Utility PG&E beats quarterly profit estimates on higher rates
PCG•Quarterly profit beats estimates
PG&E Corp reported second-quarter profit that beat Wall Street estimates, driven by higher customer bills and a surge in power demand due to AI data centers, though gains were partly offset by increased spending on wildfire safety.
On an adjusted basis, PG&E reported a quarterly profit of 40 cents per share, beating analysts' estimates of 36 cents per share, according to data by LSEG.
PG&E's California utility footprint
PG&E is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California.
Wildfire safety spending and system upgrades
By the end of 2027, the utility plans to complete more than 1,900 total miles of underground power lines and more than 2,000 miles of strengthened poles and covered power lines, along with other wildfire safety system upgrades.
Wildfire fund expense increased by 15.5% to $126 million, though overall operating expenses fell 3.4% from a year ago.
