PG&E (PCG) Unveils $73 Billion Capital Spending Plan After a Steady Q3

PG&E Corporation (NYSE:PCG) is one of the best high-growth utility stocks to buy. On October 23, PCG reported financial results for Q3 2025, with earnings per share of $0.50 topping Wall Street estimates of $0.43 and revenue of $6.25 falling short of forecasts of $6.41 billion.

Consequently, PCG has lowered its EPS guidance for 2025 to $1.49-$1.51 per share, which still reflects 10% year-over-year growth. The 2026 guidance for EPS stood at $1.62-$1.66, indicating 9% growth.

A core part of PG&E’s Q3 presentation was its significant $73 billion 5-year capital agenda for 2026-2030, with plans to raise the company’s weighted-average rate base from $69 billion to $106 billion over 2025 to 2030. This demonstrates an estimated average yearly growth of 9%. There is a chance for an additional $5 billion in investment avenues that are advantageous for customers.

This capital agenda is divided across electric distribution, transmission, and customer benefits. The company mentioned that 93% of its 2026 capex has already been approved, offering clarity on short-term investments. The capital plan does not include $2.9 billion in SB 254 securitized capital.

PG&E Corporation (NYSE:PCG) provides electricity and natural gas across northern and central California, with a portfolio that includes nuclear, hydroelectric, fossil-fuel, fuel-cell, and solar generation.

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