Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 54

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 54
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million, respectively.  

As of December 31, 2024, the Utility had contributed $911 million to Pacific Energy Risk Solutions, LLC, its wholly-owned subsidiary and captive insurance company for the administration of wildfire liability self-insurance.  As of December 31, 2024,  $8 million was classified as Restricted cash and restricted cash equivalents due to minimum capital and surplus requirements, and $905 million, measured at fair value, was classified as Wildfire self-insurance asset.  For more information about wildfire liability self-insurance, see “Self-Insurance” in Note 14 of the Notes to the Consolidated Financial Statements in Item 8.

Financial Resources

Equity Financings

Common Stock Offering

On December 4, 2024, PG&E Corporation issued 55,961,070 shares of its common stock, no par value, for cash proceeds of $1.13 billion.  The proceeds from this issuance are intended to be used for general corporate purposes, which may include, among other things, to fund its five-year capital investment plan.

For more information, see Note 6 of the Notes to the Consolidated Financial Statements in Item 8.

Series A Mandatory Convertible Preferred Stock

On December 5, 2024, PG&E Corporation issued $1.6 billion of 6.000% Series A Mandatory Convertible Preferred Stock, no par value, with a dividend rate of 6.000% per annum on the liquidation preference of $50 per share (the “Mandatory Convertible Preferred Stock”) due December 2027.  The Mandatory Convertible Preferred Stock dividend is payable on March 1, June 1, September 1, and December 1 of each year.  The Mandatory Convertible Preferred Stock ranks senior to PG&E Corporation’s common stock with respect to the payment of dividends.  The proceeds from this issuance are intended to be used for general corporate purposes which may include, among other things, to fund its five-year capital investment plan. 

For more information, see Note 7 of the Notes to the Consolidated Financial Statements in Item 8. 

Factors that could affect PG&E Corporation’s planned equity issuances include liquidity and cash flow needs, capital expenditures, interest rates, its share price, its earnings, the timing and outcome of ratemaking proceedings, and the timing and terms of other financings.  

Debt Financings

Utility

The Utility generally issues first mortgage bonds and secured debt to