PCG – PG&E: Leading With Love – QAV America #28

This episode dives into Pacific Gas & Electric (NYSE: PCG) and its strange mix of monopoly power, criminal convictions, billions in liabilities, climate exposure, and a CEO who says she’s “leading with love.” Cameron takes us through PG&E’s century-old origins, deadly infrastructure failures like the Camp Fire manslaughter convictions, the bizarre history of repeat explosions and corruption, and the unusual financial structure that keeps the company alive despite $58B in debt. Tony questions whether a guaranteed utility should even be privately owned, compares it to safer options like Berkshire Hathaway’s utilities, and wonders why we’d touch a business known for burning down half a state. Despite the horrors, PG&E lands on the QAV buy list due to cheap cashflow valuation, a protected regulated monopoly, and a massive turnaround driven by mandated wildfire-prevention spending and government-backed debt.