PG&E Corporation (NYSE: PCG), the parent company of Pacific Gas & Electric Co., reported net income of $307 million or $0.63 per common share for the third fiscal quarter of 2015, on revenues of $4.55 billion.

This compares to income (after dividends on preferred stock) of $811 million, or $1.71 per share, on revenues of $4.94 billion for the same quarter a year earlier. The difference is due primarily to the timing of regulatory proceedings in key rate cases this year and last, the company said.

The year-earlier quarterly income was inflated because the company’s results for that period included the effect of retroactive increases for several prior quarters.

“We continue to move forward with investments and initiatives that will allow us to meet the changing needs of our customers and the ambitious clean energy vision set out by the state, said Tony Earley, Chairman, CEO and President.

Modernizing California’s energy infrastructure “is essential to achieving the state’s renewable energy and greenhouse gas goals” and meeting customer demand, he said. The company is on track to meet the ambitious new energy and climate goals established by SB 350, Mr. Early said in a conference call with security analysts.

In light of California’s commitment to a clean energy environment, utilities will have to continue making significant investments to upgrade their production and distribution systems, he said.