OAKLAND, Calif., July 24, 2026 — PG&E reported higher second-quarter earnings as investment in California’s electric and natural-gas systems continued lifting the utility’s financial results.
Income available to common shareholders rose to $733 million, or 33 cents a share, from $521 million, or 24 cents a share, a year earlier. Core earnings increased to $920 million, or 40 cents a share.
The company reaffirmed its full-year core earnings forecast of $1.64 to $1.66 a share.
Utilities generate much of their earnings by investing in infrastructure approved by regulators and recovering those costs over time through customer rates. PG&E has been spending heavily on wildfire prevention, grid reliability and equipment needed to support growing electricity demand.
That demand is being pushed by electric vehicles, data centers, building electrification and population growth in certain parts of the state.
The investment can strengthen the system and reduce the risk of outages or fires, but it also raises a difficult affordability question: how much of the cost should customers be expected to carry through their monthly bills?
Every improvement to the grid eventually becomes part of the rate debate.
PG&E remains under particular scrutiny because of the wildfires previously linked to its equipment. The company must show regulators, investors and customers that new spending is reducing risk rather than simply expanding its base for future earnings.
Higher core profit reflected customer capital investment and operating savings, while wildfire-related costs remained outside the company’s measure of ongoing earnings.
California businesses are especially sensitive to electricity rates because energy costs can influence where manufacturers, warehouses and technology companies choose to expand. Households face the same pressure as more transportation and heating moves onto the electric grid.
PG&E’s reaffirmed outlook shows the company remains on its financial plan. The larger test will be whether it can continue rebuilding infrastructure while keeping customer bills from rising faster than businesses and families can absorb.
JBizNews Desk | Oakland
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