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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Patricia K. Poppe ExecutiveBoard | CEO, PG&E Corporation | Whirlpool Corporation (Board Member), California Chamber of Commerce, Electric Power Research Institute, Institute of Nuclear Power Operations, AEGIS Insurance Services, Edison Electric Institute. | Patricia K. Poppe has been CEO since January 4, 2021, focusing on safety, equity, and clean energy initiatives. Previously CEO of CMS Energy Corporation and Consumers Energy. | View Report → |
Ajay Waghray Executive | EVP and CIO | None. | Ajay Waghray has been EVP and CIO since January 1, 2024, after serving as SVP and CIO since 2020. He previously founded Agni Growth Ventures and held leadership roles at Assurant Inc.. | |
Brian M. Wong Executive | VP, General Counsel, and Corporate Secretary | None. | Brian M. Wong has been VP, General Counsel, and Corporate Secretary since January 2025, overseeing legal and corporate governance matters. | |
Carolyn J. Burke Executive | EVP and CFO, PG&E Corporation | Excelerate Energy (Board Member). | Carolyn J. Burke became CFO on May 4, 2023, after serving as a special advisor. She previously held senior roles at Chevron Phillips Chemical Company and Dynegy, Inc.. | |
Jason M. Glickman Executive | EVP, Engineering, Planning, and Strategy | None. | Jason M. Glickman has been EVP since May 3, 2021, bringing expertise from his prior role as Global Head of Utilities and Renewables at Bain & Company. | |
John R. Simon Executive | EVP, General Counsel, and Chief Ethics & Compliance Officer | None. | John R. Simon has been EVP, General Counsel, and Chief Ethics & Compliance Officer since August 15, 2020, and previously served as Interim CEO and EVP of Law, Strategy, and Policy. | |
Kaled H. Awada Executive | EVP, Chief People Officer | None. | Kaled H. Awada joined PG&E as EVP, Chief People Officer on January 16, 2024, after serving as EVP and CHRO at Tenneco Inc.. | |
Marlene M. Santos Executive | EVP, Chief Customer and Enterprise Solutions | None. | Marlene M. Santos joined PG&E in March 2021 and became EVP, Chief Customer and Enterprise Solutions Officer on October 16, 2023. She previously served as President of Gulf Power Company. | |
Stephanie N. Williams Executive | VP, CFO, and Controller | None. | Stephanie N. Williams has been VP, CFO, and Controller since January 10, 2023, after holding various senior finance roles at PG&E since 2014. | |
Sumeet Singh Executive | EVP, Operations and COO | California Chamber of Commerce (Board Member), GTI Energy (Board Member). | Sumeet Singh has been EVP and COO since March 1, 2023, with extensive experience in utility operations, safety, and risk management. | |
Arno L. Harris Board | Director | Revolv Global Inc. (Board Member), Gator Holdings, LLC (Board Member). | Arno L. Harris has been a director since July 2020, with over 25 years of experience in clean technology and renewable energy. | |
Carlos M. Hernandez Board | Director | Steward Health Care System (Board Member). | Carlos M. Hernandez joined the PG&E board in March 2022, bringing extensive experience in legal affairs, risk management, and corporate governance from his tenure as CEO of Fluor Corporation. | |
Cheryl F. Campbell Board | Chair, Utility Board of Directors | TC Energy Corporation (Board Member), Summit Utilities (Chair), JANA Corporation, NACD Colorado Chapter. | Cheryl F. Campbell has been Chair of the Utility Board since December 2022, with extensive experience in safety and risk management. | |
Edward G. Cannizzaro Board | Director | Ross Stores, Inc. (Board Member). | Edward G. Cannizzaro joined the PG&E board in February 2023, bringing over 40 years of experience in financial accounting, risk management, and governance. | |
Jessica L. Denecour Board | Director | None. | Jessica L. Denecour has been a director since July 2020, bringing expertise in technology, cybersecurity, and IT governance. | |
Kerry W. Cooper Board | Chair, PG&E Corporation Board | Upstart Holdings Inc. (Board Member), Mozilla, Fictiv, Gradient. | Kerry W. Cooper became Chair of the PG&E Corporation Board on October 31, 2024, and has been a director since July 2020. She has extensive experience in customer-focused programs and operational leadership. | |
Mark E. Ferguson III Board | Director | VSE Corporation (Board Member), NATO Advisor, Independent Consultant. | Mark E. Ferguson III has been a director since July 2020, with expertise in nuclear safety, risk management, and leadership from his 38-year Navy career. | |
Michael R. Niggli Board | Director | ESS, Inc. (Chair), Avanea Energy Co. (Board Member), ESVAL (Board Member), ESSBIO (Board Member). | Michael R. Niggli has been a director since July 2020, with over four decades of experience in the utility and energy sector, including leadership roles at SDG&E. | |
Rajat Bahri Board | Director | CFO at Icertis. | Rajat Bahri has been a director since July 2020, bringing expertise in financial performance and governance. He is also CFO at Icertis. |
- With the rising wildfire risks and increased use of operational mitigations like Public Safety Power Shutoffs, how do you plan to address customer concerns about reliability while accelerating undergrounding efforts, and what is your strategy for balancing safety and outages during this transition?
