PCG changes
Pick any two versions below to diff them.
- Price
- $12.50 → $13.13(+5.0%)
- Balance sheet
- added: Cash: $972M Debt: $64.3B Net debt: $63.3B Net debt / EBITDA: 6.0× (high) Interest cover: 3.4× Undrawn credit line: $5.5B Debt due within 12 months: $2.5B Ratings: Fitch BBB- (negative outlook) PG&E borrows mostly at the regulated removed: utility. added: utility, and debt is high for the cash that PG&E makes. Free cash flow was about minus $4.3 billion in the 12 months to June 30, 2026, because capital spending is larger than operating cash flow. The CPUC lets the utility fund its rate base with about 52% equity and 47.5% long-term debt, and customers pay the interest through rates. At June 30, 2026, removed: consolidated long-term debt was $61.8 removed: billion. There was also added: billion of long-term debt, $1.1 billion due within a year and $1.4 billion of short-term removed: borrowings, against $972 million of cash. added: borrowings. Of the long-term debt, $55.2 billion sat at the utility. This includes $11.6 billion in special-purpose entities, such as wildfire recovery bonds that dedicated customer charges pay. About $6.6 billion sat at the parent, PG&E Corporation, which pays it from utility dividends. This includes $2.15 billion of 4.25% convertible secured notes due December 1, 2027 and $1.0 billion of 6.850% junior subordinated notes. removed: Debt is high for the cash that PG&E makes. added: The leverage ratio and interest cover come from Yahoo Finance data removed: shows net debt of about 6.0 times trailing EBITDA, and removed: EBITDA of about 3.4 times interest. Free cash flow was about minus $4.3 billion in the 12 months to June 30, 2026, because capital spending is larger than operating cash flow. added: use trailing EBITDA. Total liquidity was about $6.5 billion at June 30, 2026, mostly removed: $5.5 billion of added: the undrawn revolving credit lines. One major agency still rates the utility's unsecured debt below investment grade. removed: On September 16, 2026, Fitch removed: kept BBB- but changed removed: the added: its outlook to negative added: on September 16, 2026, after wildfire reform failed. The debt load and the open wildfire liability limit PG&E's choices. This is why it cut planned 2027 capital spending and did not raise more debt or equity. As of Jun 30, 2026.