Overview
- PG&E announced on Wednesday that it will invest about $11.4 billion in California in 2027 while deferring roughly $2 billion of previously planned spending to lower immediate borrowing needs.
- The company formed a committee of four independent directors to run a strategic review that will evaluate regulatory, financial, operational and organizational alternatives.
- PG&E said the deferral will reduce its near-term debt financing needs by about $2 billion and that core safety, wildfire-prevention and reliability programs will remain funded.
- Investors reacted with early volatility after comments on amended California Senate Bill 492 left long-term wildfire liability unresolved and several analysts downgraded the stock.
- The review will include discussions with regulators and stakeholders and the company plans to update investors on outcomes during earnings calls or after material developments, which could affect future financing and customer costs.