Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 63

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 63
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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 14 of the Notes to the Consolidated Financial Statements in Item 8) and to the customer credit trust, including $650 million to be contributed by March 2025 (see Note 5 of the Notes to the Consolidated Financial Statements in Item 8).

Financing Activities

The following table summarizes changes in key components of the Utility’s financing cash flows for the year ended December 31, 2024, compared to December 31, 2023.

 (in millions)Year Ended December 31,Cash provided by financing activities - 2023$3,979 Net borrowings under credit facilities(3,384)Repayments under term loan credit facilities(4,200)Issuance of long-term debt(2,484)Issuance of short-term debt999 Repayments of long-term debt2,275 Proceeds from issuance of senior secured recovery bonds in AB 10541,409 Proceeds related to DWR loans980 Equity contribution from PG&E Corporation4,070 Other financing activities(296)Net increase in cash provided by financing activities(631)Cash provided by financing activities - 2024$3,348 

Net cash provided by financing activities decreased by $631 million, or 16%, in 2024 compared to 2023.  The decreases were primarily due to:

•$4.2 billion increase in net repayments under term loan credit facilities; and

•$3.4 billion decrease in net borrowings under credit facilities. 

Partially offset by:

•$4.1 billion increase in equity contributions from PG&E Corporation;

•$1.4 billion in proceeds related to the issuance of senior secured recovery bonds in the AB 1054 securitization, with no similar transaction in 2023;

•$999 million in proceeds related to issuance of short-term debt, with no similar transaction in 2023; and

•$980 million in proceeds related to the DWR loan in 2024, with no similar transaction in 2023.

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Cash provided by or used in financing activities is driven by the Utility