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Here are 1-2 brief analogies for PG&E:

• It's like the UPS or FedEx of electricity and natural gas, building and maintaining the massive infrastructure to deliver essential energy to homes and businesses across Northern and Central California.

• Think of it as the Comcast or Verizon for electricity and natural gas, providing essential utility services across Northern and Central California.

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• Electricity Delivery: PG&E generates, transmits, and distributes electricity to various customer types across northern and central California.
• Natural Gas Delivery: PG&E transmits, stores, and distributes natural gas to diverse customer segments, including electric generation facilities.

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PG&E (PCG) primarily sells electricity and natural gas directly to a broad base of customers within its service territory in northern and central California. As such, it does not have major customer companies that it sells to for resale. Instead, it serves various categories of end-use customers. The major categories of customers that PG&E serves include:

• Residential customers
• Commercial customers
• Industrial customers

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• NextEra Energy, Inc. (NEE)
• GE Vernova Inc. (GEV)
• Siemens Energy AG (SMNEY)
• BP p.l.c. (BP)

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Patricia K. Poppe Chief Executive Officer

Patricia K. Poppe joined PG&E Corporation as CEO in January 2021. Prior to this, she served as President and Chief Executive Officer of CMS Energy Corporation and its principal subsidiary, Consumers Energy Company, from 2016 to 2020. She previously held various leadership roles at DTE Energy for five years, including Power Plant Director. Ms. Poppe also spent 15 years at General Motors in diverse manufacturing and operational positions, managing their largest manufacturing plant, Lordstown. She is recognized as the first female executive to lead one Fortune 500 company and then become CEO of another.

Carolyn Burke Executive Vice President and Chief Financial Officer

Carolyn Burke was appointed Executive Vice President and Chief Financial Officer of PG&E Corporation, effective May 4, 2023, having joined the company as a special advisor in January 2023. Before joining PG&E, she served as Executive Vice President and Chief Financial Officer at Chevron Phillips Chemical Company. Ms. Burke also held the position of Executive Vice President, Strategy at Dynegy, where she was instrumental in the executive management team that guided the company through its emergence from bankruptcy. Her experience also includes serving as Global Controller, Investment Bank, Global Commodities at JP Morgan Chase, and Vice President and Corporate Controller at NRG Energy, Inc., where she contributed to rebuilding its finance team and strengthening financial operations during a turnaround.

Sumeet Singh Chief Executive Officer, Pacific Gas and Electric Company, and Executive Vice President, Energy Delivery

Effective January 1, 2026, Sumeet Singh will assume the roles of CEO of Pacific Gas and Electric Company and Executive Vice President of Energy Delivery for PG&E Corporation. He has been with PG&E since 2000, starting as an engineer, and has served as Executive Vice President of Operations and Chief Operating Officer since 2023. His career at PG&E includes various roles in natural gas distribution and transmission engineering, as well as in Finance and Energy Procurement. Mr. Singh also previously served as the Gas Safety and Integrity Officer at Picarro Inc.

Carla Peterman President, PG&E Corporation, and Executive Vice President, Customer & Corporate Affairs

Carla Peterman will become President of PG&E Corporation and Executive Vice President of Customer & Corporate Affairs, effective January 1, 2026. She joined PG&E in 2021 as Executive Vice President of Corporate Affairs and Chief Sustainability Officer. Prior to PG&E, Ms. Peterman focused her career on California's energy policy and regulatory landscape, serving as Senior Vice President of Strategy and Regulatory Affairs at Southern California Edison and as a Commissioner of the California Public Utilities Commission (CPUC) for six years. At the CPUC, she led significant initiatives including the adoption of the country's first utility energy storage mandate.

Jason Glickman Executive Vice President, Strategy and Growth

Jason Glickman will become Executive Vice President of Strategy and Growth for PG&E Corporation, effective January 1, 2026. Since joining PG&E in 2021, he has held the position of Executive Vice President of Engineering, Planning & Strategy.

