Pacific Gas & Electric Co. · NYSE:PCG
Pacific Gas & Electric — PG&E — Investor Presentation (September 2025)
23 slides from Pacific Gas & Electric's investor presentation, Sep 29, 2025
Slide 1: Investor Update: Delivering For Customers and Investors
Investor Update Delivering For Customers AND Investors September 29, 2025 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation and the oral remarks made in connection with it contain statements regarding PG&E Corporation’s and Pacific Gas and Electric Company’s (the “Utility”) future performance, including expectations, objectives, and forecasts about operating results (including
Slide 3: California Legislature Takes Further Action On Wildfire Risk
California Legislature Takes Further Action On Wildfire Risk… Wildfire Fund Continuation Account: First step following January 2025 fires and New Features building on existing AB 1054 foundation Creates new Wildfire Fund Continuation Flexible Improved Account providing $18B for future wildfires Util
Slide 4: Planning For Wide-Ranging Wildfire Policy Reform
Planning For Wide-Ranging Wildfire Policy Reform… California Catastrophe Response Council Responsible for oversight of the Wildfire Fund & Continuation Account. Is charged with appointing an “Administrator” for the Wildfire Fund & Continuation Account. California Earthquake Authority Governor Appoin
Slide 5: Investing For Customers
Investing For Customers… Highlights 2025 Non-GAAP Core EPS2 ► Delivering customer affordability $1.48 - $1.52 Up 10% ► Rates reduced September 1 and another drop in 2026 Extended 2026-2030 ► Bills expected flat to down in 20271 Non-GAAP Core EPS2 At Least 2024-2028 9% And Capital ► Simple, Affordabl
Slide 6: Five-Year Capital Plan
Five-Year Capital Plan… Weighted Average CapEx ($B)1 Rate Base ($B)1 Plus At Least $5B XX% Avg Annual 2026-2030 ~9% $73B 2026-2030 Customer Beneficial Investment Opportunities3 CPUC CPUC FERC 106 FERC 16.3 16.0 96 15.4 89 13.4 ► Transmission Upgrades: 81 12.4 75 Data Centers and System 69 11.4 Inves
Slide 7: Credit Rating Improvements
Credit Rating Improvements 1… SCALE SCALE RATING DEBT RATING Moody’s S&P/Fitch Moody’s S&P Fitch Financing Key Principles A2 A ✓ Plan conservatively Investment Grade Fitch upgrade on 9/25/25 A3 A- ✓ Avoid equity dilution at low stock value Baa1 BBB+ ✓ Prioritize investment grade credit Baa2 BBB ✓ Su
Slide 8: Decarbonized Energy System / Q&A
Decarbonized Energy System Q&A Affordable and Resilient Energy Physical and Financial Safety 8
Slide 9: Appendix: Presentation Endnotes
Appendix 1 Presentation Endnotes 9
Slide 10: Appendix 2: Presentation Endnotes
Appendix 2: Presentation Endnotes Slide titles are hyperlinks Slide 5: Investing For Customers 1. Compared to 2025. 2. Non-GAAP core EPS is not calculated in accordance with GAAP. See Appendix 3, Exhibit A for a reconciliations of EPS guidance on a GAAP basis to non-GAAP core earnings per share guid
Slide 11: Appendix: Supplemental Materials
Appendix 2 Supplemental Materials 11
Slide 12: 2025 Factors Impacting Earnings
2025 Factors Impacting Earnings Key Ranges Weighted Average Rate Base3 Equity Ratio:4 52% Return on Equity: 10.28% Non-GAAP Diluted Shares Core EPS1 20252 CPUC $57B FERC $12B $1.48 - $1.52 2,195M - 2,285M Total Rate Base $69B Key Factors Affecting Non-Core Items5 Non-GAAP Core Earnings7 ($ millions
Slide 13: Wildfire Fund Continuation Account To Cover Future Wildfires
