The PG & E -Corporation lost its first quarter profits on Thursday, as the power company hurt more operating and interest costs.
Utility companies need more long interest rates to increase borrowing costs, which usually require more capital for costs such as maintaining grid.
Related: Insurance companies have been accused of leaving coverage in California -affected parts of the California Fire
PG&E said its interest costs increased by 2.7 percent in the first quarter a year ago to $ 734 million.
In January, several forest fires shaken tens of thousands of acres of land in Los Angeles, which is now expected to be the most expensive natural catastrophe in American history. The power efficacy of this area has also come under increasing scrutiny.
Related: South California Edison has developed a $ 925 million plan for reconstruction after LA Wild Fire
Utility, which filed its forest fire reduction plan in March from 2026 to 2028, expects to be expected to construct around 700 700 miles of underground power lines between 2025 and 2026 and 500 miles of other forest fire security systems.
The average residential electricity rates were lower than a year ago in March and it is expected that the natural gas supply rate will remain flat in 2025, PG&E said.
On any tariff impact, PG&E has said on a post -earning call that 90 % of its goods sourcing is primarily from domestic suppliers and is considered to be “highly manageable” for taxes.
Related: State Form’s California Emergency Rate Request is 17 %
According to data compiled by the LSEG, the company’s total operating income in the quarter was $ 5.98 billion, which is estimated at $ 6.14 billion.
For the quarter ending March 31, the company’s operating costs increased by 3.8 % to $ 76 4.76 billion.
Utility, based in Okland, California, said its data center pipeline has increased from 5.5 GW to 8.7 GW and has added about 3,000 users to its electric grid system in the quarter.
On adjustments, PG&E reported a profit of 33 cents per share, compared to an average of 34 cents.
(Reporting by Menon in Bangalore; edited by Maju Samuel)
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