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2mo ago

PG&E Q2 Profits Miss Estimates as It Proposes Smallest Rate Hike in a Decade

Mounting wildfire mitigation expenses pressured second-quarter earnings just ahead of PG&E’s bid for its smallest rate increase in a decade.

Pacific Gas and Electric (PG&E) crew work to restore power after the Park Fire burned through the area near Paynes Creek, in California, U.S. August 3, 2024. REUTERS/Fred Greaves
PG&E San Jose Substation A, located near the corner of South Montgomery Street and Otterson Street in downtown San Jose, seen on June 17, 2025. (George Avalos/Bay Area News Group)
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Overview

  • PG&E posted a $521 million profit in its April-through-June quarter, up 0.2% year-over-year but shy of Wall Street expectations.
  • Total operating and maintenance costs rose 3.7% to $2.86 billion, driven largely by increased wildfire-related claims.
  • The utility filed a general rate case for 2027–2030 that seeks the smallest percentage increase it has requested in ten years and anticipates stable customer bills this year with declines in 2026.
  • In Q2, PG&E installed 32 miles of underground power lines and fortified 103 miles of poles in high-risk areas and plans to complete 700 miles of undergrounding by the end of 2026.
  • The U.S. Nuclear Regulatory Commission granted a 20-year relicensing for the Diablo Canyon plant, and PG&E’s 10 gigawatt data center pipeline aims to strengthen grid capacity and reduce per-customer costs.