OAKLAND — PG&E profits have surged in the second quarter of 2023, driven by strong growth in revenue from its electricity and gas divisions, according to the company’s report on Thursday.
The utility recorded a profit of $406 million in the second quarter from April to June, marking a 17.3% increase compared to the $356 million profit in the same period last year.
PG&E, based in Oakland, reported a revenue of $5.29 billion in the second quarter, a 3.4% rise from $5.12 billion in the same April-June period of the previous year.
The revenue from electricity totaled $3.85 billion, a 4.4% increase from the previous year, while gas revenue reached $1.44 billion, representing a 0.7% growth from the second quarter of 2022.
“Through the first half of 2023, we feel confident that we continue to reduce physical risk on our system overall,” commented Patricia Poppe, the CEO of PG&E.