Company: PCG-PB
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001004980-25-000087
Chunk: 49

Company: PG&E Corp
Filing Date: 2025-04-24
Form: 10-Q
Item: Part I, Item 8
Chunk 49
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UBA current balancing accounts and FERC noncurrent regulatory asset balances were $260 million and $85 million, respectively.  The RUBA current balancing account balance decreased from December 31, 2024 to March 31, 2025 primarily due to the annual electric and gas true-up which allows the Utility to recover approximately $260 million in undercollections from residential customers in 2025.  

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Other Receivables and Available-For-Sale Debt SecuritiesInsurance receivables are related to the liability insurance policies PG&E Corporation and the Utility carry.  Insurance receivable risk is related to each insurance carrier’s risk of defaulting on their individual policies.  Wildfire Fund receivables are the funds available from the statewide fund established under AB 1054 for payment of eligible claims related to the 2021 Dixie fire that exceed $1.0 billion.  For more information, see Note 10 below.  Wildfire Fund receivables risk is related to the Wildfire Fund’s durability, which is a measurement of its claim-paying capacity.  PG&E Corporation and the Utility are required to determine if the fair value is below the amortized cost basis for their available-for-sale debt securities (i.e., impairment).  If such an impairment exists and does not otherwise result in a write-down, then PG&E Corporation and the Utility must determine whether a portion of the impairment is a result of expected credit loss.As of March 31, 2025, expected credit losses for insurance receivables, Wildfire Fund receivables, and available-for-sale debt securities were immaterial.

Government AssistanceThe Utility participated in various government assistance programs during the three months ended March 31, 2025 and 2024.  The Utility’s accounting policy is to apply a grant accounting model by analogy to International Accounting Standards 20, Accounting for Government Grants and Disclosure of Government Assistance.

DWR Loan AgreementOn October 18, 2022, the DWR and the Utility executed a $1.4 billion loan agreement to support the extension of DCPP, up to approximately $1.1 billion of which could be repaid by funds received from the DOE (see “U.S. DOE’s Civil Nuclear Credit Program” below).  Under the loan agreement, the DWR pays the Utility a monthly performance-based disbursement equal to $7 for each MWh generated by DCPP, effective September 2, 2022.  The aggregate amount of performance-based dis