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Pacific Gas and Electric Company (PG&E): No Equity, Stronger Credit—A Capital Strategy Built for Stability!

PG&E Corporation’s latest financial report presents a mixed picture of its current performance and future prospects. On the positive side, the company reported full-year 2025 core earnings of $1.50 per share, a 10% increase over the previous year and achieved the midpoint of its EPS guidance range. This growth reflects consistent operational efficiency and cost management efforts, further evidenced by the reduction of non-fuel operating and maintenance expenses by 2.5% in 2025. PG&E also showcased strong commitment to safety and reliability by improving key safety metrics and reducing serious injuries and fatalities by 43% compared to the previous year. Furthermore, the company demonstrated significant improvements in power reliability, with system performance measured by the System Average Interruption Duration Index (SAIDI) improving by 19% year-over-year. These achievements underscore PG&E’s capacity to balance operational priorities, enhancing service delivery while managing costs, thus creating value for both customers and investors.