PG&E Corporation

- No new common equity is planned through 2030 due to low current stock valuation. - The financing plan remains unchanged, built on conservative assumptions aligned with previous guideposts. - Net $2 billion of financing is expected from parent debt and other sources through 2030. - In February, PG&E issued $1 billion of parent-level junior subordinated notes to address 2027 parent funding needs. - The utility issued $2.2 billion of first mortgage bonds in 2026, covering roughly half of its utility debt needs for the year. - The focus remains on maintaining investment-grade credit ratings with sustained financial ratios. - No planned increase to the $73 billion capital plan through 2030, but there is flexibility to consider additional investments if they improve affordability after key legislative outcomes.

- PG&E maintains its 5-year $73 billion capital plan through 2030 with no changes. - There is strong demand for customer-beneficial investments across transmission and distribution. - At least $5 billion of incremental customer investment opportunity exists outside the current plan. - Flexible options include: making the plan better (adding investments that support new beneficial load and lower rates), making the plan longer (extending top-tier rate base growth), or making the plan bigger (adding to the $73 billion envelope, though not currently considered). - Transmission investments have increased, partly to support large load growth such as data centers. - Investments in grid infrastructure like undergrounding (up to 11,000 miles planned through 2037) reduce maintenance costs and improve safety. - Continuous monitoring technology investments help shift to a predictive grid, reducing unplanned outages and costs. - Financing includes no new equity issuance planned through 2030 and debt financing to support the capital plans.

- Strong demand for customer beneficial investments across transmission and distribution systems continues, supporting growth. - Large load, particularly from data centers, is driving volume growth; 1.8 gigawatts expected online by 2030, contributing to a 1%-2% rate reduction. - Pipeline for large load growth is robust with over 10 gigawatts showing interest in the latest cluster study, signaling future sales increases. - Continued addition of 33 gigawatts of capacity to California grid and 22 gigawatts under contract through 2029 supports new load growth. - Rate-reducing load growth is prioritized to improve affordability while growing revenues. - Capital plan includes flexibility to accelerate investments in load growth and infrastructure, underpinning long-term sales and revenue growth. - Ongoing efficiency improvements and technology deployments (e.g., continuous monitoring) support reliable service, enabling customer growth and retention.

- PG&E reported core earnings per share (EPS) for Q1 2026 of $0.43, on track with full-year guidance. - Full-year 2026 core EPS guidance reaffirmed at $1.64 to $1.66, implying about 10% growth over 2025. - The company projects fifth consecutive years of double-digit core earnings growth. - EPS growth guidance for 2027 through 2030 is reaffirmed at 9%+ annual growth. - Capital and financing plans remain unchanged, with no new equity issuance expected through 2030. - The strong earnings growth is supported by ongoing rate reductions, large load growth, and operational efficiencies. - The company also emphasizes stable investment-grade credit metrics and disciplined capital allocation to sustain growth.

- The company has a strong and growing large load pipeline, with 4.6 gigawatts currently in the final engineering stage. - A third cluster study ("Cluster '26") has been initiated, showing significant demand with over 10 gigawatts of additional customer interest across multiple regions including Silicon Valley and the Central Valley. - There's significant diversification in the demand; no single project dominates the totals. - The pipeline is actively refilled as projects move from application to preliminary and then final engineering stages over the next 6 to 8 months. - Expected to have about 1.8 gigawatts of new load online by 2030. - Over 33 gigawatts of capacity have been added to the California grid since 2020, with 22 gigawatts under contract through 2029.