[PCG] PG&E: Q3 2026 earnings preview as timing gains reverse and capex is cut

PG&E Corporation is the holding company for Pacific Gas and Electric Company, the regulated electric and natural gas utility serving Northern and Central California[1], and it will hold its earnings call on 2026-10-22[2] to report the third quarter 2026, the three months ended September 30, 2026. In the most recent quarter, the second quarter of 2026, operating revenue was $5.902 billion, essentially flat with $5.898 billion a year earlier[3]; GAAP EPS was $0.33 and non-GAAP core EPS was $0.40, versus $0.24 and $0.31 a year earlier, and first-half core EPS reached $0.83[1]. The company gives only full-year guidance: on September 2 it reaffirmed 2026 core EPS of $1.64-$1.66 and initiated 2027 guidance of $1.78-$1.82[4]. In this PG&E Q3 2026 earnings preview, the consensus compiled by Drillr from 7 analysts is $0.424 of third-quarter EPS (range $0.371-$0.456), 4 analysts put quarterly revenue at $6.817 billion[5], and 10 analysts put full-year 2026 EPS at $1.654[6].

Three things matter most in these results. First, 7 cents of the 19-cent first-half increase in core EPS came from timing items that management says will reverse in the second half[7], while full-year guidance implies only $0.81-$0.83 of second-half core EPS, so the third quarter directly tests how much capital investment and cost savings contribute on their own. Second, California's wildfire-liability legislation fell short of what the company sought at the end of August[8], after which PG&E cut its 2027 investment by about $2 billion to about $11.4 billion and launched a strategic review[4]; the third-quarter report is the first set of financials since that announcement and will show whether 2026 investment, borrowing and interest costs have been disrupted. Third, Edison's Eaton fire is drawing down California's Wildfire Fund, and PG&E has already recognized $78 million of accelerated amortization this year as a result[9]; whether third-quarter fund expense and wildfire receivables hold steady determines whether new write-downs appear before the November 13 proposed decision on Kincade and Dixie cost recovery[10].

Company Background and Business Structure

PG&E Corporation is itself a holding company, and almost all of its operations sit inside its subsidiary, Pacific Gas and Electric Company. The holding company was incorporated in California in 1995 and became the parent of the utility, which was incorporated in 1905, in 1997; at the end of 2025 the utility had about 29,000 regular employees[11]. The company is headquartered in Oakland, California, and serves 16 million people across a roughly 70,000-square-mile area of Northern and Central California[1]; its chief executive is Patti Poppe[12]. On April 2, 2026, the Diablo Canyon nuclear plant received a 20-year license renewal from the Nuclear Regulatory Commission, but running its two units beyond October 2029 and October 2030 also requires action by the California Legislature[13].

The company has a single reportable segment, the regulated utility, but its revenue comes from two businesses: electricity and natural gas. In 2025, electric revenue was $18.318 billion, about 73% of the total, serving an average of 5.656 million electric customers with 71,791 GWh of deliveries[14]; natural gas revenue was $6.617 billion, about 27%, serving an average of 4.634 million gas customers[15]. The company owns 7,815 MW of generating capacity, including 2,240 MW at Diablo Canyon, 2,628 MW of conventional hydro and 1,212 MW of Helms pumped storage; its own resources produce about 60% of net delivered electricity, and it also owns about 18,000 circuit miles of transmission lines and about 109,000 circuit miles of distribution lines[16]. Diablo Canyon does not earn a rate-base return; instead the utility receives a fixed payment of $100 million plus $13 for every MWh it generates[16].

The business is essentially a matter of filing costs plus a reasonable return with regulators and then billing customers for the authorized revenue. The CPUC-jurisdictional revenue requirement is the sum of operating expenses, depreciation, taxes and rate base multiplied by the cost of capital; power and gas procurement costs pass straight through to customers, and base revenue is decoupled from sales volume through balancing accounts, so swings in sales do not affect net income[17]. Customers of Community Choice Aggregators (CCAs) buy their own power but still use PG&E for transmission, distribution, metering and billing[18]. On the cash side, investment exceeds operating cash flow: in 2025, cash capital expenditure of $11.787 billion was above operating cash flow of $8.716 billion[19], the gap is filled with debt, and the company says it does not plan to issue common equity through 2030[20].

