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PG&E's profits miss estimates due to higher maintenance and operating costs

PG&E Corp's shares fell 1.4% on Thursday in premarket trading after the utility company missed Wall Street expectations for its second-quarter profits. The utility was hit by a rise in operating and maintenance expenses.

The company's total operating and maintenance expenses rose by 3.7%, to $2.86 Billion. It also said that wildfire claims, net recoveries, and the utility’s wildfire fund expenditure increased from one year ago.

PG&E is responsible for a number of wildfires in California, including the most deadly. It has made investments to improve its grid's reliability.

The utility stated that it would build 700 miles underground power lines, and upgrade 500 miles of wildfire safety systems between 2025-2026.

PG&E’s total operating revenue for the quarter fell to $5.90billion, down from $5.99billion a year ago.

PG&E, the parent company of Pacific Gas and Electric Company (PG&E), is an energy company serving 16 million Californians in a 70,000 square mile service area.

In the second quarter, the company added 3,300 new electric grid customers.

According to LSEG, PG&E's adjusted quarterly profit was 31 cents per share. This is 1 cent less than the Wall Street expectation. (Reporting from Bengaluru by Sumit S. Saha; Editing by Shailesh K. Kuber)

(source: Reuters)