Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 255

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 1A
Chunk 255
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ITEM 1A. RISK FACTORS

PG&E Corporation’s and the Utility’s financial results can be affected by many factors, including estimates and assumptions used in the critical accounting estimates described in Item 7. MD&A, that can cause their actual financial results to differ materially from historical results or from anticipated future financial results.  The following discussion of key risk factors should be considered in evaluating an investment in PG&E Corporation and the Utility and should be read in conjunction with Item 7. MD&A and the Consolidated Financial Statements and related notes in Part II, Item 8, Financial Statements and Supplementary Data of this 2024 Form 10-K.  Any of these factors, in whole or in part, could materially affect PG&E Corporation’s and the Utility’s financial condition, results of operations, liquidity, and cash flows.

Risk Factors Summary

The following is a summary of the principal risks that could adversely affect our business, operations, and financial results.  These risks are discussed more fully below.

Risks related to wildfires, including risks related to:

•The extent to which the Wildfire Fund and revised recoverability standard under AB 1054 effectively mitigate the risk of liability for damages arising from catastrophic wildfires;

•The 2019 Kincade fire, the 2021 Dixie fire, the 2022 Mosquito fire, or future wildfires;

•Recovery of excess costs in connection with wildfires; and

•Implementation of wildfire mitigation initiatives.

Risks related to operations and information technology, including risks related to:

•The hazardous nature of the Utility’s electricity and natural gas operations;

•Changes in the electric power and natural gas industries;

•A cyber incident, cybersecurity breach, or physical attack;

•The operation and decommissioning of the Utility’s nuclear generation facilities; and

•Attracting and retaining specialty personnel.

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Risks related to environmental factors, including risks related to:

•Severe weather events, extended drought, and climate change and events resulting from these conditions (including wildfires); and

•Extensive environmental laws.

Risks related to enforcement matters, investigations, and regulatory proceedings, including risks related to:

•The Enhanced Oversight and Enforcement Process;

•Legislative and regulatory developments;

•Outcomes of enforcement proceedings in connection with extensive regulations to which the Utility is subject;

•Outcomes of regulatory and ratemaking proceedings and the Utility’s ability to manage its costs; and

•Attempts to acquire the Utility's assets and customers through municipalization or bypass.

Risks related to