Financial History and Current Position

Over the past three fiscal years PG&E's revenue was broadly flat, but earnings and EPS rose every year. From 2023 to 2025, combined electric and gas operating revenue was $24.428 billion, $24.419 billion and $24.935 billion[14][15]; income available for common shareholders was $2.242 billion, $2.475 billion and $2.593 billion, and diluted EPS was $1.05, $1.15 and $1.18[19]. Non-GAAP core EPS grew 12%, 11% and 10% over the same years, while customer investment rate base rose from about $58 billion to about $69 billion[21].

The 2025 income and cash flow statements show that growth comes mainly from asset expansion, and that the expansion keeps consuming cash. In 2025 the utility's operating income was $4.761 billion after $11.337 billion of operating and maintenance expense, $4.634 billion of depreciation and amortization (up 11%) and $352 million of Wildfire Fund expense, with a further $2.713 billion of interest expense[22]. Operating cash flow rose from $4.747 billion in 2023 to $8.716 billion in 2025, but cash capital expenditure grew from $9.714 billion to $11.787 billion over the same period, and common dividends rose from $86 million in 2024 to $220 million in 2025[19]; FFO to debt was 14.0% in 2025[21].

In the first half of 2026, earnings grew far faster than revenue, but the increase includes a one-time regulatory recognition. Second-quarter operating revenue was $5.902 billion, and first-half revenue was $12.783 billion, about 8% above $11.881 billion a year earlier, mainly because the 2023 WMCE (wildfire mitigation and catastrophic events) final decision brought about $620 million of revenue[23]. Second-quarter GAAP income available for common shareholders was $733 million and non-GAAP core earnings were $920 million, versus $521 million and $674 million a year earlier[24]; first-quarter core EPS was $0.43[12], bringing the first half to $0.83 against $0.64 a year earlier[1].

First-half cash flow weakened while debt kept rising. Operating cash flow in the first half of 2026 was $3.336 billion, below $3.905 billion a year earlier, mainly because of lower cash receipts from CAISO-related sales and renewable compliance instruments; cash capital expenditure was $6.323 billion versus $5.700 billion, and over the same period the company issued $5.367 billion of long-term debt and paid $220 million of common dividends[25]. At the end of June, short-term borrowings of $1.375 billion, current long-term debt of $1.075 billion and long-term debt of $61.768 billion totaled $64.218 billion, up from $60.883 billion at the start of the year, and total equity was $34.153 billion[25]; total liquidity was about $6.5 billion[26], and the company targets a payout ratio of about 20% of core earnings by 2028[20].

Operating Model

Revenue is set by regulators, and sales volume by itself does not determine profit. Operating revenue equals the base revenue requirement authorized through CPUC general rate cases and FERC formula rates, plus pass-through recovery of power, gas and public-program costs, plus cost recovery recognized in regulatory accounts[17]. The CPUC's 2026 capital structure pairs a 9.98% ROE with 52% common equity, 5.52% preferred equity with 0.5%, and a 5.04% cost of debt with 47.5%, while FERC sets a 10.38% base ROE with 50% equity[27]. Second-quarter revenue illustrates the point: the utility collected $201 million more to recover power costs, with no effect on net income, and about $180 million less in 2023 WMCE interim rate relief[23]; rate base additions reach base revenue only after a general rate case decision or a formula-rate update, so the revenue effect of investment arrives with a lag.

Core earnings are driven mainly by three items: the equity return on rate base, savings achieved within authorized budgets and unrecoverable interest. Management's 2026 earnings factors include weighted-average rate base of about $75 billion and $325 million to $375 million of after-tax unrecoverable net interest, mainly on parent-company debt[28]. Moving from core to GAAP earnings deducts non-core items; in the second quarter these were $91 million of Wildfire Fund amortization, $35 million of investigation remedies, $35 million of prior-period regulatory impact and $4 million of wildfire-related costs[24]. Directionally, rate base growth lifts earnings once it is authorized, an ROE cut lowers the current year's return immediately, and O&M savings raise earnings within the year while authorized revenue is unchanged; on about 2.285 billion diluted shares in the second quarter, every $23 million of after-tax earnings equals roughly 1 cent of EPS[3].

