PG&E Corporation

Pacific Gas and Electric Company, operating under the holding company PG&E Corporation (NYSE: PCG), is a major utility serving Northern and Central California. The company's website is www.pgecorp.com.

PG&E Corporation generates revenues primarily through Pacific Gas and Electric Company, a public utility incorporated in California in 1905 that operates as the holding company's principal subsidiary. The Utility generates and distributes electricity and natural gas to customers throughout its service territory in Northern and Central California.

The company operates two primary business segments: electric utility operations and natural gas utility operations. The Utility's service area encompasses a substantial portion of Northern and Central California, serving millions of customers through its integrated network of generation facilities, transmission lines, distribution infrastructure, and natural gas pipelines. The company operates two nuclear generating units at Diablo Canyon Power Plant and maintains an independent spent fuel storage installation at Humboldt Bay.

PG&E Corporation's business model operates under cost-of-service ratemaking, where earnings depend on regulatory proceedings outcomes and cost management capabilities. The company employs a Lean operating system designed to drive effective decision-making, reduce operational inefficiencies, and deliver improved outcomes for customers and communities. The organization measures progress through a "triple bottom line" framework encompassing people, planet, and prosperity.

The Utility's capital-intensive operations require substantial ongoing investment in system hardening, wildfire mitigation, grid modernization, and infrastructure maintenance. Total capital expenditures in 2025 reached $13.4 billion, with forecasted expenditures of $12.4 billion for 2026 through $16.0 billion for 2030. The company has implemented enhanced powerline safety settings, public safety power shutoff programs, vegetation management initiatives, and system hardening measures to address wildfire risks in high fire threat districts.

PG&E Corporation operates under extensive regulatory oversight from the California Public Utilities Commission, the Federal Energy Regulatory Commission, and the Nuclear Regulatory Commission, among other federal, state, and local agencies. The company emerged from Chapter 11 bankruptcy on July 1, 2020, and continues to manage significant liabilities related to wildfire-related contingencies and environmental remediation obligations.