SCHEDULE: JPMorgan Chase & Co. Discloses 2.5% Passive Stake in PG&E Corporation

JPMorgan Chase & Co. has reported a 2.5% passive beneficial ownership stake in PG&E Corporation, totaling over 56 million shares, as of June 30, 2025.

Summary

• JPMorgan Chase & Co. reported beneficial ownership of 56,384,514 shares of PG&E Corporation common stock.
• This stake represents 2.5% of the total class of securities.
• The filing is an Amendment No. 1 to a Schedule 13G, indicating a change or update to a previously filed statement.
• JPMorgan Chase & Co. holds sole voting power over 48,688,749 shares and shared voting power over 750,989 shares.
• JPMorgan Chase & Co. holds sole dispositive power over 56,038,024 shares and shared dispositive power over 335,762 shares.
• The securities were acquired and are held in the ordinary course of business, without the purpose or effect of changing or influencing control of PG&E Corporation.
• Several subsidiaries of JPMorgan Chase & Co. are identified as having acquired the security, including J.P. Morgan Trust Company of Delaware, J.P. Morgan Securities LLC, JPMorgan Asset Management (UK) Limited, J.P. MORGAN SE, JPMorgan Chase Bank, National Association, J.P. Morgan Investment Management Inc., JPMorgan Asset Management (China) Company Limited, and 55I, LLC.

Sentiment

Score: 5

Explanation: The filing is a standard beneficial ownership disclosure by a passive investor and does not contain information that would significantly alter the perceived sentiment towards PG&E Corporation.

Positives

• A major financial institution like JPMorgan Chase & Co. holding a significant passive stake (2.5%) in PG&E Corporation may signal institutional confidence in the company's long-term stability or value.
• The stated intent of passive investment (not seeking to influence control) suggests a stable, long-term holding rather than an activist position that could introduce volatility.

Future Outlook

This filing does not provide any forward-looking statements or guidance regarding PG&E Corporation's future performance or strategic direction.

Management Comments

• 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.

Industry Context

PG&E Corporation operates in the highly regulated utility sector, which often attracts large institutional investors seeking stable, long-term returns. JPMorgan Chase & Co.'s passive stake is consistent with a typical institutional investment in a large, established utility company.

Comparison to Industry Standards

• This filing does not provide specific financial or operational results for comparison. It is a disclosure of beneficial ownership, which is a standard regulatory requirement for investors holding significant stakes. Comparisons to other utility companies' ownership structures or institutional holdings would require external data not present in this document.

Stakeholder Impact

• Shareholders: Informed of a significant passive institutional holder, which may be viewed positively as a sign of institutional confidence.

Key Dates

Keywords

PG&E Corporation, JPMorgan Chase & Co., Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investment, Utility Sector, Passive Investment, Shareholding