Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 154

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 154
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 customers and the amount of disallowance can be reasonably estimated.

Nuclear Decommissioning TrustsThe Utility’s nuclear generation facilities consist of two units at DCPP and the Humboldt Bay independent spent fuel storage installation.  Nuclear decommissioning requires the safe removal of a nuclear generation facility from service and the reduction of residual radioactivity to a level that permits termination of the NRC license and release of the property for unrestricted use.  The Utility’s nuclear decommissioning costs are recovered through rates and are held in trusts until authorized for release by the CPUC.Gains or losses on the nuclear decommissioning trust investments are refundable to or recoverable from, respectively, customers through rates.  Therefore, trust earnings are deferred and included in the regulatory liability for recoveries in excess of the ARO.  There is no impact on the Utility’s earnings or accumulated other comprehensive income.  The cost of debt and equity securities sold by the trust is determined by specific identification.

Government AssistanceThe Utility participated in various government assistance programs during the years ended December 31, 2024, 2023, and 2022.  The Utility’s accounting policy is to apply a grant accounting model by analogy to International Accounting Standards 20, Accounting for Government Grants and Disclosure of Government Assistance.Assembly Bill 180On June 30, 2022, AB 180 became law.  AB 180 authorized the DWR to use up to $75 million to support contracts with the owners of electric generating facilities pending retirement, such as DCPP, to fund, reimburse or compensate the owner for any costs, expenses or financial commitments incurred to retain the future availability of such generating facilities pending further legislation.  The resulting agreement between DWR and the Utility was effective beginning October 1, 2022, and will continue until full disbursement of funds or termination per the agreement.  In the event of a termination, the Utility will take reasonable steps to end activities associated with this agreement and will return to DWR any unused funds.  During the year ended December 31, 2024, the amount recorded as a reduction to Cost of electricity for income related to government grants for incurred eligible costs to purchase nuclear fuel was immaterial to the Consolidated Statements of Income.  During the year ended December 31, 2023, the Consolidated Statements of Income reflected $56 million, as a deduction to Cost of electricity for income related to government grants for incurred eligible costs to purchase nuclear fuel.   DWR Loan AgreementOn October