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The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

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F500-2021-160-PG&E

PG&amp;E is a major energy holdings company, providing electric and gas to 16 million customers across large swaths of northern and central California. The company has been ravaged by scandal in recent years, including criminal charges for inadvertently injuring six firefighters and endangering public health during a fire in 2019. In May, the company was hit with a nearly $150 million fine for neglect that caused wildfires and the mismanagement of power outages in recent years.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-189-PGE

The energy holding company owns the utility Pacific Gas &amp; Electric Company, which supplies energy to Northern and Central California. In January 2019, the utility and the holding company filed for Chapter 11 bankruptcy in the face of costs related to catastrophic wildfires in 2017 and 2018 that had been sparked by PG&amp;E power lines. Terms of a bankruptcy settlement were still under negotiation in mid-2020.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

Here are the World's Most Admired Companies for 2017 as ranked in their industries. See who made the list.

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This year's Fortune 500 marks the 63rd running of the list.

This year's Fortune 500 marks the 62nd running of the list.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

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The largest electric utility in California, Oakland-based PG&amp;E focuses on the northern and central portions of the massive state with 16 million customers across 70,000 square miles. With Silicon Valley in its region, PG&amp;E is forecasting demand growth from the data center construction boom potentially spreading throughout much of the state. Largely recovered from the 2019 bankruptcy filing resulting from wildfire-related liabilities, PG&amp;E is focused on transmission expansions and decarbonization. PG&amp;E manages a mix of hydropower, natural gas, solar, and battery storage assets.

Q1 2026

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Q4 2024

PG&E (PCG): Company Profile, Stock Price, News, Rankings

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PG&E

pg&e

Thank you for standing by. At this time, I would like to welcome everyone to the PG&E Corporation first quarter 2026 earnings release. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session.

Today, we ask you to limit yourself to one question, one follow-up. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Jonathan Arnold, Vice President of Investor Relations. You may begin.

Good morning, everyone, and thank you for joining us for PG&E's first quarter 2026 earnings call. With us today are Patti Poppe, Chief Executive Officer, and Carolyn Burke, Executive Vice President and Chief Financial Officer. We also have other members of the leadership team here with us in our Oakland headquarters.

First, I should remind you that today's discussion will include forward-looking statements about our outlook for future financial results. These statements are based on information currently available to management. Some of the important factors which could affect our actual financial results are described on the second page of today's earnings presentation.

The presentation also includes a reconciliation between non-GAAP and GAAP financial measures. The slides, along with other relevant information, can be found online at investor.pgecorp.com. We'd also encourage you to review our quarterly report on Form 10-Q for the quarter ended March 31st, 2026. With that, it's my pleasure to hand the call over to our CEO, Patti Poppe.

Thank you, Jonathan. Good morning, everyone. I'm pleased to be with you this morning to report another quarter of strong progress on multiple fronts. Today, we announced core earnings per share for the first quarter of $0.43. This strong start puts us solidly on track to deliver again and reaffirm our full year 2026 core EPS guidance of $1.64-$1.66.

At the midpoint, our guidance implies 10% growth over 2025 and would mark our fifth consecutive year of double-digit core earnings growth. Looking forward, we're reaffirming our EPS growth guidance for 2027 through 2030, which is unchanged at 9%+ annually.

We're also reaffirming our five-year capital and financing plans, including zero new equity issuance needs through 2030. We continue to deliver for our customers on affordability. On March 1st, we lowered electric rates for the fifth time since January 2024.

For our most vulnerable residential customers, bundled rates are now down 23%. For other residential customers, rates are down 13% over that same period. In February, our Diablo Canyon Nuclear Power Plant received the final state permit approvals needed to support extended operations through 2030, and in early April, the Nuclear Regulatory Commission granted Diablo Canyon a 20-year license extension.

These actions underscore Diablo Canyon's critical role in supporting California's reliability and clean energy goals, although further action by the state is required in order to operate beyond 2030. Turning to slide 4. We remain focused on helping California build a durable, long-term wildfire solution. The CEA's report and recommendations provide a strong foundation as the legislature begins the next phase of this important work.

We were encouraged to see the CEA emphasize the cost of inaction, noting that, and I quote, "Inaction perpetuates unaffordability for consumers and hinders the ability to attract the capital required to maintain safe, clean, and reliable infrastructure." End quote. This is a strong call to act for California policymakers.

As we said last quarter, the CEA report marks the beginning of the legislative phase. With the session running through August, policymakers now have the opportunity to evaluate a menu of options across multiple pathways.

