PG&E Reaffirms EPS Guidance

PG&E reported third-quarter 2026 core EPS of $0.41 and year-to-date core EPS of $1.24, up from $1.14 a year earlier, and reaffirmed full-year 2026 guidance of $1.64, $1.66 and 2027 guidance of $1.78, $1.82.

Wildfire Reform Stalls

California lawmakers have not enacted comprehensive wildfire liability reform, prompting PG&E CEO Patti Poppe to call the status quo 'unacceptable'.

“The status quo is unacceptable”

$4 Billion Interest Cost

Sub-investment-grade credit ratings have cost customers an incremental $4 billion in interest expense on debt issued since 2017.

“For all of the debt that we have issued as our sub-investment grade since 2:017 will cost our customers an incremental $4 billion in interest expense over the life of that financing”

Capex Cut to $11.4B

PG&E cuts $2 billion from 2027 capital plan, bringing it to $11.4 billion, and evaluates corporate ring-fencing, sales and separations.

Investment-Grade Target

PG&E aims for investment-grade ratings through strategic review evaluating ring-fencing, sales and separations to lower financing costs.

“Our review is evaluating whether alternative structures could better reflect the value and risk profile of those businesses in order to lower financing costs for customers”

No New Equity Through 2030

CFO Carolyn Burke states no new equity will be needed through 2030 and the company will not issue shares at current valuation levels.

“We would not issue equity at these current stock price, our valuation”

Strategic Review Timeline

PG&E will announce strategic review outcome no later than summer 2027, with quarterly updates if value-unlocking opportunities arise earlier.

“We just wanted to be clear that there was a finish line in mind”

Wildfire Cost Recovery

PG&E received favorable proposed decision in 2027 general rate case authorizing $456 million in interim rate recovery over 12 months starting January.

Undergrounding Plan

PG&E filed 10-year electric undergrounding plan proposing 5,000 additional miles between 2028 and 2037 at a cost of $16.6 billion.

“We're not doing undergrounding to make our earnings numbers and to grow CapEx”

Wildfire Liability Impact

Wildfire liability reform stalled, with PG&E's gas business costing customers $4 billion in extra interest due to sub-investment-grade ratings.

“four million gas customers are paying sub investment grade borrowing costs because the unit sits within a holding company exposed to wildfire risk”

Regulatory Milestones

PG&E faces regulatory milestones including wildfire cost recovery proceeding and undergrounding plan approval for high-risk communities.

“We're not doing undergrounding to make our earnings numbers and to grow CapEx”

Strategic Review Focus

PG&E's strategic review evaluates options to unlock value for customers and owners, with investment-grade ratings as a foundational objective.

“We are evaluating all our available paths to unlock value for customers and owners”