiesinconnectionwithsuchevents;andwhethertheUtility’sinsurancecoverageisavailableforthesetypesofclaimsandsufficienttocovertheUtility’sliability;•thetimingandoutcomesofphasetwooftheexparteorderinstitutinginvestigation(OII),ofthesafetycultureOII,andthelocateandmarkOII;•theUtility’sabilitytoefficientlymanagecapitalexpendituresanditsoperatingandmaintenanceexpenseswithintheauthorizedlevelsofspendingandtimelyrecoveritscoststhroughrates,andtheextenttowhichtheUtilityincursunrecoverablecoststhatarehigherthantheforecastsofsuchcosts;•theoutcomeoftheprobationandthemonitorshipandotherinvestigationsthathavebeenormaybecommencedinthefuture,andtheultimateamountoffines,penalties,andremedialandothercoststhattheUtilitymayincurasaresult;•theabilityofPG&ECorporationandtheUtilitytocontinueasgoingconcerns(astowhichmanagementandtheirauditorshaveexpressedsubstantialdoubt);and•theotherfactorsdisclosedinPG&ECorporationandtheUtility’sjointannualreportonForm10-KfortheyearendedDecember31,2018,jointquarterlyreportonForm10-QforthequarterendedMarch31,2019andotherreportsfiledwiththeSEC,whichareavailableonPG&ECorporation’swebsiteatwww.pgecorp.comandontheSECwebsiteatwww.sec.gov.Unlessotherwiseindicated,thestatementsinthispresentationaremadeasofMay2,2019.PG&ECorporationandtheUtilityundertakenoobligationtoupdateinformationcontainedherein.Thispresentation,includingAppendices,andtheaccompanyingpressreleasewereattachedtoPG&ECorporation’sCurrentReportonForm8-KthatwasfurnishedtotheSEConMay2,2019andisalsoavailableonPG&ECorporation’swebsiteatwww.pgecorp.com.2

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WildfireSafetyPlan(1)(2)(4)~$8.2Bplannedthrough2023KeyPlanElements($B)PublicSafety•ExpandedPublicSafetyPowerShut-offprogramin20192.5toincludeupto500kVtransmissionlinesPowerShut-off(3)(5)•EnhancedassetinspectionsinHFTDbyMay31,2019:2.0Enhanced-~685,000distributionpolesInspection-~50,000transmissionpolesandtowersProgram-2019forecastedspendincreasedby~$375millioninQ120191.5Increased•24/7WildfireOperationsCenterduringpeakfireseasonSituational(3)•~600HDcamerasprovidingcoveragefor>90%ofHFTDAwarenessby20221.0•~7,000milesofsystemhardeninginhighestwildfireSystemthreatareasovernext10years0.5(3)Hardening•2,800milesoftreewireinHFTDby2023•Enhancedvegetationmanagementacross25,000milesofPG&Eserviceterritoryovernext8years0.0Vegetation•>2milliontreestobetrimmedorremovedby202320192020202120222023Management•TargetedtreespeciesremovalCapExOpexExpandedPSPSforshort-termmitigation,combinedwithtargetedsystemenhancementsforlong-termwildfireriskmitigation(1)WildfireSafetyPlanspendpendingCPUCandFERCapproval.2019spendreflectsmid-pointofproposedrangeofcostsasoutlinedintheFebruary6,2019WildfireMitigationPlanwiththeexceptionoftheEnhancedInspectionandPublicSafetyPowerShut-offprograms,whichhaveupdatedmid-pointforecastsof~$750million(OpEx)and~$70million(CapEx),respectively.2019EnhancedInspectionProgramOpExincreasedfromarangeof~$300-$450millionto$600-$900millionduetohigherthananticipatedsystemrepairsfollowingtheenhancedinspections.(2)Excludesforecastedbasevegetationmanagementanddrought-relatedexpensespendof~$300to$400millionannually.(3)DefinedasTier2and3highfire-threatdistricts.(4)2020-2022forecastedcostsreflectamountsrequestedinthe2020GeneralRateCase,withescalationappliedto2023.PG&Econtinuestoevaluatetheproposedwildfiremitigationplansandactualspendmayvaryfromtheseforecastedamounts.(5)InspectionsexpectedtobecompletedbyMay31,2019or,asnotedintheApril25,2019amendmenttotheWildfireMitigationplan,assoonthereafterasisfeasibleinlightofweatherconditionsandotherexternalfactors.3SeetheForwardLookingStatementsforfactorsthatcouldcauseactualresultstodiffermateriallyfromtheguidancepresentedandunderlyingassumptions.WildfireSafetyPlan(1)(2)(4)~$8.2Bplannedthrough2023KeyPlanElements($B)PublicSafety•ExpandedPublicSafetyPowerShut-offprogramin20192.5toincludeupto500kVtransmissionlinesPowerShut-off(3)(5)•EnhancedassetinspectionsinHFTDbyMay31,2019:2.0Enhanced-~685,000distributionpolesInspection-~50,000transmissionpolesandtowersProgram-2019forecastedspendincreasedby~$375millioninQ120191.5Increased•24/7WildfireOperationsCenterduringpeakfireseasonSituational(3)•~600HDcamerasprovidingcoveragefor>90%ofHFTDAwarenessby20221.0•~7,000milesofsystemhardeninginhighestwildfireSystemthreatareasovernext10years0.5(3)Hardening•2,800milesoftreewireinHFTDby2023•Enhancedvegetationmanagementacross25,000milesofPG&Eserviceterritoryovernext8years0.0Vegetation•>2milliontreestobetrimmedorremovedby202320192020202120222023Management•TargetedtreespeciesremovalCapExOpexExpandedPSPSforshort-termmitigation,combinedwithtargetedsystemenhancementsforlong-termwildfireriskmitigation(1)WildfireSafetyPlanspendpendingCPUCandFERCapproval.2019spendreflectsmid-pointofproposedrangeofcostsasoutlinedintheFebruary6,2019WildfireMitigationPlanwiththeexceptionoftheEnhancedInspectionandPublicSafetyPowerShut-offprograms,whichhaveupdatedmid-pointforecastsof~$750million(OpEx)and~$70million(CapEx),respectively.2019EnhancedInspectionProgramOpExincreasedfromarangeof~$300-$450millionto$600-$900millionduetohigherthananticipatedsystemrepairsfollowingtheenhancedinspections.(2)Excludesforecastedbasevegetationmanagementanddrought-relatedexpensespendof~$300to$400millionannually.(3)DefinedasTier2and3highfire-threatdistricts.(4)2020-2022forecastedcostsreflectamountsrequestedinthe2020GeneralRateCase,withescalationappliedto2023.PG&Econtinuestoevaluatetheproposedwildfiremitigationplansandactualspendmayvaryfromtheseforecastedamounts.(5)InspectionsexpectedtobecompletedbyMay31,2019or,asnotedintheApril25,2019amendmenttotheWildfireMitigationplan,assoonthereafterasisfeasibleinlightofweatherconditionsandotherexternalfactors.3SeetheForwardLookingStatementsforfactorsthatcouldcauseactualresultstodiffermateriallyfromtheguidancepresentedandunderlyingassumptions.

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Q12019EarningsResultsEarningsEPS($inmillions,exceptpershareamounts)EarningsonaGAAPbasis$136$0.25ItemsImpactingComparabilityElectricassetinspectioncosts1510.292018Campfire-relatedcosts1380.26Chapter11-relatedcosts970.182017NorthernCaliforniawildfire-relatedcosts250.05Non-GAAPEarningsfromOperations$546$1.04ItemsImpactingComparability($inmillions,pre-tax)Electricassetinspectioncosts$2102018Campfire-relatedcosts192Chapter11-relatedcosts1272017NorthernCaliforniawildfire-relatedcosts34Note:Amountsmaynotsumduetorounding.Non-GAAPEarningsfromOperationsisnotcalculatedinaccordancewithGAAPandexcludesitemsimpactingcomparability.SeeAppendix1,ExhibitAforareconciliation4ofEarningsperShare(“EPS”)onaGAAPbasistoNon-GAAPEarningsperSharefromOperationsandExhibitGfortheuseofnon-GAAPfinancialmeasures.Q12019EarningsResultsEarningsEPS($inmillions,exceptpershareamounts)EarningsonaGAAPbasis$136$0.25ItemsImpactingComparabilityElectricassetinspectioncosts1510.292018Campfire-relatedcosts1380.26Chapter11-relatedcosts970.182017NorthernCaliforniawildfire-relatedcosts250.05Non-GAAPEarningsfromOperations$546$1.04ItemsImpactingComparability($inmillions,pre-tax)Electricassetinspectioncosts$2102018Campfire-relatedcosts192Chapter11-relatedcosts1272017NorthernCaliforniawildfire-relatedcosts34Note:Amountsmaynotsumduetorounding.Non-GAAPEarningsfromOperationsisnotcalculatedinaccordancewithGAAPandexcludesitemsimpactingcomparability.SeeAppendix1,ExhibitAforareconciliation4ofEarningsperShare(“EPS”)onaGAAPbasistoNon-GAAPEarningsperSharefromOperationsandExhibitGfortheuseofnon-GAAPfinancialmeasures.

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Q12019:QuarteroverQuarterComparisonNon-GAAPEarningsperSharefromOperations$1.20($0.02)$0.04$0.01$0.04$0.06$1.00$0.80$0.60$1.04$0.91$0.40$0.20$0.00Q12018GrowthinLiabilityInsuranceTimingofTaxesMiscellaneousIncreaseinSharesQ12019EPSfromRateBasePremiumsOutstandingEPSfromOperationsEarningsOperationsNon-GAAPEarningsfromOperationsisnotcalculatedinaccordancewithGAAPandexcludesitemsimpactingcomparability.SeeAppendix1,ExhibitAforareconciliation5ofEarningsperShare(“EPS”)onaGAAPbasistoNon-GAAPEarningsperSharefromOperationsandExhibitGfortheuseofnon-GAAPfinancialmeasures.Q12019:QuarteroverQuarterComparisonNon-GAAPEarningsperSharefromOperations$1.20($0.02)$0.04$0.01$0.04$0.06$1.00$0.80$0.60$1.04$0.91$0.40$0.20$0.00Q12018GrowthinLiabilityInsuranceTimingofTaxesMiscellaneousIncreaseinSharesQ12019EPSfromRateBasePremiumsOutstandingEPSfromOperationsEarningsOperationsNon-GAAPEarningsfromOperationsisnotcalculatedinaccordancewithGAAPandexcludesitemsimpactingcomparability.SeeAppendix1,ExhibitAforareconciliation5ofEarningsperShare(“EPS”)onaGAAPbasistoNon-GAAPEarningsperSharefromOperationsandExhibitGfortheuseofnon-GAAPfinancialmeasures.

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2019AssumptionsKeyFactorsAffectingCapitalExpenditures($millions)EarningsfromOperations2019-HigherfinancingcostsGeneralRateCase4,500-IncrementalwildfireriskmitigationcostsGasTransmissionandStorage800-Insurancepremiums,netofregulatorycostrecoveryTransmissionOwner191,800+Incentiverevenues,efficienciesandotherbenefitsTotalCapEx$7.1billionExpectedearningsbelowauthorized:~$100Mto~$200M(after-tax)AuthorizedRatebase*(weightedaverage)PendingItemswithPotential($billions)EarningsfromOperationsImpact(1)ReturnonEquity:10.25%EquityRatio:52%•2019GasTransmission&Storageratecase2019•TransmissionOwner18,19,and20ratecasesGeneralRateCase27.6•TransmissionOwner20returnonequityGasTransmissionandStorage4.8•GasTransmission&Storagecapexsubjecttoaudit($400millionratebasefrom2011-2014)TransmissionOwner8.1TotalRatebase$40.5billion*BaseearningsplanassumesCPUC-authorizedreturnonequityacrossenterpriseNote1:Duetothenetchargesrecordedinconnectionwiththe2018Campfireand2017NorthernCaliforniawildfiresasofDecember31,2018,theUtilitysubmittedtotheCPUCanapplicationforawaiverofthecapitalstructureconditiononFebruary28,2019.ThewaiverissubjecttoCPUCapproval.6SeetheForwardLookingStatementsforfactorsthatcouldcauseactualresultstodiffermateriallyfromtheguidancepresentedandunderlyingassumptions.2019AssumptionsKeyFactorsAffectingCapitalExpenditures($millions)EarningsfromOperations2019-HigherfinancingcostsGeneralRateCase4,500-IncrementalwildfireriskmitigationcostsGasTransmissionandStorage800-Insurancepremiums,netofregulatorycostrecoveryTransmissionOwner191,800+Incentiverevenues,efficienciesandotherbenefitsTotalCapEx$7.1billionExpectedearningsbelowauthorized:~$100Mto~$200M(after-tax)AuthorizedRatebase*(weightedaverage)PendingItemswithPotential($billions)EarningsfromOperationsImpact(1)ReturnonEquity:10.25%EquityRatio:52%•2019GasTransmission&Storageratecase2019•TransmissionOwner18,19,and20ratecasesGeneralRateCase27.6•TransmissionOwner20returnonequityGasTransmissionandStorage4.8•GasTransmission&Storagecapexsubjecttoaudit($400millionratebasefrom2011-2014)TransmissionOwner8.1TotalRatebase$40.5billion*BaseearningsplanassumesCPUC-authorizedreturnonequityacrossenterpriseNote1:Duetothenetchargesrecordedinconnectionwiththe2018Campfireand2017NorthernCaliforniawildfiresasofDecember31,2018,theUtilitysubmittedtotheCPUCanapplicationforawaiverofthecapitalstructureconditiononFebruary28,2019.ThewaiverissubjecttoCPUCapproval.6SeetheForwardLookingStatementsforfactorsthatcouldcauseactualresultstodiffermateriallyfromtheguidancepresentedandunderlyingassumptions.

