Slide 1: Post Legislative Session Update: Turning Point For PG&E And California
Post Legislative Session Update Turning Point For PG&E And California September 2, 2026 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: Continued Strong Execution… But An Unsustainable Wildfire Framework
Continued Strong Execution… Delivering For Customers Challenging Framework California’s wildfire liability framework isn’t working Consecutive year with no major wildfire 4th associated with our equipment for customers, communities, or investors Elevated wildfire risk coupled with California's liabi
Slide 4: 2027 Capital Allocation Adjustment
2027 Capital Allocation Adjustment… Adjusting 2027 CapEx Plan $13.4B Safety and Compliance Priorities $11.4B Will Not Change ► Critical safety programs $2.0B ► Wildfire Mitigation Plan and Safety Certification requirements Prior Plan Revised Plan Some Work Will Be Delayed or Deferred Financing Plan
Slide 5: Pathway To Unlocking Value
Pathway To Unlocking Value… Launching Strategic Review1 PG&E Corporation (PCG) Full range of options for how PG&E is organized and financed; investment grade Scope Pacific Gas and Electric Company credit ratings and shareholder value creation are foundational objectives 70,000 16 Million 29,000 Iden
Slide 6: Reaffirming 2026 And Initiating 2027 Core EPS Guidance
Reaffirming 2026 And Initiating 2027 Core EPS Guidance… Non-GAAP Core EPS Guidance1 Key Principles $1.78 – $1.82 ❑ Safely serve our customers $1.64 – $1.66 $1.50 ❑ Deliver on our affordability goals ❑ Attract low-cost capital ❑ Prioritize investment grade credit ratings ❑ Plan conservatively ❑ Avoid
Slide 7: Decarbonized Energy System / Q&A
Decarbonized Energy System Q&A Affordable and Resilient Energy Physical and Financial Safety 7
Slide 8: Appendix: Presentation Endnotes
Appendix 1 Presentation Endnotes 8
Slide 9: Appendix 1: Presentation Endnotes
Appendix 1: Presentation Endnotes Slide titles are hyperlinks Slide 5: Pathway To Unlocking Value 1. The Board has not set a timetable for the conclusion of this review, nor has it made any decisions related to any further actions or potential strategic alternatives at this time. There can be no ass