SteelMill Master Fund and PointState-affiliated entities report a 5.1% passive beneficial stake in PG&E Corp common stock with fully shared voting and dispositive power.
PG&E Corp (PCG) received a Schedule 13G reporting that SteelMill Master Fund LP and affiliated investment entities advised by PointState Capital beneficially own 112,703,834 shares of its common stock, representing 5.1% of the class. The reporting persons disclose no sole voting or dispositive power and instead report shared voting and shared dispositive power over all 112,703,834 shares. The filing states that the reporting persons are filing jointly with respect to the same securities pursuant to Rule 13d-1(k)(1) and that they are not acting as members of a group.
Positive
None.
Negative
None.
Key Figures
Beneficial ownership:112,703,834 sharesPercent of class:5.1%Shared voting power:112,703,834 shares+3 more
6 metrics
Beneficial ownership112,703,834 sharesCommon stock of PG&E Corp reported as beneficially owned on Schedule 13G
Percent of class5.1%Percentage of PG&E Corp common stock beneficially owned by the reporting persons
Shared voting power112,703,834 sharesShares of PG&E Corp over which the reporting persons have shared voting power
Shared dispositive power112,703,834 sharesShares of PG&E Corp over which the reporting persons have shared dispositive power
Sole voting power0 sharesPG&E Corp shares for which the reporting persons have sole voting power
Sole dispositive power0 sharesPG&E Corp shares for which the reporting persons have sole dispositive power
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 powerfinancial
"6 | Shared Voting Power 112,703,834.00"
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 powerfinancial
"8 | Shared Dispositive Power 112,703,834.00"
exempted limited partnershipfinancial
"SteelMill Master Fund LP, a Cayman Islands exempted limited partnership"
Rule 13d-1(k)(1)regulatory
"filing this statement jointly ... as contemplated by Rule 13d-1(k)(1)"
FAQ
What percentage of PG&E Corp (PCG) shares do the reporting investors hold?
The reporting persons disclose beneficial ownership of 5.1% of PG&E Corp’s common stock, corresponding to 112,703,834 shares with shared voting and shared dispositive power over the entire position.
How many PG&E Corp (PCG) shares are reported as beneficially owned on this Schedule 13G?
SteelMill Master Fund LP and the other reporting persons collectively report 112,703,834 shares of PG&E Corp common stock as beneficially owned, all subject to shared voting and shared dispositive power and no sole power.
Who are the reporting persons in this PG&E Corp (PCG) Schedule 13G filing?
The filing is made jointly by SteelMill Master Fund LP, PointState Holdings LLC, PointState Capital LP, PointState Capital GP LLC, and Zachary J. Schreiber, who serves as managing member of the relevant PointState entities.
Do the reporting investors in PG&E Corp (PCG) have sole or shared voting power?
The reporting persons state they have 0 shares with sole voting power and 112,703,834 shares with shared voting power. They also report no sole dispositive power and the same number of shares with shared dispositive power.
Are the PG&E Corp (PCG) reporting persons acting as a group under the Schedule 13G?
The reporting persons state they are filing jointly with respect to the same securities pursuant to Rule 13d-1(k)(1), and that they are doing so not as members of a group.
Where are the PG&E Corp (PCG) reporting entities organized and based?
SteelMill Master Fund LP is organized in the Cayman Islands. PointState Holdings LLC, PointState Capital LP, and PointState Capital GP LLC are organized in Delaware. Their business office is at PointState Capital LP in New York, NY.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
PG&E CORPORATION
(Name of Issuer)
Common Stock, no par value
(Title of Class of Securities)
69331C108
(CUSIP Number)
08/28/2026
(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
112,703,834.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
112,703,834.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
112,703,834.00
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)
5.1 %
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
112,703,834.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
112,703,834.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
112,703,834.00
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)
5.1 %
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
112,703,834.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
112,703,834.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
112,703,834.00
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)
5.1 %
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
112,703,834.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
112,703,834.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
112,703,834.00
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)
5.1 %
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
112,703,834.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
112,703,834.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
112,703,834.00
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)
5.1 %
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:
The Company's principal executive offices are located at 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 Number(s):
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:
09/04/2026
PointState Holdings LLC
Signature:
/s/ Zachary J. Schreiber
Name/Title:
Zachary J. Schreiber, Managing Member
Date:
09/04/2026
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