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• Wildfire Liabilities and Climate Change: PG&E faces significant and ongoing risks from wildfires in its service territory, exacerbated by climate change, drought, and aging infrastructure. The company has a history of equipment-related ignitions leading to catastrophic wildfires, resulting in substantial legal and financial liabilities, including a past bankruptcy. Despite considerable investments in wildfire mitigation programs like undergrounding power lines, system hardening, and vegetation management, the potential for future catastrophic events and associated liabilities remains the most dominant risk to the company's financial health and public image.
• Regulatory Uncertainty and Oversight: PG&E's operations are heavily influenced by the California regulatory environment, particularly the California Public Utilities Commission (CPUC). Decisions made by state regulators directly impact the company's revenue, earnings, and ability to recover costs associated with infrastructure investments and wildfire mitigation. Regulatory setbacks, such as denied rate increases or limitations on cost recovery, could adversely affect PG&E's financial performance and growth prospects. The CPUC also maintains enhanced oversight and enforcement processes to ensure PG&E improves its safety record.
• High Financial Leverage and Capital-Intensive Investments: The company carries a high level of financial leverage and requires substantial capital expenditures for modernizing and hardening its grid, especially for wildfire safety and resilience against climate impacts. These significant investments, projected to cost billions through 2030, make PG&E sensitive to rising interest rates and can limit its financial flexibility. The challenge lies in financing these critical infrastructure upgrades and maintaining profitability without imposing excessive rate hikes on customers.

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Clear Emerging Threats for PG&E (PCG):

• Growth of Distributed Energy Resources (DERs): The increasing adoption of customer-owned rooftop solar, battery storage systems, and microgrids allows customers to generate and store their own electricity. This reduces their reliance on PG&E's centralized grid for energy supply, potentially impacting the utility's traditional revenue streams derived from electricity sales and the overall demand for its grid services.
• Expansion of Community Choice Aggregators (CCAs): Community Choice Aggregators procure electricity on behalf of local communities, effectively taking over the retail electricity sales function that was traditionally held by PG&E. While PG&E continues to manage the transmission and distribution infrastructure, the growth of CCAs disintermediates the company from the energy procurement and sales portion of the business, diminishing its role as the primary energy provider and impacting associated revenues and customer relationships.
• Decarbonization and Electrification Mandates: Aggressive state and local policies in California promoting decarbonization through the electrification of buildings (e.g., bans on natural gas hookups in new construction) and transportation pose a long-term threat to PG&E's natural gas distribution business. These mandates aim to reduce natural gas consumption, potentially leading to declining demand and asset utilization for a significant portion of PG&E's infrastructure.

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PG&E Corporation (PCG) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and industry trends:

1. Capital Investments and Rate Base Growth: PG&E's significant capital expenditure plan, which includes a five-year capital plan through 2030 with a $73 billion investment, is a primary driver. These investments support an average annual rate base growth of 9%. The increased rate base, particularly due to customer capital investments approved in the 2023 General Rate Case (GRC) final decision, allows the company to seek higher rates from customers to earn a regulated return, thereby increasing revenue.
2. Increased Customer Consumption (Load Growth): The ongoing electrification of home heating systems and vehicles in California, coupled with growing demand from data centers, is projected to drive higher electricity and natural gas consumption. Although there was a slight reduction in the data center pipeline, this sector continues to represent an area of potential load growth.
3. Approved Rate Adjustments: As a regulated utility, PG&E's revenue is directly tied to the rates approved by regulatory bodies. Through General Rate Cases and other regulatory proceedings, the company can adjust its rates to recover operational costs and earn an authorized return on its infrastructure investments. The 2023 General Rate Case, for example, approved customer capital investments that contribute to earnings. These periodic rate adjustments are a consistent source of revenue growth for the company.

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Share Repurchases

• PG&E's 3-Year Share Buyback Ratio was -3.40% as of September 2025, indicating that the company has been issuing shares rather than repurchasing them during this period.
• As of October 2025, CEO Patti Poppe mentioned the possibility of share buybacks totaling $1-$1.5 billion through 2028.

Share Issuance

• In December 2024, PG&E issued 48,661,800 shares of common stock at $20.55 per share and 28,000,000 shares of Series A Mandatory Convertible Preferred Stock at $50.00 per share, generating net proceeds of approximately $2.35 billion.
• The proceeds from the December 2024 equity offerings, totaling about $2.4 billion, were intended to fund the company's growing capital spending plan, including wildfire mitigation efforts.
• PG&E reaffirmed its guidance for $3 billion in equity issuances for the 2025-2028 period as of November 2024 and does not expect new common equity requirements through 2030.

Capital Expenditures

• PG&E has a significant capital investment plan, projecting $73 billion in capital expenditures from 2026 through 2030, an increase of $10 billion over its previous five-year plan.
• Actual capital expenditures were $13.4 billion in 2025 and $10.37 billion in 2024.
• The primary focus of capital expenditures is on wildfire mitigation (including undergrounding power lines, system hardening, and vegetation management), grid modernization, strengthening transmission infrastructure, and addressing growing customer demand, such as for data centers and transportation electrification.