What Changed In PG&E's Story?

PG&E (PCG) stock is priced at 8.8 times earnings, compared with 21.5 for the S&P 500. Even at that low multiple, shareholders need to understand what they are holding. The complication is that the company's focus has shifted. PG&E executives have pressed for wildfire liability reform since at least the fiscal Q4 2024 call, alongside updates on their safety work. On the July 2026 call, management said the reform is top of mind. Today, management leads with something else entirely. So what is it.