Company: PCG-PB
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001004980-25-000148
Chunk: 178

Company: PG&E Corp
Filing Date: 2025-10-23
Form: 10-Q
Item: Item 1A
Chunk 178
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V was created in connection with the Receivables Securitization Program and is a bankruptcy remote, limited liability company wholly owned by the Utility, and its assets are not available to creditors of PG&E Corporation or the Utility.  Pursuant to the Receivables Securitization Program, the Utility sells certain of its receivables and certain related rights to payment and obligations of the Utility with respect to such receivables, and certain other related rights to the SPV, which, in turn, obtains loans secured by the receivables from financial institutions.  The pledged receivables and the corresponding debt are included in Accounts receivable, Accrued unbilled revenue, Other noncurrent assets, and Long-term debt on the Condensed Consolidated Balance Sheets.The SPV is considered a VIE because its equity capitalization is insufficient to support its activities.  The most significant activities that impact the economic performance of the SPV are decisions made to manage receivables.  The Utility is considered the primary beneficiary and consolidates the SPV as it makes these decisions.  No additional financial support was provided to the SPV during the nine months ended September 30, 2025 or is expected to be provided in the future that was not previously contractually required.  As of September 30, 2025 and December 31, 2024, the SPV had net accounts receivable of $3.4 billion and $3.2 billion, respectively, and outstanding borrowings of $1.8 billion and $0 million, respectively, under the Receivables Securitization Program.  For more information, see Note 4 below.AB 1054 SecuritizationPG&E Recovery Funding LLC is a bankruptcy remote, limited liability company wholly owned by the Utility, and its assets are not available to creditors of PG&E Corporation or the Utility.  Pursuant to the financing orders for the AB 1054 securitization transactions, the Utility sold its right to receive revenues from non-bypassable fixed recovery charges (“Recovery Property”) to PG&E Recovery Funding LLC, which, in turn, issued three separate series of recovery bonds secured by separate Recovery Property.PG&E Recovery Funding LLC is considered a VIE because its equity capitalization is insufficient to support its operations.  The most significant activities that impact the economic performance of PG&E Recovery Funding LLC are decisions made by the servicer of the Recovery Property.  The Utility is considered the primary beneficiary and consolid