PACIFIC GAS & ELECTRIC Co
For the period ended Dec 31, 2025. Filed Apr 9, 2026.
View on SEC.govAbout this filing
What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Dec 31, 2025 · Filed Apr 9, 2026
PCG-PA$20.04-0.5%Stored close · as of Nov 6, 2026
Contents
Proxy Guide
| 1 | Joint Notice of 2026 Annual Meetings of Shareholders of PG&E Corporation and Pacific Gas and Electric Company |
| 2 | Overview |
| 11 | Proposal 1: Election of Directors of PG&E Corporation and Pacific Gas and Electric Company |
| 12 | Director Biographies |
| 22 | Governance |
| 25 | Operations |
| 29 | Oversight |
| 32 | Related Person Transactions |
| 33 | Compensation of Non-employee Directors |
| 36 | Share Ownership Information |
| 40 | Proposal 2: Advisory Vote to Approve Executive Compensation for PG&E Corporation and Pacific Gas and Electric Company |
| 41 | Compensation Discussion and Analysis |
| 69 | Compensation Committee Report |
| 72 | Executive Officer Compensation |
| 98 | Proposal 3: Ratification of the Appointment of Deloitte and Touche LLP as the Independent Public Accounting Firm for PG&E Corporation and Pacific Gas and Electric Company |
| 98 | Report of the Audit Committees |
| User guide | |
| 102 | Defined Terms |
| 104 | Website Availability of Governance Documents |
| 105 | General Information About the 2026 Annual Meetings and Voting |
| 109 | 2027 Annual Meeting |
PG&E Corporation| Pacific Gas and Electric Company 2026 Joint Proxy Statement
PG&E Corporation | Pacific Gas and Electric Company
April 9, 2026
| Today at PG&E,1 we continue to deliver progress in serving our triple bottom line of People, our Planet, and California’s Prosperity as we deliver safe, affordable, reliable, and clean energy to our customers. Last year, we made meaningful strides forward: •On the safety front, we achieved a significant reduction in serious injury and motor vehicle incidents, resulting in some of our best ever safety performance.•We reduced CPUC-reportable ignitions by over 40%, resulting in our third consecutive year with no major fires caused by our equipment.•On March 1 this year, we delivered our fifth reduction in residential bundled electric rates in two years. Combined with prior decreases, our residential bundled electric rates are now 13% lower than January 2024, with the typical customer paying about $25 less per month. •On electric reliability, our systemwide performance improved by 19% from 2024; and we delivered over 99% reliability for natural gas customers.We’re not done yet. We’re working tirelessly to remove wildfire-related costs from customer bills, we’re expanding system hardening with overhead and underground powerlines, and we’re embracing innovation to keep costs low and reliability high even as we meet our customers’ growing demand for energy. To deliver on our goals, we remain steadfast in our plan: what we call our Simple, Affordable Model. In 2025, we extended our investment plan to $73 billion through 2030 to deliver for customers and investors now and for the long run. Consistent with our plan, we reduced non-fuel operating and maintenance (O&M) costs by 2.5% in 2025. In fact, we’ve exceeded our non-fuel O&M targets for four years in a row, allowing us to redeploy over $700 million for the benefit of customers. We also continue to see the potential for new and growing electricity demand to reduce costs for all customers. When it comes to new data center projects, we now have over 3.5 gigawatts in the final engineering stage with about half of this on track to be connected by 2030. We estimate that every gigawatt of new electric load from data centers can lower our average electric bills by 1% or more. As we continue our efforts to save money by working smarter, we are energized by our new goal for future customer bills. We are now targeting an average annual bill trajectory of 0-3% versus our previous 2-4% goal. We plan to continue to focus on non-fuel O&M savings, supporting electric load growth across | our California service area, reducing other pass-through costs, and efficient financing as we continue to drive improvements in our credit profile.Moving forward, we will continue to prioritize investment grade ratings to reduce borrowing costs, which in turn deliver financing cost savings for our customers. As ever, we will continue to plan conservatively. Our five-year financial plan is built to deliver earnings per share growth of “9% plus” through 2030 without the need for any additional external equity financing.In December, we announced an increase in our annual common dividend per share from 10 cents to 20 cents, doubling our payment and bringing our payout ratio to 13% of our 2025 non-GAAP core earnings per share. This keeps us on track to reach our 20% by 2028 payout target.Every day, our team wakes up with one purpose: to deliver warmth in the cold and light in the dark—safely and affordably.We strive to earn trust through our continued progress. Thank you for giving us the opportunity to share our performance as we write the next chapter of our story. Leading with Love, | |
|---|---|---|
| Kerry W. CooperChair of the Board PG&E Corporation | Patricia K. PoppeCEOPG&E Corporation |
(1)“PG&E” or “companies” refer to both PG&E Corporation and its subsidiary, Pacific Gas and Electric Company, or the “Utility.”
PG&E Corporation| Pacific Gas and Electric Company 2026 Joint Proxy Statement
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