Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 79

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 79
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 be permitted to recover these costs through rates.  The costs of the initial and annual contributions are allocated among the IOUs pursuant to a “Wildfire Fund allocation metric” set forth in AB 1054 based on land area in the applicable IOU’s service area classified as HFTDs and adjusted to account for risk mitigation efforts.  The Utility’s Wildfire Fund allocation metric is 64.2% (representing an initial contribution of approximately $4.8 billion and annual contributions of approximately $193 million).

83

On the Emergence Date, PG&E Corporation and the Utility contributed, in accordance with AB 1054, an initial contribution of approximately $4.8 billion and first annual contribution of approximately $193 million to the Wildfire Fund to secure participation of the Utility therein.  The other large electric IOUs made their initial contributions to the Wildfire Fund in September 2019.  In December 2023 and 2024, the Utility made its fifth and sixth annual contributions of $193 million each to the Wildfire Fund.  As of December 31, 2024, the Utility has four remaining annual contributions of $193 million (based on the Wildfire Fund allocation metric).  PG&E Corporation and the Utility account for contributions to the Wildfire Fund by capitalizing an asset, amortizing to periods ratably based on an estimated period of coverage, and incrementally adjusting for accelerated amortization as the level of coverage declines, as further described below.

As of December 31, 2024, PG&E Corporation and the Utility recorded $193 million in Other current liabilities, $564 million in Other noncurrent liabilities, $301 million in Current assets - Wildfire Fund asset, and $4.1 billion in Noncurrent assets - Wildfire Fund asset in the Consolidated Balance Sheets.  During the years ended December 31, 2024 and 2023, the Utility recorded amortization and accretion expense of $383 million and $567 million, respectively.  The amortization of the asset, accretion of the liability, and acceleration of the amortization of the asset is reflected in Wildfire Fund expense in the Consolidated Statements of Income.  Expected contributions recorded in Wildfire Fund asset on the Consolidated Balance Sheets are discounted to the present value using the 10-year U.S. treasury rate at the date PG&E Corporation and the Utility satisfied all the eligibility requirements to participate in the Wildfire Fund