SAN FRANCISCO--(BUSINESS WIRE)--Pacific Gas and Electric Company (PG&E) is paying property taxes and franchise fees of more than $388 million this spring to the 50 counties and 247 cities where the energy company owns and operates gas and electric infrastructure that serves 16 million Californians. This is an increase of $21 million over payments made a year ago.
“Property tax and franchise fee payments are one of the important ways PG&E helps drive local economies and support essential public services like education and public safety. This year’s higher payments reflect the substantial local investments we are making in our gas and electric infrastructure to create one of the safest and most reliable energy companies in the nation,” said Jason Wells, senior vice president and chief financial officer for PG&E.
PG&E increased its payment of property taxes sharply this year as the energy company continued to make significant investments in its gas and electric system to support safety and reliability. PG&E received authorization from the bankruptcy court to pay property taxes and franchise fees so this support for local governments and schools would continue uninterrupted.
On April 10, PG&E paid property taxes of over $260 million to the 50 counties in which it owns property. The payment covers the period from January 1 to June 30, 2019. Total payments for the tax year of July 1, 2018 to June 30, 2019 are more than $520 million—an increase of $58 million, or 12 percent, over the prior fiscal year.
PG&E pays franchise fees to cities and counties for the use of public streets for its gas and electric facilities. The energy company submitted the fees by April 15.
PG&E’s franchise fee payments totaled nearly $129 million – almost $36 million for natural gas and $93 million for electric service.
PG&E invested about $6 billion last year to enhance and upgrade its gas and electrical infrastructure across Northern and Central California.
PG&E supports the communities it serves in a variety of ways. Last year PG&E provided nearly $28 million in community grants and investments to enrich local educational opportunities, preserve the environment, and support economic vitality and emergency preparedness. PG&E employees provide thousands of hours of volunteer service in their local communities. The company also offers a broad spectrum of economic development services to help local businesses grow.
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric energy companies in the United States. Based in San Francisco, with more than 20,000 employees, the company delivers some of the nation’s cleanest energy to nearly 16 million people in Northern and Central California. For more information, visit www.pge.com/ and pge.com/news.
PG&E’s Second Installment of Property Taxes Paid on April 10, 2019
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