Q2 2026 PG&E Corp Earnings Call Transcript
Key Points
- PG&E Corp (PCG) reported core earnings per share of $0.40 for Q2 and $0.83 for the first half of 2026, reflecting disciplined execution and a lean operating system.
- The company reaffirmed its full-year core EPS guidance of $1.64 to $1.66, indicating a 10% increase over 2025.
- PG&E Corp (PCG) has a $73 billion capital plan through 2030, which does not require additional equity financing.
- The company has achieved significant improvements in safety, with zero public safety incidents from asset failures and no major fires linked to its equipment for four consecutive years.
- PG&E Corp (PCG) is focused on customer affordability, targeting zero to 3% annual customer bill growth and has reduced residential bundled electric rates by 23% since January 2024 for vulnerable customers.
- The company faces uncertainty regarding California wildfire liability reform, which is critical for achieving investment-grade ratings and lowering financing costs.
- PG&E Corp (PCG) may need to reevaluate its capital allocation priorities if the legislative framework for wildfire liability remains unresolved or insufficient.
- The company is dependent on achieving a constructive legislative outcome to maintain its current financial plan and avoid reallocating capital.
- There is a risk of increased customer rates if interim rate recovery is not approved, potentially leading to a pancaking effect on customer bills.
- PG&E Corp (PCG) is still working to improve perceptions among policymakers, as actual performance improvements may lag in recognition.
Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the PG&E Corporation second quarter 2026 earnings release. (Operator Instructions)
Thank you. I would now like to turn the conference over to Jonathan Arnold, Vice President of Investor Relations.
Jonathan, please go ahead.
Good morning, everyone, and thank you for joining us for PG&E's second quarter 2026 earnings call. With us today are Patti Poppe, Chief Executive Officer; and Carolyn Burke, Executive Vice President and Chief Financial Officer. We also have other members of the leadership team here with us in our Oakland headquarters.
First, I should remind you that today's discussion will include forward-looking statements about our outlook for future financial results and other matters. These statements are based on management's current expectations, assumptions, and estimates. Some of the
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