We remain encouraged by the progress toward meeting the commitment made by the legislature last year to find and implement a long-term whole of society solution. That commitment began with last year's SB 254, followed by the Governor's executive order, the CPUC's submission to the CEA, and now the CEA's report.

As I said last quarter, the status quo is neither sustainable nor affordable, and California needs a model that works for all stakeholders, whether they are those affected by wildfires, utility and insurance customers, communities, the state, and the capital providers needed to support a safe, reliable, and clean energy system.

Turning to slide five. Our focus on wildfire mitigations remains clear and unwavering. We know this work is never finished, which is why we continuously look for better and more effective ways to strengthen our mitigations.

Our operational mitigations, including PSPS, EPSS, and continuous monitoring, are making us safer every day and position us to respond effectively whatever the weather conditions. Looking forward, our long-term infrastructure hardening plans will combine safety and improved reliability and lower maintenance costs.

Undergrounding is an important driver of customer affordability too, reducing the need for and expense of annual inspections and vegetation management. As you heard on our last call, the CPUC has now provided a clear path for us to request additional undergrounding through a 10-year plan.

We're still on track to make this filing with the OEIS in the third quarter, including our next approximately 5,000 miles and covering years 2028 through 2037. Combined with the 1,900 miles of undergrounding we expect to have completed by the end of 2027, plus an additional 4,000 miles of overhead hardening, this would result in nearly 11,000 miles of planned system hardening through 2037, or more than three-quarters of the high fire threat miles we plan to harden based on our current risk modeling.

We'll provide more detail in our 10-year filing, but in the meantime, we calculate that our undergrounding to date, over 1,200 miles, has already allowed us to avoid more than $100 million of maintenance spend, which otherwise would have been paid by customers. That is exactly the kind of durable affordability we're working hard every day to deliver for our customers.

Looking at slide 6, you'll see our simple, affordable model as amplified last quarter, giving us line of sight to customer bill growth of 0%-3%. We call that our path to flat, a destination our customers would love.

As noted earlier, in March, we implemented our fifth reduction in electric rates in two years. That's real progress on affordability, and this progress matters most for customers who need it most. Since January 2024, electric rates for our most vulnerable customers are down 23%.

For our other residential customers, rates are now down 13%, about $300 less per year. That is real money. Turning to slide 7, you can see the progress we're making in enabling rate-reducing load growth. Projects are moving through our development pipeline with our final engineering stage increasing to 4.6 gigawatts since our year-end update.

This progression from application to preliminary engineering and on to final engineering is a natural and expected part of the project cycle and reflects healthy forward momentum. We also recently initiated our third cluster study, and the results reinforce that there's strong interest across our service area.

In total, customer interest exceeded an additional 10 gigawatts spanning multiple regions, including Silicon Valley and the Central Valley. Importantly, this demand remains diversified. There's no single project driving these totals. We're committed to only adding load that is definitively rate-reducing.

We simply need to get the pricing right. Projects from this latest cluster study, which meet the rate-reducing threshold, will move through preliminary engineering over the next six months, refilling the pipeline funnel from the top as earlier projects mature. Importantly, this growth is occurring alongside significant resource additions across California.

Since 2020, CAISO load serving entities have added more than 33 gigawatts of new resources to the grid, including over 7 gigawatts in 2025 alone. In addition, the CPUC is continuing their practice of issuing new build procurement orders, which have resulted in 22 gigawatts under contract through 2029.

This kind of growth is good for customers and good for California's economy. Every gigawatt of new data center load can contribute to affordability by reducing electric bills by 1% or more, while also supporting thousands of construction jobs and generating $hundreds of millions in additional tax revenue.

Before I hand it over to Carolyn, I'd like to tie all this together with my story of the month. This quarter, that story is about continuous monitoring and how we are shifting from reactive maintenance to proactive, data-driven risk management. Continuous monitoring uses sensors, our smart meters, analytics, and machine learning models to identify emerging issues on the system before they turn into outages, ignitions, or safety events.

It's allowing us to see developing conditions in real-time and intervene earlier, often before there's any customer impact. We're seeing tangible operational benefits from this approach. Continuous monitoring helped us avoid approximately 12 million unplanned customer outage minutes in 2025 and another 4 million minutes in the first quarter of 2026. In many cases, these interventions occurred before customers were even aware there was a problem.

