PG&E Corp (PCG)

PG&E Corporation is a California holding company, incorporated in 1995, whose primary operating subsidiary is Pacific Gas and Electric Company (the Utility), a public utility serving Northern and Central California. The Utility was incorporated in 1905, and PG&E Corporation became its holding company in 1997. The Utility earns revenues mainly from selling and delivering electricity and natural gas to customers. The companies describe their purpose as delivering for their hometowns, serving the planet, and leading with love. They apply a Lean operating model and measure progress against a "triple bottom line" of people, planet, and prosperity.

The Utility's business covers electric and natural gas distribution, electric generation, electric transmission, and natural gas transportation and storage. Its generation assets include hydroelectric facilities and two nuclear generating units at Diablo Canyon Power Plant, along with an independent spent fuel storage installation at Humboldt Bay. Its programs and initiatives include wildfire mitigation (enhanced powerline safety settings, public safety power shutoffs, vegetation management, asset inspections, and system hardening such as covered conductors and undergrounding), gas pipeline replacement and monitoring, energy efficiency, battery energy storage contracts exceeding 4.9 GW, support for electric vehicles and private solar interconnection, and low-income assistance such as the CARE discount program. Total capital expenditures were $13.4 billion in 2025, and the Utility forecasts $12.4 billion for 2026 rising to $16.0 billion for 2030. It sees additional investment opportunities in transmission for data centers, transportation electrification, hydroelectric facilities, energy storage, information technology, and automation.

The Utility serves electric and natural gas customers across its Northern and Central California service area. More than 950,000 private solar customers are interconnected, and over 820,000 electric vehicles operate in the area. It expects data centers, electric vehicle adoption, and building electrification to drive load growth. It holds franchise agreements with approximately 300 cities and counties to operate facilities in public streets and highways. It has set a goal of limiting average annual customer rate increases to 3%.

The Utility operates under cost-of-service ratemaking, so its earnings depend on regulatory outcomes and cost management. It is regulated mainly by the California Public Utilities Commission and, at the federal level, by FERC and the NRC. Other oversight comes from the California Energy Commission, the California Air Resources Board, the NTSB, and the Office of Energy Infrastructure Safety, and the California Independent System Operator controls most of the state's transmission grid. It is also subject to extensive environmental laws. PG&E Corporation targets a dividend payout of about 20% of core earnings by 2028. The principal executive offices of both entities are at 300 Lakeside Drive, Oakland, California.