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PG&E Corporation (PCG) is the issuer in an amended beneficial-ownership statement in which five reporting persons report the same 135,630,937 common shares as beneficially owned, equal to 6.2% of the class. Each reports shared voting and dispositive power over those shares. The statement gives September 30, 2026 as the event date.
The reporting persons are SteelMill Master Fund LP; PointState Holdings LLC, its general partner; PointState Capital LP, the fund’s investment manager; PointState Capital GP LLC, PointState Capital LP’s general partner; and Zachary J. Schreiber, managing member of PointState Holdings LLC and PointState Capital GP LLC.
Key Figures
Common shares beneficially owned:135,630,937 sharesPercentage of class:6.2%
2 metrics
Common shares beneficially owned135,630,937 sharesThe same shares are reported by each of the five reporting persons; the statement gives September 30, 2026 as the event date.
Percentage of class6.2%Reported by each of the five reporting persons for the same common shares.
Key Terms
beneficially owned, shared voting power, shared dispositive power
3 terms
beneficially ownedregulatory
"Aggregate Amount Beneficially Owned by Each Reporting Person"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
shared voting powerregulatory
"Shared Voting Power 135,630,937.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powerregulatory
"Shared Dispositive Power 135,630,937.00"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many PG&E shares do the reporting persons report owning?
They report the same 135,630,937 PG&E common shares as beneficially owned, representing 6.2% of the class, with shared voting and dispositive power.
Did the PG&E reporting persons file as a group?
No. They state that they filed jointly with respect to the same securities under Rule 13d-1(k)(1), not as members of a group.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
PG&E Corporation
(Name of Issuer)
Common Stock, no par value
(Title of Class of Securities)
69331C108
(CUSIP Number)
09/30/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
69331C108
1
Names of Reporting Persons
SteelMill Master Fund LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
135,630,937.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
135,630,937.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
135,630,937.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.2 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
69331C108
1
Names of Reporting Persons
PointState Holdings LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
135,630,937.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
135,630,937.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
135,630,937.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.2 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
69331C108
1
Names of Reporting Persons
PointState Capital LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
135,630,937.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
135,630,937.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
135,630,937.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.2 %
12
Type of Reporting Person (See Instructions)
IA, PN
SCHEDULE 13G
CUSIP Number(s):
69331C108
1
Names of Reporting Persons
PointState Capital GP LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
135,630,937.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
135,630,937.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
135,630,937.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.2 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
69331C108
1
Names of Reporting Persons
Zachary J. Schreiber
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
135,630,937.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
135,630,937.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
135,630,937.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.2 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
PG&E Corporation
(b)
Address of issuer's principal executive offices:
69331C108, Oakland, CA 94612
Item 2.
(a)
Name of person filing:
This statement is filed by:
(i) SteelMill Master Fund LP, a Cayman Islands exempted limited partnership ("SteelMill");
(ii) PointState Holdings LLC, a Delaware limited liability company ("PointState Holdings"), which serves as the general partner of SteelMill;
(iii) PointState Capital LP, a Delaware limited partnership ("PointState"), which serves as the investment manager to SteelMill;
(iv) PointState Capital GP LLC, a Delaware limited liability Company ("PointState GP"), which serves as the general partner of PointState; and
(v) Zachary J. Schreiber ("Mr. Schreiber"), an individual, who serves as managing member of PointState Holdings and PointState GP.
SteelMill, PointState Holdings, PointState, PointState GP and Mr. Schreiber are hereinafter sometimes collectively referred to as the "Reporting Persons." Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party.
The Reporting Persons are filing this statement jointly with respect to the same securities as contemplated by Rule 13d-1(k)(1), not as members of a group.
(b)
Address or principal business office or, if none, residence:
The address of the business office of each of the Reporting Persons is care of PointState Capital LP, 9 West 57th Street, 37th Floor, New York, NY 10019.
(c)
Citizenship:
SteelMill is organized under the laws of the Cayman Islands. PointState Holdings, PointState and PointState GP are organized under the laws of the State of Delaware. Mr. Schreiber is a citizen of the United States of America.
(d)
Title of class of securities:
Common Stock, no par value
(e)
CUSIP No.:
69331C108
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The information in Items 5 through 9 and Item 11 on the cover pages to this Schedule 13G is hereby incorporated by reference.
(b)
Percent of class:
The applicable information on the cover pages to this Schedule 13G is hereby incorporated by reference.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The applicable information on the cover pages to this Schedule 13G is hereby incorporated by reference.
(ii) Shared power to vote or to direct the vote:
The applicable information on the cover pages to this Schedule 13G is hereby incorporated by reference.
(iii) Sole power to dispose or to direct the disposition of:
The applicable information on the cover pages to this Schedule 13G is hereby incorporated by reference.
(iv) Shared power to dispose or to direct the disposition of:
The applicable information on the cover pages to this Schedule 13G is hereby incorporated by reference.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
The information in Items 2 is hereby incorporated by reference.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
SteelMill Master Fund LP
Signature:
/s/ Zachary J. Schreiber
Name/Title:
Zachary J. Schreiber, Managing Member of PointState Holdings LLC, the general partner of SteelMill Master Fund LP
Date:
11/13/2026
PointState Holdings LLC
Signature:
/s/ Zachary J. Schreiber
Name/Title:
Zachary J. Schreiber, Managing Member
Date:
11/13/2026
PointState Capital LP
Signature:
/s/ Zachary J. Schreiber
Name/Title:
Zachary J. Schreiber, Managing Member of PointState Holdings LLC and PointState Capital GP LLC, the general partner of PointState Capital LP