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2019ItemsImpactingComparabilityGuidance($millions,pre-tax)(1)340-4202018Campfire-relatedcosts(2)50-902017NorthernCaliforniawildfire-relatedcosts(3)600-900Electricassetinspectioncosts(4)~360-~430Chapter11-relatedcostsEstimated2019ItemsImpactingComparabilityGuidanceTotal~$1,350-~1,840(1)2018Campfire-relatedcostsreflectestimatedUtilityclean-upandrepair,legal,andothercostsassociatedwiththe2018Campfire.(2)2017NorthernCaliforniawildfire-relatedcostsreflectestimatedlegalandothercostsassociatedwiththe2017NorthernCaliforniawildfires.(3)Electricassetinspectioncostsrepresentestimatedincrementalcoststocompleteenhancedandacceleratedinspectionsandrepairsoftransmissionanddistributionassets.(4)Chapter11-relatedcostsincludeestimatedexternallegal,financingandotherfees,netofinterestincome,directlyassociatedwithPG&ECorporationandtheUtility’sChapter11cases.ChangesfrompriorquarternotedinblueSeetheForwardLookingStatementsforfactorsthatcouldcauseactualresultstodiffermateriallyfromtheguidancepresentedandunderlyingassumptions.SeeAppendix1,ExhibitEforPG&ECorporation’s2019ItemsImpactingComparabilityGuidanceandExhibitGforUseofNon-GAAPFinancialMeasures.72019ItemsImpactingComparabilityGuidance($millions,pre-tax)(1)340-4202018Campfire-relatedcosts(2)50-902017NorthernCaliforniawildfire-relatedcosts(3)600-900Electricassetinspectioncosts(4)~360-~430Chapter11-relatedcostsEstimated2019ItemsImpactingComparabilityGuidanceTotal~$1,350-~1,840(1)2018Campfire-relatedcostsreflectestimatedUtilityclean-upandrepair,legal,andothercostsassociatedwiththe2018Campfire.(2)2017NorthernCaliforniawildfire-relatedcostsreflectestimatedlegalandothercostsassociatedwiththe2017NorthernCaliforniawildfires.(3)Electricassetinspectioncostsrepresentestimatedincrementalcoststocompleteenhancedandacceleratedinspectionsandrepairsoftransmissionanddistributionassets.(4)Chapter11-relatedcostsincludeestimatedexternallegal,financingandotherfees,netofinterestincome,directlyassociatedwithPG&ECorporationandtheUtility’sChapter11cases.ChangesfrompriorquarternotedinblueSeetheForwardLookingStatementsforfactorsthatcouldcauseactualresultstodiffermateriallyfromtheguidancepresentedandunderlyingassumptions.SeeAppendix1,ExhibitEforPG&ECorporation’s2019ItemsImpactingComparabilityGuidanceandExhibitGforUseofNon-GAAPFinancialMeasures.7

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CapExForecastCapitalExpenditures2018-2023~$7B$7.1B~$0.2B~$0.1B~$1.0B$6.6B~$5.7B(2)CWSP$~700MOtherGRC$~300M2018Recorded2019CurrentlyIncrementalIncrementalIncrementalAuthorizedAuthorizedGRCRequestGT&SRequestTORequestPlusRequestedCapExCapExRangeof~$5.7Bto~$7Bannuallyfrom2020-2023(1)GeneralRateCaseGasTransmission&StorageElectricTransmissionOwnerCWSPRange(1)GeneralRateCasespendincludestransportationelectrification.(2)CommunityWildfireSafetyProgram(CWSP)proposedspend.SeetheForwardLookingStatementsforfactorsthatcouldcauseactualresultstodiffermateriallyfromtheguidancepresentedandunderlyingassumptions.8CapExForecastCapitalExpenditures2018-2023~$7B$7.1B~$0.2B~$0.1B~$1.0B$6.6B~$5.7B(2)CWSP$~700MOtherGRC$~300M2018Recorded2019CurrentlyIncrementalIncrementalIncrementalAuthorizedAuthorizedGRCRequestGT&SRequestTORequestPlusRequestedCapExCapExRangeof~$5.7Bto~$7Bannuallyfrom2020-2023(1)GeneralRateCaseGasTransmission&StorageElectricTransmissionOwnerCWSPRange(1)GeneralRateCasespendincludestransportationelectrification.(2)CommunityWildfireSafetyProgram(CWSP)proposedspend.SeetheForwardLookingStatementsforfactorsthatcouldcauseactualresultstodiffermateriallyfromtheguidancepresentedandunderlyingassumptions.8

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ExpectedRatebaseGrowth(1)(4)2018-2023WeightedAverageRatebase~7–8.5%CAGR~$52.0-56.0B~$49.5-52.5B~$47.0-49.0B~$44.5-45.5B~$40.5B$36.8B(3)201820192020202120222023(2)GeneralRateCaseGasTransmission&StorageElectricTransmissionOwnerRange(1)WeightedaverageratebasereflectstheestimatedimpactsfromtheTaxCutsandJobsAct.(2)GeneralRateCasespendincludestransportationelectrification.(3)Includes$400Mfor2011-2014spendsubjecttoauditaddedin2020.(4)Includes~$600Mrelatedtoenhancedinspectionsaswellasrestorationwork.AmountshavenotbeenauthorizedbytheCPUCorFERCandPG&Eisnotcurrentlyearningareturnontheseamounts.9SeetheForwardLookingStatementsforfactorsthatcouldcauseactualresultstodiffermateriallyfromtheguidancepresentedandunderlyingassumptions.ExpectedRatebaseGrowth(1)(4)2018-2023WeightedAverageRatebase~7–8.5%CAGR~$52.0-56.0B~$49.5-52.5B~$47.0-49.0B~$44.5-45.5B~$40.5B$36.8B(3)201820192020202120222023(2)GeneralRateCaseGasTransmission&StorageElectricTransmissionOwnerRange(1)WeightedaverageratebasereflectstheestimatedimpactsfromtheTaxCutsandJobsAct.(2)GeneralRateCasespendincludestransportationelectrification.(3)Includes$400Mfor2011-2014spendsubjecttoauditaddedin2020.(4)Includes~$600Mrelatedtoenhancedinspectionsaswellasrestorationwork.AmountshavenotbeenauthorizedbytheCPUCorFERCandPG&Eisnotcurrentlyearningareturnontheseamounts.9SeetheForwardLookingStatementsforfactorsthatcouldcauseactualresultstodiffermateriallyfromtheguidancepresentedandunderlyingassumptions.

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CapExandRatebaseAssumptionsBaseCaseAssumptions20202021202220232017GRCDecisionGeneralRateCaseL(1)2020GRCFiling(includingCWSP)H2015GT&SPhase2DecisionGasTransmission&StorageL2019GT&SFilingHTO17SettlementTransmissionOwnerLHTO20FilingEVPhase1EVPhase2Light-DutyEVInfrastructureL&HSB350L&HSB350ApprovedPendingandfuturefilingsPotentialFutureUpdates•2020and2023GRCratecases•2019and2022GasTransmission&Storageratecases•2018,2019,2020andfutureTransmissionOwnerratecases•Wildfiremitigationinvestments•Futuretransportationelectrification•Futurestorageopportunities(1)RepresentsCommunityWildfireSafetyProgram(CWSP)systemhardeningatproposedspendinglevels.SeetheForwardLookingStatementsforfactorsthatcouldcauseactualresultstodiffermateriallyfromtheguidancepresentedandunderlyingassumptions.10CapExandRatebaseAssumptionsBaseCaseAssumptions20202021202220232017GRCDecisionGeneralRateCaseL(1)2020GRCFiling(includingCWSP)H2015GT&SPhase2DecisionGasTransmission&StorageL2019GT&SFilingHTO17SettlementTransmissionOwnerLHTO20FilingEVPhase1EVPhase2Light-DutyEVInfrastructureL&HSB350L&HSB350ApprovedPendingandfuturefilingsPotentialFutureUpdates•2020and2023GRCratecases•2019and2022GasTransmission&Storageratecases•2018,2019,2020andfutureTransmissionOwnerratecases•Wildfiremitigationinvestments•Futuretransportationelectrification•Futurestorageopportunities(1)RepresentsCommunityWildfireSafetyProgram(CWSP)systemhardeningatproposedspendinglevels.SeetheForwardLookingStatementsforfactorsthatcouldcauseactualresultstodiffermateriallyfromtheguidancepresentedandunderlyingassumptions.10

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AppendixAppendix

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TableofContentsAppendix1–SupplementalEarningsMaterialsSlides13-27Appendix2–OverviewofRegulatoryCasesSlides28-3112TableofContentsAppendix1–SupplementalEarningsMaterialsSlides13-27Appendix2–OverviewofRegulatoryCasesSlides28-3112

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Appendix1–SupplementalEarningsMaterialsExhibitA:ReconciliationofPG&ECorporation’sConsolidatedIncomeAvailableforSlides14-15CommonShareholdersinAccordancewithGenerallyAcceptedAccountingPrinciples(“GAAP”)toNon-GAAPEarningsfromOperationsExhibitB:KeyDriversofPG&ECorporation’sNon-GAAPEarningsperCommonShareSlide16(“EPS”)fromOperationsExhibitC:OperationalPerformanceMetricsSlides17-18ExhibitD:SalesandSourcesSummarySlide19ExhibitE:PG&ECorporation’s2019ItemsImpactingComparabilityGuidanceSlides20-21ExhibitF:2019GeneralEarningsSensitivitiesSlide22ExhibitG:UseofNon-GAAPFinancialMeasuresSlide23ExhibitH:GAAPNetIncome(Loss)toNon-GAAPAdjustedEBITDAReconciliationSlide24ExhibitI:ExpectedTimelinesofSelectedRegulatoryCasesSlides25-2713Appendix1–SupplementalEarningsMaterialsExhibitA:ReconciliationofPG&ECorporation’sConsolidatedIncomeAvailableforSlides14-15CommonShareholdersinAccordancewithGenerallyAcceptedAccountingPrinciples(“GAAP”)toNon-GAAPEarningsfromOperationsExhibitB:KeyDriversofPG&ECorporation’sNon-GAAPEarningsperCommonShareSlide16(“EPS”)fromOperationsExhibitC:OperationalPerformanceMetricsSlides17-18ExhibitD:SalesandSourcesSummarySlide19ExhibitE:PG&ECorporation’s2019ItemsImpactingComparabilityGuidanceSlides20-21ExhibitF:2019GeneralEarningsSensitivitiesSlide22ExhibitG:UseofNon-GAAPFinancialMeasuresSlide23ExhibitH:GAAPNetIncome(Loss)toNon-GAAPAdjustedEBITDAReconciliationSlide24ExhibitI:ExpectedTimelinesofSelectedRegulatoryCasesSlides25-2713

