Company: PCG-PB
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001004980-25-000148
Chunk: 30

Company: PG&E Corp
Filing Date: 2025-10-23
Form: 10-Q
Item: Part II, Item 7
Chunk 30
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257 Net borrowings under credit facilities3,249 Net borrowings under term loan1,350 AB 1054 recovery bonds issuance(1,409)Short-term debt issuance(999)Repayments of long-term debt(1,125)Dividend payments(276)Proceeds from DWR loan(980)Equity contributions from PG&E Corporation(413)Other financing activities220 Net decrease in cash provided by financing activities(383)Cash provided by financing activities - 2025$1,874 

Net cash provided by financing activities decreased by $383 million, or 17%, during the nine months ended September 30, 2025 as compared to the same period in 2024.  The decrease was primarily due to:

•$1.41 billion of proceeds related to the issuance of Series 2024-A senior secured recovery bonds in 2024, with no similar transaction in 2025; 

•$1.1 billion increase in repayments related to long-term debt;

•$980 million decrease in proceeds related to the DWR loan; and

•$413 million decrease in equity contributions received from PG&E Corporation. 

Partially offset by:

•$3.2 billion increase in net borrowings under credit facilities.

Cash provided by or used in financing activities is driven by the Utility’s financing needs, which depend on the level of cash provided by or used in operating activities, the level of cash provided by or used in investing activities, the conditions in the capital markets, and the maturity date or prepayment date of existing debt instruments.  Additionally, the Utility’s future cash flows from financing activities will be affected by the timing and outcome of the Utility’s financings, dividend payments, and equity contributions from PG&E Corporation.  

LITIGATION MATTERS

PG&E Corporation and the Utility have significant contingencies arising from their operations, including contingencies related to the enforcement and litigation matters described in Notes 10 and 11 of the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 and in “Regulatory Matters” below that are incorporated by reference herein.  The outcome of these matters, individually or in the aggregate, could have a material effect on PG&E Corporation’s and the Utility’s financial condition, results of operations, liquidity, and cash flows.

REGULATORY MATTERS

The Utility is subject to substantial regulation by the CPUC, the FERC, the OEIS, the Nuclear Regulatory Commission (“NRC”), and other federal and