Full Breakdown
Tom Steyer’s $195-$212 Million Ad Blitz Meets Utility-Backed Counter-Campaign in California Governor’s Race
5/28/2026, 5:01:49 AM
Record-Breaking Ad Spend Fuels Utility-Candidate Clash
Tom Steyer, billionaire former hedge-fund manager, has booked more than $195 million in broadcast, cable, radio and online ads for his 2026 California gubernatorial bid. The outlay is over 20 times that of Democrat Xavier Becerra and exceeds the $178.5 million Meg Whitman spent in 2010. Utilities opposing his reform agenda—Pacific Gas & Electric (PG&E), Southern California Edison (SCE) and San Diego Gas & Electric (SDG&E)—have spent at least $13.5 million on independent-expenditure ads, while a business coalition has contributed $32.3 million to anti-Steyer messaging. Independent-expenditure committees have spent $79.6 million on the race overall.
Key Players and Money Flows
- Tom Steyer – self-funding Democrat promising to break up electric monopolies and lower rates.
- PG&E, SCE, SDG&E – utilities defending rate-of-return structures that fund wildfire-prevention projects.
- Business and groups – California Chamber of Commerce, Realtors, Building Industry Association, Environmental Voters, Leah Stokes (UC Santa Barbara), Katie Porter and Xavier Becerra, who have funded or opposed campaigns related to the utilities and Steyer.
Official Statements & Responses
PG&E spokesperson Lynsey Paulo declined comment, directing reporters to the anti-Steyer ad committee. PG&E CEO Patti Poppe posted, “Loved sitting down to talk the future of energy with Tom Steyer at the Galvanize Solutions Summit.” Southern California Edison said contributions come from “shareholder dollars, not customer dollars.” Steyer’s Sepi Esfahlani said, “When you’re opposed by the people responsible for devastating wildfires and outrageous rate hikes, you’re doing something right.”
Criticism & Opposition
Katie Porter’s campaign warned, “She isn’t spending hundreds of millions of dollars of personal wealth trying to buy the governor’s office.” Matt Abularach-Macias called Steyer “a threat to their business.” Leah Stokes said utilities are “monopoly companies, you can’t choose to buy from anybody else.” Becerra’s team accused Steyer of hypocrisy over his hedge-fund profits from fossil fuels and private prisons.
Conflicting Reports & Gaps
AdImpact reports Steyer’s ad outlay at $195 million, while the California secretary of state’s filing shows $212 million in campaign contributions, a reporting gap. PG&E’s filing lists $13.5 million spent against Steyer, yet independent-expenditure trackers record $32.3 million in anti-Steyer ads, indicating undisclosed spending. Detailed donor breakdowns for many independent-expenditure committees remain unavailable.
Verbatim Quotes
- “Big energy companies really piss me off,” — Tom Steyer, campaign ad.
- “Loved sitting down to talk the future of energy with Tom Steyer at the Galvanize Solutions Summit,” — Patti Poppe, CEO, PG&E.
- “These are monopoly companies, you can’t choose to buy from anybody else,” — Leah Stokes, associate professor, UC Santa Barbara.
- “She isn’t spending hundreds of millions of dollars of personal wealth trying to buy the governor’s office,” — Katie Porter campaign statement.
What’s Next
Mail voting runs through early June; the top two finishers on June 2 will advance to the November ballot. Steyer has pledged to appoint reform-focused members to the California Public Utilities Commission and to push for lower rates, more battery storage and community solar. Utilities and business coalitions say they will keep funding independent-expenditure campaigns through the general election.
