PG&E Corp (PCG.N): Wildfire Legislation Process - Exactly One Month To Go

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PG&E Corp (PCG.N): Wildfire Legislation Process - Exactly One Month To Go

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28 Jul 2026 16:00:00 ET │ 10 pages

PG&E Corp (PCG.N)

Wildfire Legislation Process - Exactly One Month To Go

CITI'S TAKE

Buy As we enter the final month before a wildfire bill is likely to be made public,

we wanted to clarify 1) the rule around California legislature deadlines, 2) Short-Term View: Upside, expires 11-OCT-26

public signals of support from Governor Newsom, and 3) expectations for Price (27 Jul 26 16:00) US$17.60

information to flow in the coming weeks. Target price US$21.00

Expected share price return 19.3%

Legislative Timeline Differences Between 2026 and Last Year: Last year, an odd Expected dividend yield 1.1%

year (2025), the California legislature effectively can change the deadline when the Expected total return 20.5%

legislature ends. This year, an even year (2026), the legislative calendar is set by the Market Cap US$38,762M

California constitution and therefore can't be changed without a constitution reform

(very very unlikely, in our view). As a result, the last day to change legislation

language is August 28, 2026. From there, the legislature has 3 days to vote on bills

to pass before the formal deadline of August 31st, 2026. Ryan LevineAC

+1-212-816-6555

ryan.levine@citi.com

Xinru YinPublic Signals of Support from Governor Newsom: As is common in California, the

+1-212-816-9080members of legislature don't want to get in front of the Governor. As a result, the

xinru.yin@citi.com

Governor's public comments in support of a bill is an important milestone for a piece

of legislature to advance. Last Tuesday, in the LA Times (link-21 July), there was

language that suggested Newsom supports a wildfire liability reform bill this

year.