The key to the cash model is that capital spending persistently exceeds operating cash flow, with the gap filled by debt and securitization. The company plans to reduce non-fuel operating and maintenance cost by 2%-4% a year; procurement changes saved more than $40 million in the first half, and about $60 million more is forecast for the second half[29], with a target capital-to-expense ratio of 1.7 by 2030[30]. Under SB 254, the first roughly $2.9 billion of fire-risk mitigation capital spending from 2026 cannot enter the equity rate base and is expected to be financed through securitization[31]. Regulators authorize a 52% equity ratio, so the utility relies on retained earnings, parent equity contributions and long-term debt to maintain that structure, while the parent has committed not to issue common equity through 2030[20].

Industry and Competitive Position

PG&E has no direct distribution competitor in its service area; competition takes place mainly in power procurement and new transmission projects. In 2026 its weighted-average rate base is about $75 billion, of which about $62 billion is CPUC-jurisdictional and about $13 billion FERC-jurisdictional[28]. CCAs and direct-access providers take over the generation business, reducing utility customer counts and potentially slowing rate base growth, and some new transmission projects must be won through CAISO's competitive bidding[18]. Demand is growing in a way not seen for decades: the data center pipeline rose from 5,090 MW in March 2026 to 12,710 MW in June, and the company estimates that each 1 GW of new load can cut customer bills by about 1% or more over time[32]; it plans for about 1.8 GW of data center load to be online by 2030[33], and it has set a goal of limiting average annual rate increases to 3%[34].

PG&E's main disadvantage relative to peers comes from California's wildfire-liability regime, which has long tied its financing costs and credit standing to fire risk. Under the current framework, the Wildfire Fund or Continuation Account may reimburse only the portion of eligible wildfire claims above $1.0 billion in a coverage year, and the fund can be depleted faster by claims from other utilities[35]. The utility's unsecured credit rating remains below investment grade at one of the major agencies[20], and S&P moved the company to one notch below investment grade in April 2026[36][37]; management says that without reform, existing wildfire-related charges add $20-$40 a month, or 14%-19%, to customer bills[38]. The comparison here is limited to regulatory and risk structure, because the available material does not include financial comparisons with peer utilities.

Core Debates

PG&E's first-half core EPS rose 30% year over year, but 7 cents of that came from timing items the company expects to reverse in the second half. Once those reverse, can capital investment and cost savings alone carry the third quarter toward the full-year $1.64-$1.66 guidance?

This question decides whether roughly 10% core EPS growth in 2026 rests on durable, recurring sources. PG&E's earnings come almost entirely from regulated returns on rate base and cost management, and the CPUC cut the ROE from 10.28% to 9.98% for 2026[39]. The $1.65 midpoint of full-year guidance represents 10% growth over 2025[40] and is also the starting point for 2027 guidance of $1.78-$1.82[4].

The second-quarter and first-half EPS bridges show that timing items make up a large share of the increase. Second-quarter core EPS was $0.40; of the 9-cent increase, customer capital investment contributed 3 cents ($60 million), O&M savings 2 cents ($47 million), redeployment roughly zero (-$7 million) and timing and other items 4 cents ($146 million). First-half core EPS was $0.83, up 19 cents, with capital investment contributing 9 cents ($206 million, including the effect of the 2023 WMCE final decision), O&M savings 4 cents, redeployment -1 cent and timing and other items 7 cents ($215 million)[39]. On the call, management said that growth beyond capital investment and net O&M savings consisted of timing items expected to reverse in the second half[7]. Full-year guidance of $1.64-$1.66 implies second-half core EPS of $0.81-$0.83, or about $0.41 a quarter on average[1].

