Higher natural gas costs resulting from colder weather, historically low natural gas storage levels and regional pipeline constraints nearly doubled Pacific Gas and Electric Corp.’s (PG&E) natural gas expenditures in the first quarter of the year.

PGE

Total natural gas costs surged to $916 million, compared with $561 million in 1Q2022. Purchased natural gas costs increased by more than $300 million year/year to $877 million in 1Q2023. 

Including the expedited California climate credit, PG&E managed to save its electric and natural gas “customers over $1 billion through a series of thoughtful measures, including a diversified portfolio that includes interstate pipeline capacity reaching back to the supply basins, natural gas storage and financial hedging,” CEO Patricia Poppe...