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PG&E (PCG) investor relations material
PG&E Investor Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Legislative and Regulatory Updates
Senate Bill 254 established an $18 billion Wildfire Fund Continuation Account, reducing upfront utility funding and lowering one utility's share by 25% to 47.85%.
Utilities' annual contributions to the fund will decrease, with new securitization options, liability limitations, and a right of first refusal over insurance subrogation rights.
The Catastrophe Response Council oversees the fund, with a comprehensive policy reform report due by April 2026 to guide future legislative action.
Enhanced protections include improved prudency standards, liquidity, reimbursement mechanisms, and a disallowance cap based on the year of ignition.
Utilities can securitize 2025 fire costs early, and further wildfire liability reforms will be considered in 2026.
Financial Guidance and Capital Allocation
Five-year capital plan includes $73 billion in investments for 2026–2030, with $2.9 billion to be securitized under SB 254 and at least $5 billion in additional CapEx opportunities identified.
2025 non-GAAP core EPS guidance is $1.48–$1.52, with a 10% increase expected and at least 9% annual growth targeted for 2026–2030.
Weighted average rate base projected at $69 billion in 2025, with average annual rate base growth of 9%.
No new common equity required through 2030, and equity requirements for 2025–2030 are fully funded.
Dividend payout ratio targeted at 20% by 2028, maintaining financial flexibility and investment-grade ratings.
Credit Rating and Financing Strategy
Recent credit rating upgrade by Fitch, with a focus on maintaining investment grade and avoiding equity dilution at low stock values.
Financing plan prioritizes conservative planning, improved cash flow, and a 20% dividend payout target by 2028.
Parent debt reduction of $2 billion eliminated from the plan, and FFO/Debt is targeted in the mid-teens.
Opportunistic share repurchases may be considered if stock remains depressed and policy reform stalls, but investment in safety and resiliency remains the priority.
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