PG&E is a regulated electric and natural gas utility serving roughly 5.7M electric customers and 4.6M natural gas customers across northern and central California. PG&E operates under a cost-of-service regulatory model, where the CPUC and FERC set rates to allow PG&E to recover its costs and earn a regulated return on its rate base. Revenue is decoupled from actual sales volumes, meaning PG&E collects its authorized revenue requirement regardless of how much electricity or gas customers consume. The key earnings drivers are rate base growth, the authorized return on equity (currently ~10.28%), and managing operating costs below authorized levels. PG&E owns and operates the full electric infrastructure stack — generation, ~18,000 circuit miles of transmission, and ~109,000 circuit miles of distribution — plus ~51,000 miles of natural gas pipeline. Owned generation includes nuclear (Diablo Canyon, 2,240 MW), hydro (~3,840 MW), and gas-fired plants (~1,400 MW), supplemented by third-party power purchase agreements. PG&E's growth strategy centers on a $73B five-year capital plan (2026–2030) targeting ~9% annual rate base growth, annual non-fuel O&M reductions of 2%–4%, and connecting large new electricity users — primarily AI-focused data centers — to spread fixed costs and reduce per-unit rates. Wildfire liability is a central risk: under California's inverse condemnation doctrine, PG&E can be held strictly liable for wildfire damages caused by its equipment regardless of negligence, and the long-term durability of the AB 1054 wildfire fund framework remains a key investment concern.