Pacific Gas & Electric (NYSE:PCG) announced a strategic review on [insert date] following California’s legislative session ending without wildfire liability reform. This review aims to evaluate regulatory, financial, and operational strategies, with a focus on achieving investment-grade credit ratings. The company is planning to seek input from California regulators and stakeholders as it explores potential options.
In related announcements, PG&E will reduce its 2027 capital investment plan by $2 billion, lowering it from $13.4 billion to $11.4 billion. This adjustment is expected to decrease projected utility and parent-company debt needs by approximately $1 billion each, translating to reduced financing costs for customers. The strategic review could take 12 to 18 months, and updates will be provided during regular quarterly calls.
PG&E reaffirmed its core EPS guidance for 2026 at $1.64 to $1.66 and initiated a 2027 forecast of $1.78 to $1.82, reflecting a 9% increase. However, the company has opted not to provide long-term capital-expenditure or rate-base guidance while undergoing this strategic evaluation, which may include changes in corporate structure and capital allocation.
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