PG&E Corporation announced on April 23 its financial results for the first quarter of 2026, reporting continued progress in delivering safe, reliable, affordable, and clean energy to customers. The company stated that bundled residential electric rates are now down 23% since January 2024 for its most vulnerable customers.
The announcement is significant as it highlights PG&E’s ongoing efforts to improve affordability while maintaining a focus on safety and infrastructure resilience. CEO Patti Poppe said, “Our PG&E team continues our progress in delivering safe, reliable, affordable and clean energy to our customers. We’ve lowered residential bundled electric rates, which are down 23% since January 2024 for our most vulnerable customers. Safety remains our foundation as we strengthen and build resilient energy infrastructure to support California’s growth.”
For the first quarter of 2026, PG&E Corporation reported income available for common shareholders of $858 million or $0.39 per diluted share under generally accepted accounting principles (GAAP). This compares with $607 million or $0.28 per diluted share in the same period last year. Non-GAAP core earnings were $982 million or $0.43 per diluted share for the quarter compared to $728 million or $0.33 per diluted share in the previous year.
The company reaffirmed its full-year non-GAAP core earnings guidance range of $1.64 to $1.66 per share for 2026. Factors influencing these results include customer capital investment returns and costs related to unrecoverable interest expense among other items such as incentive revenues and cost savings.
A conference call discussing these results was scheduled for April 23 at 11:00 a.m Eastern Time with presentation slides available on PG&E’s investor website along with links to regulatory filings with both state and federal agencies.
PG&E Corporation serves approximately sixteen million Californians across a seventy-thousand-square-mile area in Northern and Central California through its subsidiary Pacific Gas and Electric Company.
