- Founded: October 10, 1905 (Pacific Gas and Electric Company)
- 2024 Revenue: $24.42 billion
- 2024 Employees: 28,410
- Market Cap: Approximately $35 billion (January 2026)
- Service Area: 70,000 square miles in Northern and Central California
PG&E Corporation is an energy-based holding company headquartered in Oakland, California. The company conducts business through its main subsidiary, Pacific Gas and Electric Company, a public utility that provides electricity and natural gas to approximately 16 million people in northern and central California.
Pacific Gas and Electric operates one of the largest utility systems in the United States. The company manages over 106,000 circuit miles of electric distribution lines and 18,466 circuit miles of transmission lines. PG&E Corporation was established as a holding company in 1997 to oversee Pacific Gas and Electric Company and related energy businesses.
PG&E Corporation History
PG&E Corporation Co-founders
PG&E Corporation Competitors
PG&E operates as a regulated utility in its service territory but faces competition from other energy providers in California and nationally. Similar to how FirstEnergy Corp. operates in the Midwest, PG&E manages a large regional utility system. The company also competes with Edison International and other California utilities.
| Company | Headquarters | Primary Service Area |
|---|---|---|
| Southern California Edison | Rosemead, California | Southern California |
| San Diego Gas & Electric | San Diego, California | San Diego Region |
| Duke Energy | Charlotte, North Carolina | Southeast & Midwest U.S. |
| Exelon Corporation | Chicago, Illinois | Mid-Atlantic & Midwest U.S. |
| American Electric Power | Columbus, Ohio | Central & Eastern U.S. |
| NextEra Energy | Juno Beach, Florida | Florida & National |
| Sempra Energy | San Diego, California | California & Texas |
| Xcel Energy | Minneapolis, Minnesota | Upper Midwest & Southwest |
| Dominion Energy | Richmond, Virginia | Mid-Atlantic U.S. |
| PacifiCorp | Portland, Oregon | Western U.S. |
PG&E Corporation Revenue
PG&E Corporation reported total revenue of $24.42 billion for fiscal year 2024. The company’s revenue remained relatively stable compared to the previous year’s $24.43 billion.
Revenue growth has been moderate in recent years as the regulated utility model limits price flexibility. The company generates most of its revenue from electricity distribution and natural gas delivery services to residential and commercial customers.
PG&E Corporation Acquisitions
PG&E’s growth came primarily through consolidation of smaller utility companies in California’s early development years. The company built its regional monopoly through strategic acquisitions rather than organic expansion.
In 1903, founders John Martin and Eugene de Sabla formed California Gas and Electric Company to acquire and merge power companies. They purchased Oakland Gas Light and Heat Company, United Gas and Electric Company, and other local utilities. In 1905, they acquired San Francisco Gas and Electric Company, which led to the formation of Pacific Gas and Electric Company.
The company continued expanding through the early 20th century. PG&E acquired California Telephone and Light Company, Western States Gas and Electric Company, and Sierra and San Francisco Power Company. By 1927, PG&E served nearly one million customers across 300 northern California communities.
The largest acquisition came in 1930 when PG&E purchased controlling interests in Great Western Power and San Joaquin Light and Power from The North American Company for $114 million in PG&E stock. This deal gave the company control over most gas and electric service in northern and central California. PG&E also gained Midland Counties Public Service and Fresno Water Company through this transaction.
In 1986, PG&E acquired the remaining 48.9 percent of Pacific Gas Transmission Company in a stock swap valued at $164 million. This made Pacific Gas Transmission a wholly owned subsidiary. The company also expanded internationally in 1996 when Pacific Gas Transmission acquired a 389-mile natural gas pipeline in Australia for $136 million.
PG&E Corporation Marketcap
PG&E Corporation maintains a market capitalization of approximately $35 billion as of January 2026. The company’s valuation has recovered since emerging from bankruptcy in 2020.
FAQs
When was PG&E Corporation founded?
Pacific Gas and Electric Company was founded on October 10, 1905. PG&E Corporation was established as the holding company in 1997 to oversee the utility and related businesses.
Who founded PG&E?
John Martin and Eugene de Sabla Jr. founded Pacific Gas and Electric Company in 1905. They merged San Francisco Gas and Electric Company with California Gas and Electric Corporation.
How many customers does PG&E serve?
PG&E serves approximately 16 million people across a 70,000-square-mile service area in northern and central California. The company provides both electricity and natural gas.
Did PG&E file for bankruptcy?
Yes. PG&E Corporation filed for Chapter 11 bankruptcy on January 29, 2019, due to wildfire-related liabilities. The company emerged from bankruptcy on June 30, 2020.
Where is PG&E Corporation headquartered?
PG&E Corporation is headquartered in Oakland, California. The company announced plans to move to 300 Lakeside Drive in Oakland, with the move completing by 2026.