PG&E Management Ties $2 Billion 2027 Capital Plan Cut to Financing Costs

PG&E management said high financing costs led it to reduce the utility’s 2027 capital plan by $2 billion, delaying customer projects while keeping the year’s rate-base forecast unchanged.

Management said further capital spending depends on policy and regulatory outcomes. PG&E is considering ring-fencing, sales and separations as part of a strategic review aimed at achieving investment-grade credit ratings. The review is expected to continue through next summer.

Management said the utility does not expect to need new equity through 2030. It cited unresolved wildfire tail risk as a financing constraint and said policy reform is needed. PG&E has not provided earnings guidance beyond 2027.

Third-quarter core earnings per share were $0.41. PG&E kept its core EPS ranges at $1.64 to $1.66 for 2026 and $1.78 to $1.82 for 2027, as covered in TokenPost’s earlier report on the company’s third-quarter outlook.