Company: PCG-PB
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001004980-25-000148
Chunk: 67

Company: PG&E Corp
Filing Date: 2025-10-23
Form: 10-Q
Item: Part I, Item 8
Chunk 67
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 internally developed data about wildfires and wildfire conditions in their own service area, and other participating electric utilities’ public disclosures of probable and estimable wildfire-related losses in their service area.  PG&E Corporation and the Utility are not able to independently verify other utilities’ estimates.  During each re-evaluation, PG&E Corporation and the Utility update their assumptions and the dataset of historical fire-losses for wildfires caused by electrical equipment, as applicable.  Based upon the outcome of the newly run Monte Carlo simulations, PG&E Corporation and the Utility may determine to increase or decrease, as applicable, the estimated life of the fund.  PG&E Corporation and the Utility apply adjustments to the estimated life of the fund on a prospective basis.In addition to estimating the life of the fund, PG&E Corporation and the Utility also assess the Wildfire Fund asset for accelerated amortization when they record or increase a Wildfire Fund receivable or when reliable information becomes publicly available, including when another participating electric utility discloses a Wildfire Fund receivable. As of September 30, 2025, PG&E Corporation and the Utility recorded $193 million in Other current liabilities, $568 million in Other noncurrent liabilities, $298 million in Current assets - Wildfire Fund asset, and $3.8 billion in Noncurrent assets - Wildfire Fund asset in the Condensed Consolidated Balance Sheets.  During the three months ended September 30, 2025 and 2024, the Utility recorded amortization and accretion expense of $86 million and $139 million, respectively.  During the nine months ended September 30, 2025 and 2024, the Utility recorded amortization and accretion expense of $271 million and $295 million, respectively.  The amortization of the asset, accretion of the liability, and applicable acceleration of the amortization of the asset are reflected in Wildfire Fund expense in the Condensed Consolidated Statements of Income.

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PG&E Corporation and the Utility expect to begin accounting for the Continuation Account if the Wildfire Fund administrator determines that the Continuation Account is necessary and the CPUC approves the extension of non-bypassable charges to customers.For more information, see “Wildfire Fund Recoveries under AB 1054 and SB 254” in Note 10 below.

Oakland Headquarters PurchaseOn June 3, 2025, the Utility completed the purchase of the legal parcel that contains the Lakeside Building (the "Property"). The purchase price was $906