Oakland, Calif. – September 07, 2026 -- PG&E Corporation (NYSE: PCG) is launching a strategic review of its business structure and financing, while deferring approximately $2 billion in planned 2027 capital spending to curb near-term borrowing costs for customers.
Board forms committee to evaluate full range of structural and financing alternatives
PG&E Corporation's Board of Directors has established a Strategic Review Committee of four independent directors to examine regulatory, financial, operational and strategic options for how the Company is organized and financed. A core goal of the review is achieving investment-grade financial strength capable of attracting long-term capital for California's energy needs, while preserving existing labor agreements, pension commitments and claims obligations. CEO Patti Poppe said California's wildfire liability framework continues to drive higher financing costs and limit system investment, prompting the Company to act.
PG&E defers $2 billion in 2027 capital spending to cut financing needs
Under a revised 2027 Capital Plan, PG&E will still invest approximately $11.4 billion in California next year, but will delay or defer roughly $2 billion of planned work. The move reduces the Company's debt financing needs by an equivalent $2 billion, with savings intended to flow through to lower customer financing costs. PG&E said critical safety programs, including its Wildfire Mitigation Plan and safety certification requirements, will remain fully funded and unaffected by the deferrals.
Company reaffirms 2026 guidance, sets 2027 EPS outlook at $1.78-$1.82
PG&E Corporation reaffirmed full-year 2026 non-GAAP Core earnings guidance of $1.64 to $1.66 per share and initiated 2027 non-GAAP Core EPS guidance of $1.78 to $1.82 per share. As part of the Strategic Review, the Company plans to re-evaluate its long-term EPS growth rate along with its 2028-2030 capital investment and rate base outlooks. PG&E said it will provide updates on the review during quarterly earnings calls or upon material developments, and will seek input from California regulators and policymakers as it pursues a sustainable path forward.