Since the beginning of last year, we've had 1,484 good catches where sensor data flagged developing weaknesses or active events on the grid. 23 of these could have become ignitions but didn't. Identifying stressed equipment early also allows us to fix issues at a lower cost and avoid more expensive emergency repairs down the road.

In fact, over that same 5-quarter period, early detection of stressed equipment helped us save an estimated $8 million of capital spend through lower cost repairs and over $1 million in expense by reducing time spent responding to emergency asset failures.

Continuous monitoring is also improving how our teams work in the field. More precise diagnostics mean our troubleshooters spend less time searching for problems and more time fixing them, improving both productivity and safety.

Taken together, our continuous monitoring program is an important step forward and an example of how we manage risk, control costs, and deliver reliable service. With that, I'll turn it over to Carolyn.

Thank you, Patti, and good morning, everyone. Turning to slide 9, you can see our first quarter 2026 earnings walk. Core earnings for the quarter were $0.43, up $0.10 from the first quarter last year, putting us in position to once again deliver on our plan. Customer capital investments contributed $0.06.

Of that, $0.02 reflects ongoing execution of our capital plan and the associated return on rate base, including CPUC ROE. We also have a $0.04 benefit related to February's final commission decision in our 2023 WIMSE application.

Non-fuel O&M savings contributed an additional $0.02, partially offset by our decision to redeploy $0.01 back into the business. Timing and other was a $0.03 tailwind in the quarter compared to the prior year.

As we look forward to the balance of 2026, you can count on us to remain focused on disciplined execution and delivering our guidance while taking a thoughtful approach to redeploying savings in ways that benefit customers and help to de-risk 2027 and beyond. On slide 10, there is no change to our five-year $73 billion capital plan through 2030.

We continue to see strong demand for customer beneficial investment across our transmission and distribution systems, and we still see at least $5 billion of incremental customer investment opportunity outside the current plan.

We have flexibility in how and when we may pursue these additional opportunities to ensure we're making the right decisions for customers and investors. Our preference today remains making the plan better by prioritizing bringing in investment, which enable new beneficial load and help lower rates for our core customers over time.

We could make the plan longer by extending the duration of our top-tier rate base growth. A third option, though not one we're considering right now, is to make the plan bigger by adding to our current $73 billion plan envelope. Taken together, these options give us confidence that we have flexibility in the plan and that we can continue to deploy growth capital in a disciplined way, while at the same time supporting affordability, growth, and long-term value creation for owners.

Turning to slide 11, our five-year financing plan is also unchanged from our prior call. The plan continues to be built on conservative assumptions, which align with the guideposts I've previously shared. First, our plan is built to require no new common equity through 2030. Second, we remain focused on achieving investment-grade ratings, including sustaining FFO to debt in the mid-teens.

Third, we continue to target ramping up to a 20% dividend payout ratio by 2028, then maintaining that level through 2030. In February, we took advantage of favorable market conditions to execute two financings. We issued $1 billion of parent-level junior subordinated notes, opportunistically starting to address 2027 parent funding needs.

There is no change to our guidance for a net $2 billion of financing from parent debt and other through 2030. At the utility, we issued $2.2 billion of first mortgage bonds covering roughly half of our 2026 utility debt needs, which remain unchanged.

From a capital allocation perspective, and in light of encouraging indications that the state is serious about pursuing additional wildfire reform, we continue to see our current plan as the right one for both customers and investors.

However, I'll reiterate that if we stop seeing progress towards reforming the wildfire risk model, you can be sure that we will actively reevaluate all aspects of our capital allocation plan. On slide 12, we continue to make steady progress toward investment-grade credit ratings, and I'm encouraged by the momentum we're seeing.

Following our fourth quarter call, Moody's revised their outlook to positive, reflecting continued improvement in our credit trajectory. Our focus on strong financial ratios, disciplined holding company leverage, and continued progress on wildfire mitigation directly supports the criteria for potential upgrades.

As I've noted before, achieving investment grade is a key milestone for us. It will lower our borrowing costs and translate into $hundreds of millions in customer savings over the life of the debt we issue, creating a durable affordability driver for customers not currently assumed in our plan.

On slide 13, we're reinforcing that we continue to see a path to deliver 2%-4% long-term reductions in non-fuel O&M even after absorbing inflation and other cost pressures. Executing against our simple, affordable model is how we keep our capital program affordable for customers.

