Company Reports

With its 2019-20 bankruptcy well behind it, PG&E is in the early stages of a large growth opportunity. California's ambitious energy and environmental policies, including eliminating economywide carbon emissions by 2045, will require substantial infrastructure investment to electrify buildings and transportation.

PG&E management announced a strategic review on Sept. 2 but made no substantial changes to its long-term outlook, including its five-year $73 billion investment plan, 9% earnings growth target, and dividend policy.

With PG&E's 2019-20 bankruptcy well behind it, the company is in the early stages of a large growth opportunity. California's ambitious energy and environmental policies, including eliminating economywide carbon emissions by 2045, will require substantial infrastructure investment to electrify buildings and transportation.

The California legislative session is set to end with no incremental wildfire-related financial protections for the state's investor-owned utilities, including PG&E.

California Gov. Gavin Newsom recently addressed new wildfire legislation, Diablo Canyon's future, and his energy transition legacy in what might be some of his last public comments on state energy policy before he leaves office.

PG&E reported $0.40 adjusted earnings per share in the second quarter. First-half 2026 earnings are $0.83 per share, up from $0.64 in the first half of 2025. Results are on track to meet our full-year estimate and management's guidance.

PG&E reported $0.43 adjusted earnings per share in the first quarter, up from $0.33 in the first quarter of 2025. Results are on track to meet our full-year estimate and management's guidance.

With PG&E's 2019-20 bankruptcy well behind it, the company is entering a period of huge growth potential.

PG&E reported $1.50 earnings per share in 2025, up from $1.36 in 2024. This is in line with our estimate and at the high end of management's guidance range.

PG&E reported $1.14 earnings per share through the first nine months of 2025, up from $1.06 during the first nine months of 2024. Earnings are on track to meet our full-year estimate and management's guidance, implying 10% annual growth.

In an unusually timed business update, PG&E management rolled forward and updated its capital investment plan, adding $32 billion of planned investment in 2029-30. Management now expects to invest $73 billion in 2026-30, one of the largest investment plans in the sector.

PG&E emerged from bankruptcy in July 2020 after 17 months of negotiations with 2017-18 Northern California fire victims, insurance companies, politicians, lawyers, and bondholders. Shareholders lost some $30 billion of value from settlements, fines, and costs but retained control of the company. Bondholders were mostly made whole.

The California Legislature passed Senate Bill 254 with large majorities on Sept. 13, effectively expanding the state's AB 1054 Wildfire Fund by $18 billion, among other provisions. We expect Gov. Gavin Newsom to sign the legislation.

PG&E emerged from bankruptcy in July 2020 after 17 months of negotiations with 2017-18 Northern California fire victims, insurance companies, politicians, lawyers, and bondholders. Shareholders lost some $30 billion of value from settlements, fines, and costs but retained control of the company. Bondholders were mostly made whole.

PG&E reported earnings per share of $0.31 on an adjusted basis in the second quarter, the same as the year-ago quarter. Earnings are on track to meet our full-year estimate and management's guidance, implying 10% annual growth.

PG&E reported earning $0.33 on an adjusted basis during the first quarter, down from $0.37 in the first quarter of 2024 primarily due to timing issues. Earnings are on track to meet our full-year estimate and management's guidance, implying 10% annual growth.

Utilities have limited direct exposure to tariffs announced by the Donald Trump administration, but falling energy demand or regulatory pushback to utilities' investment plans could slow earnings growth if economic conditions deteriorate.

PG&E emerged from bankruptcy in July 2020 after 17 months of negotiations with 2017-18 Northern California fire victims, insurance companies, politicians, lawyers, and bondholders. Shareholders lost some $30 billion in settlements, fines, and costs but retained control of the company. Bondholders were mostly made whole.

PG&E reported earnings per share of $1.36 in 2024, up 11% from 2023. This is in line with our estimate and management's most recent $1.34-$1.37 EPS guidance range.

PG&E is on track to meet our full-year 2024 earnings forecast after reporting $1.06 per share of earnings for the first nine months of 2024, up from $0.87 during the same period in 2023, adjusted for last year's delayed general rate-case decision.