PG&E Corp (NYSE: PCG) is a regulated utility holding company that owns and operates Pacific Gas and Electric Company, a natural gas and electric utility serving customers in northern and central California. Revenue is generated through rates approved by the California Public Utilities Commission, charged to residential, commercial, and industrial customers for the delivery of electricity and natural gas across its service territory. As a regulated monopoly utility, PG&E operates without direct competition for energy delivery within its franchise area. The company is headquartered in Oakland, California. Pacific Gas and Electric Company is the principal operating subsidiary and files consolidated financial statements alongside PG&E Corp. The utility's capital structure is debt-heavy, characteristic of regulated infrastructure operators that fund large transmission, distribution, and generation assets through long-term borrowings. PG&E Corp filed its FY2025 10-K on February 12, 2026.

Revenue model

Rate-based regulated utility revenue: customers pay CPUC-approved tariff rates for electricity and natural gas delivery, with allowed returns set on the utility's rate base of infrastructure assets.

Products and services

Electric transmission and distribution; natural gas transmission and distribution; regulated energy delivery to residential, commercial, and industrial customers.

Customers and end markets

Residential, commercial, and industrial electricity and natural gas customers in northern and central California.

Value-chain role

Regulated energy delivery infrastructure operator; transmission and distribution utility; rate-base asset owner.

Geographic exposure

Northern and central California service territory.

Source: SEC 10-K, filed 2026-02-12

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