Capital investment flows into core earnings through the equity return on rate base, O&M savings add directly to profit, and timing items such as taxes run positive early in the year and negative later[28]. What remains unresolved is how much of the 9 cents of first-half capital investment came from the 2023 WMCE final decision recognized in the first quarter, and how much is recurring rate base growth net of the ROE cut; the company does not disclose that split[23]. The alternative reading is that the first-half outperformance came mainly from one-time regulatory decisions and taxes, leaving weaker recurring growth after the ROE cut; whether the third-quarter bridge still shows +3 cents from capital investment, and how much the timing items reverse, will distinguish the two readings.

The third quarter has five numbers to watch: whether core EPS is at least $0.41, whether the capital investment contribution is at least +3 cents, whether O&M savings remain positive after redeployment, whether the timing reversal falls between -2 and -5 cents, and whether full-year guidance of $1.64-$1.66 is maintained. As an outside reference, the third-quarter EPS consensus is $0.424[5]. If third-quarter core EPS comes in below $0.38, full-year guidance would require the fourth quarter to be the highest of the year; if the capital investment contribution is below +2 cents, the ROE cut has offset rate base growth.

After California's wildfire-liability reform collapsed at the end of August, PG&E cut roughly $2 billion from its 2027 investment plan and launched a strategic review. Can third-quarter results show the cuts are confined to 2027 growth projects, with 2026 investment and financing still on track?

This question bears on PG&E's earnings growth rate and financing costs over the next several years. The company's earnings grow as capital spending enters rate base, that spending depends on continuous debt issuance, and the parent has committed not to issue common equity through 2030[20]. Cutting 2027 investment reduces borrowing by about $2 billion, but it also slows rate base growth and delays some projects and new load connections[4].

The latest data show 2026 investment and borrowing still running on the original plan in the first half. The annual report planned $12.4 billion of investment in 2026, $13.4 billion in 2027 and $15.4 billion, $16.3 billion and $16.0 billion in 2028 through 2030[41], about $73 billion over five years, supporting weighted-average rate base of about $106 billion in 2030[21]. First-half cash capital expenditure was $6.323 billion, up 10.9% and about 51% of the full-year plan; total debt rose $3.335 billion from the start of the year to $64.218 billion, an average of about $1.668 billion a quarter[25]; the increase went mainly to electric distribution customer connections, undergrounding and wildfire-related distribution maintenance[26]. Consolidated interest expense was $796 million in the second quarter (versus $792 million a year earlier) and $1.599 billion in the first half, up 4.8%[3].

Policy changes reach the capital plan through credit and financing costs. In its second-quarter 10-Q, the company said that without sufficient legislation it may change its financial plan and capital allocation priorities[42]; on the call, management said about $20 billion of the $73 billion plan is FERC-jurisdictional, and that adjusting the plan would not require formal changes to the filed 2027 general rate case[43]. The September 2 announcement set 2027 investment at about $11.4 billion and said the company will re-evaluate its long-term core EPS growth rate and its 2028-2030 capital and rate base outlooks[4]. In the data center pipeline, load in final engineering reached 3,880 MW in June (3,110 MW in March), load under interconnection construction agreements reached 490 MW (140 MW in March), and 140 MW was under construction[32]; entry into final engineering requires a 10% upfront financial commitment[33]. The alternative reading is that the cut signals financing constraints already affecting current investment, so second-half 2026 investment and data center connections would also slow; note that cash capital expenditure differs from the accrual-based plan, and changes in total debt also reflect regulatory accounts, working capital and wildfire payments.

The third quarter has five numbers to watch: whether nine-month cash capital expenditure is at least $9.3 billion, whether third-quarter total debt rises by no more than $1.2 billion, whether third-quarter consolidated interest expense stays at or below $810 million, whether data center final-engineering and interconnection-agreement MW keep rising, and whether the company details the composition of roughly $11.4 billion of 2027 investment and reaffirms 2027 guidance. If nine-month capital expenditure falls below $9.0 billion, the cuts have already been pulled into 2026; if the company withdraws or lowers its 2027 guidance of $1.78-$1.82, the premise of rate base growth has changed.

Edison's Eaton fire is drawing down California's wildfire fund, and PG&E has already taken $78 million of accelerated amortization this year. Will third-quarter fund expense and wildfire receivables hold steady, with no new write-downs ahead of November's Kincade and Dixie cost-recovery decision?

