Utilities
In Q2 FY2026, PG&E Corporation reported essentially flat revenue of $5.902B but increased operating income 15.2% to $1.263B and income available for common shareholders 41% to $733M, while wildfire-cost recovery, regulatory outcomes, and rising leverage remained material considerations. Source: 10-Q Item 2 MD&A, pp.12-13.
Key risk: Catastrophic wildfire liability and cost-recovery risk
PG&E states that its equipment could still be involved in future wildfires despite mitigation measures, and that damages may be substantial and outside its control after an ignition. The company could face claims, fines, penalties, and enforcement actions, while insurance, the Wildfire Fund, the Continuation Account, and regulatory recovery may not fully cover liabilities; recorded Dixie fire liabilities already exceed potentially recoverable insurance amounts.
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