PG&E launches review, defers $2 billion in spending after wildfire bill setback
PCG•Outlook and guidance
It expects adjusted profit of $1.78 to $1.82 per share in 2027, compared with expectations of $1.80 per share, according to data compiled by LSEG.
The utility added it is no longer providing a five-year capital plan or earnings growth rate beyond 2027.
PG&E defers spending and launches strategic review
California utility PG&E said on Wednesday it will defer about $2 billion in spending for next year and launched a strategic review, after an amended state Senate bill raised concerns around wildfire liability costs.
The company faces renewed uncertainty over liability costs after a California Senate bill amendment did little to reduce utilities' exposure to expenses related to the fires or address the long-term solvency of the state's fund for it.
The company's 2027 plan now includes an investment of $11.4 billion, compared with $13.4 billion previously.
Shares of the utility had fallen 20% on Monday following the bill's amendment. They were down 5% in morning trading.
Wildfire liability concerns weigh on long-term plan
California's utilities have faced growing wildfire-related liabilities, with PG&E emerging from bankruptcy in 2020 after its equipment was linked to several deadly fires.
