PG&E (PCG) Stock Rises Following 10 GW Data Center Expansion News

PG&E Corporation (NYSE:PCG) is one of the 10 Best Affordable Stocks Under $50 to Buy. On July 31, PG&E Corporation (NYSE:PCG) announced that it is working to provide 10 gigawatts (GW) of new electricity over the next ten years for data center projects. This amount of energy can power about 7.5 million homes simultaneously.

The 10 GW in the company’s data center demand pipeline reflects an increase from the 8.7 GW of data center demand PG&E Corporation (NYSE:PCG) reported in May. Before that, in February, the company had reported it was 5.5 GW.

Out of the 10 GW, 17 data center projects totaling about 1.5 GW are in the final engineering stage and expected to start operating between 2026 and 2030.

According to estimates by PG&E Corporation (NYSE:PCG), the 10 GW of expected data center demand could help lower customer electricity bills by 10% or more because the costs would be spread across more energy usage. The projects are also expected to create thousands of jobs, add $1.25 to $1.75 billion in property tax revenue, and contribute $2.5 to $3 billion in sales tax revenue.

Since the company shared this update, PG&E Corporation’s (NYSE:PCG) stock price has risen by 6.35% as of August 25.

PG&E Corporation (NYSE:PCG) is an energy holding company whose subsidiary, Pacific Gas and Electric Company, provides electricity and natural gas to customers in Northern and Central California.

While we acknowledge the potential of PCG as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 11 Best Revenue Growth Stocks to Buy Now and 11 Best Under-the-Radar Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.