PG&E Initiates Strategic Review to Address Wildfire Liability Risks

CEO Patti Poppe stated that while the company has improved safety and reliability, the current regulatory and liability environment creates financial risks that limit investment and inflate costs. To address these challenges, the Board of Directors has formed a committee of four independent directors to evaluate all available organizational and financial alternatives. This review seeks to identify a path toward long-term stability that maintains safety performance and honors existing labor and pension commitments.

Simultaneously, the company is adjusting its 2027 Capital Plan to reduce immediate financing burdens. PG&E plans to defer approximately $2 billion in planned work, lowering its debt requirements while still committing $11.4 billion to capital investments. Management emphasized that this deferral will not compromise critical safety programs, including mandatory wildfire mitigation and compliance obligations. Alongside these changes, the utility reaffirmed its 2026 earnings guidance and initiated a 2027 outlook of $1.78 to $1.82 per share.