PG&E Corp.

Strong earnings + reaffirmed full-year forecast (good): - Core EPS: $0.40 in 2Q26; $0.83 for 1H26 (+ $0.19 vs. same point last year). - Full-year 2026 core EPS guidance reaffirmed: $1.64–$1.66 (midpoint ~+10% vs. 2025). - Management attributes growth to customer capital investment (+$0.09 YoY) and O&M savings/redeployment (~+$0.03 net), with some timing items expected to reverse in 2H.

Capital plan + affordability model remain the core strategy (good, with clear expectations): - $73B capital plan through 2030 reaffirmed; no additional equity financing required under the plan. - Customer affordability target: flat bills (0%–3% annual customer bill growth); repeatedly framed as the “simple affordable model” enabling investment while keeping bills controlled. - O&M savings target: 2%–4% annual reductions in nonfuel O&M, with management confidence that there’s “room for improvement” (they specifically highlight strategic sourcing and AI adoption as upside areas).

Data center load growth pipeline is a major opportunity (surprising positives): - Pipeline updated to >12 GW (up from >10 GW preapplication interest last quarter), driven by projects from the 2026 cluster study. - Pipeline quality tightened: inclusion thresholds increased; signed work performance agreement + ~10% financial commitment becomes required for final engineering inclusion. - Execution expectation: about ~1.8 GW of new load online by 2030 (could be higher for projects with faster paths like direct connect to 500kV), plus management emphasizes correct rate pricing to keep the load rate-reducing.