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

Company: PG&E Corp
Filing Date: 2025-04-24
Form: 10-Q
Item: Part II, Item 7
Chunk 25
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 of new and replacement facilities necessary to provide safe and reliable electricity and natural gas services to its customers.  Cash used in investing activities also includes the proceeds from sales of nuclear decommissioning trust, customer credit trust, and self-insurance investments which are partially offset by the amount of cash used to purchase new nuclear decommissioning trust, customer credit trust, and self-insurance investments.  The funds in the decommissioning trusts, along with accumulated earnings, are used exclusively for decommissioning and dismantling the Utility’s nuclear generation facilities.  Pursuant to SB 901, the funds in the customer credit trust, along with accumulated earnings, are used exclusively to fund a monthly credit to customers.

Future cash flows used in investing activities are largely dependent on the timing and amount of capital expenditures.  The Utility estimates that it will incur $12.9 billion of capital expenditures in 2025.  Additionally, future cash flows used in investing activities could be impacted by the timing and amount of contributions to the self-insurance captive (see “Self-Insurance” in Note 10 of the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1). 

Financing Activities

The following table summarizes changes in key components of the Utility’s financing cash flows for the three months ended March 31, 2025, compared to March 31, 2024.

 (in millions)Three Months Ended March 31,Cash provided by financing activities - 2024$769 Net repayments under credit facilities1,154 Issuance of long-term debt(524)Repayments of long-term debt450 Dividend payments(125)Other financing activities(149)Net increase in cash provided by financing activities806 Cash provided by financing activities - 2025$1,575 

Net cash provided by financing activities increased by $806 million, or 105%, during the three months ended March 31, 2025 as compared to the same period in 2024.  The increase was primarily due to:

•$1.2 billion decrease in net repayments under credit facilities; and

•$450 million decrease in repayments related to long-term debt. 

Partially offset by:

•$524 million decrease in proceeds related to issuance of long-term debt; and

•$232 million decrease in proceeds related to the DWR loan. 

Cash provided by or used in financing activities is driven by the Utility’s financing needs, which depend on the level of cash provided by