By Rob Curran
PG&E's fourth-quarter net income fell slightly but the California power producer boosted the lower end of its projection for 2026 adjusted earnings amid rising demand from artificial-intelligence related data centers.
The Oakland, Calif., utility posted earnings of $642 million, or 29 cents a share, down from $647 million, or 30 cents a share, a year earlier.
Stripping out certain-one time items such as charges related to a wildfire compensation fund, adjusted, or core, earnings were 36 cent a share, in line with the average Wall Street target, based on a poll by FactSet.
PG&E said data-center projects representing two gigawatts of power capacity went into final engineering status during the period, bringing the total capacity of its data-center power support to 3.6 gigawatts at this status.
For 2026, the California utility raised the lower end of its projected range, and now anticipates core earnings in a range between $1.64 and $1.66 a share, compared with a prior estimate of $1.62 to $1.66 a share. Core earnings amounted to $1.50 a share in 2025.
PG&E emerged from bankruptcy in 2020 after devastating California wildfires were linked to its equipment. During the quarter, the utility said it has completed 334 miles of underground power lines and installed 207 miles of strengthened poles and covered power lines in high wildfire-risk areas. Since 2021, the utility has buried more than 1,210 miles of power lines, greatly reducing wildfire risk.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
February 12, 2026 06:25 ET (11:25 GMT)
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