Company: PCG-PB
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001004980-25-000148
Chunk: 106

Company: PG&E Corp
Filing Date: 2025-10-23
Form: 10-Q
Item: Part I, Item 8
Chunk 106
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 or Continuation Account, as applicable.Before the expiration of any current safety certification, the Utility must request a new safety certification from the OEIS, which the Utility expects to be issued within 90 days if the Utility has provided documentation that it has satisfied the requirements for the safety certification pursuant to Section 8389(e) of the Public Utilities Code, added by AB 1054.  An issued safety certification is valid for 12 months or until a timely request for a new safety certification is acted upon, whichever occurs later.  The safety certification is separate from the CPUC’s enforcement authority and does not preclude the CPUC from pursuing remedies for safety or other applicable violations.  On December 11, 2024, the OEIS approved the Utility’s 2024 application and issued the Utility’s 2024 safety certification.The Wildfire Fund is expected to be capitalized with at least $21 billion through (i) a 15-year non-bypassable charge to customers, (ii) $7.5 billion in initial contributions from California’s three large electric IOUs and (iii) $300 million in annual contributions paid by the participating utilities for a 10-year period.  If the administrator determines that additional annual contributions are necessary, the Continuation Account would be capitalized with up to $18 billion, of which $9 billion would be contributed through a non-bypassable charge from customers, $5.1 billion would be contributed by the utilities, and an additional $3.9 billion would be contributed by the utilities if the administrator determines that additional contributions are needed. 

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The Wildfire Fund and Continuation Account will only be available for payment of eligible claims so long as they have sufficient funds remaining.  Such funds could be depleted more quickly than PG&E Corporation’s and the Utility’s 20-year estimate for the life of the Wildfire Fund, including as a result of claims made by California’s other participating utilities.  The Wildfire Fund is available to pay for the Utility’s eligible claims arising between July 12, 2019, the effective date of AB 1054, and September 19, 2025, the effective date of SB 254.  Payments for eligible claims arising between the effective date of AB 1054 and the Utility’s emergence from Chapter 11 are subject to a limit of 40% of the allowed amount of such claims.  The 40% limit does not apply to eligible claims that arise after