10 Best Alternative Energy Stocks To Buy According to Hedge Funds

5. PG&E Corporation (NYSE:PCG)  

Number of Hedge Fund Holders: 46  

PG&E Corporation (NYSE:PCG) is a leading energy company in Northern and Central California’s utility market, serving over 16 million people through its subsidiary, Pacific Gas & Electric Company. The company has also made significant investments in battery storage systems, adding more than 2,100 megawatts of battery capacity.

In 2023, PG&E Corporation (NYSE:PCG) achieved 100% alternative energy, derived from a mix of 53% nuclear power, 34% alternative resources such as solar and wind, and 13% large hydroelectric power. On November 4, Pacific Gas and Electric Company (NYSE:PCG) released its updated R&D strategy report, highlighting the potential of artificial intelligence (AI) to transform the energy system and enhance customer experience. The report outlines how the company is integrating AI into its operations to meet growing energy demand, stabilize customer bills, and reduce emissions.

The company is already using AI in various ways, such as in meteorology, planning, inspections, monitoring, maintenance, and customer communications. These AI applications help PG&E Corporation (NYSE:PCG) detect and respond to wildfire risks, improve operational performance, and enhance customer experience. PG&E Corporation’s (NYSE:PCG) CEO Patti Poppe stated that the company is “actively building the carbon-free energy system of the future” and encouraged innovators to join in exploring the role of AI in shaping the energy future.

The report identifies opportunities for AI to improve data collection and analysis, expand capacity, reduce emissions, and provide enhanced customer service. PG&E Corporation (NYSE:PCG) will discuss AI and other innovative topics at its 2024 Innovation Summit on November 13 in San Jose, California. The summit will showcase breakthrough innovation underway in the company and provide an opportunity for collaboration on high-potential challenges.

The California Public Utilities Commission (CPUC) has approved additional capital expenditure (CapEx) funding requirements for PG&E Corporation (NYSE:PCG), enabling the company to raise billing rates. This will support the company’s infrastructure plans and address increased demand for electric vehicles (EVs), artificial intelligence (AI), and data centers. The CPUC’s approval of net billing tariffs and higher customer payments will further bolster the company’s growth prospects.