PG&E (PCG) Company Report

90% of Californians support undergrounding power lines to virtually eliminate wildfire risk.
Over 70% believe energy companies should invest more in undergrounding versus less costly mitigation tactics.
PG&E has energized 1,000 miles of underground power lines as part of its wildfire risk reduction efforts.
Draft CPUC guidelines could hinder multi-year undergrounding plans, with a vote set for Nov. 20, 2025.

Nov 19, 2025, 8:46 PM

Press Release

PG&E appoints Chelle Izzi as Chief Commercial Officer

PCG

Management Change

Hiring

PG&E named Chelle Izzi as Chief Commercial Officer, effective Nov. 12, 2025.
Izzi will lead PG&E’s commercial strategy to serve large industrial and commercial customers and drive rate-reducing load growth.
She brings over 25 years of experience in clean energy from Constellation, CPower, NextEra Energy Resources and Walmart.
PG&E projects electricity demand to double by 2040, with data centers adding up to 10 GW that could reduce customer bills by over 10%.

Nov 12, 2025, 7:44 PM

Press Release

Infravision raises $91 million Series B

PCG

New Projects/Investments

Infravision secured $91 million in Series B funding led by GIC, with participation from Activate Capital, Hitachi Ventures, and Energy Impact Partners to scale its aerial robotics for power infrastructure.
The funding will accelerate deployment of its TX System, an integrated drone and ground equipment solution for faster, safer, and more cost-effective power line stringing.
Founded in 2018, Infravision has completed 40+ major projects across four countries and is now expanding its North American operations.
Use cases include high-voltage transmission projects like Powerlink Genex in Australia and emergency response deployments with PG&E in California.

Nov 3, 2025, 3:00 PM

Press Release

PG&E reaches 1,000 miles of underground powerlines in high fire-risk areas

PCG

New Projects/Investments

Guidance Update

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.

Oct 3, 2025, 6:24 PM

Press Release

PG&E Company issues $2.0 B of first mortgage bonds

PCG

Debt Issuance

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.

Oct 2, 2025, 8:16 PM

8-K

PG&E outlines SB 254 wildfire fund extension and 5-year financial plan

PCG

Guidance Update

New Projects/Investments

Share Buyback

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.

Sep 29, 2025, 2:00 PM

Transcript

PG&E provides investor update on 2025 guidance and wildfire fund reforms

PCG

Guidance Update

New Projects/Investments

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.

Sep 29, 2025, 2:00 PM

Presentation

PG&E completes Calistoga Resiliency Center microgrid project

PCG

New Projects/Investments

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.

Sep 25, 2025, 6:00 PM

Press Release

PG&E Corp subsidiary secures $500 million term loan

PCG

Debt Issuance

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.

Sep 24, 2025, 8:16 PM

8-K

PG&E decreases residential electric and gas rates

PCG

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.

Sep 2, 2025, 6:00 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for PG&E.

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