The Wildfire Fund is PG&E's main protection against a single huge payout in a future fire, and it is central to how rating agencies judge its credit. Under the current regime, only eligible wildfire claims above $1.0 billion in a coverage year may be reimbursed by the fund, and claims from other utilities can deplete it faster[35]. The Continuation Account created by SB 254 provides up to $18 billion of liquidity, PG&E's share of contributions is 47.85%, and the disallowance cap on reimbursements equals 20% of the equity portion of electric transmission and distribution rate base[31].

The latest data show fund depletion already showing up in PG&E's expenses. Second-quarter Wildfire Fund amortization and accretion expense was $126 million (versus $109 million a year earlier) and first-half expense was $228 million (versus $185 million), including $78 million of accelerated amortization triggered by Edison's first-quarter disclosure of $1.3 billion of Eaton fire losses and a $295 million fund receivable; the company still uses a 20-year estimated life, and at the end of June current and noncurrent fund assets were $291 million and $3.5 billion[9]. This expense is booked after tax as a non-core item, $91 million in the second quarter[24]. At the end of June the company carried regulatory receivables of $638 million for the Dixie fire and $61 million for the Mosquito fire, an aggregate Dixie Wildfire Fund receivable of $1.25 billion of which $1.01 billion had been received, and a $128 million deferred gain for money received from the fund for the Kincade fire[44].

Fund depletion reaches the financials through two paths. The first is accelerated amortization and a shrinking fund balance, which reduce protection for future fire losses above $1.0 billion and in turn affect credit and financing costs; the second is recovery of past fire costs, where the 2023 WGSC (wildfire and gas safety costs) application seeks $2.5 billion, has received $516 million of interim rates and expects a proposed decision in October 2026, while the Kincade and Dixie application seeks about $1.9 billion[13] with a proposed decision expected on November 13, 2026[10]. If the utility does not recover the full amount of its recorded costs, the difference is written off as a non-cash disallowance against GAAP earnings[45]. The alternative reading is that fund depletion affects only accounting amortization while PG&E's own ignition risk has fallen sharply: PG&E ignitions leading to fires larger than 10 acres in high-fire-risk areas numbered 9 in 2024, 1 in 2025 and 2 in 2026 through July 20[46], and the company has gone a fourth consecutive year without a major wildfire linked to its equipment[37].

The third quarter has four items to watch: whether Wildfire Fund expense stays at or below $130 million with the 20-year life unchanged, whether the $638 million Dixie and $61 million Mosquito regulatory receivables are written down, whether the WGSC proposed decision authorizes more than the $516 million of interim rates, and whether the fire season brings a fire caused by PG&E equipment that destroys structures. If third-quarter fund expense reaches $150 million or more, or the estimated life is shortened, the fund's protection is shrinking; if regulatory receivables are written down, recovery of past fire costs has failed.

Risks and Falsifiers

The first risk is a new catastrophic utility-caused fire, since the third and fourth quarters are California's peak fire season. If PG&E equipment starts a major fire, the company bears the first $1.0 billion of third-party claims in each coverage year, with only the excess paid by the fund[35], and a CPUC prudence review could also require reimbursement up to a cap of 20% of the equity portion of electric transmission and distribution rate base[31]. This risk hits wildfire liabilities and cash directly; the current understanding holds if no fire caused by PG&E equipment destroys structures through the third-quarter report and into early fourth quarter.

The second risk is the 2027 general rate case and political pressure on rates, which determine CPUC-jurisdictional base revenue from 2027. The company has requested a 2027 revenue requirement of $16.64 billion, about $1.2 billion more than the $15.4 billion adopted for 2026, on requested weighted-average rate base of $67.0 billion, with a proposed decision expected in March 2027 and a final decision in May[47]. It has also asked for interim recovery from January 2027 of 55%, 75% or 85% of the requested increase, about $653 million, $891 million or $1.01 billion, which some intervenors oppose[13], while its own goal is to keep annual rate increases at or below 3%[34]. This risk weakens if the CPUC approves interim recovery of at least 75%, or if the rate case stays on schedule for a March 2027 proposed decision.

