PG&E (PCG) Investor Update summary

Leadership and Strategic Focus

• Leadership team brings diverse backgrounds and deep industry experience, emphasizing operational excellence, innovation, and a focus on affordable, resilient, and decarbonized energy.

• CEO Patti Poppe leads a seasoned executive group across operations, finance, sustainability, and compliance.

• Team alignment around a Performance Playbook aims for consistent, long-term success and cost avoidance.

Safety, Wildfire Mitigation, and Risk Management

• Significant advancements in wildfire risk management since 2017, including 1,555 weather stations, 1,000 AI-enabled cameras, and system hardening.

• Wildfire ignitions in high-risk areas have dropped 68% from 2017 levels, with no catastrophic wildfires last year.

• New post-ignition protections include 24/7 hazard monitoring, specialized response teams, and Black Hawk helicopters.

• Ongoing focus on regulatory compliance, cost recovery, and adapting to evolving state and federal policies.

Regulatory, Financial Protections, and Capital Plan

• California's AB 1054 provides a robust legal and financial framework, including $1B self-insurance and $21B wildfire fund.

• Regulatory clarity and alignment support cost recovery and ongoing investment.

• Five-year capital plan includes $62B in investments from 2024–2028, targeting electric and gas infrastructure, safety, and clean energy transition.

• Financing plan includes $2B parent debt paydown, $2.5B in dividends, $3B equity issuance via ATM, and efficient securitizations.