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ExhibitA:ReconciliationofPG&ECorporation’sConsolidatedIncomeAvailableforCommonShareholdersinAccordancewithGenerallyAcceptedAccountingPrinciples(“GAAP”)toNon-GAAPEarningsfromOperationsFirstQuarter,2019vs.2018(inmillions,exceptpershareamounts)ThreeMonthsEndedMarch31,EarningsperCommonShareEarnings(Diluted)(inmillions,exceptpershareamounts)2019201820192018PG&ECorporation’sEarningsonaGAAPbasis$136$442$0.25$0.86(1)ItemsImpactingComparability:(2)Electricassetinspectioncosts151—0.29—(3)2018Campfire-relatedcosts138—0.26—(4)Chapter11-relatedcosts97—0.18—(5)2017NorthernCaliforniawildfire-relatedcosts25150.050.03(6)Pipeline-relatedexpenses—7—0.01(7)2015Buttefire-relatedcosts,netofinsurance—4—0.01(8)PG&ECorporation’sNon-GAAPEarningsfromOperations$546$468$1.04$0.91AllamountspresentedinthetableabovearetaxadjustedatPG&ECorporation’sstatutorytaxrateof27.98%for2018and2019,exceptforcertainChapter11-relatedcosts,whicharenottaxdeductible.Amountsmaynotsumduetorounding.(1)“Itemsimpactingcomparability”representitemsthatmanagementdoesnotconsiderpartofthenormalcourseofoperationsandaffectcomparabilityoffinancialresultsbetweenperiods,consistingoftheitemslistedinthetableabove.SeeExhibitG:UseofNon-GAAPFinancialMeasures.(2)TheUtilityincurredcostsof$210million(beforethetaximpactof$59million)duringthethreemonthsendedMarch31,2019forincrementaloperatingexpensesrelatedtoenhancedandacceleratedinspectionsandrepairsofelectrictransmissionanddistributionassets.(3)TheUtilityincurredcostsof$192million(beforethetaximpactof$54million)duringthethreemonthsendedMarch31,2019associatedwiththe2018Campfire.Thisincludes$179million(beforethetaximpactof$50million)duringthethreemonthsendedMarch31,2019forclean-upandrepaircosts.TheUtilityalsoincurredcostsof$13million(beforethetaximpactof$4million)forlegalandothercosts.ThreeMonthsEnded(inmillions,pre-tax)March31,2019Utilityclean-upandrepaircosts$179Legalandothercosts132018Campfire-relatedcosts$192(4)TheUtilityincurredcostsof$127million(beforethetaximpactof$30million)duringthethreemonthsendedMarch31,2019directlyassociatedwiththeCorporation’sandtheUtility’sChapter11Cases.Thisincludes$114million(beforethetaximpactof$32million)duringthethreemonthsendedMarch31,2019fordebtor-in-possession(DIP)financing1costs.TheUtilityalsoincurredlegalandothercostsof$24million(beforethetaximpactof$1million)duringthethreemonthsendedMarch31,2019.Thesecostswerepartiallyoffsetby$11million(beforethetaximpactof$3million)recordedduringthethreemonthsendedMarch31,2019forinterestincome.14(1)$18millionoflegalandothercostsarenottaxdeductibleExhibitA:ReconciliationofPG&ECorporation’sConsolidatedIncomeAvailableforCommonShareholdersinAccordancewithGenerallyAcceptedAccountingPrinciples(“GAAP”)toNon-GAAPEarningsfromOperationsFirstQuarter,2019vs.2018(inmillions,exceptpershareamounts)ThreeMonthsEndedMarch31,EarningsperCommonShareEarnings(Diluted)(inmillions,exceptpershareamounts)2019201820192018PG&ECorporation’sEarningsonaGAAPbasis$136$442$0.25$0.86(1)ItemsImpactingComparability:(2)Electricassetinspectioncosts151—0.29—(3)2018Campfire-relatedcosts138—0.26—(4)Chapter11-relatedcosts97—0.18—(5)2017NorthernCaliforniawildfire-relatedcosts25150.050.03(6)Pipeline-relatedexpenses—7—0.01(7)2015Buttefire-relatedcosts,netofinsurance—4—0.01(8)PG&ECorporation’sNon-GAAPEarningsfromOperations$546$468$1.04$0.91AllamountspresentedinthetableabovearetaxadjustedatPG&ECorporation’sstatutorytaxrateof27.98%for2018and2019,exceptforcertainChapter11-relatedcosts,whicharenottaxdeductible.Amountsmaynotsumduetorounding.(1)“Itemsimpactingcomparability”representitemsthatmanagementdoesnotconsiderpartofthenormalcourseofoperationsandaffectcomparabilityoffinancialresultsbetweenperiods,consistingoftheitemslistedinthetableabove.SeeExhibitG:UseofNon-GAAPFinancialMeasures.(2)TheUtilityincurredcostsof$210million(beforethetaximpactof$59million)duringthethreemonthsendedMarch31,2019forincrementaloperatingexpensesrelatedtoenhancedandacceleratedinspectionsandrepairsofelectrictransmissionanddistributionassets.(3)TheUtilityincurredcostsof$192million(beforethetaximpactof$54million)duringthethreemonthsendedMarch31,2019associatedwiththe2018Campfire.Thisincludes$179million(beforethetaximpactof$50million)duringthethreemonthsendedMarch31,2019forclean-upandrepaircosts.TheUtilityalsoincurredcostsof$13million(beforethetaximpactof$4million)forlegalandothercosts.ThreeMonthsEnded(inmillions,pre-tax)March31,2019Utilityclean-upandrepaircosts$179Legalandothercosts132018Campfire-relatedcosts$192(4)TheUtilityincurredcostsof$127million(beforethetaximpactof$30million)duringthethreemonthsendedMarch31,2019directlyassociatedwiththeCorporation’sandtheUtility’sChapter11Cases.Thisincludes$114million(beforethetaximpactof$32million)duringthethreemonthsendedMarch31,2019fordebtor-in-possession(DIP)financing1costs.TheUtilityalsoincurredlegalandothercostsof$24million(beforethetaximpactof$1million)duringthethreemonthsendedMarch31,2019.Thesecostswerepartiallyoffsetby$11million(beforethetaximpactof$3million)recordedduringthethreemonthsendedMarch31,2019forinterestincome.14(1)$18millionoflegalandothercostsarenottaxdeductible

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ExhibitA:ReconciliationofPG&ECorporation’sConsolidatedIncomeAvailableforCommonShareholdersinAccordancewithGenerallyAcceptedAccountingPrinciples(“GAAP”)toNon-GAAPEarningsfromOperationsThreeMonthsEnded(inmillions,pre-tax)March31,2019DIPfinancingcosts$114Legalandothercosts24Interestincome(11)Chapter11-relatedcosts$127(5)TheUtilityincurredlegalandothercostsof$34million(beforethetaximpactof$9million)and$21million(beforethetaximpactof$6million)duringthethreemonthsendedMarch31,2019and2018,respectively,associatedwiththe2017NorthernCaliforniawildfires.(6)TheUtilityincurredcostsof$10million(beforethetaximpactof$3million)duringthethreemonthsendedMarch31,2018forpipeline-relatedexpensesincurredinconnectionwiththemulti-yearefforttoidentifyandremoveencroachmentsfromtransmissionpipelinerights-of-way.(7)TheUtilityincurredcosts,netofinsurance,of$5million(beforethetaximpactof$1million)duringthethreemonthsendedMarch31,2018associatedwiththe2015Buttefire.Thisincludes$12million(beforethetaximpactof$3million)duringthethreemonthsendedMarch31,2018forlegalcosts.Thesecostswerepartiallyoffsetby$7million(beforethetaximpactof$2million)recordedduringthethreemonthsendedMarch31,2018forcontractorinsurancerecoveries.ThreeMonthsEnded(inmillions,pre-tax)March31,2018Legalcosts$12Insurancerecoveries(7)2015Buttefire-relatedcosts,netofinsurance$5(8)“Non-GAAPearningsfromoperations”isanon-GAAPfinancialmeasure.SeeExhibitG:UseofNon-GAAPFinancialMeasures.15ExhibitA:ReconciliationofPG&ECorporation’sConsolidatedIncomeAvailableforCommonShareholdersinAccordancewithGenerallyAcceptedAccountingPrinciples(“GAAP”)toNon-GAAPEarningsfromOperationsThreeMonthsEnded(inmillions,pre-tax)March31,2019DIPfinancingcosts$114Legalandothercosts24Interestincome(11)Chapter11-relatedcosts$127(5)TheUtilityincurredlegalandothercostsof$34million(beforethetaximpactof$9million)and$21million(beforethetaximpactof$6million)duringthethreemonthsendedMarch31,2019and2018,respectively,associatedwiththe2017NorthernCaliforniawildfires.(6)TheUtilityincurredcostsof$10million(beforethetaximpactof$3million)duringthethreemonthsendedMarch31,2018forpipeline-relatedexpensesincurredinconnectionwiththemulti-yearefforttoidentifyandremoveencroachmentsfromtransmissionpipelinerights-of-way.(7)TheUtilityincurredcosts,netofinsurance,of$5million(beforethetaximpactof$1million)duringthethreemonthsendedMarch31,2018associatedwiththe2015Buttefire.Thisincludes$12million(beforethetaximpactof$3million)duringthethreemonthsendedMarch31,2018forlegalcosts.Thesecostswerepartiallyoffsetby$7million(beforethetaximpactof$2million)recordedduringthethreemonthsendedMarch31,2018forcontractorinsurancerecoveries.ThreeMonthsEnded(inmillions,pre-tax)March31,2018Legalcosts$12Insurancerecoveries(7)2015Buttefire-relatedcosts,netofinsurance$5(8)“Non-GAAPearningsfromoperations”isanon-GAAPfinancialmeasure.SeeExhibitG:UseofNon-GAAPFinancialMeasures.15

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ExhibitB:KeyDriversofPG&ECorporation’sNon-GAAPEarningsperCommonShare(“EPS”)fromOperationsFirstQuarter,2019vs.2018(inmillions,exceptpershareamounts)FirstQuarter2019vs.2018EarningsperCommonShareEarnings(Diluted)(1)2018Non-GAAPEarningsfromOperations$468$0.91Growthinratebaseearnings320.06(2)Liabilityinsurancepremiums210.04(3)Timingoftaxes210.04Miscellaneous40.01Increaseinsharesoutstanding—(0.02)(1)2019Non-GAAPEarningsfromOperations$546$1.04AllamountspresentedinthetableabovearetaxadjustedatPG&ECorporation’sstatutorytaxrateof27.98%for2018and2019.Amountsmaynotsumduetorounding.(1)SeeExhibitAforreconciliationsof(i)earningsonaGAAPbasistonon-GAAPearningsfromoperationsand(ii)EPSonaGAAPbasistonon-GAAPEPSfromoperations.(2)Representstheinsurancepremiumcostsincurredinthefirstquarterof2019,aboveamountsincludedinauthorizedrevenuerequirementsthatareprobableofrecovery,withnosimilarimpactinthefirstquarterof2018.TheCaliforniaPublicUtilitiesCommissionissueditsfinaldecisionauthorizingaWildfireExpenseMemorandumAccountinJune2018.Alsorepresentslowerinsurancepremiumcostsin2019duetotheacceleratedamortizationofaportionoftheUtility’sliabilityinsurancepremiumsduringthefourthquarterof2018asaresultofthe2018Campfire.(3)RepresentsthetimingoftaxesreportableinquarterlystatementsinaccordancewithAccountingStandardsCodification740,IncomeTaxes,andresultsfromvariancesinthepercentageofquarterlyearningstoannualearnings.16ExhibitB:KeyDriversofPG&ECorporation’sNon-GAAPEarningsperCommonShare(“EPS”)fromOperationsFirstQuarter,2019vs.2018(inmillions,exceptpershareamounts)FirstQuarter2019vs.2018EarningsperCommonShareEarnings(Diluted)(1)2018Non-GAAPEarningsfromOperations$468$0.91Growthinratebaseearnings320.06(2)Liabilityinsurancepremiums210.04(3)Timingoftaxes210.04Miscellaneous40.01Increaseinsharesoutstanding—(0.02)(1)2019Non-GAAPEarningsfromOperations$546$1.04AllamountspresentedinthetableabovearetaxadjustedatPG&ECorporation’sstatutorytaxrateof27.98%for2018and2019.Amountsmaynotsumduetorounding.(1)SeeExhibitAforreconciliationsof(i)earningsonaGAAPbasistonon-GAAPearningsfromoperationsand(ii)EPSonaGAAPbasistonon-GAAPEPSfromoperations.(2)Representstheinsurancepremiumcostsincurredinthefirstquarterof2019,aboveamountsincludedinauthorizedrevenuerequirementsthatareprobableofrecovery,withnosimilarimpactinthefirstquarterof2018.TheCaliforniaPublicUtilitiesCommissionissueditsfinaldecisionauthorizingaWildfireExpenseMemorandumAccountinJune2018.Alsorepresentslowerinsurancepremiumcostsin2019duetotheacceleratedamortizationofaportionoftheUtility’sliabilityinsurancepremiumsduringthefourthquarterof2018asaresultofthe2018Campfire.(3)RepresentsthetimingoftaxesreportableinquarterlystatementsinaccordancewithAccountingStandardsCodification740,IncomeTaxes,andresultsfromvariancesinthepercentageofquarterlyearningstoannualearnings.16