The third risk is the combination of the ROE cut and the reversal of timing gains, which could depress second-half core earnings. The 7 cents of first-half timing gains will reverse in the second half[7], and if the capital investment contribution slows at the same time, second-half core EPS could fall short of the $0.81-$0.83 implied by guidance. The exposure is core earnings, which were $920 million in the second quarter[24]; the concern is falsified if third-quarter core EPS is at least $0.41 and the capital investment contribution is at least +3 cents.

The fourth risk is that capital contraction slows rate base growth. With the wildfire-liability framework unchanged, the company has already cut 2027 investment and is re-evaluating its 2028-2030 outlook[4]; if credit pressure continues, cuts could spread to the second half of 2026 and later years, affecting the $12.4 billion 2026 capital plan, rate base additions and financing costs on $64.218 billion of total debt[25]. The risk has not materialized if nine-month cash capital expenditure is at least $9.3 billion and the company reaffirms 2027 core EPS guidance of $1.78-$1.82.

The fifth risk is that other utilities draw down the Wildfire Fund and that recovery of past fire costs falls short of the requests. Edison's draw for the Eaton fire has already forced PG&E into accelerated amortization, putting $291 million of current and $3.5 billion of noncurrent fund assets at the end of June on a faster amortization path[9], and about $700 million of combined Dixie and Mosquito regulatory receivables depends on later decisions[44]. The risk remains contained for now if third-quarter fund expense stays at or below $130 million, the estimated life is unchanged and no receivable is written down.

What to Watch Next

• Earnings after the timing reversal: third-quarter core EPS against $0.40 in the second quarter and $0.83 in the first half[1]; at least $0.41 supports the current view, below $0.38 leaves full-year guidance dependent on a record fourth quarter.
• Capital investment in the EPS bridge: +3 cents in the second quarter and +9 cents in the first half[39]; at least +3 cents confirms recurring growth, below +2 cents means the ROE cut has offset rate base growth. Timing items should reverse by 2 to 5 cents, with net O&M savings still positive.
• Nine-month cash capital expenditure against $6.323 billion in the first half[25]: at least $9.3 billion keeps 2026 on plan, below $9.0 billion means the cuts have moved into 2026.
• Third-quarter debt and interest: debt growth of no more than $1.2 billion and interest expense of no more than $810 million, against $796 million in the second quarter[3].
• Data center final engineering at 3,880 MW and interconnection agreements at 490 MW[32]: continued increases support new load connections, declines suggest slowing.
• Wildfire Fund expense at $126 million in the second quarter with a 20-year life[9]: at or below $130 million with the life unchanged is stable, $150 million or more or a shorter life means shrinking protection.
• Dixie and Mosquito receivables of $638 million and $61 million[44], the WGSC proposed decision and the November 13 Kincade and Dixie proposed decision: any write-down means cost recovery has failed.

Conclusion

PG&E earns regulated returns on rate base plus savings achieved within authorized budgets, so sales volume alone does not set profit, while investment persistently exceeds operating cash flow and debt fills the gap. As of June 30, 2026, weighted-average rate base was about $75 billion[28], total debt was $64.218 billion[25], and first-half core EPS was $0.83, up about 30%[1]. The unresolved relationship is how three lines evolve together: whether capital investment and cost savings can hold full-year guidance of $1.64-$1.66 after the ROE cut once timing gains reverse; whether the investment cuts that followed the failed wildfire reform reach into 2026; and whether depletion of the Wildfire Fund keeps eroding GAAP earnings and credit through expenses and receivables.

