PG&E (PCG) Stock Rises 6% After $11.4 Billion California Investment Plan
TLDR
- PG&E announced an $11.4 billion investment plan for California in 2027, deferring $2 billion of planned spending
- The company launched a strategic review covering regulatory, financial, operational and strategic options
- PCG stock surged after falling 18% on Monday following California Senate Bill 492 disappointing investors
- SB 492 failed to include wildfire liability caps or restructure the state wildfire fund beyond 2030
- Multiple analysts downgraded PCG, with BofA cutting its price target from $24 to $13
PG&E stock is trading around $14.02, up roughly 6%, as it attempts to recover from Monday’s brutal 18% sell-off that pushed the stock near its 52-week low of $13.08.
The utility announced on Wednesday it would invest approximately $11.4 billion in California in 2027. The company said it is deferring $2 billion of previously planned spending as part of a new strategic review.
That review will look at the full range of regulatory, financial, operational and strategic alternatives available to the company. This includes options related to how PG&E is organized and financed.
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