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ExhibitC:OperationalPerformanceMetricsMeetsYTD2019PerformanceResultsQ1Actual2019Target(1)TargetSafetyNuclearOperationsSafetyDiabloCanyonPowerPlant(DCPP)ReliabilityandSafety99.993.7PElectricOperationsSafetyPublicSafetyIndex0.51.0GasandElectricOperationsSafetyAssetRecordsDurationIndex1.01.0PGasOperationsSafetyGasFirst-TimeIn-LineInspection23.0183.0PEmployeeSafetySeriousInjuriesandFatalitiesCorrectiveActionsIndex1.21.0PCustomerEscalatedCustomerComplaints10.612.2PFinancial1Non-GAAPEarningsfromOperations$546Seenote(2)Seenote(2)Seefollowingpagefordefinitionsoftheoperationalperformancemetrics.TheoperationalperformancegoalssetunderthePG&ECorporation2019Short-TermIncentivePlan(“STIP”)arebasedonthesameoperationalmetricsandtargets,exceptasnotedinFootnote1below.(1)ForSTIPpurposes,non-GAAPearningsfromoperationsmaybefurtheradjustedinamannerconsistentwiththemethodologyusedtoestablishtheapplicableSTIPtarget.(2)The2019targetfornon-GAAPearningsfromoperationsisnotpubliclyreported.17ExhibitC:OperationalPerformanceMetricsMeetsYTD2019PerformanceResultsQ1Actual2019Target(1)TargetSafetyNuclearOperationsSafetyDiabloCanyonPowerPlant(DCPP)ReliabilityandSafety99.993.7PElectricOperationsSafetyPublicSafetyIndex0.51.0GasandElectricOperationsSafetyAssetRecordsDurationIndex1.01.0PGasOperationsSafetyGasFirst-TimeIn-LineInspection23.0183.0PEmployeeSafetySeriousInjuriesandFatalitiesCorrectiveActionsIndex1.21.0PCustomerEscalatedCustomerComplaints10.612.2PFinancial1Non-GAAPEarningsfromOperations$546Seenote(2)Seenote(2)Seefollowingpagefordefinitionsoftheoperationalperformancemetrics.TheoperationalperformancegoalssetunderthePG&ECorporation2019Short-TermIncentivePlan(“STIP”)arebasedonthesameoperationalmetricsandtargets,exceptasnotedinFootnote1below.(1)ForSTIPpurposes,non-GAAPearningsfromoperationsmaybefurtheradjustedinamannerconsistentwiththemethodologyusedtoestablishtheapplicableSTIPtarget.(2)The2019targetfornon-GAAPearningsfromoperationsisnotpubliclyreported.17

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Definitionsof2018OperationalPerformanceMetricsfromExhibitCSafetyPublicandemployeesafetyaremeasuredinfourareas:NuclearOperationsSafety,ElectricOperationsSafety,GasOperationsSafety,andEmployeeSafety.ThesafetyoftheUtility’snuclearpoweroperations,DCPPUnit1andUnit2,isbasedon11performanceindicatorsfornuclearpowergeneration,includingunitcapability,on-linereliability,safetysystemunavailability,radiationexposure,andsafetyaccidentrate,asreportedtotheInstituteofNuclearPowerOperations.ThesafetyoftheUtility’selectricandgasoperationsisrepresentedby:•PublicSafetyIndex-MeasureconsistingofaweightedindexoftwoelectricprogramsthatevaluatetheeffectivenessofcomplianceactivitiesintheFireIndexAreas:(1)EnhancedVegetationManagement(50%)and(2)SystemHardening(50%).•GasandElectricAssetRecordsDurationIndex(equallyweighed)-Measureconsistingoftwoindicestrackingtheaveragenumberofdaystocompletetheas-builtprocessinthesystemofrecordforelectricandgascapitalandexpensejobsfromthetimeconstructioniscompletedinthefieldorreleasedtooperations.TheGasOperationsIndexconsistsofthreeweightedsub-metrics:(1)Transmission(60%),(2)Station(10%),and(3)Distribution(30%).TheElectricOperationsIndexconsistsofthreeweightedsub-metrics:(1)TransmissionLine(25%),(2)Substation(25%),and(3)Distribution(50%).•GasFirst-TimeIn-LineInspections-MeasurestheUtility’ssuccessfulcompletionoffirst-timein-lineinspectionsofnewly-constructednaturalgastransmissionlines.ThesafetyoftheUtility’semployeesisrepresentedby:•SeriousInjuriesandFatalities(SIF)CorrectiveActionIndex-Indexmeasuring(1)percentageofSIFcorrectiveactionscompletedontime,and(2)qualityofcorrectiveactionsasmeasuredagainstanexternallyderivedframework.CustomerCustomersatisfactionismeasuredby:•EscalatedCustomerComplaintsScore-MeasuresthenumberofcustomercomplaintsescalatedtotheCaliforniaPublicUtilitiesCommission,per100,000adjustedcustomers.Financial“Non-GAAPearningsfromoperations”(showninmillionsofdollars)isanon-GAAPfinancialmeasureandiscalculatedasincomeavailableforcommonshareholderslessitemsimpactingcomparability.“Itemsimpactingcomparability”representitemsthatmanagementdoesnotconsiderpartofthenormalcourseofoperationsandaffectcomparabilityoffinancialresultsbetweenperiods,consistingofitemslistedinExhibitA.18Definitionsof2018OperationalPerformanceMetricsfromExhibitCSafetyPublicandemployeesafetyaremeasuredinfourareas:NuclearOperationsSafety,ElectricOperationsSafety,GasOperationsSafety,andEmployeeSafety.ThesafetyoftheUtility’snuclearpoweroperations,DCPPUnit1andUnit2,isbasedon11performanceindicatorsfornuclearpowergeneration,includingunitcapability,on-linereliability,safetysystemunavailability,radiationexposure,andsafetyaccidentrate,asreportedtotheInstituteofNuclearPowerOperations.ThesafetyoftheUtility’selectricandgasoperationsisrepresentedby:•PublicSafetyIndex-MeasureconsistingofaweightedindexoftwoelectricprogramsthatevaluatetheeffectivenessofcomplianceactivitiesintheFireIndexAreas:(1)EnhancedVegetationManagement(50%)and(2)SystemHardening(50%).•GasandElectricAssetRecordsDurationIndex(equallyweighed)-Measureconsistingoftwoindicestrackingtheaveragenumberofdaystocompletetheas-builtprocessinthesystemofrecordforelectricandgascapitalandexpensejobsfromthetimeconstructioniscompletedinthefieldorreleasedtooperations.TheGasOperationsIndexconsistsofthreeweightedsub-metrics:(1)Transmission(60%),(2)Station(10%),and(3)Distribution(30%).TheElectricOperationsIndexconsistsofthreeweightedsub-metrics:(1)TransmissionLine(25%),(2)Substation(25%),and(3)Distribution(50%).•GasFirst-TimeIn-LineInspections-MeasurestheUtility’ssuccessfulcompletionoffirst-timein-lineinspectionsofnewly-constructednaturalgastransmissionlines.ThesafetyoftheUtility’semployeesisrepresentedby:•SeriousInjuriesandFatalities(SIF)CorrectiveActionIndex-Indexmeasuring(1)percentageofSIFcorrectiveactionscompletedontime,and(2)qualityofcorrectiveactionsasmeasuredagainstanexternallyderivedframework.CustomerCustomersatisfactionismeasuredby:•EscalatedCustomerComplaintsScore-MeasuresthenumberofcustomercomplaintsescalatedtotheCaliforniaPublicUtilitiesCommission,per100,000adjustedcustomers.Financial“Non-GAAPearningsfromoperations”(showninmillionsofdollars)isanon-GAAPfinancialmeasureandiscalculatedasincomeavailableforcommonshareholderslessitemsimpactingcomparability.“Itemsimpactingcomparability”representitemsthatmanagementdoesnotconsiderpartofthenormalcourseofoperationsandaffectcomparabilityoffinancialresultsbetweenperiods,consistingofitemslistedinExhibitA.18

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ExhibitD:PacificGasandElectricCompanySalesandSourcesSummaryFirstQuarter,2019vs.2018ThreeMonthsEndedMarch31,20192018SalesfromEnergyDeliveries(inmillionskWh)18,43518,820TotalElectricCustomersatMarch315,421,9365,409,768TotalGasSales(inBcf)260232TotalGasCustomersatMarch314,507,8804,486,834SourcesofElectricEnergy(inmillionskWh):TotalUtilityGeneration8,6607,323TotalPurchasedPower1,4436,110TotalElectricEnergyDelivered(1)18,43518,820DiabloCanyonPerformance:OverallCapacityFactor(includingrefuelings)76%76%RefuelingOutagePeriod2/10/19/-3/18/192/11/18-3/22/18RefuelingOutageDurationduringthePeriod(days)3639(1)Includesothersourcesofelectricenergytotaling8,332millionkWhand5,387millionkWhforthethreemonthsendedMarch31,2019and2018,respectively.Pleaseseethe2018AnnualReportonForm10-Kforadditionalinformationaboutoperatingstatistics.19ExhibitD:PacificGasandElectricCompanySalesandSourcesSummaryFirstQuarter,2019vs.2018ThreeMonthsEndedMarch31,20192018SalesfromEnergyDeliveries(inmillionskWh)18,43518,820TotalElectricCustomersatMarch315,421,9365,409,768TotalGasSales(inBcf)260232TotalGasCustomersatMarch314,507,8804,486,834SourcesofElectricEnergy(inmillionskWh):TotalUtilityGeneration8,6607,323TotalPurchasedPower1,4436,110TotalElectricEnergyDelivered(1)18,43518,820DiabloCanyonPerformance:OverallCapacityFactor(includingrefuelings)76%76%RefuelingOutagePeriod2/10/19/-3/18/192/11/18-3/22/18RefuelingOutageDurationduringthePeriod(days)3639(1)Includesothersourcesofelectricenergytotaling8,332millionkWhand5,387millionkWhforthethreemonthsendedMarch31,2019and2018,respectively.Pleaseseethe2018AnnualReportonForm10-Kforadditionalinformationaboutoperatingstatistics.19

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ExhibitE:PG&ECorporation’s2019ItemsImpactingComparability(“IIC”)Guidance2019IICGuidance(inmillions,after-tax)LowHigh(1)EstimatedItemsImpactingComparability:(2)2018Campfire-relatedcosts$302$245(3)2017NorthernCaliforniawildfire-relatedcosts6536(4)Electricassetinspectioncosts648432(5)Chapter11-relatedcosts~338~287EstimatedIICGuidance$~1,353$~1,000AllamountspresentedinthetableabovearetaxadjustedatPG&ECorporation’sstatutorytaxrateof27.98%for2019,exceptforcertainChapter11-relatedcosts.(1)“Itemsimpactingcomparability”representitemsthatmanagementdoesnotconsiderpartofthenormalcourseofoperationsandaffectcomparabilityoffinancialresultsbetweenperiods.SeeExhibitG:UseofNon-GAAPFinancialMeasures.(2)“2018Campfire-relatedcosts”referstoestimatedUtilityclean-upandrepairandlegalandothercostsassociatedwiththe2018Campfire.ThetotaloffsettingtaximpactforthelowandhighIICguidancerangeis$118millionand$95million,respectively.2019LowIICHighIIC(inmillions,pre-tax)guidancerangeguidancerangeUtilityclean-upandrepaircost$350$300Legalandothercosts70402018Campfire-relatedcosts$420$340(3)“2017NorthernCaliforniawildfire-relatedcosts”referstoestimatedlegalandothercostsassociatedwiththe2017NorthernCaliforniawildfires.ThetotaloffsettingtaximpactforthelowandhighIICguidancerangeis$25millionand$14million,respectively.2019LowIICHighIIC(inmillions,pre-tax)guidancerangeguidancerange2017NorthernCaliforniawildfire-relatedcosts$90$50(4)“Electricassetinspectioncosts”representsincrementaloperatingexpenserelatedtoenhancedandacceleratedinspectionsandrepairsofelectrictransmissionanddistributionassets.ThetotaloffsettingtaximpactforthelowandhighIICguidancerangeis$252and$168million,respectively.2019LowIICHighIIC(inmillions,pre-tax)guidancerangeguidancerangeElectricassetinspectioncosts$900$600Actualfinancialresultsfor2019maydiffermateriallyfromtheguidanceprovided.Foradiscussionofthefactorsthatmayaffectfutureresults,seetheForward-LookingStatements.20ExhibitE:PG&ECorporation’s2019ItemsImpactingComparability(“IIC”)Guidance2019IICGuidance(inmillions,after-tax)LowHigh(1)EstimatedItemsImpactingComparability:(2)2018Campfire-relatedcosts$302$245(3)2017NorthernCaliforniawildfire-relatedcosts6536(4)Electricassetinspectioncosts648432(5)Chapter11-relatedcosts~338~287EstimatedIICGuidance$~1,353$~1,000AllamountspresentedinthetableabovearetaxadjustedatPG&ECorporation’sstatutorytaxrateof27.98%for2019,exceptforcertainChapter11-relatedcosts.(1)“Itemsimpactingcomparability”representitemsthatmanagementdoesnotconsiderpartofthenormalcourseofoperationsandaffectcomparabilityoffinancialresultsbetweenperiods.SeeExhibitG:UseofNon-GAAPFinancialMeasures.(2)“2018Campfire-relatedcosts”referstoestimatedUtilityclean-upandrepairandlegalandothercostsassociatedwiththe2018Campfire.ThetotaloffsettingtaximpactforthelowandhighIICguidancerangeis$118millionand$95million,respectively.2019LowIICHighIIC(inmillions,pre-tax)guidancerangeguidancerangeUtilityclean-upandrepaircost$350$300Legalandothercosts70402018Campfire-relatedcosts$420$340(3)“2017NorthernCaliforniawildfire-relatedcosts”referstoestimatedlegalandothercostsassociatedwiththe2017NorthernCaliforniawildfires.ThetotaloffsettingtaximpactforthelowandhighIICguidancerangeis$25millionand$14million,respectively.2019LowIICHighIIC(inmillions,pre-tax)guidancerangeguidancerange2017NorthernCaliforniawildfire-relatedcosts$90$50(4)“Electricassetinspectioncosts”representsincrementaloperatingexpenserelatedtoenhancedandacceleratedinspectionsandrepairsofelectrictransmissionanddistributionassets.ThetotaloffsettingtaximpactforthelowandhighIICguidancerangeis$252and$168million,respectively.2019LowIICHighIIC(inmillions,pre-tax)guidancerangeguidancerangeElectricassetinspectioncosts$900$600Actualfinancialresultsfor2019maydiffermateriallyfromtheguidanceprovided.Foradiscussionofthefactorsthatmayaffectfutureresults,seetheForward-LookingStatements.20

