Company: PCG-PB
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001004980-25-000087
Chunk: 112

Company: PG&E Corp
Filing Date: 2025-04-24
Form: 10-Q
Item: Item 1A
Chunk 112
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 operating expenses4,755 4,580 Operating Income1,228 1,281 Interest income114 134 Interest expense(655)(654)Other income, net71 79 Income Before Income Taxes758 840 Income tax provision63 59 Net Income695 781 Preferred stock dividend requirement3 3 Income Available for Common Stock$692 $778 

Operating Revenues

The Utility’s electric and natural gas operating revenues increased by $122 million, or 2%, in the three months ended March 31, 2025, compared to the same period in 2024. This increase was primarily due to:

•approximately $190 million in interim rate relief authorized in the 2023 WMCE proceeding (see “2023 Wildfire Mitigation and Catastrophic Events Application” below) in the three months ended March 31, 2025, with no comparable revenues in the same period in 2024; 

•an increase in revenues to recover the cost of electricity procurement (which increased by approximately $78 million) in the three months ended March 31, 2025, as compared to costs in the same period in 2024. These costs are passed through to customers and do not impact net income;

•approximately $80 million in revenues to recover costs associated with extended operations at DCPP in the three months ended March 31, 2025, as compared to the same period in 2024;

•approximately $45 million in interim rate relief authorized in the WGSC proceeding (see “Wildfire and Gas Safety Costs Recovery Application” below) in the three months ended March 31, 2025, with no comparable revenues in the same period in 2024; and

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•approximately $30 million in revenues authorized in the General Office Sale Memorandum Account (“GOSMA”) petition for modification final decision in the three months ended March 31, 2025 with no comparable revenues in the same period in 2024.

Partially offset by:

•approximately $275 million in interim rate relief authorized in the 2022 WMCE proceeding (see “2022 WMCE Application” below) in the three months ended March 31, 2024 with no comparable revenues in the same period in 2025;

•approximately $40 million in lower revenues related to winter storm response in the three months ended March 31, 2025, as compared to the same period in 2024; and

•a decrease in