Company: PCG-PB
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001004980-25-000148
Chunk: 208

Company: PG&E Corp
Filing Date: 2025-10-23
Form: 10-Q
Item: Item 1A
Chunk 208
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 persons.On July 16, 2020, Cal Fire issued a press release with its determination that the Utility’s equipment caused the 2019 Kincade fire.As of October 15, 2025, PG&E Corporation and the Utility are aware of approximately 135 complaints on behalf of at least 3,014 plaintiffs related to the 2019 Kincade fire.  The plaintiffs filed master complaints on July 16, 2021; PG&E Corporation’s and the Utility’s response was filed on August 16, 2021; and PG&E Corporation and the Utility filed a demurrer with respect to the plaintiffs’ inverse condemnation claims.  On December 10, 2021, the court overruled the demurrer.  On July 20, 2022, PG&E Corporation and the Utility filed a motion for summary adjudication on individual plaintiffs’ claims for punitive damages.  On July 14, 2024, the court vacated the bellwether trial date 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