PG&E Corporation

Methodology

PG&E's regulated utility earnings face significant uncertainty from wildfire liability risks, safety investments, and California regulatory dynamics. Bankruptcy emergence and undergrounding initiatives create visibility challenges. Traditional utility valuation is complicated by wildfire exposure; focus on allowed returns, safety spending recovery, and liability framework rather than simple earnings extrapolation.

Methodology

PEG analysis is complicated for PG&E given wildfire risks, massive safety capex, and regulatory uncertainty that make growth projections difficult. The metric should account for infrastructure spending recovery and liability management. Compare to California utilities while considering unique wildfire exposure and regulatory recovery mechanisms.

Methodology

PG&E offers a modest dividend restored post-bankruptcy, though sustainability depends on wildfire risk management and regulatory support for safety investments. The dividend provides some value but remains secondary to operational safety and financial stability. For PG&E, successful undergrounding execution matters more than traditional income metrics.