PG&E : May 2025 Investor Meetings - 2027 General Rate Case
PCG
Published on 05/15/2025 at 17:58
Inv
For
s AND
May 15,
1
2027 GRC By The Numbers
$2.5B
Capital & Expense Enterprise Savings 2022-2024
20,000
Annual Customer New Connections by 2030
307 miles
Annual Powerline Undergrounding
Flat
2027 Combined Residential Bills vs. 20251
Key Takeaways
PLAN1
OPPORTUNITY1
Customer Capital Investment
~9%
9% - 10%
Enablers
O&M cost reduction (non-fuel)2Electric load growth3
Other (including efficient financing)4
2%
1% - 3%
2%
2% - 3%
2% - 4%
2%
Subtotal
5% - 7%
6% - 9%
Customer Bills: At or Below Assumed Inflation
2% - 4%
1% - 3%
Combined Electric and Gas
Residential Bills
Customer bills in 2027 are
forecast to remain flat compared to 2025 bills5
Headline GRC revenue requirement increase offset by non-GRC items
Plan supports bill increases consistent with PG&E Simple Affordable Model (2-4%)
DOE Loan, IG credit and incremental beneficial load growth could lower customer bill trajectory to 1-3%
Illustrative Residential
Combined Bill
Lower Bills in 2026 from Other Changes
2025
Base GRC
2026
Other
2027
Total Bill
GRC Change
Based on annual average gas and electric combined bills with constant usage. Graphic is illustrative; not to scale.
GRC Increase in 2027
Select Other Items
Coming Off Bills
$1.15B catch-up 2023 recovery
from delayed prior GRC comes off bills in January of 2026
$900M 2021 Wildfire Mitigation and Catastrophic Events (WMCE) falls out over the next year
$150M Wildfire and Gas Safety Costs recovery ends
$500M refund over two years if FERC TO21 settlement approved
GRC
Revenue Requirement
15.400
16.637
17.651
18.726
19.869
2026 Adopted 2027 Test Year 2028 2029 2030
Weighted Average
Rate Base
CapEx
CPUC Jurisdictional (GRC Only)*
2027 Test Year
$67
$11.0
2028
$73
$11.0
2029
$79
$11.2
2030
$85
$11.9
* Amounts in the 2027 GRC proposal are a significant sub-set of CPUC jurisdictional rate base and CapEx as shown in PG&E's overall Five-Year Capital Plan, which remains unchanged along with non-GAAP Core earnings per share guidance for 2025 through 2028. See page 10 of PG&E's 2025 First Quarter Earnings presentation for the Five-Year Capital Plan.
Wildfire Safety
Replace 760 miles of powerlines with stronger poles and covered powerlines
Underground 307 miles of powerlines per year in highest fire-risk areas as bridge to 10Y plan
Install 114 weather stations
Modern Grid
Prepare the Grid to serve new homes, businesses,
3M EVs by 2030, and AI-powered data centers
Ramp up to 20K new service customer connections per year by 2030
Gas System
Replace 164 miles of distribution pipeline and upgrade in-line inspections
Complete 600K calls to locate and mark lines
Use advanced mobile leak detection technology
Clean Energy & System Resilience
Invest in lower-cost solar and battery energy storage
Install more microgrids in remote areas
Accelerate EV adoption
Disclaimer
PG&E Corporation published this content on May 15, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 15, 2025 at 21:57 UTC.