Quantcast

PG&E Corporation to Reduce 1 Million Ton Gas Emission by 2022


Shutterstock photo

PG&E Corporation 's PCG subsidiary, Pacific Gas and Electric Company (PG&E) recently announced its five-year sustainability plan that aims at reduction of greenhouse-gas (GHG) emissions from the company's operations by 1 million tons, through 2022. This newly set goal promotes the company's progress toward creating a sustainable energy future.

A Brief Note on the Five-Year Goal

In particular, the five-year plan, known as the Million Ton Challenge, aims at reducing methane emissions from natural gas operations, increasing clean vehicles and fuels, adopting environmentally responsible products with focus on electric substation equipment, and making the existing facilities more energy efficient and sustainable.

By a reduction of 10% in the greenhouse-gas emissions, the company successfully extends its ongoing sustainability efforts and continues to provide safe, reliable, affordable and clean energy options to its customers.

Initiatives Undertaken Toward Goal Achievement

California has mandated the state-based energy companies to reach 33% of retail electric deliveries from eligible renewable sources by the end of 2017 to 2020. PG&E Corporation already achieved the mandated target in 2017 when 33.1% of its electricity came from renewable resources. Furthermore, in the same year, nearly 80% of total electricity provided by the company came from carbon-free sources.

Such achievements, along with the latest planned initiatives, should definitely pave the way for PG&E Corporation in reducing a million ton of greenhouse-gas emission by 2022.

To further promote clean energy adoption, the company has increased its focus toward the adoption of electric vehicle (EV) to support clean transportation in California, via its targeted EV programs. In this context, PG&E Corporation plans on installing 7,500 EV chargers at various locations across Northern and Central California, through its EV Charge Network program.

Looking ahead, the Clean Energy and Pollution Reduction Act has mandated electric utilities to deliver 50% of their total annual retail sales by the end of 2028 to 2030, increasing the 33% mandate. Considering the new policy, we may expect to witness similar initiatives from PG&E Corporation, in terms of further reduction of its GHG emissions, over the long run.

Price Movement

PG&E Corporation's shares have lost 34% in the last 12 months compared with the industry 's decline of 0.6%. The underperformance may have been caused by the potential volatility in market prices of fuel, electricity and other renewable energy commodities.



Zacks Rank & Key Picks

PG&E Corporation currently has a Zacks Rank #4 (Sell). A few better-ranked stocks in the same industry include NRG Energy, Inc. NRG , Ameren Corporation AEE and Algonquin Power & Utilities Corp. AQN .

While NRG Energy and Algonquin Power & Utilities sport a Zacks Rank #1 (Strong Buy), Ameren Corporation carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here .

NRG Energy pulled off an average positive earnings surprise of 507.93% in the last four quarters. The Zacks Consensus Estimate for 2019 earnings moved up 24 cents over the past 90 days.

Ameren Corporation reported average positive earnings surprise of 7.69%% in the last four quarters. The Zacks Consensus Estimate for 2018 earnings moved up 2 cents over the past 90 days.

Algonquin Power & Utilities Corp. reported average positive earnings surprise of 28.56% in the last four quarters. The Zacks Consensus Estimate for 2018 earnings moved up 10 cents over the past 90 days.

5 Medical Stocks to Buy Now

Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.

New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.

Click here to see the 5 stocks >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Ameren Corporation (AEE): Free Stock Analysis Report

Pacific Gas & Electric Co. (PCG): Free Stock Analysis Report

NRG Energy, Inc. (NRG): Free Stock Analysis Report

Algonquin Power & Utilities Corp. (AQN): Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.



This article appears in: Investing , Business , Stocks
Referenced Symbols: AEE , PCG , NRG , AQN


More from Zacks.com

Subscribe






Zacks.com
Contributor:

Zacks.com

Equity Research








Research Brokers before you trade

Want to trade FX?