$PCG

Bridgewater Associates, per its latest Q2 13F-HR filing, reduced stakes in Nvidia, Apple, Amazon, Alphabet and Microsoft, including selling about 2.4M Amazon shares and cutting Amazon by 53.8%. It increased positions in Shell, Vistra, Petrobras and PG&E, including a large PG&E stake boost. The trades reflect a shift from Mag 7 AI exposure toward oil and energy.

UBS reiterated a Buy rating and $22.00 price target on PG&E (NYSE:PCG), citing Gov. Newsom comments that wildfire liability reform may develop over the next few months. UBS said reform could reduce liability and potentially affect capital allocation, with dividend increases more likely than buybacks if more capital is returned.

San Luis Obispo County will receive more than $16 million over two years from PG&E under an Aug. 17 agreement announced by State Sen. John Laird. Two annual payments of $8.3 million are planned, with a partial payment by Dec. 31, 2026. Funds will support local services after Diablo Canyon’s operations were extended through 2030 without prior community funding, according to PG&E.

Pacific Gas and Electric (PG&E) said it received a $271 million federal credit payment from the US Department of Energy under a 2022 program aimed at preserving the existing nuclear reactor fleet. The DOE program was created with $6 billion in federal investment to support extended operation beyond 2030, according to the report.

Senator John Laird said PG&E agreed to pay over $16 million to San Luis Obispo County governments and school districts tied to Diablo Canyon Power Plant impacts. The deal follows SB 931, which would have required continued community funding through 2030. PG&E will make two $8.3 million annual payments, with a partial payment due by Dec. 31.

Demand for US grid-scale batteries has risen as electricity use grows, but interconnection delays are increasing due to grid upgrade bottlenecks and shortages of transformers, breakers and labor. Consolidated Edison reports a 300% rise in queued storage. PG&E cites up to four-year breaker lead times and delays for 450 MW and 800 MW projects. Regulators are adjusting queue rules.

The DOE has made a partial Civil Nuclear Credit payment for Diablo Canyon Unit 1, according to the article. California’s NRC approved 20-year license extensions for Units 1 and 2, extending operations to 2044 and 2045. The plant generates about 18,000 GWh annually, about 9% of California power. PG&E could receive up to $1.1B in DOE support for continued operations.

California is reconsidering the planned shutdown of PG&E’s Diablo Canyon nuclear plant. PG&E had agreed to retire it in 2025, later extended operations to 2030, and a coalition is pushing for another extension to 2045. The NRC renewed the federal license in April. California faces rising electricity demand and a 100% carbon-free target by 2045.

California Gov. Gavin Newsom is pushing a last-minute legislative package to address wildfire-related costs for investor-owned utilities, amid disputes among insurers, fire survivors, local governments, and utilities. The state’s wildfire fund is $21B and may be drained. Utilities named: PG&E, Southern California Edison, and San Diego Gas & Electric. Eaton Fire losses are cited.

Consumer Watchdog says utility disclosures show PG&E, Edison, SDG&E and SoCalGas paid $604,757 (2023-2025) to groups tied to Wildfire Victims First, including $487,897 to the California Building Industry Association and $116,850 to the California Manufacturers & Technology Association. The watchdog alleges the coalition supports a wildfire bailout framework. Source: Consumer Watchdog.