Sustained reductions in non-fuel O&M are a key element, allowing us to grow our plan and fund the investments our system needs while also protecting customer bills. In addition to the great example of continuous monitoring Patti mentioned, we continue to innovate and drive efficiencies in our field operations by applying technology.

By leveraging satellite and Lidar, we're improving the quality and consistency of inspections while reducing the volume of patrols, lowering contractor reliance, and enhancing safety in the field. Taken together, these changes are expected to deliver $24 million in annual O&M savings this year alone.

This is another tangible example of how targeted technology investments support our long-term non-fuel O&M trajectory. Slide 14 highlights major regulatory and legislative milestones we're monitoring this year.

On the regulatory front, following our fourth quarter call, we received our 2025 safety certificate from the CPUC, which is valid for 12 months through early March 2027. Additionally, as Patti mentioned, we're on track to file our 10-year underground plan with the OEIS in the third quarter.

I'll end here on slide 15 by pointing out our differentiated story. We're proud of what we've accomplished, and we know there's still plenty of opportunity in front of us to continue delivering for our customers and our investors. We're focused on doing just that day in and day out. With that, I'll hand it back to Patti.

Thank you, Carolyn. Before we take your questions, I'd like to recap where we stand as we're building California's energy future. We delivered a strong first quarter, putting us firmly on track for another year of double-digit earnings growth. Safety remains our highest priority. We continue to strengthen our wildfire layers of protection.

We continue to make real progress on affordability with a 23% reduction for our most vulnerable customers since January 2024. At the same time, we're seeing good progression of our rate-reducing large load pipeline, and we're encouraged by California's focus on constructive wildfire reform. With that, operator, please open the lines for questions.

At this time, I would like to remind everyone in order to ask your one question and one follow-up, press star then the number one on your telephone keypad. Your first question comes from the line of Shar Pourreza with Wells Fargo Securities. Please go ahead.

Morning. Just you know, Patti, you've been vocal about not wanting to see the can kicked down the road on legislation. I mean, obviously, that would be a bad outcome in your view. I guess, how should we think about capital allocation, like the buybacks, in case some aspects of the CEA report get passed, but we don't get something that is all-encompassing.

Step in the right direction, but not the Goldilocks scenario. Is some progress a bad outcome if certain key aspects get pushed into 2027? I know it's obviously a tight window and California's dealing with a lot. Just get a sense there. Thanks.

Yeah. Thanks, Shar. First and foremost, I would just reiterate that we're encouraged by the progress to date. We do think the right conversations are happening with the right folks, and we feel good and encouraged about that. I'll just offer that there's obviously minimum outcome to prevent additional costs being borne by shareholders and this tail risk being able to be measured and understood.

We know that that's a very important floor for an outcome here. As we've been very clear, we've been reiterating far and wide the value of the investor-owned utility model. We've been advocating for the importance of the capital that we are able to attain from the capital markets, from our investors, and how important that is to making our infrastructure investments affordable for Californians.

That as we spread out the cost of infrastructure over time because of the great capital that is deployed by our important owners, that is good for customers. An important outcome of SB 254 is that we can attract low-cost capital to invest in that infrastructure to help California grow and make our energy costs more affordable for customers here.

I'll say all that backdrop to say that we feel like our capital allocation and our model is working. We're lowering rates while we're deploying our capital today. We think right now is not the time to change that plan. We know that the simple, affordable model is the best plan for customers and investors, and so we're very bullish on that.

Now, to the ultimate heart of your question, if that doesn't occur, if we don't get a minimum outcome that's essential, then obviously we'll have to look at, and we will not avoid looking at our entire capital allocation plan, the whole financial plan.

I'm not going to rack and stack how we would think about that here on this call, but I will just say that all aspects of the plan will have to be on the table, and we'll take a look at doing what's best in totality. For now, we are encouraged by the progress that's being made and the level of attention to the issue.

Got it. Perfect. I appreciate that, and good luck there. Patti, just lastly, I mean, I know obviously you keep highlighting the data center opportunity in the context of savings and bill reductions.

Probably that's the right messaging in this environment. Is there a point you can convert that into an earnings impact like some of your peers? I mean, 4.6 gigs in final engineering is somewhat material. I guess at what point does large load growth drive significant new transmission investments? Thanks.

Well, I would say that it is, and we shared on our Q4 call that we've added more CapEx for transmission into our $73 billion capital plan. Given all of our circumstances, we think our $73 billion plan is the right plan.