Wildfire Fund Continuation Account To Cover Future Wildfires > $21.0 B $18.0 B Utility Utility Upfront Funding Contingent Funding $7.5 2019-2020 $3.9 * Over 5 years only if needed PG&E $4.8B PG&E $373M per year Utility Utility Annual Funding $3.0 Annual Funding 2019-2028 $5.1 2029-2045 $300M per yea
Slide 14: Wide-Ranging Wildfire Policy Reform: Recommendations Due April 1, 2026
Wide-Ranging Wildfire Policy Reform: Recommendations Due April 1, 2026 The report shall include specific recommendations, including, but not limited to, on all of the following: Insurance and Physical Mitigation and New Models and Liability Reform Community Impacts Customer Impact ▪ Accessibility an
Slide 15: Existing Protections Enhanced Pending Broader Policy Update
Existing Protections Enhanced Pending Broader Policy Update Protections Offered Under AB 1054 & SB 254 Physical Risk Reduction Drives Cost Recovery Liquidity Reimbursement Financial Protections Unchanged Bolstered Improved Improved prudency standard1 Available when needed Disallowance cap retained P
Slide 16: Fund Mechanics Largely Unchanged With Enhancements To Disallowance Framework
Fund Mechanics Largely Unchanged With Enhancements To Disallowance Framework Claims filed against Covered Utility Customer funded self-insurance Covered Utility seeks payment from the Fund for eligible claims >$1B covers first $1B of claims Filing after “substantially all” Covered Utility files cost
Slide 17: Appendix: Supplemental Non-GAAP Information
Appendix 3 Supplemental Non-GAAP Information 17
Slide 18: Supplemental Earnings Materials
Supplemental Earnings Materials Exhibit Title Slide (Link) Exhibit A PG&E Corporation’s 2025 Earnings Guidance Slide 19-22 Exhibit B Non-GAAP Financial Measures Slide 23 18
Slide 19: Exhibit A: PG&E Corporation's 2025 Earnings Guidance
Exhibit A: PG&E Corporation's 2025 Earnings Guidance 2025 EPS guidance Low High Estimated EPS on a GAAP basis ~ $ 1.26 ~ $ 1.32 Estimated non-core items: (1) Amortization of Wildfire Fund contribution (2) ~ 0.11 ~ 0.11 Bankruptcy and legal costs (3) ~ 0.02 ~ 0.01 Investigation remedies (4) ~ 0.04 ~
Slide 20: Exhibit A: PG&E Corporation's 2025 Earnings Guidance
Exhibit A: PG&E Corporation's 2025 Earnings Guidance (3) “Bankruptcy and legal costs” consists of costs to resolve proof of claims filed in PG&E Corporation’s and the Utility’s Chapter 11 filing. 2025 Low guidance High guidance (in millions) range range Legal and other costs ~ $ 65 ~ $ 20 Bankruptcy
Slide 21: Exhibit A: PG&E Corporation's 2025 Earnings Guidance
Exhibit A: PG&E Corporation's 2025 Earnings Guidance (5) “Prior period net regulatory impact” represents the recovery of capital expenditures from 2011 through 2014 above amounts adopted in the 2011 GT&S rate case. 2025 Low guidance High guidance (in millions) range range 2011-2014 GT&S capital audi
Slide 22: Exhibit A: PG&E Corporation's 2025 Earnings Guidance
Exhibit A: PG&E Corporation's 2025 Earnings Guidance (7) “Wildfire-related costs, net of recoveries” includes costs to resolve third-party claims, net of recoveries, for the 2019 Kincade fire and 2021 Dixie fire, inclusive of outside counsel fees. 2025 Low guidance High guidance (in millions) range
Slide 23: Exhibit B: Non-GAAP Financial Measures
Exhibit B: Non-GAAP Financial Measures Non-GAAP Core Earnings and Non-GAAP Core EPS “Non-GAAP core earnings” and “Non-GAAP core EPS,” also referred to as “non-GAAP core earnings per share,” are non-GAAP financial measures. Non-GAAP core earnings is calculated as income available for common sharehold