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ExhibitE:PG&ECorporation’s2019ItemsImpactingComparability(“IIC”)Guidance(5)“Chapter11-relatedcosts”consistsofexternallegal,financing,andotherfees,netofinterestincome,directlyassociatedwithPG&ECorporation’sandtheUtility’sChapter11Cases,ofwhich~$100millionoflegalandothercostsarenottaxdeductible.ThetotaloffsettingtaximpactforthelowandhighIICguidancerangeis$92millionand$73million,respectively.2019LowIICHighIIC(inmillions,pre-tax)guidancerangeguidancerangeLegalandothercosts$340$280DIPfinancingcosts~120~120Interestincome(30)(40)Chapter11-relatedcosts$~430$~360Actualfinancialresultsfor2019maydiffermateriallyfromtheguidanceprovided.Foradiscussionofthefactorsthatmayaffectfutureresults,seetheForward-LookingStatements.21ExhibitE:PG&ECorporation’s2019ItemsImpactingComparability(“IIC”)Guidance(5)“Chapter11-relatedcosts”consistsofexternallegal,financing,andotherfees,netofinterestincome,directlyassociatedwithPG&ECorporation’sandtheUtility’sChapter11Cases,ofwhich~$100millionoflegalandothercostsarenottaxdeductible.ThetotaloffsettingtaximpactforthelowandhighIICguidancerangeis$92millionand$73million,respectively.2019LowIICHighIIC(inmillions,pre-tax)guidancerangeguidancerangeLegalandothercosts$340$280DIPfinancingcosts~120~120Interestincome(30)(40)Chapter11-relatedcosts$~430$~360Actualfinancialresultsfor2019maydiffermateriallyfromtheguidanceprovided.Foradiscussionofthefactorsthatmayaffectfutureresults,seetheForward-LookingStatements.21

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ExhibitF:GeneralEarningsSensitivitiesfor2019PG&ECorporationandPacificGasandElectricCompanyEstimated2019EarningsVariableDescriptionofChangeImpactRatebase+/-$100millionchangeinallowedratebase+/-$5millionReturnonequity(ROE)+/-0.1%changeinallowedROE+/-$21millionSharecount+/-1%changeinaverageshares+/-$0.04pershare+/-$7millionchangeinat-riskrevenue(pre-tax),includingRevenues+/-$0.01pershareElectricTransmissionandGasTransmissionandStorageThesegeneralearningssensitivitieswithrespecttofactorsthatmayaffect2019earningsareforward-lookingstatementsthatarebasedonvariousassumptions.Actualresultsmaydiffermaterially.Foradiscussionofthefactorsthatmayaffectfutureresults,seetheForward-LookingStatements.22ExhibitF:GeneralEarningsSensitivitiesfor2019PG&ECorporationandPacificGasandElectricCompanyEstimated2019EarningsVariableDescriptionofChangeImpactRatebase+/-$100millionchangeinallowedratebase+/-$5millionReturnonequity(ROE)+/-0.1%changeinallowedROE+/-$21millionSharecount+/-1%changeinaverageshares+/-$0.04pershare+/-$7millionchangeinat-riskrevenue(pre-tax),includingRevenues+/-$0.01pershareElectricTransmissionandGasTransmissionandStorageThesegeneralearningssensitivitieswithrespecttofactorsthatmayaffect2019earningsareforward-lookingstatementsthatarebasedonvariousassumptions.Actualresultsmaydiffermaterially.Foradiscussionofthefactorsthatmayaffectfutureresults,seetheForward-LookingStatements.22

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ExhibitG:UseofNon-GAAPFinancialMeasuresPG&ECorporationandPacificGasandElectricCompany:UseofNon-GAAPFinancialMeasuresPG&ECorporationdiscloseshistoricalfinancialresultsandprovidesguidancebasedon“non-GAAPearningsfromoperations”and“non-GAAPEPSfromoperations”inordertoprovideameasurethatallowsinvestorstocomparetheunderlyingfinancialperformanceofthebusinessfromoneperiodtoanother,exclusiveofitemsimpactingcomparability.“Non-GAAPearningsfromoperations”isanon-GAAPfinancialmeasureandiscalculatedasincomeavailableforcommonshareholderslessitemsimpactingcomparability.“Itemsimpactingcomparability”representitemsthatmanagementdoesnotconsiderpartofthenormalcourseofoperationsandaffectcomparabilityoffinancialresultsbetweenperiods,consistingoftheitemslistedinExhibitA.“Non-GAAPEPSfromoperations”alsoreferredtoas“non-GAAPearningspersharefromoperations”isanon-GAAPfinancialmeasureandiscalculatedasnon-GAAPearningsfromoperationsdividedbycommonsharesoutstanding(diluted).PG&ECorporationusesnon-GAAPearningsfromoperationsandnon-GAAPEPSfromoperationstounderstandandcompareoperatingresultsacrossreportingperiodsforvariouspurposesincludinginternalbudgetingandforecasting,short-andlong-termoperatingplanning,andemployeeincentivecompensation.PG&ECorporationbelievesthatnon-GAAPearningsfromoperationsandnon-GAAPEPSfromoperationsprovideadditionalinsightintotheunderlyingtrendsofthebusiness,allowingforabettercomparisonagainsthistoricalresultsandexpectationsforfutureperformance.Non-GAAPearningsfromoperationsandnon-GAAPEPSfromoperationsarenotsubstitutesoralternativesforGAAPmeasuressuchasconsolidatedincomeavailableforcommonshareholdersandmaynotbecomparabletosimilarlytitledmeasuresusedbyothercompanies.23ExhibitG:UseofNon-GAAPFinancialMeasuresPG&ECorporationandPacificGasandElectricCompany:UseofNon-GAAPFinancialMeasuresPG&ECorporationdiscloseshistoricalfinancialresultsandprovidesguidancebasedon“non-GAAPearningsfromoperations”and“non-GAAPEPSfromoperations”inordertoprovideameasurethatallowsinvestorstocomparetheunderlyingfinancialperformanceofthebusinessfromoneperiodtoanother,exclusiveofitemsimpactingcomparability.“Non-GAAPearningsfromoperations”isanon-GAAPfinancialmeasureandiscalculatedasincomeavailableforcommonshareholderslessitemsimpactingcomparability.“Itemsimpactingcomparability”representitemsthatmanagementdoesnotconsiderpartofthenormalcourseofoperationsandaffectcomparabilityoffinancialresultsbetweenperiods,consistingoftheitemslistedinExhibitA.“Non-GAAPEPSfromoperations”alsoreferredtoas“non-GAAPearningspersharefromoperations”isanon-GAAPfinancialmeasureandiscalculatedasnon-GAAPearningsfromoperationsdividedbycommonsharesoutstanding(diluted).PG&ECorporationusesnon-GAAPearningsfromoperationsandnon-GAAPEPSfromoperationstounderstandandcompareoperatingresultsacrossreportingperiodsforvariouspurposesincludinginternalbudgetingandforecasting,short-andlong-termoperatingplanning,andemployeeincentivecompensation.PG&ECorporationbelievesthatnon-GAAPearningsfromoperationsandnon-GAAPEPSfromoperationsprovideadditionalinsightintotheunderlyingtrendsofthebusiness,allowingforabettercomparisonagainsthistoricalresultsandexpectationsforfutureperformance.Non-GAAPearningsfromoperationsandnon-GAAPEPSfromoperationsarenotsubstitutesoralternativesforGAAPmeasuressuchasconsolidatedincomeavailableforcommonshareholdersandmaynotbecomparabletosimilarlytitledmeasuresusedbyothercompanies.23

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ExhibitH:GAAPNetIncome(Loss)toNon-GAAPAdjustedEBITDAReconciliationPG&ECorporationandPacificGasandElectricCompanyFirstQuarter,2019vs.2018ThreeMonthsEndedMarch31,(inmillions)20192018PG&ECorporation’sNetIncomeonaGAAPbasis$136$445Incometaxprovision(benefit)(84)51Otherincome,net(71)(108)Interestexpense103220Interestincome(22)(9)Operatingincome$189$599Depreciation,amortization,anddecommissioning797752Electricassetinspectioncosts210—2018Campfire-relatedcosts192—Chapter11-relatedcosts127—2017NorthernCaliforniawildfire-relatedcosts34212015Buttefire-relatedcosts—6PG&ECorporation’sNon-GAAPAdjustedEBITDA$1,549$1,377PG&ECorporationdiscloses“AdjustedEBITDA,”whichisanon-GAAPfinancialmeasure,inordertoprovideameasurethatinvestorsmayfindusefulforevaluatingPG&ECorporation’sperformanceduringthependencyoftheChapter11Cases.PG&ECorporation’smanagementgenerallydoesnotuseAdjustedEBITDAinmanagingitsbusiness.AdjustedEBITDAiscalculatedasPG&ECorporation’snetincomeplusincometaxprovision(orlessincometaxbenefit);lessotherincome,net;plusinterestexpense;lessinterestincome;plusdepreciation,amortization,anddecommissioning;pluselectricassetinspection,Chapter11-,2018Campfire-,2017NorthernCaliforniawildfire-,and2015Buttefire-relatedcosts.AdjustedEBITDAisnotasubstituteoralternativeforGAAPmeasures,suchasnetincome,andmaynotbecomparabletosimilarlytitledmeasuresusedbyothercompanies.SeeaboveforareconciliationofGAAPnetincometonon-GAAPAdjustedEBITDA.24ExhibitH:GAAPNetIncome(Loss)toNon-GAAPAdjustedEBITDAReconciliationPG&ECorporationandPacificGasandElectricCompanyFirstQuarter,2019vs.2018ThreeMonthsEndedMarch31,(inmillions)20192018PG&ECorporation’sNetIncomeonaGAAPbasis$136$445Incometaxprovision(benefit)(84)51Otherincome,net(71)(108)Interestexpense103220Interestincome(22)(9)Operatingincome$189$599Depreciation,amortization,anddecommissioning797752Electricassetinspectioncosts210—2018Campfire-relatedcosts192—Chapter11-relatedcosts127—2017NorthernCaliforniawildfire-relatedcosts34212015Buttefire-relatedcosts—6PG&ECorporation’sNon-GAAPAdjustedEBITDA$1,549$1,377PG&ECorporationdiscloses“AdjustedEBITDA,”whichisanon-GAAPfinancialmeasure,inordertoprovideameasurethatinvestorsmayfindusefulforevaluatingPG&ECorporation’sperformanceduringthependencyoftheChapter11Cases.PG&ECorporation’smanagementgenerallydoesnotuseAdjustedEBITDAinmanagingitsbusiness.AdjustedEBITDAiscalculatedasPG&ECorporation’snetincomeplusincometaxprovision(orlessincometaxbenefit);lessotherincome,net;plusinterestexpense;lessinterestincome;plusdepreciation,amortization,anddecommissioning;pluselectricassetinspection,Chapter11-,2018Campfire-,2017NorthernCaliforniawildfire-,and2015Buttefire-relatedcosts.AdjustedEBITDAisnotasubstituteoralternativeforGAAPmeasures,suchasnetincome,andmaynotbecomparabletosimilarlytitledmeasuresusedbyothercompanies.SeeaboveforareconciliationofGAAPnetincometonon-GAAPAdjustedEBITDA.24

