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PG&E Maintains 2026-2027 Core EPS Guidance; Capex Cuts and Undergrounding Push

Oct 22, 2026, 6:16 AM EDT1 sourcesAI-analyzed

Why it may matterVerify against the original reporting

Guidance reaffirmation, O&M reductions, and capex discipline improve cash flow and credit metrics; large wildfire mitigation initiatives and a strategic review support upside, though regulatory risk remains a caveat.

AI summary

What happened, with direct paths to the underlying reporting

PG&E reaffirmed its 2026-2027 non-GAAP core earnings guidance and remains on track with a $2 billion capital-plan reduction, signaling cost discipline as it advances wildfire mitigation and grid resilience in California. Key initiatives include 5,000 miles of undergrounding, a Google-backed virtual power plant, and broader customer load growth, all aimed at investment-grade prospects and rate-base expansion.

PG&E reaffirms 2026-2027 non-GAAP core EPS guidance.
Guidance: 2026 $1.64-$1.66; 2027 $1.78-$1.82.
Capex reduced by $2B through 2027; 2-4% non-fuel O&M cut.
5,000 miles undergrounding plan; 98% wildfire risk reduction, 90% outages.
Google-backed virtual power plant advances; 12 MW by 2028; 20k devices.

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