Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 75

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 75
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 license renewal with the NRC.  On December 19, 2023, the NRC deemed the application sufficient, which allows continued operations at DCPP past the plant’s current licenses until the relicensing review is complete.  The NRC’s schedule indicates that it will issue a final safety evaluation report and supplemental environmental impact statement by June 2025.

On December 14, 2023, the CPUC approved extended operations at DCPP until October 31, 2029 for Unit 1 and October 31, 2030 for Unit 2.  The approval is subject to the following conditions: (1) the NRC continues to authorize DCPP operations; (2) the loan agreement authorized by SB 846 is not terminated; and (3) the CPUC does not make a future determination that DCPP extended operations are imprudent or unreasonable.

On May 3, 2024, the CEC issued a report concluding that no suitable supply-side resources can be brought online as alternatives to DCPP’s energy and capacity output prior to the planned retirement dates in 2024 and 2025.

On December 19, 2024, the CPUC issued a final decision.  As a result, the Utility will recover $711 million through rates (compared to its request of $761 million) for net recovery of its costs to operate DCPP from 2023 through 2025.

SB 884 10-Year Distribution Undergrounding Program

On March 7, 2024, the CPUC approved a resolution that establishes an expedited utility distribution infrastructure undergrounding program pursuant to Public Utilities Code Section 8388.5.  The resolution addresses the process and requirements for the CPUC’s review of any large electrical corporation’s 10-year distribution infrastructure undergrounding plan and conditional approval of its related costs.

The OEIS issued draft guidelines on May 8, 2024, revised guidelines on September 10, 2024, and second revised guidelines on January 7, 2025.

The Utility expects to submit its undergrounding plan to the OEIS after final guidelines are issued before submitting its cost application to the CPUC, as directed in Public Utilities Code Section 8388.5.

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LEGISLATIVE AND REGULATORY INITIATIVES

Inflation Reduction Act 

In 2022, the Inflation Reduction Act became law.  The Inflation Reduction Act includes a 15% corporate alternative minimum tax on the AFSI of corporations with