PG&E expects annual EPS growth above 9% through 2030, backed by $2.5B in O&M savings and no new equity. Wildfire liability risk from SB 254 legal challenges remains the key overhang.
PG&E (NYSE:PCG) told investors Tuesday it expects annual adjusted EPS growth above 9% through 2030, a target built on its current capital plan and a $2.5 billion cost-cutting program. The utility reaffirmed it will not need to issue new equity to fund the spending, executives said on the Q2 earnings call.
About $600 million of the operational and maintenance savings has already been booked. The company is on track to deliver the full $2.5 billion by 2029, management said.
On the capital side, PG&E maintains a contingency spending framework it calls Plan B. The framework lets the company shift capital between wildfire mitigation, grid hardening, and data center interconnection projects depending on regulatory signals and load growth. The data center pipeline is building, with several large customers in active talks. Executives offered no firm megawatt commitments.
Wildfire liability remains the overhang. SB 254, California's law governing utility liability for catastrophic wildfires, passed last year. The law still faces legal challenges. PG&E said it expects the law to hold. A ruling against it would reopen the company's exposure to billions in potential damages. The company carries no liability reserve beyond its insurance.
Second-quarter adjusted EPS came in at $0.26, in line with consensus. PG&E held its 2026 full-year guidance at $1.41 to $1.45 a share.
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