Company: PCG-PB
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001004980-25-000132
Chunk: 203

Company: PG&E Corp
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 1A
Chunk 203
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.  See “Regulatory Recovery” below.

Loss RecoveriesPG&E Corporation and the Utility have recovery mechanisms available for wildfire liabilities including from insurance, through rates, and from the Wildfire Fund.  PG&E Corporation and the Utility record a receivable for a recovery when it is deemed probable that recovery of a recorded loss will occur, and the Utility can reasonably estimate the amount or its range.  While the Utility plans to seek recovery of all insured losses, it is unable to predict the ultimate amount and timing of such recoveries.  For more information on the applicable facts and circumstances of the corresponding wildfires, see “2019 Kincade Fire,” “2021 Dixie Fire,” and “2022 Mosquito Fire.”Total probable recoveries for the 2021 Dixie fire and the 2022 Mosquito fire as of June 30, 2025 are: Potential Recovery Source (in millions)2021 Dixie fire2022 Mosquito fireInsurance$523 $251 FERC TO rates95 6 WEMA526 54 Wildfire Fund1,075 — Probable recoveries at June 30, 2025 (1)$2,219 $311 (1) Includes legal costs of $125 million and $54 million related to the 2021 Dixie fire and 2022 Mosquito fire, respectively, as of June 30, 2025.

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The Utility could be subject to significant liability in connection with these wildfire events.  If such liability is not recoverable from insurance or the other mechanisms described in this section, it could have a material impact on PG&E Corporation’s and the Utility’s financial condition, results of operations, liquidity, and cash flows.

Insurance

Self-InsuranceSince August 2023, the Utility’s wildfire liability insurance for amounts up to $1.0 billion has been entirely based on self-insurance and will remain as such through at least 2026.  The self-insurance program includes a 5% deductible, capped at a maximum of $50 million, on claims that are incurred each year.

Insurance ReceivableAs of June 30, 2025, PG&E Corporation and the Utility have recorded total probable insurance recoveries of $523 million and $251 million in connection with the 2021 Dixie fire and the 2022 Mosquito fire, respectively.  PG&E Corporation and the Utility intend to seek full recovery for all insured losses.The balances for insurance receiv