The idea that we would make that bigger would take some other changes, I would say, over time. Right now, as Carolyn has been very consistent in sharing, that we want to make the plan better. When we say better, what we mean by that is by pulling in that transmission and data center load growth, if it makes it more affordable for customers, that's better.

We've been very disciplined about our cluster study work, and when we talk about final engineering, we're sharing real costs with our potential large load customers, and they're signing on for them that are absolutely not just from a soundbite or a marketing perspective, but an absolute rate-reducing new CapEx investment.

That makes our capital plan even better. There will come a time, I think, particularly after SB 254 phase two resolution at the end of the legislative session, that we should look at if the conditions are such that we could make the plan bigger, but that's just not now.

Got it. Perfect. Thank you again. Appreciate it. See you soon.

Your next question comes from the line of Nicholas Campanella with Barclays. Please go ahead.

Hey, good morning. Good morning. Thanks for all the updates. I just wanted to ask a follow-up on just the legislation and just there was a lot put forward by the CEA, like three separate phases. It's a big menu of things.

I guess just where are you kind of drawing the line, and what is sufficient? Is it more about having some type of permanent cap, if I'm reading your response correctly? In the last legislative session, shareholders did have to participate in some instances there. How are you thinking about that for phase two? Thanks.

Yeah. Thanks, Nick. The most important thing we think is the whole of society approach. We think the governor was clear and the CEA report reflects there are multiple aspects of wildfire liability reform that would be important for all Californians. Because remember, all fires in California are not caused by utilities.

Insurance access in California is a real challenge to homeownership. We have a housing crisis in California, making sure that we have an insurable housing market is very essential for the state.

Well beyond utility concerns, the CEA report reflects a whole of society approach. We think that's smart because we're Californians, too, and we care about what happens here and what happens to all Californians, not just those impacted by a utility wildfire.

Now, that being said, I am the CEO of the utility, so I do have a point of view that we need to make sure that the tail risk of wildfire liability is one that shareholders and investors can model, can predict, and know how great the risk is so that you can feel comfortable investing your clients' pension funds and retirement funds into our infrastructure here in California.

Our minimum is very important that we have ability to see and model and quantify what that tail risk is. Now, on shareholder contributions, as we're required in the SB 254 phase one, that is a question that's part of a total look of the value of the fix. The totality of the legislative action will determine whether there's any reason to make additional contributions. The package would have to be looked at as a package.

If it doesn't improve the status quo, then contributions would be unacceptable. If there's a dramatic improvement to the status quo, we obviously would be in dialogue with policymakers.

Thank you. That's very clear. I appreciate that. I just had another question because it's kind of come up to the fore recently, just the governor election in the state, for various reasons, has been more of a focus for folks.

I know that there's been some calls from various candidates on returns and affordability, and maybe even notably a rate freeze, but I do recognize on slides in the simple affordable model, you're showing that you're pretty well-positioned against that.

Just what's the strategy here to kind of make that resonate with new policymakers? I guess, just how high-graded is the plan if we were to go that way with some of the more draconian things that are being pitched right now?

Yeah, look, the good news is this. Number one, whomever is elected governor of the state of California, we're going to want what they want, and that's affordable utility rates. The even better news is performance is power, and we are performing.

As I mentioned, we've reduced rates five times in the last two years. Our most vulnerable customers' bills and rates are down 23%. That is meaningful progress that we can point to. Politicians have to say what they have to say, I guess, to get elected.

When it comes down to brass tacks and we actually have to do what's promised, I think our performance is a key enabler to our ability to work with whomever is elected to do exactly what these politicians want. We want the same thing. We want a healthy, vibrant California powered by PG&E, and the IOU model is essential to the growth and prosperity of California.

Just a reminder, please limit your questions to one and one follow-up. Your next question comes from the line of Steve Fleishman with Wolfe Research. Please go ahead.

Hey, good morning, Patti, Carolyn. I just think your comments are pretty clear on what you kind of want out of a law. Just when you look at the different proposals or structures that were in the wildfire report, are there any of the ones that best met what you want and you think other parties, stakeholders as well?

Yeah, I think, Steve, I think this whole of society look is super important. The three pillars, looking at hardening our communities from spread, so important. It's one thing to prevent an ignition, but when the 100-mile-per-hour winds are here, we need to make sure that our communities are ready and that they are built for purpose.

Just like in hurricane zones, making sure that we get those building codes and implementation of those codes, that'd be very important to de-risking our communities. Obviously that's a good thing.

PG&E (PCG) Q1 2026 Earnings Call Transcript

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