Pg&E (PCG) FY2025 results: revenue $24.9 billion, up 2.1% on the year

PG&E Corporation, incorporated in California in 1995, is a holding company whose primary operating subsidiary is Pacific Gas and Electric Company, a public utility operating in northern and central California. The utility was incorporated in California in 1905 and PG&E Corporation became its holding company in 1997. The utility earns mainly through the sale and delivery of electricity and natural gas to customers. The holding company had 10 employees at the end of 2025 and the utility approximately 29,000 regular employees, approximately 17,500 of them covered by collective bargaining agreements with three unions.

The electric business

The utility generates electricity and provides electric transmission and distribution throughout its service area to residential, commercial, industrial and agricultural customers. Deliveries were 71,791 GWh in 2025, and average annual residential usage was 4,931 kWh. Customers can also get electricity from alternative providers such as municipalities or community choice aggregators, or from self-generation such as rooftop solar.

Owned generation came to 7,815 MW of net operating capacity across 121 units at the end of 2025. Nuclear is 2,240 MW at Diablo Canyon. Hydroelectric is 2,628 MW from 91 conventional units across 16 counties plus 1,212 MW at the Helms pumped storage plant. Fossil fuel-fired plants are 657 MW at Colusa, 580 MW at Gateway and 163 MW at Humboldt Bay. There is also 183 MW at the Elkhorn battery energy storage system and 152 MW of photovoltaic capacity across 12 sites. Beyond what it owns, the utility has agreements to purchase power and electric capacity, including renewable resources, under a procurement plan approved by the California Public Utilities Commission.

On storage specifically, the utility met a regulatory requirement to have 580 MW of qualifying storage capacity operational by 2025, and at the end of the year owned 183 MW and had contracted for a further 3,024 MW of operational energy storage capacity.

The transmission system is approximately 18,000 circuit miles of interconnected lines and 33 transmission substations, interconnected with power systems across the Western Electricity Coordinating Council, which covers many western states, Alberta and British Columbia, and parts of Mexico. The distribution network is approximately 109,000 circuit miles of lines, approximately 27 percent of it underground and 73 percent overhead, with 59 transmission and distribution substations and 601 distribution substations. In some cases municipal and other utilities that generate or procure their own power rely on the utility's distribution facilities to deliver it to them so they can resell the electricity.

Diablo Canyon

A 2022 California law supports extending operations at Diablo Canyon through no later than 2030, with the possibility of an earlier retirement date. Under that legislation the utility continues to operate the plant on behalf of all load-serving entities under the state regulator's jurisdiction, and all of their customers are responsible for the cost of the extended operations. The key steps are federal licence renewal and approvals from several California state agencies; as of the end of 2025 the utility had received all necessary state approvals except from one regional water quality control board. The state regulator's approval is conditional on the federal regulator continuing to authorise operations, the loan agreement authorised by the legislation not being terminated, and no future determination that the extended operations are imprudent or unreasonable.

The filing says that during extended operations the utility is required to allocate the plant's emissions-free attributes to certain non-utility providers, so it expects its emissions-free energy supply to decrease in the near future.

The gas business

The utility owns and operates an integrated natural gas transmission, storage and distribution system covering most of northern and central California: approximately 45,400 miles of distribution pipelines, approximately 5,500 miles of backbone and local transmission pipelines, and storage facilities. It runs seven compressor stations on the backbone transmission system and one on the local transmission system. The backbone system carries gas from interconnections with interstate pipelines, other local distribution companies and California gas fields into the local transmission and distribution systems.

It provides transportation services to core customers, meaning small commercial and residential, and to non-core customers, meaning industrial, large commercial and gas-fired electric generation facilities. Core customers may buy the gas itself from the utility or from third-party procurement providers, and where they buy from a third party the utility still handles delivery, metering and billing. No single customer accounted for 10 percent or more of consolidated bundled gas sales in 2025.

How it gets paid

Under cost-of-service ratemaking the utility's earnings depend on the outcomes of its ratemaking proceedings and its ability to manage costs. The filing says differences between forecast and actual costs can arise from the volume of work required, market forces on labour and materials, and changes in state and federal law, and that costs can also fall through improved efficiencies or waste elimination. The California Public Utilities Commission regulates the utility, with the Federal Energy Regulatory Commission and the California Independent System Operator involved in transmission, and the Nuclear Regulatory Commission overseeing the two nuclear units at Diablo Canyon and the spent fuel storage installation at Humboldt Bay.

The filing also records what the companies say they have already done on emissions: contracts implemented for more than 4.9 GW of battery energy storage capacity, help in taking the number of electric vehicles operating in the service area past 820,000, more than 950,000 interconnected private solar customers, and meeting the regulator's methane emission reduction target ahead of schedule.

From PG&E Corporation's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 12 February 2026: read the full 10-K.