PG&E (PCG) Wins NRC Approval for 20-Year Diablo Canyon License Renewal

PG&E Corporation (NYSE:PCG) is one of the 10 Best AI Pick-and-Shovel Stocks to Buy. On April 2, 2026, PG&E Corporation (NYSE:PCG) received approval from the federal Nuclear Regulatory Commission for a 20-year license renewal for the Diablo Canyon Power Plant. The NRC said the facility is safe and environmentally sound to operate for another 20 years, though extending operations beyond 2030 would require action from the California Legislature, following a three-year review process that also involved multiple state and regional agencies.

On March 22, 2026, Jefferies analyst Julien Dumoulin-Smith downgraded PG&E Corporation (NYSE:PCG) to Hold from Buy with a $19 price target, down from $20, citing reduced confidence in wildfire liability reform in California. Julien Dumoulin-Smith said stakeholder discussions indicate utilities and insurers are not aligned, and political support for structural changes remains uncertain.

PG&E (PCG) Wins NRC Approval for 20-Year Diablo Canyon License Renewal

Photo from Patterson-UTI website

Meanwhile, JPMorgan raised its price target on PG&E Corporation (NYSE:PCG) to $24 from $21 previously and maintained an Overweight rating on the shares after updating its models for the North America utilities group.

PG&E Corporation (NYSE:PCG) provides electricity and natural gas services in California.

While we acknowledge the risk and potential of PCG as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than PCG and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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