Vanguard Capital Management (PCG) discloses 7.44% ownership of PG&E Corp common stock

Rhea-AI Filing Summary

Vanguard Capital Management reported beneficial ownership of 163,534,811 shares of PG&E Corp common stock, representing 7.44% of the class. The filing states Vanguard has sole dispositive power over 163,534,811 shares and sole voting power over 22,471,265 shares. The filing attributes holdings to Vanguard Capital Management and listed affiliates and was signed by Ashley Grim.

Insights

Institutional Ownership Analyst

Large passive position disclosed: Vanguard reports 7.44% ownership in PG&E Corp.

Vanguard Capital Management reports beneficial ownership of 163,534,811 shares, with dispositive control noted for that full amount and voting power over a smaller subset (22,471,265 shares). The filing follows Schedule 13G disclosure conventions for institutional investors.

Implications depend on Vanguard's voting intentions and portfolio rebalancing decisions; subsequent filings or proxy releases would show voting behavior or any changes in percent ownership.

Key Figures

Shares beneficially owned: 163,534,811 shares Percent of class: 7.44% Sole voting power: 22,471,265 shares +2 more

5 metrics

Shares beneficially owned 163,534,811 shares Amount beneficially owned as reported on Schedule 13G

Percent of class 7.44% Percent of PG&E Corp common stock class reported

Sole voting power 22,471,265 shares Shares with sole power to vote as reported

Sole dispositive power 163,534,811 shares Shares with sole power to dispose or direct disposition

Filing signatory date 04/30/2026 Date signature was provided on Schedule 13G

Key Terms

Schedule 13G, beneficial ownership, sole dispositive power, Investment Company Act

4 terms

Schedule 13G regulatory

"Vanguard Capital Management reported beneficial ownership on Schedule 13G"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

beneficial ownership financial

"Amount beneficially owned: 163534811"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

sole dispositive power financial

"Sole power to dispose or to direct the disposition of: 163534811"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Investment Company Act regulatory

"investment companies registered under the Investment Company Act of 1940"

The Investment Company Act is a law that sets rules for businesses whose main activity is managing and selling pooled money, such as mutual funds and other investment funds. It matters to investors because it requires clear reporting, limits managers from putting their own interests ahead of clients, and mandates safekeeping and oversight of assets—similar to safety inspections and traffic rules that help keep shared vehicles reliable and trustworthy.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

PG&E Corp

(Name of Issuer)

Common Stock

(Title of Class of Securities)

69331C108

(CUSIP Number)

03/31/2026

(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

Vanguard Capital Management

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

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 22,471,265.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 163,534,811.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

163,534,811.00

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)

7.44 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard Capital Management LLC and the following affiliates of Vanguard Capital Management LLC or business divisions of such affiliates: Vanguard Asset Management Limited, Vanguard Fiduciary Trust Company, Vanguard Global Advisers, LLC and Vanguard Investments Australia Ltd. This Schedule 13G includes securities held by Vanguard funds, or sleeves thereof, over which Vanguard Capital Management LLC exercises dispositive power, in addition to securities held by clients over which the affiliates or business divisions of such affiliates indicated above exercise dispositive and/or voting power. This Schedule 13G does not include securities, if any, beneficially owned by other subsidiaries or affiliates of Vanguard Capital Management LLC, or business divisions of such subsidiaries, whose ownership of securities is disaggregated from that of the reporting business unit in accordance with such release.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: PG&E Corp
(b)	Address of issuer's principal executive offices: 300 Lakeside Drive, Oakland, CA, 94612
Item 2.
(a)	Name of person filing: Vanguard Capital Management
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd,, Malvern, PA, 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(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: 163534811
(b)	Percent of class: 7.44 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 22471265
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 163534811
	(iv) Shared power to dispose or to direct the disposition of: 0
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.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Vanguard Capital Management, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
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 acquired and are held in the ordinary course of business and 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.

Vanguard Capital Management

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	04/30/2026

FAQ

What stake does Vanguard Capital Management report in PG&E Corp (PCG)?

Vanguard reports beneficial ownership of 163,534,811 shares, equal to 7.44% of PG&E Corp common stock. The filing lists sole dispositive power for 163,534,811 shares and sole voting power for 22,471,265 shares.

Does Vanguard control voting for all its reported PG&E shares?

No. Vanguard reports sole voting power for 22,471,265 shares while holding dispositive power for 163,534,811 shares. The filing separates voting authority from disposition (selling) authority as disclosed.

Who signed the Schedule 13G for Vanguard's PG&E holdings?

The Schedule 13G was signed by Ashley Grim, Head of Global Fund Administration. The signature block on the filing shows the signatory and the filing date of 04/30/2026.

Are other Vanguard affiliates included in this ownership disclosure?

Yes. The filing states the holdings reflect Vanguard Capital Management LLC and affiliates including Vanguard Asset Management Limited, Vanguard Fiduciary Trust Company, Vanguard Global Advisers, LLC, and Vanguard Investments Australia Ltd.

Does the filing identify any other person with more than 5% interest in those shares?

No. The filing states that no other single person's interest in the reported securities exceeds 5% and lists Vanguard-managed investment companies and accounts as the holders subject to disclosure rules.