PG&E shares rise 3.6% ahead of October 22 earnings call

PG&E Corp. (PCG) closed at $13.13, up 3.63%, as investors positioned ahead of the utility's upcoming earnings call scheduled for October 22. The California regulated utility, which provides electricity and natural gas service, saw trading volume reach 47.5 million shares, a figure approximately 28% above its three-month average of 36.9 million shares.

The stock's performance on the session outpaced several sector peers. Edison International (EIX) closed at $55.30, up 1.84%, while Duke Energy (DUK) finished at $116.65, down 0.15%. Broader market indices also advanced, with the S&P 500 ending at 7,811, up 0.59%, and the Nasdaq Composite closing at 27,366, up 0.64%.

Despite the recent gain, PG&E shares remain down about 17% over the past year. The decline is attributed to massive wildfires in the Los Angeles area in 2025, which appear to have been caused by power equipment owned by rival Edison International. Although PG&E does not operate in the Southern California region, wildfire liability concerns have driven Wall Street investors away from the stock. The California state legislature also delayed action on wildfire liability protection for utilities this year, a development cited as another factor weighing on the company's equity.

In response to stalled wildfire-reform efforts, PG&E announced in early September that it would defer about $2 billion of planned investment for 2027. This decision highlights a slower capital-spending outlook for the utility. However, PG&E is positioned to benefit from increased electricity demand resulting from the artificial intelligence boom. California is home to the third-most data centers in the U.S., a concentration of infrastructure that supports the growth of major technology companies driving the AI sector.