Company: PCG-PB
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001004980-25-000087
Chunk: 84

Company: PG&E Corp
Filing Date: 2025-04-24
Form: 10-Q
Item: Part I, Item 8
Chunk 84
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 at December 31, 2024$82 Accrued Losses— Payments(21)Balance at March 31, 2025$61 As of March 31, 2025, the Utility recorded an insurance receivable of $96 million for probable insurance recoveries in connection with the 2022 Mosquito fire, including legal fees.  As of March 31, 2025, the Utility also recorded a $7 million reduction to its regulatory liability for wildfire-related claims costs that were determined to be probable of recovery through the FERC TO formula rate and a $54 million regulatory asset for costs that were determined to be probable of recovery through the WEMA.  See “Regulatory Recovery” below.

Loss RecoveriesPG&E Corporation and the Utility have recovery mechanisms available for wildfire liabilities including from insurance, through rates, and from the Wildfire Fund.  PG&E Corporation and the Utility record a receivable for a recovery when it is deemed probable that recovery of a recorded loss will occur, and the Utility can reasonably estimate the amount or its range.  While the Utility plans to seek recovery of all insured losses, it is unable to predict the ultimate amount and timing of such recoveries.  For more information on the applicable facts and circumstances of the corresponding wildfires, see “2019 Kincade Fire,” “2021 Dixie Fire,” and “2022 Mosquito Fire.”Total probable recoveries for the 2021 Dixie fire and the 2022 Mosquito fire as of March 31, 2025 are: Potential Recovery Source (in millions)2021 Dixie fire2022 Mosquito fireInsurance$527 $96 FERC TO rates94 7 WEMA515 54 Wildfire Fund925 — Probable recoveries at March 31, 2025 (1)$2,061 $157 (1) Includes legal costs of $117 million and $50 million related to the 2021 Dixie fire and 2022 Mosquito fire, respectively, as of March 31, 2025.The Utility could be subject to significant liability in connection with these wildfire events.  If such liability is not recoverable from insurance or the other mechanisms described in this section, it could have a material impact on PG&E Corporation’s and the Utility’s financial condition, results of operations, liquidity, and cash flows.

Insurance

Self-InsuranceSince August 2023, the Utility’s wildfire liability insurance for amounts up to