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ExhibitI:PacificGasandElectricCompanyExpectedTimelinesofSelectedRegulatoryCasesRegulatoryCaseDocket#KeyDates2019GasTransmissionandStorageRateCaseA.17-11-009Nov17,2017–ApplicationfiledJan4,2018–PrehearingConference(PHC)Mar30,2018–Updatetestimonyfiledtoreflect2017TaxActreductionsinforecastedrevenuerequirementApril24,2018–CPUCtoissuerulingonproceedingscopeandscheduleJun29,2018–PAOtestimonyJul20,2018–IntervenortestimonyJun-Jul2018–PublicparticipationhearingsJun-Aug2018–SettlementdiscussionsAug20,2018–ConcurrentrebuttaltestimonySep17-Oct12,2018–EvidentiaryhearingsNov14,2018–OpeningBriefsDec14,2018–ReplyBriefsQ22019–ProposedDecisionperScopingMemo2020GeneralRateCase(PhaseI)A.18-11-009Dec13,2018–ApplicationfiledMar8,2019–ScopingMemoMar25,2019–PG&E'sRevisedTestimonyonRealEstateservedJun28,2019–PAOtestimonyJul26,2019–IntervenortestimonyJul-Aug2019–PublicparticipationhearingsSep23-Oct18,2019–EvidentiaryhearingsNov1,2019–Comparisonexhibitandupdatetestimony(ifnecessary)Nov6,2019–Evidentiaryhearingonupdatetestimony(ifnecessary)Nov15,2019–OpeningBriefsDec6,2019–ReplyBriefsQ12020–ProposedDecisionperScopingMemoCostofCapital2020A.19-04-015April22,2019–ApplicationfiledMay22,2019-ProtestsDueByJune3,2019-PrehearingConferenceJuly30,2019-PublicAdvocates/IntervenortestimonyAugust22,2019-RebuttaltestimonySeptember16,2019-EvidentiaryHearingsTBD-Briefs25ExhibitI:PacificGasandElectricCompanyExpectedTimelinesofSelectedRegulatoryCasesRegulatoryCaseDocket#KeyDates2019GasTransmissionandStorageRateCaseA.17-11-009Nov17,2017–ApplicationfiledJan4,2018–PrehearingConference(PHC)Mar30,2018–Updatetestimonyfiledtoreflect2017TaxActreductionsinforecastedrevenuerequirementApril24,2018–CPUCtoissuerulingonproceedingscopeandscheduleJun29,2018–PAOtestimonyJul20,2018–IntervenortestimonyJun-Jul2018–PublicparticipationhearingsJun-Aug2018–SettlementdiscussionsAug20,2018–ConcurrentrebuttaltestimonySep17-Oct12,2018–EvidentiaryhearingsNov14,2018–OpeningBriefsDec14,2018–ReplyBriefsQ22019–ProposedDecisionperScopingMemo2020GeneralRateCase(PhaseI)A.18-11-009Dec13,2018–ApplicationfiledMar8,2019–ScopingMemoMar25,2019–PG&E'sRevisedTestimonyonRealEstateservedJun28,2019–PAOtestimonyJul26,2019–IntervenortestimonyJul-Aug2019–PublicparticipationhearingsSep23-Oct18,2019–EvidentiaryhearingsNov1,2019–Comparisonexhibitandupdatetestimony(ifnecessary)Nov6,2019–Evidentiaryhearingonupdatetestimony(ifnecessary)Nov15,2019–OpeningBriefsDec6,2019–ReplyBriefsQ12020–ProposedDecisionperScopingMemoCostofCapital2020A.19-04-015April22,2019–ApplicationfiledMay22,2019-ProtestsDueByJune3,2019-PrehearingConferenceJuly30,2019-PublicAdvocates/IntervenortestimonyAugust22,2019-RebuttaltestimonySeptember16,2019-EvidentiaryHearingsTBD-Briefs25

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ExhibitI:PacificGasandElectricCompanyExpectedTimelinesofSelectedRegulatoryCasesRegulatoryCaseDocket#KeyDatesLocateandMarkOIII.18-12-007Dec13,2018–PresidentPickerissuedorderinitiatinginvestigationJan14,2019–PG&Esubmittedits30DayReportMar14,2019–PG&Esubmittedits90DayReportMar22,2019–SEDfiledmotiontoexpandscopeApr2,2019–PG&EfiledresponsetoSED'smotionApr4,2019–PrehearingConferenceMay2,2019–SettlementConferenceSafetyCultureandGovernanceOrderInstitutingI.15-08-019Dec21,2018–PresidentPickerissuedrulingonnextphaseInvestigationPhase3Jan16,2019–PG&EsubmitteditsinitialresponseFeb13,2019–OpeningcommentssubmittedFeb28,2019–ReplyCommentsdueApr15,2019–WorkshoponCorporateGovernanceApr26,2019–WorkshoponCorporateStructureTransmissionOwnerRateCase(TO18)ER16-2320Jul29,2016–PG&EfiledTO18ratecaseseekinganannualrevenuerequirementfor2017Sep30,2016–FERCacceptedTO18makingrateseffectiveMar1,2017andestablishingsettlementprocessOct19,2016–FERCsettlementconferenceOct30,2016–CPUCseeksrehearingofFERC'sgrantof50bpROEadderforCAISOparticipationFeb7-8,2017–FERCsettlementconferenceMar16,2017–PartiesreachedimpasseinsettlementdiscussionsJan2018–HearingsOct1,2018–InitialdecisionissuedOct31,2018–BriefonExceptions(BOE)dueNov20,2018–ThereplytoBOEdueQ32019–FinaldecisionexpectedTransmissionOwnerRateCase(TO19)ER17-2154Jul26,2017–PG&EfiledTO19ratecaseseekinganannualrevenuerequirementfor2018Sep28,2017–FERCacceptedTO19makingrateseffectiveMar1,2018,andestablishingsettlementprocessOct2017andMay/July2018–FERCsettlementconferencesSep21,2018–OfferofSettlementfiledwithFERCwithmotionforinterimratesOct9,2018–ChiefALJgrantedmotionforinterimratesandauthorizedtheimplementationoftheinterimrates(Jul1,2018forWholesaleandJan1,2019forretail)pendingCommissionactiononsettlement.Dec20,2018–FERCapprovedtheall-partysettlement26ExhibitI:PacificGasandElectricCompanyExpectedTimelinesofSelectedRegulatoryCasesRegulatoryCaseDocket#KeyDatesLocateandMarkOIII.18-12-007Dec13,2018–PresidentPickerissuedorderinitiatinginvestigationJan14,2019–PG&Esubmittedits30DayReportMar14,2019–PG&Esubmittedits90DayReportMar22,2019–SEDfiledmotiontoexpandscopeApr2,2019–PG&EfiledresponsetoSED'smotionApr4,2019–PrehearingConferenceMay2,2019–SettlementConferenceSafetyCultureandGovernanceOrderInstitutingI.15-08-019Dec21,2018–PresidentPickerissuedrulingonnextphaseInvestigationPhase3Jan16,2019–PG&EsubmitteditsinitialresponseFeb13,2019–OpeningcommentssubmittedFeb28,2019–ReplyCommentsdueApr15,2019–WorkshoponCorporateGovernanceApr26,2019–WorkshoponCorporateStructureTransmissionOwnerRateCase(TO18)ER16-2320Jul29,2016–PG&EfiledTO18ratecaseseekinganannualrevenuerequirementfor2017Sep30,2016–FERCacceptedTO18makingrateseffectiveMar1,2017andestablishingsettlementprocessOct19,2016–FERCsettlementconferenceOct30,2016–CPUCseeksrehearingofFERC'sgrantof50bpROEadderforCAISOparticipationFeb7-8,2017–FERCsettlementconferenceMar16,2017–PartiesreachedimpasseinsettlementdiscussionsJan2018–HearingsOct1,2018–InitialdecisionissuedOct31,2018–BriefonExceptions(BOE)dueNov20,2018–ThereplytoBOEdueQ32019–FinaldecisionexpectedTransmissionOwnerRateCase(TO19)ER17-2154Jul26,2017–PG&EfiledTO19ratecaseseekinganannualrevenuerequirementfor2018Sep28,2017–FERCacceptedTO19makingrateseffectiveMar1,2018,andestablishingsettlementprocessOct2017andMay/July2018–FERCsettlementconferencesSep21,2018–OfferofSettlementfiledwithFERCwithmotionforinterimratesOct9,2018–ChiefALJgrantedmotionforinterimratesandauthorizedtheimplementationoftheinterimrates(Jul1,2018forWholesaleandJan1,2019forretail)pendingCommissionactiononsettlement.Dec20,2018–FERCapprovedtheall-partysettlement26

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ExhibitI:PacificGasandElectricCompanyExpectedTimelinesofSelectedRegulatoryCasesRegulatoryCaseDocket#KeyDatesTransmissionOwnerRateCase(TO20)ER19-13Oct1,2018–ApplicationforTO20filedNov30,2018–FERCacceptedTO20filingandsetinterimrateseffectiveMay1,2019WildfireCostRecoveryCriteriaOIRR.19-01-006Feb11,2019–OpeningCommentsfiledFeb20,2019–PrehearingConferenceFeb25,2019–ReplyCommentsfiledMar29,2019–ScopingMemoApr5,2019–CPUCStaffReportApr10,2019–WorkshopApr24,2019–CommentsonstaffproposalMay1,2019–ReplycommentsonstaffproposalWildfireMitigationPlanOrderInstitutingR.18-10-007Feb6,2019–WildfireMitigationPlanFiledRulemakingFeb13,2019–WildfireMitigationPlanspresentationworkshopWeekofFeb25–TechnicalworkshopsFeb26,2019–PrehearingConferenceMar13,2019–IntervenorcommentsMar22,2019–UtilityreplycommentsApr29,2019–ProposedDecisionsissuedMay2019–FinaldecisionexpectedMostoftheseregulatorycasesarediscussedinPG&ECorporationandPacificGasandElectricCompany'scombinedAnnualReportonForm10-KfortheyearendedDecember31,2018.27ExhibitI:PacificGasandElectricCompanyExpectedTimelinesofSelectedRegulatoryCasesRegulatoryCaseDocket#KeyDatesTransmissionOwnerRateCase(TO20)ER19-13Oct1,2018–ApplicationforTO20filedNov30,2018–FERCacceptedTO20filingandsetinterimrateseffectiveMay1,2019WildfireCostRecoveryCriteriaOIRR.19-01-006Feb11,2019–OpeningCommentsfiledFeb20,2019–PrehearingConferenceFeb25,2019–ReplyCommentsfiledMar29,2019–ScopingMemoApr5,2019–CPUCStaffReportApr10,2019–WorkshopApr24,2019–CommentsonstaffproposalMay1,2019–ReplycommentsonstaffproposalWildfireMitigationPlanOrderInstitutingR.18-10-007Feb6,2019–WildfireMitigationPlanFiledRulemakingFeb13,2019–WildfireMitigationPlanspresentationworkshopWeekofFeb25–TechnicalworkshopsFeb26,2019–PrehearingConferenceMar13,2019–IntervenorcommentsMar22,2019–UtilityreplycommentsApr29,2019–ProposedDecisionsissuedMay2019–FinaldecisionexpectedMostoftheseregulatorycasesarediscussedinPG&ECorporationandPacificGasandElectricCompany'scombinedAnnualReportonForm10-KfortheyearendedDecember31,2018.27

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APPENDIX2–OVERVIEWOFKEYREGULATORYCASES2020CPUCGeneralRateCaseŸOnDecember13,2018,PG&Efileditsapplicationforits2020GeneralRateCaserequestinga~$1.1Bincreaseinrevenuerequirementover2019authorized.($billions)202020212022RevenueRequirement~$9.6~$10.0~$10.5ŸOnMarch8,2019,theCPUCissuedaScopingMemoandRulingsettingthecategory,needforhearings,issuestobeaddressed,andscheduleoutliningstepstowardsaproposeddecisionbyQ12020ŸAssignedCommissioner:PickerAdministrativeLawJudge:Lirang,Lau28APPENDIX2–OVERVIEWOFKEYREGULATORYCASES2020CPUCGeneralRateCaseŸOnDecember13,2018,PG&Efileditsapplicationforits2020GeneralRateCaserequestinga~$1.1Bincreaseinrevenuerequirementover2019authorized.($billions)202020212022RevenueRequirement~$9.6~$10.0~$10.5ŸOnMarch8,2019,theCPUCissuedaScopingMemoandRulingsettingthecategory,needforhearings,issuestobeaddressed,andscheduleoutliningstepstowardsaproposeddecisionbyQ12020ŸAssignedCommissioner:PickerAdministrativeLawJudge:Lirang,Lau28

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APPENDIX2–OVERVIEWOFKEYREGULATORYCASES2019CPUCGasTransmissionandStorageRateCaseŸOnNovember17,2017,PG&Efiledits2019GasTransmissionandStorageratecase.PG&EsubsequentlyreviseditsrequesttoreflectimpactsfromtheTaxCutsandJobsActaswellasotherforecastupdatestoa$184Mincreaseoverthe2018authorizedrevenuerequirement.($billions)2019202020212022Revenue~$1.48~$1.59~$1.69~$1.68RequirementŸInJune2018,theOfficeofRatepayerAdvocates,nowtheCaliforniaPublicAdvocatesOffice,proposeda2019revenuerequirementincreaseof$85M,followedbyincreasesof$94Min2020,$121Min2021,and$28Min2022.OnOctober1,2018,PG&EenteredintoastipulationwiththePublicAdvocatesOfficethat,ifapproved,wouldextendtheratecasecyclethrough2022.ŸWearecurrentlyawaitingaproposeddecisionfromtheassignedadministrativelawjudge.ŸAssignedCommissioner:RechtschaffenAdministrativeLawJudge:Powell29APPENDIX2–OVERVIEWOFKEYREGULATORYCASES2019CPUCGasTransmissionandStorageRateCaseŸOnNovember17,2017,PG&Efiledits2019GasTransmissionandStorageratecase.PG&EsubsequentlyreviseditsrequesttoreflectimpactsfromtheTaxCutsandJobsActaswellasotherforecastupdatestoa$184Mincreaseoverthe2018authorizedrevenuerequirement.($billions)2019202020212022Revenue~$1.48~$1.59~$1.69~$1.68RequirementŸInJune2018,theOfficeofRatepayerAdvocates,nowtheCaliforniaPublicAdvocatesOffice,proposeda2019revenuerequirementincreaseof$85M,followedbyincreasesof$94Min2020,$121Min2021,and$28Min2022.OnOctober1,2018,PG&EenteredintoastipulationwiththePublicAdvocatesOfficethat,ifapproved,wouldextendtheratecasecyclethrough2022.ŸWearecurrentlyawaitingaproposeddecisionfromtheassignedadministrativelawjudge.ŸAssignedCommissioner:RechtschaffenAdministrativeLawJudge:Powell29

