Company: PCG-PB
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001004980-25-000148
Chunk: 36

Company: PG&E Corp
Filing Date: 2025-10-23
Form: 10-Q
Item: Part II, Item 7
Chunk 36
---
, decisions in GRC proceedings have been delayed.  Delayed decisions may cause the Utility to develop its budgets based on possible outcomes, rather than authorized amounts.  When decisions are delayed, the CPUC typically provides rate relief to the Utility effective as of the commencement of the rate case period (not effective as of the date of the delayed decision).  Nonetheless, the Utility’s spending during the period of the delay may exceed the authorized amount, without an ability for the Utility to seek cost recovery of such excess.  If the Utility’s spending during the period of the delay is less than the authorized amount, the Utility could be exposed to operational and financial risks associated with the lower level of work achieved compared to that funded by the CPUC.

The Utility’s forward-looking rate cases that are pending, have pending appeals, or were completed during the quarter ended September 30, 2025 are summarized in the following table:

Rate CaseRequestStatusEnergization Timelines OIRCapital cost cap increase of $3.13 billion for 2025 and 2026Final decision authorizing $2.38 billion increase for 2025 and 2026 cost cap issued August 2025.2027 GRC Revenue requirement of $16.64 billion for 2027Filed May 2025.  A PD is expected by March 2027 and a final decision by May 2027 following CPUC schedule changes in a scoping memo.2026 Cost of CapitalIncrease ROE to 11.30% and cost of debt to 5.04%Filed March 2025.Transmission Owner Rate Case for 2024Revenue requirement of $2.78 billion for 2024Accepted December 2023, except as to CAISO adder.  Appeal of FERC’s order regarding CAISO adder pending at Supreme Court.  All other issues resolved August 2025.

Energization Timelines Order Instituting Rulemaking

As previously disclosed, on July 16, 2024, the CPUC issued a final decision approving a memorandum account with interim rate relief for the Utility to recover energization costs incremental to the forecasts of the Utility’s Phase 1 2023 GRC, subject to annual caps and reasonableness review in the 2027 GRC application. The overall expenditure cap was set at $2.26 billion for the period of 2024 to 2026. The decision also permitted the Utility to request revisions to the 2025 and 2026 cap