Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 50

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 50
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 net SB 901 securitization charges, primarily representing the amounts that are refundable to ratepayers as a result of tax benefits realized within income tax expense related to the Fire Victim Trust’s sale of PG&E Corporation common stock in 2023, with no comparable activity in 2024.  For more information, see Note 5 of the Notes to the Consolidated Financial Statements in Item 8 below.

Wildfire-Related Claims, Net of Recoveries

Costs related to wildfires increased by $30 million, or 47%, in 2024 compared to 2023.  The Utility recognized pre-tax charges of $425 million related to the 2021 Dixie fire offset by probable recoveries through the Wildfire Fund and WEMA and $100 million related to the 2019 Kincade fire in 2023.  The Utility recognized pre-tax charges of $325 million related to the 2021 Dixie fire offset by probable recoveries through the Wildfire Fund and $100 million related to the 2019 Kincade fire in 2024.  Additionally, in 2024, probable WEMA recoveries increased by approximately $30 million due to a reclassification between WEMA and FERC recoveries, which are recorded as a reduction to regulatory liabilities and are not captured in Wildfire-related claims.

Wildfire Fund Expense

The Utility’s Wildfire Fund expense decreased by $184 million, or 32%, in 2024 compared to 2023.  These decreases were primarily due to less accelerated amortization of the Wildfire Fund asset and an increase in the estimated period of coverage of the Wildfire Fund from 15 to 20 years.  See Note 2 and Note 14 of the Notes to the Consolidated Financial Statements in Item 8.

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Depreciation, Amortization, and Decommissioning

The Utility’s Depreciation, amortization, and decommissioning expenses increased by $451 million, or 12%, in 2024 compared to 2023.  These increases were primarily due to the growth in plant balance from capital additions and an increase in decommissioning expense due to the reversal of approximately $175 million in accrued nuclear decommissioning expense as a result of the 2021 NDCTP final decision in 2023.

Interest Income

There was no material change to Interest income in 2024 compared to 2023.

Interest Expense

The Utility’s Interest expense increased by