Company: PCG-PB
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001004980-25-000148
Chunk: 94

Company: PG&E Corp
Filing Date: 2025-10-23
Form: 10-Q
Item: Part I, Item 8
Chunk 94
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 that had been scheduled for August 26, 2024, as well as the hearing on the motion for summary adjudication.PG&E Corporation and the Utility are also aware of a complaint on behalf of Geysers Power Company, Calpine Corporation, and CPN Insurance Corporation.  The court previously scheduled a trial on their claims.  Since then, the parties entered into a settlement agreement, and the court vacated the trial date on April 23, 2025.On October 11, 2022, the Utility entered into a tolling agreement with Cal OES, extending their time to file a complaint.Based on the current state of the law concerning inverse condemnation in California and the facts and circumstances available to PG&E Corporation and the Utility as of the date of this filing, including Cal Fire’s determination of the cause and the information gathered as part of PG&E Corporation’s and the Utility’s investigation, PG&E Corporation and the Utility believe it is probable that they will incur a loss in connection with the 2019 Kincade fire.  PG&E Corporation and the Utility recorded a liability in the aggregate amount of $1.225 billion as of December 31, 2024 (before available insurance).  In each of the first and second quarter of 2025, PG&E Corporation and the Utility recorded additional charges of $50 million for an aggregate liability of $1.325 billion (before available insurance). The aggregate liability remained unchanged as of September 30, 2025.PG&E Corporation’s and the Utility’s accrued estimated losses represent the best estimate of the liability and do not include any claims related to Cal OES or any punitive damages.

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The following table presents changes in the best estimate of PG&E Corporation’s and the Utility’s reasonably estimable losses, net of payments, for claims arising from the 2019 Kincade fire since December 31, 2024.Loss Accrual (in millions)Balance at December 31, 2024$267 Accrued Losses100 Payments(318)Balance at September 30, 2025$49 The Utility has fully collected its liability insurance coverage for third-party liability attributable to the 2019 Kincade fire, which was for an aggregate amount of $430 million.As of September 30, 2025, the Utility received $65 million from the Wildfire Fund related to the 2019 Kincade fire.  The Utility has recorded a deferred gain for this amount, which is