Outside assessments published after the second-quarter report focus on credit and the wildfire regime rather than on quarterly earnings. According to Investing.com, Fitch in September revised the outlook for PG&E Corporation and its utility subsidiary to negative from stable and affirmed their BBB- issuer default ratings, citing California's failure to advance wildfire-liability reform and a worsening regulatory environment, noting that SB 254 did not address prudence disallowance caps tied to the life of the funds and so created "unlimited prudence disallowance risk," and warning that absent better socialization of wildfire costs, future downgrades are likely[48]. The Bond Buyer reported that S&P Global Ratings managing director Gabe Grosberg said the pared-down bill made no ratings difference, while S&P's David Bodek said that if the Wildfire Fund's net present value falls below $11 billion, "both PG&E and Edison could be downgraded"; PG&E's 6% bonds due 2056 fell from 94.0 on August 28 to 91.3[49]. Both agencies tie the credit outlook to the Wildfire Fund and to legislation, which maps directly onto the capital-contraction and Wildfire Fund debates; the difference is that Fitch has already changed its outlook, while S&P has set a quantitative trigger tied to fund size. Both are outside interpretations, and neither addresses the third-quarter EPS bridge.

The current understanding of PG&E's recurring earnings and 2026 investment pace would be strengthened if third-quarter core EPS is at least $0.41 with at least +3 cents from capital investment, nine-month cash capital expenditure is at least $9.3 billion and the company reaffirms 2027 guidance, while Wildfire Fund expense stays at or below $130 million and no past-fire receivable is written down. Conversely, it would be clearly weakened if core EPS falls below $0.38, capital spending has already slowed in 2026, 2027 guidance is withdrawn, or fund expense rises to $150 million or more alongside receivable write-downs.

Sources

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[15] PCG 10-K filed 2026-02-12 · natural gas operating statistics 2023-2025 · 2026-02-12 · 10-K · https://www.sec.gov/Archives/edgar/data/1004980/000100498026000009/pcg-20251231.htm

[16] PCG 10-K filed 2026-02-12 · generation fleet and Diablo Canyon payment · 2026-02-12 · 10-K · https://www.sec.gov/Archives/edgar/data/1004980/000100498026000009/pcg-20251231.htm

[17] PCG 10-K filed 2026-02-12 · cost-of-service ratemaking and decoupling · 2026-02-12 · 10-K · https://www.sec.gov/Archives/edgar/data/1004980/000100498026000009/pcg-20251231.htm

[18] PCG 10-K filed 2026-02-12 · competition and CCA customers · 2026-02-12 · 10-K · https://www.sec.gov/Archives/edgar/data/1004980/000100498026000009/pcg-20251231.htm

[19] PCG 10-K filed 2026-02-12 · consolidated earnings and cash flows 2023-2025 · 2026-02-12 · 10-K · https://www.sec.gov/Archives/edgar/data/1004980/000100498026000009/pcg-20251231.htm

[20] PCG 10-K filed 2026-02-12 · equity plan, dividend policy and capital structure · 2026-02-12 · 10-K · https://www.sec.gov/Archives/edgar/data/1004980/000100498026000009/pcg-20251231.htm

[21] PCG 8-K filed 2026-07-23 · five-year capital plan and rate base outlook · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/1004980/000100498026000047/q226earningspresentation.htm

[22] PCG 10-K filed 2026-02-12 · utility results of operations 2025 · 2026-02-12 · 10-K · https://www.sec.gov/Archives/edgar/data/1004980/000100498026000009/pcg-20251231.htm

[23] PCG 10-Q filed 2026-07-23 · utility results 2Q26 and 1H26 · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/1004980/000100498026000048/pcg-20260630.htm

[24] PCG 8-K filed 2026-07-23 · 2Q26 GAAP to core reconciliation · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/1004980/000100498026000047/pge-q22026pressrelease.htm

[25] PCG 10-Q filed 2026-07-23 · consolidated cash flows and debt 1H26 · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/1004980/000100498026000048/pcg-20260630.htm

[26] PCG 10-Q filed 2026-07-23 · liquidity, capex and financing 1H26 · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/1004980/000100498026000048/pcg-20260630.htm

[27] PCG 10-K filed 2026-02-12 · 2026 cost of capital decision · 2026-02-12 · 10-K · https://www.sec.gov/Archives/edgar/data/1004980/000100498026000009/pcg-20251231.htm

[28] PCG 8-K filed 2026-07-23 · 2026 earnings factors and rate base · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/1004980/000100498026000047/q226earningspresentation.htm

