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Pacific Gas and Electric Q3 net losses $1.6 billion

Christian Fernsby |
Pacific Gas and Electric recorded third quarter 2019 net losses attributable to common shareholders of $1.6 billion, or $3.06 per share, as reported in accordance with generally accepted accounting principles (GAAP).

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This compares with net income available for common shareholders of $564 million, or $1.09 per share, for the third quarter of 2018.

Pacific Gas and Electric's non-GAAP earnings from operations, which exclude IIC, were $590 million, or $1.11 per share, in the third quarter of 2019, compared with $582 million, or $1.13 per share, during the same period in 2018.

The decrease in quarter-over-quarter non-GAAP earnings from operations per share was primarily driven by 2019 vegetation management costs, the resolution of 2018 regulatory items, and the increase in shares outstanding, partially offset by growth in rate base earnings.

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