David Frank's questions to PG&E Corp (PCG) leadership • Q2 2025
Question
David Frank of Zimmer Partners asked if PG&E's confidence in its earnings growth is supported by capital redeployment options, such as FERC transmission investments or accretive stock buybacks, given the current valuation.
Answer
CEO Patti Poppe confirmed that their confidence stems from having significant optionality. She highlighted strong demand for capital to improve safety, reliability, and serve new load. While acknowledging that attractive investor returns can take different forms, she stated their primary confidence is in a favorable legislative outcome that supports the 'simple affordable model,' which drives capital investment and earnings growth.