PG&E Corporation (NYSE:PCG) ("PG&E" or the "Company") announced today the launch of concurrent underwritten public offerings of (i) $1,200 million of shares of common stock, no par value ("Common Stock"), of the Company and (ii) $1,200 million of newly issued Series A Mandatory Convertible Preferred Stock ("Preferred Stock") of the Company (together, the "Offerings"). PG&E expects to grant to the underwriters of the Offerings a 30-day option to purchase up to an additional (i) $180 million of shares of Common Stock and (ii) solely to cover over-allotments, if any, $180 million of shares of Preferred Stock. PG&E intends to use the net proceeds from the Offerings for general corporate purposes, which may include, among other things, to fund PG&E's five-year capital investment plan.

Each share of Preferred Stock will have a liquidation preference of $50.00 per share. Unless earlier converted at the option of the holders, each share of Preferred Stock will automatically convert into a variable number of shares of Common Stock on or around December 1, 2027, based on the applicable conversion rate. The conversion rates, dividend rate, and the other terms of the Preferred Stock will be determined at the time of pricing. Currently, there is no public market for the Preferred Stock. PG&E intends to apply to list the Preferred Stock on the New York Stock Exchange under the symbol "PCG-PrA."