- You've added $1 billion to your five-year capital plan due to growing customer demand, yet you maintain that your equity guidance remains unchanged; how will you finance this additional capital efficiently without impacting your credit ratings or requiring additional equity?
- Considering you're just one notch below investment grade at Moody's and Fitch with a positive outlook, but faced a particularly challenging wildfire season, what specific actions are you taking to secure credit rating upgrades, and how confident are you in achieving investment-grade status in the near term?
- With $5 billion of potential incremental capital investments pending regulatory approvals like the SB 410 supplemental, what are the key risks if these approvals are delayed or unfavorable, and how might that affect your growth projections and capital plans through 2028?
- Given that the DOE loan would provide net savings for customers but isn't included in your financial plan, how are you managing the uncertainties around this potential funding source, and what contingencies are in place if these loans or grants do not materialize?
Research analysts who have asked questions during PG&E earnings calls.
Carly Davenport
Goldman Sachs
5 questions for PCG
Julien Dumoulin-Smith
Jefferies
5 questions for PCG
Richard Sunderland
JPMorgan Securities LLC
5 questions for PCG
Anthony Crowdell
Mizuho Financial Group
4 questions for PCG
David Arcaro
Morgan Stanley
4 questions for PCG
Gregg Orrill
UBS Group AG
4 questions for PCG
Nicholas Campanella
Barclays
4 questions for PCG
Ryan Levine
Citigroup
3 questions for PCG
David Frank
Zimmer Partners
2 questions for PCG
Michael Lonegan
Evercore ISI
2 questions for PCG
Paul Fremont
Ladenburg Thalmann
2 questions for PCG
Shahriar Pourreza
Guggenheim Partners
2 questions for PCG
Steve Fleishman
Wolfe Research, LLC
2 questions for PCG
Steven Fleishman
Wolfe Research
2 questions for PCG
David Paz
Wolfe Research, LLC
1 question for PCG
Konstantin Lednev
Guggenheim Partners
1 question for PCG
Recent press releases and 8-K filings for PCG.
- PG&E has energized 1,000 miles of underground powerlines in high fire-risk areas, reducing system-wide wildfire ignition risk by 8.4% since 2023.
- Underground lines now serve customers in 27 counties, including 337 miles in Butte County and 119 miles in Shasta County.
- The cost per mile of undergrounding has fallen from $4.0 million to $3.1 million in 2025.
- PG&E projects 1,600 miles of underground powerlines by end-2026, achieving an 18% total risk reduction.
- Pacific Gas and Electric Company sold $400 million of 5.000% First Mortgage Bonds due 2028, $850 million of 5.050% First Mortgage Bonds due 2032 and $750 million of 6.100% First Mortgage Bonds due 2055, with settlement on October 2, 2025.
- The offering was led by Barclays Capital Inc., BNP Paribas Securities Corp., MUFG Securities Americas Inc. and RBC Capital Markets, LLC as joint book-running managers.
- Net proceeds of approximately $1,989.7 million will repay in full $1,951.47 million of 3.15% First Mortgage Bonds, with the balance for general corporate purposes.
- The 2028 Bonds were issued under the Twenty-Ninth Supplemental Indenture (June 4, 2025) and the 2032/2055 Bonds under the Thirty-First Supplemental Indenture (October 2, 2025) to PG&E’s First Mortgage Indenture.
- PG&E will opt into California’s SB 254, establishing an $18 billion wildfire continuation account with PG&E contributing ~48% (annual payments of $193 million, stepping down to $144 million in 2029), alongside a 20% T&D equity disallowance cap and new securitization options.
- Reaffirmed 2025 core EPS guidance of $1.48–$1.52 (up 10% vs. 2024) and committed to ≥9% annual core EPS and rate base growth through 2030 within a $73 billion five-year capital plan requiring no new common equity.
- Maintaining financial discipline with a focus on investment-grade ratings: targeting mid-teens FFO/debt, a 20% dividend payout by 2028, $2 billion parent-debt reduction, and a recent Fitch upgrade to IG.
