Company: PCG-PB
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001004980-25-000132
Chunk: 138

Company: PG&E Corp
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 1A
Chunk 138
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 provided by or used in investing activities, the conditions in the capital markets, and the maturity date or prepayment date of existing debt instruments.  Additionally, the Utility’s future cash flows from financing activities will be affected by the timing and outcome of the Utility’s financings, dividend payments, and equity contributions from PG&E Corporation.  

LITIGATION MATTERS

PG&E Corporation and the Utility have significant contingencies arising from their operations, including contingencies related to the enforcement and litigation matters described in Notes 10 and 11 of the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 and in “Regulatory Matters” below that are incorporated by reference herein.  The outcome of these matters, individually or in the aggregate, could have a material effect on PG&E Corporation’s and the Utility’s financial condition, results of operations, liquidity, and cash flows.

REGULATORY MATTERS

The Utility is subject to substantial regulation by the CPUC, the FERC, the OEIS, the Nuclear Regulatory Commission (“NRC”), and other federal and state regulatory agencies.  The resolutions of the proceedings described below and other proceedings may materially affect PG&E Corporation’s and the Utility’s financial condition, results of operations, liquidity, and cash flows.  Except as otherwise noted, PG&E Corporation and the Utility are unable to predict the timing or outcome of the following proceedings.

During the quarter ended June 30, 2025 and through the date of this filing, key updates to regulatory matters include the following:

•On July 25, 2025, the CPUC issued a PD that would increase the cost cap for 2025 and 2026 by an aggregate $2.38 billion in connection with the Order Instituting Rulemaking to Establish Energization Timelines.

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•On June 2, 2025, the Utility filed an unopposed all-party settlement with intervenors for an additional $461 million revenue requirement, which is incremental to the previously approved interim rate relief for the 2023 WMCE. 

•On May 15, 2025, the Utility filed its 2027 GRC application with the CPUC.  

Cost Recovery Proceedings

Periodically, costs arise that could not have been anticipated by the Utility during CPUC GRC proceedings or that have been deliberately excluded from such proceedings.  For instance, these costs may result from catastrophic events, changes in regulation, or extraordinary changes in operating practices.  The Utility may seek authority to track incremental costs in a memorandum