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PG&E Powers AI Boom with Record Q1 Earnings
23 Apr
Summary
- First-quarter net income reached $885 million, a significant increase.
- Revenue grew 15% to $6.88 billion, exceeding Wall Street targets.
- Data-center projects boosted support capacity to 4.6 gigawatts.
In the first quarter of 2026, PG&E achieved a significant financial uplift, posting a net income of $885 million, a notable increase from the previous year. Revenue saw a robust 15% surge, climbing to $6.88 billion and comfortably exceeding market expectations.
The utility's performance was bolstered by the expanding artificial-intelligence industry. PG&E reported that numerous data-center projects advanced into final engineering stages, expanding its support capacity for such facilities to 4.6 gigawatts. The company anticipates that each gigawatt of data-center demand, under specific conditions, could potentially reduce average customer bills by 1% monthly.
Looking ahead, PG&E reaffirmed its 2026 core earnings forecast, projecting a range of $1.64 to $1.66 per share, aligning with analyst consensus. This financial recovery follows the company's emergence from bankruptcy in 2020, a consequence of wildfire liabilities. PG&E continues its infrastructure investments, completing 31 miles of underground powerlines and installing 44 miles of strengthened and covered lines in high-risk fire areas during the quarter.
