Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 70

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 70
---
 FRMMA165 Gas storage balancing account 101 In line inspection memorandum account 92 Other45 Total$2,498 

In connection with the WGSC application, the Utility also requested interim rate relief of $583 million.  The remaining $105 million would be recovered after the CPUC issues a final decision.  On March 7, 2024, the CPUC approved a final decision authorizing the Utility to recover $516 million in interim rates to be recovered over at least 12 months starting April 1, 2024.

The administrative law judge has adopted a schedule that would result in a proposed decision on the wildfire mitigation costs in the first half of 2025 and a final decision on the gas safety and electric modernization costs by June 2025.

Forward-Looking Rate Cases

The Utility routinely participates in forward-looking rate case applications before the CPUC and the FERC.  Those applications include GRCs, where the revenue required for general operations (“base revenue”) of the Utility is assessed and reset.  In addition, the Utility is periodically involved in “cost of capital” proceedings to adjust its regulated return on rate base.  The Utility’s future earnings will depend on the revenue requirements authorized in such rate cases.  The Utility also expects to file its SB 884 cost application with the CPUC after the OEIS approves guidelines.  See “SB 884 10-Year Distribution Undergrounding Program” below.

Decisions in GRC proceedings have historically been expected prior to the commencement of the period to which the rates would apply.  In recent decades, 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.

78

The Utility’s forward-looking rate cases that are pending, have pending appeals, or were completed during the year ended December 31, 2024 are summarized