PG&E has launched a strategic review and deferred about $2 billion of planned 2027 spending, reducing its capital plan from $13.4 billion to about $11.4 billion. The company expects its debt financing needs to decline by the same amount while continuing to fund wildfire prevention, compliance, safety and reliability programs. A committee of four independent directors will oversee the review, which will assess regulatory, operational, financial, organizational and financing alternatives. PG&E said it aims to strengthen access to lower-cost long-term capital, improve affordability and preserve its labor agreements, pension commitments and existing claims obligations. The company reaffirmed 2026 non-GAAP core earnings guidance of $1.64 to $1.66 per share and introduced 2027 guidance of $1.78 to $1.82 per share. PG&E will also reassess longer-term earnings growth, capital investment and rate base projections for 2028 through 2030. Its shares rose 5.95% in the previous session before falling 1.70% to $13.82 in premarket trading after closing at $14.06.