Pacific Gas & Electric Q1 EPS of $0.43 Beats Estimates, Revenue Up 15%
Pacific Gas & Electric reported Q1 adjusted EPS of $0.43 beating estimates by $0.04 on revenue of $6.88 billion, up 15%. The utility reaffirmed 2026 EPS guidance of $1.64–$1.66, cut bundled electric rates up to 23% for CARE customers and won a 20-year license renewal at Diablo Canyon.
1. Q1 Results Exceed Estimates
Pacific Gas & Electric posted adjusted earnings of $0.43 per share in the first quarter, surpassing the $0.39 consensus, on revenue of $6.88 billion, a 15% increase from $5.98 billion a year earlier.
2. Full-Year Guidance and Cost Savings
The company reaffirmed its full-year 2026 adjusted EPS guidance of $1.64 to $1.66 and remains on track to achieve 2–4% non-fuel operating and maintenance cost reductions.
3. Rate Reductions and Infrastructure Upgrades
PG&E lowered residential bundled electric rates for the fifth straight quarter, cutting rates by 23% for CARE customers and 13% for others since January 2024, while completing 31 miles of underground powerlines and installing 44 miles of strengthened or covered poles in high fire-risk areas.
4. Diablo Canyon License Renewal
The Nuclear Regulatory Commission approved a 20-year license extension for Diablo Canyon Power Plant, extending its operating authorization through 2046.