Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 73

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 73
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 “Transmission Owner Rate Case Revenue Subject to Refund” in Note 15 of the Notes to the Consolidated Financial Statements in Item 8) and the transaction to lease entitlements associated with certain transmission assets (see “Liquidity and Financial Resources - Other Financings” above).  The Utility made investments of approximately $1.22 billion in 2023 and forecasts that it will make investments of approximately $1.43 billion in 2024 for various capital projects to be placed in service before the end of 2024.  The Utility requested that FERC approve a 12.37% base ROE as well as a 0.5% adder for its participation in the CAISO.  The TO21 filing also addresses the Utility’s capital structure and several new issues including wildfire self-insurance recovery from transmission customers.  

On December 29, 2023, the FERC issued an order accepting the TO21 filing subject to refund, establishing a January 1, 2024 effective date, and establishing a settlement and hearing process, but denying the 0.5% ROE adder for participation in the CAISO, which results in a forecast transmission revenue requirement of $2.78 billion.  On January 29, 2024, the Utility filed a request for rehearing of the FERC’s denial of the 0.5% ROE adder for participation in the CAISO.  On June 12, 2024, the FERC issued an order denying the Utility’s request for rehearing.  On June 18, 2024, the Utility and California IOUs filed an appeal of the FERC’s order denying the Utility’s request for rehearing.  The utilities’ joint opening brief was filed on September 11, 2024 and reply brief was filed on December 17, 2024.

On December 18, 2024, the settlement judge issued a status report to the FERC stating that the Utility and the other parties have reached a settlement in principle on all issues in the TO21 rate case.  The parties will draft an offer of settlement to be filed with the FERC for approval.

Other Regulatory Proceedings

2023-2025 Wildfire Mitigation Plan

On March 27, 2023, the Utility submitted the 2023-2025 WMP.  The 2023-2025 WMP addresses the Utility’s wildfire safety programs and initiatives focused on reducing the potential