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APPENDIX2–OVERVIEWOFKEYREGULATORYCASESFERCTransmissionOwnerRateCaseTO18(2017Revenues)•July29,2016–FiledTO18withFERCrequesting$1.7billionrevenuerequirement,anROE(inclusiveof50basispointadder)of10.90%•Afinaldecisionisexpectedinthesecondhalfof2019TO19(2018Revenues)•OnAugust24,2018thePartiesreachedasettlement-in-principleonallissuestyingtheTO19settlementRRQtothefinalFERCdecisioninTO18byapplyingasettlementfactorof98.85%tothefinalTO18authorizedRRQ•OnDecember20,2019,theFERCissuedaletterapprovingthesettlement,butrateswillbesubjecttorefunduntilresolutionofTO18TO20(2019Revenues)•OnOctober1,2018,PG&EfileditsTO20ratecase,requestingbothaconversiontoformularates,arevenuerequirementof~$1.96BandanROEof12.5%(inclusiveof50basispointincentiveadder)•OnNovember30,2018,theFERCacceptedthefilingandestablishedinterimrateseffectiveMay1,2019,anddirectedthepartiestosettlementprocedureswhileholdinghearingsinabeyance30APPENDIX2–OVERVIEWOFKEYREGULATORYCASESFERCTransmissionOwnerRateCaseTO18(2017Revenues)•July29,2016–FiledTO18withFERCrequesting$1.7billionrevenuerequirement,anROE(inclusiveof50basispointadder)of10.90%•Afinaldecisionisexpectedinthesecondhalfof2019TO19(2018Revenues)•OnAugust24,2018thePartiesreachedasettlement-in-principleonallissuestyingtheTO19settlementRRQtothefinalFERCdecisioninTO18byapplyingasettlementfactorof98.85%tothefinalTO18authorizedRRQ•OnDecember20,2019,theFERCissuedaletterapprovingthesettlement,butrateswillbesubjecttorefunduntilresolutionofTO18TO20(2019Revenues)•OnOctober1,2018,PG&EfileditsTO20ratecase,requestingbothaconversiontoformularates,arevenuerequirementof~$1.96BandanROEof12.5%(inclusiveof50basispointincentiveadder)•OnNovember30,2018,theFERCacceptedthefilingandestablishedinterimrateseffectiveMay1,2019,anddirectedthepartiestosettlementprocedureswhileholdinghearingsinabeyance30

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APPENDIX2–OVERVIEWOFKEYREGULATORYCASES2020CostofCapitalFilingŸOnApril22,2018,PG&Efileditsapplicationforits2020CostofCapital,whichwouldresultina$1.2billionincreaseinitsrevenuerequirementbasedoncurrentlyauthorizedratebase.2019CurrentlyAuthorized2020RequestedCapitalWeightedCapitalWeightedCostCostStructureCostStructureCostReturnonCommonEquity10.25%52.0%5.33%16.0%52.0%8.32%PreferredStock5.60%1.0%0.06%5.52%0.5%0.03%Long-TermDebt4.89%47.0%2.30%5.16%47.5%2.45%WeightedAverageCostofCapital7.69%10.80%ŸProtestsaredueonMay22,2019,andaprehearingconferencewillbeheldbyJune331APPENDIX2–OVERVIEWOFKEYREGULATORYCASES2020CostofCapitalFilingŸOnApril22,2018,PG&Efileditsapplicationforits2020CostofCapital,whichwouldresultina$1.2billionincreaseinitsrevenuerequirementbasedoncurrentlyauthorizedratebase.2019CurrentlyAuthorized2020RequestedCapitalWeightedCapitalWeightedCostCostStructureCostStructureCostReturnonCommonEquity10.25%52.0%5.33%16.0%52.0%8.32%PreferredStock5.60%1.0%0.06%5.52%0.5%0.03%Long-TermDebt4.89%47.0%2.30%5.16%47.5%2.45%WeightedAverageCostofCapital7.69%10.80%ŸProtestsaredueonMay22,2019,andaprehearingconferencewillbeheldbyJune331

Exhibit 99.1

Investor Relations Contact: 415.972.7080 | Media Inquiries Contact: 415.973.5930 | www.pgecorp.com

May 2, 2019

PG&E Corporation Reports First-Quarter 2019 Financial Results

◾ GAAP earnings were $0.25 per share for the first quarter of 2019, compared to $0.86 per share for the sameperiod in 2018.

◾ Non-GAAP earnings from operations were $1.04 per share for the first quarter of 2019, compared to $0.91 pershare for the same period in 2018.

SAN FRANCISCO — PG&E Corporation’s (NYSE: PCG) first-quarter 2019 net income available for common shareholderswas $136 million, or $0.25 per share, as reported in accordance with generally accepted accounting principles (GAAP).This compares with net income available for common shareholders of $442 million, or $0.86 per share, for the first quarterof 2018.

GAAP results include items that management does not consider part of normal, ongoing operations (items impactingcomparability), which totaled $410 million after-tax, or $0.79 per share, for the quarter. This was primarily driven byenhanced and accelerated electric asset inspection costs, clean-up and repair costs related to the 2018 Camp Fire, legaland other costs related to the 2017 Northern California wildfires and the 2018 Camp Fire, and financing, legal, and othercosts related to PG&E Corporation’s and Pacific Gas and Electric Company’s (Utility) reorganization cases under Chapter11 of the U.S. Bankruptcy Code (Chapter 11).

“The people of California look to PG&E to provide safe electric and natural gas service, and this remains our mostimportant responsibility. Over the last several months, the company has heard the calls for change, and has executed anumber of actions that position PG&E to be able to address the evolving needs of California. As we position PG&E for thelong-term, we are continuing to implement programs that will make the communities we serve safer in the face of extremeweather and wildfire risk, while also recognizing that significant work remains to be done as our state collectively confrontsthe coming wildfire season and the challenges of climate change,” said PG&E Corporation Chief Executive Officer (CEO)and President Bill Johnson.

Mr. Johnson, who recently concluded a more than six-year tenure as President and CEO of the Tennessee ValleyAuthority, began his role at PG&E today.

In April, PG&E Corporation and the Utility named refreshed Boards of Directors that include 13 highly accomplishedindividuals committed to further enhancing PG&E’s safety culture, to understanding and properly responding to customerconcerns, and to fairly treating wildfire victims, employees, retirees and other interested parties. Former state and federalregulator Nora Mead Brownell was named as Chair of the Board of PG&E Corporation, and former U.S. AmbassadorJeffrey Bleich was named as Chair of the Board of the Utility. PG&E Corporation also engaged former NationalTransportation Safety Board Chairman Chris Hart to be a special independent safety advisor to PG&E Corporation’s CEOand President. Mr. Johnson was separately named to the Board of the Utility, effective today.

PG&E Corporation will also propose to increase the maximum size of its Board to 15 directors, to be voted on at theAnnual Shareholders Meeting. In connection with that proposal, Mr. Johnson will stand for election to the PG&ECorporation Board for one of the two new seats, and the Nominating and

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Governance Committee will begin the search process for the fifteenth director position, focusing on candidates with strongclean energy/clean technology experience, a background in network and customer technology, strong ties to California,and expertise in California’s clean energy goals.

In the months ahead, PG&E Corporation and the Utility remain committed to delivering safe and reliable electric andnatural gas service to customers, and to continuing to make critical investments in system safety and maintenance. Thisincludes the Utility’s work to further reduce the risk of wildfire in the communities it serves, and to rebuild infrastructure inareas impacted by wildfires.

PG&E is taking action by:

● Further enhancing vegetation management efforts across high and extreme fire-threat areas to address vegetation

that poses higher potential for wildfire risk, including removing or trimming particular tree species that haveexhibited a higher pattern of failing;

● Conducting enhanced safety inspections of electric infrastructure in high fire-threat areas, including approximately

735,000 electric towers and poles across approximately 5,700 transmission line miles and 25,200 distribution linemiles; and

● Expanding procedures for turning off power for safety during wildfire season to include all transmission anddistribution lines in high and extreme fire-threat areas.

These wildfire safety actions and programs are part of PG&E’s 2019 Wildfire Safety Plan that the Utility filed with theCalifornia Public Utilities Commission (CPUC) in February. The plan addresses the Utility’s unique and diverse servicearea and is subject to public review and annual approval by the CPUC.

Non-GAAP Earnings from Operations

PG&E Corporation’s non-GAAP earnings from operations, which exclude items impacting comparability (IIC), were$546 million, or $1.04 per share, in the first quarter of 2019, compared with $468 million, or $0.91 per share, during thesame period in 2018.

The increase in quarter-over-quarter non-GAAP earnings from operations was primarily driven by growth in rate baseearnings, timing of insurance premiums and timing of taxes.

PG&E Corporation discloses “non-GAAP earnings from operations,” which is a non-GAAP financial measure, in order toprovide a measure that allows investors to compare the underlying financial performance of the business from one periodto another, exclusive of items impacting comparability. See the accompanying tables for a reconciliation of non-GAAPearnings from operations to consolidated income available for common shareholders.

IIC Guidance

At this time, PG&E Corporation is not providing guidance for 2019 GAAP earnings and non-GAAP earnings fromoperations due to the continuing uncertainty related to the 2018 Camp Fire, the 2017 Northern California wildfires, theChapter 11 proceedings, and legislative and regulatory reforms. PG&E Corporation is providing 2019 IIC guidance of$1.0 billion to $1.4 billion after-tax for costs related to enhanced and accelerated electric asset inspections, the 2018 CampFire, 2017 Northern California wildfires, and Chapter 11-related matters. See the accompanying tables for additionalinformation.

IIC guidance is based on various assumptions and forecasts related to future expenses and certain other factors.

Supplemental Financial Information

2

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In addition to the financial information accompanying this release, presentation slides have been furnished to the Securitiesand Exchange Commission (SEC) and are available on PG&E Corporation’s website at:http://investor.pgecorp.com/financials/quarterly-earnings-reports/default.aspx.

Public Dissemination of Certain Information

PG&E Corporation and the Utility routinely provide links to the Utility’s principal regulatory proceedings with the CPUC andthe Federal Energy Regulatory Commission (FERC) at http://investor.pgecorp.com, under the “Regulatory Filings” tab, sothat such filings are available to investors upon filing with the relevant agency. PG&E Corporation and the Utility alsoroutinely post, or provide direct links to, presentations, documents, and other information that may be of interest toinvestors at http://investor.pgecorp.com, under the “Wildfire Updates” and “News & Events: Events & Presentations” tabs,respectively, in order to publicly disseminate such information. It is possible that any of these filings or information includedtherein could be deemed to be material information.

About PG&E Corporation

PG&E Corporation (NYSE: PCG) is a holding company headquartered in San Francisco. It is the parent company ofPacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mileservice area in Northern and Central California. Each of PG&E Corporation and the Utility is a separate entity, with distinctcreditors and claimants, and is subject to separate laws, rules and regulations. For more information, visithttp://www.pgecorp.com. In this press release, they are together referred to as “PG&E.”

Forward-Looking Statements

This press release contains forward-looking statements that are not historical facts, including statements about the beliefs,expectations, estimates, future plans and strategies of PG&E Corporation and the Utility, as well as forecasts andestimates regarding potential liability in connection with the 2018 Camp Fire and 2017 Northern California wildfires, theUtility’s 2019 Wildfire Safety Plan, and PG&E Corporation’s 2019 IIC guidance. These statements are based on currentexpectations and assumptions, which management believes are reasonable, and on information currently available tomanagement, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptionsprove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include factors disclosed in PG&E Corporation’s and the Utility’s annual report on Form 10-K for theyear ended December 31, 2018, their joint quarterly report on Form 10-Q for the quarter ended March 31, 2019, and otherreports filed with the SEC, which are available on PG&E Corporation’s website at www.pgecorp.com and on the SECwebsite at www.sec.gov. Additional factors include, but are not limited to, those associated with the Chapter 11 cases ofPG&E Corporation and the Utility that commenced on January 29, 2019. PG&E Corporation and the Utility undertake noobligation to publicly update or revise any forward-looking statements, whether due to new information, future events orotherwise, except to the extent required by law.

