PG&E Corporation (NYSE:PCG) Q1 2018 Earnings Conference Call - Final Transcript

May 03, 2018 • 12:00 pm ET


PG&E Corporation (NYSE:PCG) Q1 2018 Earnings Conference Call - Final Transcript


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Good morning, and welcome to the PG&E Corporation First Quarter 2018 Conference Call. All lines will be muted during the presentation portions of the call with an opportunity for questions-and-answers at the end.

At this time, I would like to pass the conference over to your host, to Chris Foster. Thank you, and have a great conference. You may proceed, Mr. Foster.

Christopher Foster

Thank you, Lisa, and thanks to you -- to those of you on the phone for joining us. Before I turn it over to Geisha Williams, I want to remind you that our discussion today will focus on forward-looking statements about our outlook for future financial results, which are based on assumptions, forecasts, expectations and information currently available to management. Some of the important factors that could affect the company's actual financial results are described on the second page of today's first quarter earnings call presentation.

The presentation also includes a reconciliation between non-GAAP and GAAP measures. We also encourage you to look -- to review our quarterly report on Form Q-10 that will be filed with the SEC later today and the discussion of risk factors that appears there in the 20 -- and in the 2017 annual report.

With that, I'll hand it over to Geisha.

Geisha J. Williams

Thank you, Chris, and good morning, everyone. Today, I'll provide an overview of our initiatives to drive comprehensive operational and policy solutions that address extreme weather-driven events and the impact they're having on our communities, our company and our state. I'll also be covering how we continue to advance our business strategy and position PG&E for the future with examples that represent our vision of meeting the challenges of climate change, while providing affordable energy for all our customers. And finally, we'll close with Jason walking us through the financial results for the quarter.

Nearly seven months have passed since the devastating wildfires that impacted our North Bay communities. Our thoughts continue to be with our customers, employees, families and friends who were affected. Nothing is more important to PG&E than the safety of our communities and workforce. And as I will speak to shortly, we are collaborating on a number of fronts to better prepare the communities that we're privileged to serve in the face of future potential wildfires. There is growing evidence that these wildfires may become more destructive in future years and we must adapt.

California investor-owned utilities are responding to this new normal. We have long been leaders in helping the state reduce its carbon footprint. And now we must lead in climate adaptation and resilience as well. Our efforts include adapting our operations and infrastructure to changing climate conditions as well as supporting efforts at the local level to make the communities we serve more resilient.

Today, I'll cover what PG&E is specifically doing to tackle these complex issues. We continue to aggressively pursue strategies that address needed policy reforms for the near and long term, while also enhancing our operations. On the operational front, we've