PG&E Corp
PG&E Corp is a California-based holding company whose main operating business is Pacific Gas and Electric Company, a regulated utility serving Northern and Central California. Through the Utility, the company delivers electricity and natural gas, and operates the transmission and distribution networks that connect those services to residential, commercial, industrial, and agricultural customers.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueRetail electricity delivery, transmission, and distribution across the service territory.
Retail natural gas delivery and related regulated utility services.
Purchased electricity, generation scheduling, and market balancing to serve load.
Products
Reported · share of revenue- Electricity73.5 %
- Natural Gas Us Regulated26.5 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
PG&E serves end users across its California service territory, including households, businesses, farms, and large industrial customers. Because it is a regulated utility, customers buy essential energy delivery rather than discretionary products, and rates are set through regulatory proceedings. The company also serves low-income customers through assistance programs such as CARE.
Households buying electricity and natural gas for everyday use and reliability.
Retail and service businesses buying regulated utility delivery and reliability.
Large energy users buying dependable electric and gas service for operations.
Farms and agribusinesses buying utility service for irrigation, processing, and facilities.
Income-qualified customers receiving discounted bills through CARE and similar programs.
Strategy
PG&E’s strategy centers on operating a safer and more reliable regulated utility while investing in grid, gas, and climate-resilience infrastructure. It also seeks to manage customer bill impacts through cost control, efficient financing, and load growth from data centers, electric vehicles, and building electrification.
Wildfire and system safety are central to the utility's license to operate.
Capital investment supports reliability, resilience, and regulated rate base growth.
Lower controllable costs help support affordability and regulatory outcomes.
New electric demand can spread fixed utility costs across more usage.
Geography
PG&E’s business is concentrated in Northern and Central California, where the Utility owns and operates the electric and gas network. Its service area is geographically large and diverse, spanning urban, suburban, and rural communities, which makes local weather, wildfire exposure, and population growth important operating factors.
Risks
PG&E faces utility-specific risks tied to wildfire liability, regulatory outcomes, and the ability to recover costs through rates. It is also exposed to inflation, supply-chain disruption, cyber/data security, and capital-market conditions, all of which can affect project execution, financing, and customer affordability.
- Wildfire liability and catastrophic fire exposureImpact: CriticalLikelihood: High
The utility operates in a wildfire-prone service territory and can face large claims and enforcement actions.
Exposure: Electric transmission and distribution assets in California
- Regulatory and ratemaking uncertaintyImpact: HighLikelihood: High
Earnings and cash flow depend on CPUC-approved rates and cost recovery timing.
Exposure: Electric and gas utility operations
- Inflation and supply-chain disruptionImpact: HighLikelihood: High
Higher equipment, labor, and contractor costs can delay maintenance and capital projects.
Exposure: Utility capital program and maintenance work
- Financing and interest-rate riskImpact: HighLikelihood: High
The utility relies on debt and equity markets to fund capital needs and maintain its capital structure.
Exposure: Holding company and regulated utility funding
- Cybersecurity and data privacyImpact: HighLikelihood: Medium
The company holds customer and employee data and operates critical infrastructure.
Exposure: Customer information systems and grid operations
Accounting
Judgemental itemsCosts expected to be recovered through rates are deferred, changing the timing of expense recognition.
Impact: Affects earnings, assets, and liabilities tied to CPUC recovery
The asset is amortized over an estimated protection period that depends on assumptions about wildfire claims and fund longevity.
Impact: Affects operating expense and balance-sheet carrying value
Wildfire, environmental, and legal claims require probability and loss estimates.
Impact: Can materially affect provisions and reported equity
Discount rates, return assumptions, and healthcare trends drive benefit obligations and expense.
Impact: Affects operating expense, OCI, and regulatory balances
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Last updated: 24/09/2026