PG&E Corporation

“just like we saw what happened with PG&E at the first time around with this wildfire fund”

An analyst uses PG&E's disproportionately large upfront contribution to the original AB 1054 wildfire fund as a precedent for whether SCE could face a similarly outsized contribution under a new legislative fix.

“Both Moody’s and S&P have said that our financial metrics are meeting the investment-grade criteria.”

S&P (S&P Global Ratings) has indicated PG&E's financial metrics meet investment-grade criteria, with rating actions gated on wildfire policy progress.

“Both Moody’s and S&P have said that our financial metrics are meeting the investment-grade criteria.”

Moody's has indicated PG&E's financial metrics meet investment-grade criteria, with rating actions gated on wildfire policy progress rather than balance-sheet improvement.

“Fitch just upgraded us this past fall to investment grade.”

Fitch upgraded PG&E to investment grade, a rating-agency action reflecting improving credit quality.

“Carla Peterman represented us at a ribbon-cutting ceremony at the Equinix Great Oaks South Data Center, the first data center to come online under our joint implementation agreement with the City of San Jose.”

Equinix's Great Oaks South data center is the first to energize under PG&E's San Jose load-growth agreement, evidencing Equinix data center expansion in the PG&E territory.

“In late January, we announced the launch of EmberPoint, a new venture between Lockheed Martin and Pacific Gas & Electric Co.”

PG&E launched EmberPoint, a wildfire-technology joint venture with Lockheed Martin, giving Lockheed a commercial channel for its prediction/detection and military-grade equipment in the utility wildfire market.

“your completion of the CRC energy storage microgrid with Vault -- Energy Vault last month.”

PG&E completed a CRC energy-storage microgrid with Energy Vault and plans similar installations in other high-risk communities, a positive read on Energy Vault as a storage-microgrid supplier.

“We continue to have good conversations with both Moody's and S&P.”

PG&E is in ongoing discussions with S&P Global Ratings on a potential upgrade, which S&P has tied to progress on state wildfire policy reform.

“We continue to have good conversations with both Moody's and S&P.”

PG&E is in ongoing discussions with Moody's on a potential upgrade, with Moody's expected to act on its typical first-quarter cycle depending on its regulatory-environment assessment.

“I'm pleased Fitch has taken the first move to return our parent company rating to investment grade.”

Fitch has taken the first step to return PG&E's parent-company rating to investment grade, a positive rating-agency action for PG&E.

“Edison had an ALJ proposed decision that had recommended lower wildfire mitigation CapEx. I was just wondering if you think that has any read across to you with your GRC?”

An ALJ proposed decision recommended lower wildfire-mitigation capex for Southern California Edison, a potential negative regulatory signal for Edison International's rate base growth, prompting analyst questions about read-through to PG&E's own general rate case.

“We recently filed for approval to serve Microsoft's planned 90-megawatt data center project in San Jose.”

PG&E filed to serve a 90MW Microsoft data center project in San Jose, one of the named projects in PG&E's growing 10GW data-center pipeline, evidencing continued Microsoft data center buildout in the Bay Area.

“Turning to slide eleven, We were very pleased to see the upgrade from Moody's in March. Which brought the utility issuer credit rating to investment grade.”

Moody's upgraded PG&E's utility issuer credit rating to investment grade in March 2025, a positive credit signal management is highlighting as it works toward investment-grade status at the parent company level too.