PG&E CEO Patti Poppe goes one-on-one with Jim Cramer
Speakers
Patti Poppe
— CEO, PG&E
Jim Cramer
— Host, Mad Money
Summary
PG&E CEO Patti Poppe explains the failed California wildfire liability reform, PG&E's operational improvements, and a $2 billion capex cut. She argues a targeted legislative fix could unlock investment-grade ratings, earnings growth, and data center load growth.
- California wildfire liability reform deal fell through, hitting PG&E and Edison International.
- PG&E is exploring strategic alternatives and cutting 2027 capex by $2 billion while protecting safety spend.
- Poppe says PG&E reduced wildfire risk, cut rates five times, and improved reliability 30%.
- She argues a simple legislative fix would save customers $600 million in debt costs and restore investment-grade access.
- Investment grade could allow PG&E to restore capex, grow earnings 9%+, and continue dividend growth.
- PG&E has 1.8GW of data center load in its 2030 plan; capex cuts may slow interconnections.
- A special legislative session could quickly advance a bill if it goes to print.
Ideas
PG&E value unlocks if wildfire reform passes
PG&E has already done the operational turnaround—reducing wildfire risk, lowering rates five times in two years, and improving reliability 30%—but the stock is held back by a fixable wildfire liability tail risk that raises debt costs and deters investors. A targeted legislative fix would allow PG&E to reach investment grade, restore the $2 billion capex cut, grow earnings 9%+ annually, continue dividend growth, and unlock value.
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Speakers: Patti Poppe · Tickers: PCG