PG&E

Northern California's electricity and natural gas mostly flow through PG&E, one of the largest investor-owned utilities in the United States. Pacific Gas and Electric serves roughly 16 million people across a territory that stretches from Bakersfield to the Oregon border. As a regulated utility, its rates and allowed returns are set by the California Public Utilities Commission, which makes politics and regulation central to the investment case. PG&E's recent history is defined by catastrophe: its equipment was tied to several deadly wildfires, including the 2018 Camp Fire, and the resulting liabilities pushed it into bankruptcy in 2019. It emerged in 2020 saddled with debt and under intense scrutiny over grid safety. Today the story is heavy capital spending to bury power lines and harden the system, funded by ratepayers and investors alike.

On MyRWA, PCG trades tokenized across 2 on-chain venues - see the listings below.