- Prioritizing investments in safety, resiliency, and load-growth while retaining flexibility for up to $1–$1.5 billion of opportunistic share repurchases if policy reform stalls and stock remains depressed.
- PG&E sets 2025 non-GAAP core EPS guidance of $1.48–$1.52, up 10%, and forecasts at least 9% annual core EPS growth for 2026–2030.
- CPUC-authorized rate base to grow at ~9% annually through 2030, supported by a $73 B capital expenditure plan for 2026–2030.
- California’s SB 254 establishes an $18 B Wildfire Fund Continuation Account, reducing PG&E’s share to 47.85% and providing $3.9 B upfront utility funding with customer rate smoothing preserved.
- Customer rates cut on September 1 with another decrease in 2026; bills are expected to be flat to down in 2027, backed by 2% O&M savings.
- The Calistoga Resiliency Center is the world’s first fully sustainable hybrid microgrid, combining hydrogen fuel cells and lithium-ion batteries to deliver 48 hours of backup power at a peak 8.5 MW output with 293 MWh storage, serving ~1,600 customers during PSPS events.
- The facility is owned and operated by Energy Vault alongside PG&E under a long-term energy services agreement, supported by $28 million in financing including the sale of the project’s Investment Tax Credit.
- Since 2021, PG&E has deployed 13 distribution microgrids, with Calistoga being its largest and first fully renewable system; the company also committed $43 million in March 2025 toward nine new community microgrids in the North Coast region.
- On September 24, 2025, Pacific Gas and Electric Company entered into a $500 million Term Loan Credit Agreement with Wells Fargo as administrative agent, maturing September 23, 2026, and borrowed the full amount on signing.
- Loans bear interest at Term SOFR + 1.25% or the alternative base rate + 0.25%, and are secured by a first mortgage bond on substantially all of the utility’s real and certain personal property, ranking pari passu with its other first mortgage bonds.
- The agreement contains customary covenants limiting liens, sale-leaseback transactions, fundamental changes, swaps and indenture amendments, and requires maintaining a consolidated debt-to-capitalization ratio of ≤ 65% at each fiscal quarter end.
- Events of default include cross-defaults on other specified debt over $200 million, triggering potential acceleration of principal and interest, with immediate acceleration for insolvency, bankruptcy or receivership events.
- In connection with the credit agreement, the utility and BNY Mellon Trust Company executed the Thirtieth Supplemental Indenture to its Mortgage Indenture to issue a collateral bond securing the loan obligations.
- Residential electric rates cut by 2.1% effective Sept. 1, lowering bills for a typical 500 kWh customer by about $5 per month.
- Residential gas rates down 0.4% in September, saving a typical 31 therms/month customer roughly $0.39 per month.
- Customers will receive a $58.23 California Climate Credit on their October electric bills.
- PG&E has achieved about $2.5 billion in operating and capital cost savings over the past three years and expects rates to decline again in 2026.
- PG&E forecasts no additional electric rate increases for the rest of 2025 and expects residential combined gas and electric bills to remain flat this year and decline in 2026.
- Customers can use PG&E’s online Rate Comparison tool—which analyzes the past 12 months of usage—to identify their lowest-cost rate without changing their energy consumption.
- In Fresno County, over 24,800 households could save a total of $13.4 million annually, with most saving more than $300 and some up to $1,000 by switching plans.
- PG&E also offers several assistance programs, including CARE (20% gas, ~35% electric discount), FERA (18% electric discount), ESA improvements, REACH ($300 credit), Match My Payment (up to $1,000 match), and LIHEAP (up to $1,500 one-time credit).
- PG&E Corp filed an 8-K on June 24, 2025 reporting Amendment No. 5 to its revolving credit agreement dated June 23, 2025, with JPMorgan Chase Bank, N.A. as administrative agent among other lenders.
- The amendment raises the company’s aggregate revolving credit commitment from $500 million to $650 million.
- Pacific Gas and Electric Company also amended its separate credit facility, increasing its revolving commitments from $4.4 billion to $5.4 billion.
- Pacific Gas and Electric Company filed an 8-K to register the issuance of $400 million 5.000% First Mortgage Bonds due 2028 and $850 million 6.000% First Mortgage Bonds due 2035, collectively referred to as the Mortgage Bonds.
- The securities are being offered under an automatic shelf registration on Form S-3, with the closing scheduled for June 4, 2025.
- The net proceeds, estimated at approximately $1.24 billion before offering expenses, are targeted for repaying a portion of existing debt maturing on January 1, 2026.