[29] PCG 8-K filed 2026-07-23 · O&M cost reduction plan · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/1004980/000100498026000047/q226earningspresentation.htm

[30] PCG Q2 2026 earnings call 2026-07-23 · O&M reduction Q&A · 2026-07-23 · earnings-call · https://gateway.drillr.ai/mcp/private

[31] PCG 10-K filed 2026-02-12 · SB 254 Continuation Account · 2026-02-12 · 10-K · https://www.sec.gov/Archives/edgar/data/1004980/000100498026000009/pcg-20251231.htm

[32] PCG 8-K filed 2026-07-23 · data center pipeline June 2026 · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/1004980/000100498026000047/q226earningspresentation.htm

[33] PCG Q2 2026 earnings call 2026-07-23 · data center pipeline Q&A · 2026-07-23 · earnings-call · https://gateway.drillr.ai/mcp/private

[34] PCG 10-K filed 2026-02-12 · affordability goal and load growth · 2026-02-12 · 10-K · https://www.sec.gov/Archives/edgar/data/1004980/000100498026000009/pcg-20251231.htm

[35] PCG 10-K filed 2026-02-12 · wildfire liabilities and Wildfire Fund · 2026-02-12 · 10-K · https://www.sec.gov/Archives/edgar/data/1004980/000100498026000009/pcg-20251231.htm

[36] PCG 8-K filed 2026-07-23 · financing plan and credit ratings · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/1004980/000100498026000047/q226earningspresentation.htm

[37] PCG Q2 2026 earnings call 2026-07-23 · management highlights · 2026-07-23 · earnings-call · https://gateway.drillr.ai/mcp/private

[38] PCG Q2 2026 earnings call 2026-07-23 · stated risks · 2026-07-23 · earnings-call · https://gateway.drillr.ai/mcp/private

[39] PCG 8-K filed 2026-07-23 · core EPS drivers 2Q26 and 1H26 · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/1004980/000100498026000047/q226earningspresentation.htm

[40] PCG Q2 2026 earnings call 2026-07-23 · guidance · 2026-07-23 · earnings-call · https://gateway.drillr.ai/mcp/private

[41] PCG 10-K filed 2026-02-12 · capital expenditure forecast 2026-2030 · 2026-02-12 · 10-K · https://www.sec.gov/Archives/edgar/data/1004980/000100498026000009/pcg-20251231.htm

[42] PCG 10-Q filed 2026-07-23 · legislative session risk · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/1004980/000100498026000048/pcg-20260630.htm

[43] PCG Q2 2026 earnings call 2026-07-23 · wildfire legislation and Plan B Q&A · 2026-07-23 · earnings-call · https://gateway.drillr.ai/mcp/private

[44] PCG 10-Q filed 2026-07-23 · wildfire receivables and Kincade recovery · 2026-07-23 · 10-Q · https://www.sec.gov/Archives/edgar/data/1004980/000100498026000048/pcg-20260630.htm

[45] PCG 10-K filed 2026-02-12 · cost recovery proceedings · 2026-02-12 · 10-K · https://www.sec.gov/Archives/edgar/data/1004980/000100498026000009/pcg-20251231.htm

[46] PCG 8-K filed 2026-07-23 · ignition and wildfire mitigation metrics · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/1004980/000100498026000047/q226earningspresentation.htm

[47] PCG 10-K filed 2026-02-12 · 2027 general rate case request · 2026-02-12 · 10-K · https://www.sec.gov/Archives/edgar/data/1004980/000100498026000009/pcg-20251231.htm

[48] Investing.com 2026-09-16 · Fitch downgrades PG&E outlook on wildfire liability concerns · 2026-09-16 · Investing.com(报道 Fitch Ratings 评级行动) · https://ng.investing.com/news/stock-market-news/fitch-downgrades-pge-outlook-on-wildfire-liability-concerns-93CH-2698998

[49] The Bond Buyer 2026-09-04 · California scraps wildfire liability overhaul, leaving utility credit ratings at risk · 2026-09-04 · The Bond Buyer · https://www.bondbuyer.com/news/california-scraps-wildfire-liability-overhaul