3

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PG&E CORPORATION(DEBTOR-IN-POSSESSION)CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)   Three Months Ended March 31,  (in millions, except per share amounts) 2019 2018 Operating Revenues Electric $ 2,792 $ 2,951Naturalgas 1,219 1,105

Total operating revenues   4,011     4,056  

Operating Expenses Costofelectricity 599 819Costofnaturalgas 339 289Operatingandmaintenance 2,087 1,604Wildfire-relatedclaims,netofinsurancerecoveries — (7)Depreciation,amortization,anddecommissioning 797 752

Total operating expenses   3,822     3,457  

Operating Income   189     599  Interestincome 22 9Interestexpense (103) (220)Otherincome,net 71 108Reorganizationitems,net (127) —

Income Before Income Taxes   52     496  Incometaxprovision(benefit) (84) 51

Net Income   136     445  Preferredstockdividendrequirementofsubsidiary — 3

Income Available for Common Shareholders $ 136  $ 442  

Weighted Average Common Shares Outstanding, Basic   526     515  

Weighted Average Common Shares Outstanding, Diluted   527     516  

Net Earnings Per Common Share, Basic $ 0.25  $ 0.86  

Net Earnings Per Common Share, Diluted $                 0.25  $                 0.86  

4

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ReconciliationofPG&ECorporation’sConsolidatedIncomeAvailableforCommonShareholdersinAccordancewithGenerallyAcceptedAccountingPrinciples(“GAAP”)toNon-GAAPEarningsfromOperationsFirstQuarter,2019vs.2018(inmillions,exceptpershareamounts)

Three Months Ended March 31,

Earnings

Earnings per Common Share 

(Diluted)  (in millions, except per share amounts) 2019 2018 2019 2018

PG&E Corporation’s Earnings on a GAAP basis $ 136   $ 442   $ 0.25   $ 0.86  

ItemsImpactingComparability:(1) Electricassetinspectioncosts(2) 151 — 0.29 —

2018Campfire-relatedcosts(3) 138 — 0.26 —

Chapter11-relatedcosts(4) 97 — 0.18 —

2017NorthernCaliforniawildfire-relatedcosts(5) 25 15 0.05 0.03

Pipeline-relatedexpenses(6) — 7 — 0.01

2015Buttefire-relatedcosts,netofinsurance(7) — 4 — 0.01

PG&E Corporation’s Non-GAAP Earnings from Operations (8) $      546   $      468   $      1.04   $      0.91  

AllamountspresentedinthetableabovearetaxadjustedatPG&ECorporation’sstatutorytaxrateof27.98%for2018and2019,exceptforcertainChapter11-relatedcosts,whicharenottaxdeductible.Amountsmaynotsumduetorounding.(1) “Itemsimpactingcomparability”representitemsthatmanagementdoesnotconsiderpartofthenormalcourseofoperationsandaffectcomparabilityof

financialresultsbetweenperiods,consistingoftheitemslistedinthetableabove.See:UseofNon-GAAPFinancialMeasures.(2) TheUtilityincurredcostsof$210million(beforethetaximpactof$59million)duringthethreemonthsendedMarch31,2019forincremental

operatingexpensesrelatedtoenhancedandacceleratedinspectionsandrepairsofelectrictransmissionanddistributionassets.(3) TheUtilityincurredcostsof$192million(beforethetaximpactof$54million)duringthethreemonthsendedMarch31,2019associatedwiththe

2018Campfire.Thisincludes$179million(beforethetaximpactof$50million)duringthethreemonthsendedMarch31,2019forclean-upandrepaircosts.TheUtilityalsoincurredcostsof$13million(beforethetaximpactof$4million)forlegalandothercosts.

 (in millions, pre-tax) Three Months Ended 

March 31, 2019 Utilityclean-upandrepaircosts $ 179Legalandothercosts 13

2018 Camp fire-related costs $                                      192  

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(4) TheUtilityincurredcostsof$127million(beforethetaximpactof$30million)duringthethreemonthsendedMarch31,2019directlyassociatedwiththeCorporation’sandtheUtility’sChapter11Cases.Thisincludes$114million(beforethetaximpactof$32million)duringthethreemonthsendedMarch31,2019fordebtor-in-possession(DIP)financingcosts.TheUtilityalsoincurredlegalandothercostsof$24million(beforethetaximpactof$1million1)duringthethreemonthsendedMarch31,2019.Thesecostswerepartiallyoffsetby$11million(beforethetaximpactof$3million)recordedduringthethreemonthsendedMarch31,2019forinterestincome.

(1)$18millionoflegalandothercostsarenottaxdeductible

 (in millions, pre-tax) Three Months Ended 

March 31, 2019 DIPfinancingcosts $ 114Legalandothercosts 24Interestincome (11)

Chapter 11-related costs $                                      127  

(5) TheUtilityincurredlegalandothercostsof$34million(beforethetaximpactof$9million)and$21million(beforethetaximpactof$6million)

duringthethreemonthsendedMarch31,2019and2018,respectively,associatedwiththe2017NorthernCaliforniawildfires.(6) TheUtilityincurredcostsof$10million(beforethetaximpactof$3million)duringthethreemonthsendedMarch31,2018forpipeline-related

expensesincurredinconnectionwiththemulti-yearefforttoidentifyandremoveencroachmentsfromtransmissionpipelinerights-of-way.(7) TheUtilityincurredcosts,netofinsurance,of$5million(beforethetaximpactof$1million)duringthethreemonthsendedMarch31,2018

associatedwiththe2015Buttefire.Thisincludes$12million(beforethetaximpactof$3million)duringthethreemonthsendedMarch31,2018forlegalcosts.Thesecostswerepartiallyoffsetby$7million(beforethetaximpactof$2million)recordedduringthethreemonthsendedMarch31,2018forcontractorinsurancerecoveries.

 (in millions, pre-tax) Three Months Ended 

March 31, 2018 Legalcosts $ 12Insurancerecoveries (7)

2015 Butte fire-related costs, net of insurance $                                          5  

(8) “Non-GAAPearningsfromoperations”isanon-GAAPfinancialmeasure.See:UseofNon-GAAPFinancialMeasures.

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KeyDriversofPG&ECorporation’sNon-GAAPEarningsperCommonShare(“EPS”)fromOperationsFirstQuarter,2019vs.2018(inmillions,exceptpershareamounts)

  First Quarter 2019 vs. 2018  

Earnings

Earnings per Common Share (Diluted)

2018 Non-GAAP Earnings from Operations (1) $ 468 $ 0.91Growthinratebaseearnings 32 0.06Liabilityinsurancepremiums(2) 21 0.04Timingoftaxes(3) 21 0.04Miscellaneous 4 0.01Increaseinsharesoutstanding — (0.02)

2019 Non-GAAP Earnings from Operations (1) $             546  $             1.04  

AllamountspresentedinthetableabovearetaxadjustedatPG&ECorporation’sstatutorytaxrateof27.98%for2018and2019.Amountsmaynotsumduetorounding.(1) Seepreviousexhibitforreconciliationsof(i)earningsonaGAAPbasistonon-GAAPearningsfromoperationsand(ii)EPSonaGAAPbasisto

non-GAAPEPSfromoperations.(2) Representstheinsurancepremiumcostsincurredinthefirstquarterof2019,aboveamountsincludedinauthorizedrevenuerequirementsthatare

probableofrecovery,withnosimilarimpactinthefirstquarterof2018.TheCaliforniaPublicUtilitiesCommissionissueditsfinaldecisionauthorizingaWildfireExpenseMemorandumAccountinJune2018.Alsorepresentslowerinsurancepremiumcostsin2019duetotheacceleratedamortizationofaportionoftheUtility’sliabilityinsurancepremiumsduringthefourthquarterof2018asaresultofthe2018Campfire.

(3) RepresentsthetimingoftaxesreportableinquarterlystatementsinaccordancewithAccountingStandardsCodification740,Income Taxes ,andresults

fromvariancesinthepercentageofquarterlyearningstoannualearnings.

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PG&ECorporation’s2019ItemsImpactingComparability(“IIC”)Guidance 2019 IIC Guidance (in millions, after-tax) Low High Estimated Items Impacting Comparability: (1) 2018Campfire-relatedcosts(2) $ 302 $ 2452017NorthernCaliforniawildfire-relatedcosts(3) 65 36Electricassetinspectioncosts(4) 648 432Chapter11-relatedcosts(5) ~338 ~287

Estimated IIC Guidance $~1,353 $~1,000

AllamountspresentedinthetableabovearetaxadjustedatPG&ECorporation’sstatutorytaxrateof27.98%for2019,exceptforcertainChapter11-relatedcosts.(1) “Itemsimpactingcomparability”representitemsthatmanagementdoesnotconsiderpartofthenormalcourseofoperationsandaffectcomparabilityof

financialresultsbetweenperiods.See:UseofNon-GAAPFinancialMeasures.(2) “2018Campfire-relatedcosts”referstoestimatedUtilityclean-upandrepairandlegalandothercostsassociatedwiththe2018Campfire.Thetotal

offsettingtaximpactforthelowandhighIICguidancerangeis$118millionand$95million,respectively.

2019

 (in millions, pre-tax) Low IIC 

guidance range High IIC 

guidance range Utilityclean-upandrepaircost $ 350 $ 300Legalandothercosts 70 40

2018Campfire-relatedcosts $420 $340

(3) “2017NorthernCaliforniawildfire-relatedcosts”referstoestimatedlegalandothercostsassociatedwiththe2017NorthernCaliforniawildfires.The

totaloffsettingtaximpactforthelowandhighIICguidancerangeis$25millionand$14million,respectively. 2019

 (in millions, pre-tax) Low IIC 

guidance range High IIC 

guidance range 2017NorthernCaliforniawildfire-relatedcosts $ 90 $ 50

(4) “Electricassetinspectioncosts”representsincrementaloperatingexpenserelatedtoenhancedandacceleratedinspectionsandrepairsofelectric

transmissionanddistributionassets.ThetotaloffsettingtaximpactforthelowandhighIICguidancerangeis$252and$168million,respectively. 2019

 (in millions, pre-tax) Low IIC 

guidance range High IIC 

guidance range Electricassetinspectioncosts $900 $600

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(5) “Chapter11-relatedcosts”consistsofexternallegal,financing,andotherfees,netofinterestincome,directlyassociatedwithPG&ECorporation’sandtheUtility’sChapter11Cases,ofwhich~$100millionoflegalandothercostsarenottaxdeductible.ThetotaloffsettingtaximpactforthelowandhighIICguidancerangeis$92millionand$73million,respectively.

2019

 (in millions, pre-tax) Low IIC 

guidance range High IIC 

guidance range Legalandothercosts $ 340 $ 280DIPfinancingcosts ~120 ~120Interestincome (30) (40)

Chapter11-relatedcosts $~430 $~360

Actual financial results for 2019 may differ materially from the guidance provided. For a discussion of the factors that may affect future results, see theForward-Looking Statements.

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UseofNon-GAAPFinancialMeasuresPG&ECorporationandPacificGasandElectricCompany

PG&ECorporationdiscloseshistoricalfinancialresultsandprovidesguidancebasedon“non-GAAPearningsfromoperations”and“non-GAAPEPSfromoperations”inordertoprovideameasurethatallowsinvestorstocomparetheunderlyingfinancialperformanceofthebusinessfromoneperiodtoanother,exclusiveofitemsimpactingcomparability.

“Non-GAAPearningsfromoperations”isanon-GAAPfinancialmeasureandiscalculatedasincomeavailableforcommonshareholderslessitemsimpactingcomparability.“Itemsimpactingcomparability”representitemsthatmanagementdoesnotconsiderpartofthenormalcourseofoperationsandaffectcomparabilityoffinancialresultsbetweenperiods,consistingoftheitemslistedinexhibits.“Non-GAAPEPSfromoperations”alsoreferredtoas“non-GAAPearningspersharefromoperations”isanon-GAAPfinancialmeasureandiscalculatedasnon-GAAPearningsfromoperationsdividedbycommonsharesoutstanding(diluted).PG&ECorporationusesnon-GAAPearningsfromoperationsandnon-GAAPEPSfromoperationstounderstandandcompareoperatingresultsacrossreportingperiodsforvariouspurposesincludinginternalbudgetingandforecasting,short-andlong-termoperatingplanning,andemployeeincentivecompensation.PG&ECorporationbelievesthatnon-GAAPearningsfromoperationsandnon-GAAPEPSfromoperationsprovideadditionalinsightintotheunderlyingtrendsofthebusiness,allowingforabettercomparisonagainsthistoricalresultsandexpectationsforfutureperformance.

Non-GAAPearningsfromoperationsandnon-GAAPEPSfromoperationsarenotsubstitutesoralternativesforGAAPmeasuressuchasconsolidatedincomeavailableforcommonshareholdersandmaynotbecomparabletosimilarlytitledmeasuresusedbyothercompanies.


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