Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 49

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 49
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 due to lower natural gas market prices for the period.

Operating and Maintenance

The Utility’s operating and maintenance expenses decreased by $126 million, or 1%, in 2024 compared to 2023.  These decreases were primarily due to:

•the recognition of approximately $420 million in previously deferred expenses authorized in the 2020 WMCE proceeding in 2023 with no similar amount in 2024;

•a decrease of approximately $345 million in insurance costs related to the Utility’s adoption of self-insurance in 2024;

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•a decrease of approximately $230 million in costs associated with a lower allowance for doubtful accounts from residential customers in 2024.  (See Note 3 of the Notes to the Consolidated Financial Statements in Item 8);

•a decrease of approximately $160 million in previously deferred expenses authorized in the 2021 WMCE proceeding (see “2021 WMCE Application” below) in 2023; and

•a decrease of approximately $50 million in pass-through costs related to public purpose programs in 2024. These costs are passed through to customers and do not impact net income (see “Operating Revenues” above).

Partially offset by:

•approximately $390 million in interim rate relief authorized in the WGSC proceeding (see “Wildfire and Gas Safety Costs Recovery Application” below) in 2024;

•approximately $210 million in costs related to a FERC order denying the capitalization of certain vegetation management costs and ordering the Utility to reclassify these costs to operating expense in 2024; 

•approximately $175 million in revenues authorized in the GOSMA petition for modification final decision in 2024 with no similar amount in 2023;

•approximately $170 million in interim rate relief authorized in the 2023 WMCE application (see “2023 WMCE Application” below) in 2024 with no similar amount in 2023;

•the write-off of approximately $60 million of costs as a result of the CPUC’s final decision denying the Pacific Generation application in 2024; and

•an increase in labor and benefit costs in 2024.

SB 901 Securitization Charges, Net

The Utility’s SB 901 securitization charges, net decreased by $1.23 billion, or 97%, in 2024 compared to 2023.  These decreases were due to the recognition of $1.27 billion in