Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 181

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 181
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million is required to be contributed no later than March 31, 2025 unless certain conditions are met requiring an earlier contribution or unless otherwise ordered by the CPUC.  The Utility also recorded a $5.54 billion SB 901 securitization regulatory liability at inception, which represents certain shareholder tax benefits the Utility had previously recognized that will be returned to customers.  As the Fire Victim Trust sold PG&E Corporation common stock shares it held, the SB 901 securitization regulatory liability increased accordingly.  As tax benefits are monetized, contributions will be made to the customer credit trust, up to $7.59 billion.  The Utility expects to amortize the SB 901 securitization regulatory asset and liability over the life of the recovery bonds, with such amortization reflected in Operating and maintenance expense in the Consolidated Statements of Income.  During the year ended December 31, 2024, the Utility recorded $328 million for amortization of the regulatory asset and liability in the Consolidated Statements of Income.  During the year ended December 31, 2023, the Utility recorded SB 901 securitization charges, net, of $1.3 billion for tax benefits realized within Income tax expense related to the Fire Victim Trust’s sale of PG&E Corporation common stock and $322 million for amortization of the regulatory asset and liability in the Consolidated Statements of Income. 

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The following tables illustrate the changes in the SB 901 securitization’s impact on the Utility’s regulatory assets and liabilities:SB 901 securitization regulatory asset(in millions)20242023Balance at January 1$5,249 $5,378 Amortization(55)(129)Balance at December 31$5,194 $5,249 SB 901 securitization regulatory liability(in millions)20242023Balance at January 1$(6,628)$(5,800)Amortization383 451 Additions(1)(50)(1,279)Balance at December 31$(6,295)$(6,628)(1) Includes $16 million and $12 million of returns on investments in the customer credit trust expected to be credited to customers for the years ended December 31, 2024 and 2023, respectively.

NOTE 6: COMMON STOCK AND SHARE-BASED COMPENSATION

PG&E Corporation had 2,193,573,536 shares