PG&E Guides 2026 Earnings Amidst Reform Needs

Pacific Gas & Electric (PG&E) has reaffirmed its 2026 earnings guidance, projecting core earnings per share of $1.64 to $1.66, a 10% increase from 2025. The utility also confirmed its plan for 9% annual EPS growth from 2027 through 2030, alongside a substantial $73 billion capital plan. This plan aims to avoid additional equity financing and targets a 20% dividend payout by 2028.

Executives stressed that California wildfire liability reform is a critical element influencing the company's capital expenditures and its trajectory toward investment-grade credit ratings. PG&E highlighted operational improvements, reporting zero public safety incidents from asset failures and a four-year streak without major fires linked to its equipment. Reliability performance has seen a 23% year-to-date improvement, attributed to fewer outages and quicker restoration times.