Company: PCG-PB
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001004980-25-000148
Chunk: 26

Company: PG&E Corp
Filing Date: 2025-10-23
Form: 10-Q
Item: Part II, Item 7
Chunk 26
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 timing or amount of any funds it may receive from the Facility in the future as a result of the recent change in the administration.

For more information about the DOE Loan Guarantee Agreement, see “Liquidity and Financial Resources” in Item 7: “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the 2024 Form 10-K.

Citizens Energy Corporation 

On January 29, 2025, the Utility entered into an amended and restated agreement with Citizens Energy Corporation (“Citizens”) pursuant to which the Utility may lease to Citizens entitlements to certain transmission assets.  A portion of the costs associated with each project that is expected to be subject to such a lease will be excluded from the Utility’s FERC transmission rates for the duration of the applicable lease.  The Utility may offer Citizens up to five lease options over the term of the agreement, for a total investment by Citizens of up to $1.0 billion.  If Citizens exercises and the parties close on a lease option, the Utility will receive an upfront payment as prepaid rent for that lease, which is expected to average approximately $200 million per lease, and the rate base associated with the leased entitlements will go into Citizens’ rate base, rather than the Utility’s, for 30 years.  The transactions contemplated by the agreement are subject to FERC and CPUC approvals.

Dividends

Utility

On each of November 29, 2024, February 20, and May 22, 2025, the Board of Directors of the Utility declared dividends on its outstanding series of preferred stock totaling $3.5 million, which were paid on February 18, May 15, and August 15, 2025, to holders of record as of January 31, April 30 and July 31, 2025, respectively.  On September 18, 2025, the Board of Directors of the Utility declared dividends on its outstanding series of preferred stock totaling $3.5 million, payable on November 15, 2025, to holders of record as of October 31, 2025.  

23

On each of February 20, May 22, and September 18, 2025, the Board of Directors of the Utility declared common stock dividends of $575 million, which were paid to PG&E Corporation on March 18, May 30, and September 26, 2025, respectively. 

PG&E Corporation

On each of November