Pacific Gas & Electric Co.'s Stock Analysis

PGE Issues $2.2 Billion in Mortgage Bonds for Financing

Pacific Gas and Electric Company has entered into an Underwriting Agreement to issue and sell three series of First Mortgage Bonds, totaling $2.2 billion. This includes $400 million of 6.100% bonds due in 2029, $1 billion of 5.200% bonds due in 2036, and $800 million of 6.000% bonds due in 2056. The 2029 Bonds are part of a series that began issuance in June 2023, increasing the total outstanding amount of these bonds to $1.25 billion after this offering.

The sale of the Mortgage Bonds was completed on February 20, 2026. Investors may find additional details regarding the Mortgage Bonds in the attached exhibits of the report. This financing effort may influence the company's financial position and capital structure moving forward.

Feb 20, 2026 16:15:45

PG&E Corporation Issues $1 Billion in Junior Subordinated Notes

On February 19, 2026, PG&E Corporation completed the sale of $1 billion in 6.850% Fixed-to-Fixed Reset Rate Junior Subordinated Notes, which are due in 2056. This transaction was conducted under a Subordinated Note Indenture, originally dated September 11, 2024, and further amended by a Second Supplemental Indenture on the same date as the sale.

The notes are governed by the Indenture between PG&E Corporation and The Bank of New York Mellon Trust Company, N.A., serving as trustee. Additional details regarding the Notes can be found in the attached exhibits to the report.

Feb 19, 2026 16:29:13

PG&E Reports 2025 Financial Results and Earnings Guidance Update

PG&E Corporation reported its financial results for the fourth quarter and full year ended December 31, 2025, indicating GAAP earnings of $0.29 per share for Q4 and $1.18 per share for the full year, an increase from $0.30 and $1.15 in 2024, respectively. Non-GAAP core earnings were $0.36 and $1.50 per share for Q4 and the full year, compared to $0.31 and $1.36 in the prior year. The company has tightened its 2026 non-GAAP core EPS guidance to a range of $1.64 to $1.66 per share, reflecting ongoing operational efficiencies and customer capital investment while targeting customer bill inflation of 0-3%.

The Utility, a subsidiary of PG&E Corporation, has achieved a reduction in residential electric rates by 11% since January 2024 and has maintained zero major wildfires caused by its equipment for the third consecutive year. Operational improvements include the completion of 334 miles of undergrounded powerlines to mitigate wildfire risks and an overall reliability improvement for electric customers by 19% compared to 2024. These developments, combined with the connection of new electric customers and EV charging ports, position the company favorably for future growth and stability.

Feb 11, 2026 20:57:06

PG&E Announces Leadership Changes and Bylaw Amendments

On December 11, 2025, PG&E Corporation and Pacific Gas and Electric Company approved significant leadership changes, effective January 1, 2026. Mr. Singh has been appointed as Chief Executive Officer of Pacific Gas and Electric Company and Executive Vice President of Energy Delivery. Additionally, Carla Peterman has been elected as President of PG&E Corporation and Executive Vice President of Customer and Corporate Affairs. There are no reported arrangements or family relationships affecting these appointments.

The Board of Directors also adopted amended and restated bylaws on the same date, clarifying the roles of the President and Chief Executive Officer, and removing references regarding the allocation of authority among Executive Vice Presidents. These amendments are primarily ministerial and non-substantive. The updated bylaws became effective immediately upon adoption.

Dec 17, 2025 08:00:57

PG&E Reports Third Quarter Financial Results and Guidance

PG&E Corporation announced its financial results for the third quarter of 2025, reporting GAAP earnings of $0.37 per share, up from $0.27 in the same quarter of 2024. Non-GAAP core earnings were $0.50 per share for the third quarter, compared to $0.37 for the same period last year. The company has narrowed its 2025 non-GAAP core earnings guidance to a range of $1.49 to $1.51 per share and initiated guidance for 2026 at $1.62 to $1.66 per share. The results reflect increased customer capital investment and operational efficiencies, despite challenges such as wildfire-related claims and equity dilution from a previous offering.

Operationally, PG&E has made progress in enhancing safety and reducing costs. In September 2025, residential electric rates were lowered by approximately 2.1%, with further decreases expected in 2026. The Utility has completed significant infrastructure upgrades, including burying 1,000 miles of powerlines in high-risk wildfire areas. Additionally, PG&E has connected new electric customers and electric vehicle charging ports to its grid, aiming to stabilize electricity prices for all customers. The company will host a conference call to discuss these results on October 23, 2025.

Oct 22, 2025 20:30:58

PGE Issues $2 Billion in New Mortgage Bonds

Pacific Gas and Electric Company has entered into an Underwriting Agreement to issue and sell a total of $2 billion in First Mortgage Bonds. This includes $400 million of 5.000% bonds due in 2028, $850 million of 5.050% bonds due in 2032, and $750 million of 6.100% bonds due in 2055. The 2028 Bonds are part of a previously issued series from June 2025, bringing the total outstanding amount for these bonds to $800 million after the new offering.

The sale of the Mortgage Bonds was completed on October 2, 2025. Investors may want to review additional details regarding these bonds, which can be found in the attached exhibits of the report.

Oct 02, 2025 16:16:15

PG&E Announces Investor Update Conference Call for September 2025

PG&E Corporation will conduct a conference call on September 29, 2025, at 10:00 AM Eastern Time to provide an update for investors. This call will include details on extending the company's investment plan through 2030.

Investors can access the live audio webcast through the PG&E Corporation Investor Relations website. A presentation related to the investor update will also be available on the company's website under the 'News & Events: Events & Presentations' section.

Sep 26, 2025 12:31:44

PGE Secures $500 Million Term Loan with Mortgage Bond

Pacific Gas and Electric Company has entered into a $500 million Term Loan Credit Agreement, borrowing the full amount on September 24, 2025. The loans mature on September 23, 2026, and interest rates are based on either Term SOFR or an alternative base rate, with specified margins. The loan is secured by first mortgage bonds tied to the Utility's real property and certain personal property, ranking equally with other first mortgage bonds.

The Credit Agreement includes standard provisions such as limitations on liens and sale transactions, and requires the Utility to maintain a debt-to-capitalization ratio of no more than 65%. In the event of a default, including significant cross-defaults, the outstanding amounts may become immediately payable. Additionally, a Thirtieth Supplemental Indenture was executed to issue a collateral bond for the obligations under this Credit Agreement.

Sep 24, 2025 16:16:08

PG&E Reaffirms 2025 Earnings Guidance and Key Financial Metrics

PG&E Corporation has made a presentation available on its website, reaffirming its earnings guidance for 2025. The company emphasizes its focus on non-GAAP core earnings and non-GAAP core earnings per share (EPS), which exclude non-core items that may not reflect ongoing earnings. This approach aims to provide investors with a clearer view of the company's financial performance over time.

The non-GAAP core EPS is calculated by dividing non-GAAP core earnings by the diluted shares outstanding. PG&E Corporation uses these measures for internal budgeting, forecasting, and performance comparisons. However, the company clarifies that non-GAAP metrics should not be seen as substitutes for GAAP measures and may differ from similar metrics used by other companies.

Sep 15, 2025 06:30:19

Executive Vice President Resigns from PG&E Corporation

Kaled H. Awada, the Executive Vice President and Chief People Officer of PG&E Corporation and Pacific Gas and Electric Company, has announced his resignation effective September 30, 2025. He is leaving to pursue another opportunity.

This change in leadership may impact the company's operations and strategic direction as the organization seeks to fill this key executive role. Investors should monitor how this transition affects company performance and future initiatives.

Sep 12, 2025 16:16:50