Company: PCG-PB
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001004980-25-000087
Chunk: 147

Company: PG&E Corp
Filing Date: 2025-04-24
Form: 10-Q
Item: Item 1A
Chunk 147
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 will forgive loan disbursements (such as when the Utility earns a performance-based disbursement or when funds expected to be received from the DOE are less than incurred eligible costs), the Utility recognizes those forgiven loans as income related to government grants.  The Utility records the income related to government grants as a deduction to expense in the same period(s) that eligible costs are incurred.The following table summarizes where DWR loan activity is presented in PG&E Corporation’s and the Utility’s Condensed Consolidated Financial Statements:Three Months Ended March 31,(in millions)20252024Long-term debt: Beginning Balance - DWR loan outstanding$886 $98 Proceeds received — 232 Operating Expenses:Operating and maintenance expense - Performance-based disbursements (8)(22)Operating and maintenance expense - Loan forgiveness and other adjustments(57)— Other current liabilities: Change in performance-based disbursements deferred (9)(12)Long-term debt: Ending Balance - DWR loan outstanding$812 $296 

47

U.S. DOE’s Civil Nuclear Credit ProgramOn January 11, 2024, the Utility and the DOE entered into a Credit Award and Payment Agreement for up to $1.1 billion related to DCPP as part of the DOE’s Civil Nuclear Credit Program.  The Utility uses these funds to repay its loans outstanding under the DWR Loan Agreement (see “DWR Loan Agreement” above).  Final award amounts are determined following completion of each year of the award period, and amounts awarded over a four-year award period ending in 2026 will be based on a number of factors, including actual costs incurred to extend the DCPP operations.  When there is reasonable assurance that the Utility will receive funding and comply with the conditions of the DOE’s Civil Nuclear Credit Program, the Utility recognizes such funding as income and records a receivable related to government grants.  During the three months ended March 31, 2025 and 2024, the Condensed Consolidated Statements of Income reflected $40 million and $140 million, respectively, as a deduction to Operating and maintenance expense, for income related to government grants for incurred eligible costs to support the extension of DCPP.  During the three months ended March 31, 2025 and 2024, the Condensed Consolidated Statements of Income reflected $41 million and $0 million, as a deduction to Cost of electricity, for income related to government grants for incurred fuel costs to support the extension of DCPP. 

Variable