Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 241

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 241
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866 348 162 3,328 20271,896 800 190 284 3,170 20281,875 800 103 141 2,919 20291,831 716 92 43 2,682 Thereafter14,229 2,730 41 5 17,005 Total purchase commitments$23,793 $6,822 $1,217 $989 $32,821 (1) Includes other power purchase agreements and nuclear fuel agreements.Third-Party Power Purchase AgreementsIn the ordinary course of business, the Utility enters into various agreements, including renewable energy agreements, qualifying facilities (“QF”) agreements, and other power purchase agreements to purchase power and electric capacity.  The price of purchased power may be fixed or variable.  Variable pricing is generally based on the current market price of either natural gas or electricity at the date of delivery.

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Renewable Energy Power Purchase AgreementsIn order to comply with California’s RPS requirements, the Utility is required to deliver renewable energy to its customers at a gradually increasing rate.  The Utility has entered into various agreements to purchase renewable energy to help meet California’s requirement.  The Utility’s obligations under a significant portion of these agreements are contingent on the third party’s construction of new generation facilities, which are expected to grow.  These renewable energy contracts expire at various dates between 2025 and 2045.Conventional Energy Power Purchase AgreementsThe Utility has entered into many power purchase agreements for conventional generation resources, which include a tolling agreement and RA agreements.  The Utility’s obligations under a portion of these agreements are contingent on the third parties’ development of new generation facilities to provide capacity and energy products to the Utility.  These power purchase agreements expire at various dates between 2025 and 2044.Other Power Purchase AgreementsThe Utility has entered into agreements to purchase energy and capacity with independent power producers that own generation facilities that meet the definition of a QF under federal law.  As of December 31, 2024, QF contracts in operation expire at various dates between 2025 and 2042.  In addition, the Utility has agreements with various irrigation districts and water agencies to purchase hydroelectric power.The net costs incurred for all power purchases and electric capacity were $2.1 billion in 2024, $2.4 billion in 2023, and $2.8 billion in 2022.Natural Gas Supply,