Company: PCG-PB
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001004980-25-000132
Chunk: 15

Company: PG&E Corp
Filing Date: 2025-07-31
Form: 10-Q
Item: Part II, Item 7
Chunk 15
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,881 11,847 Operating ExpensesCost of electricity599 763 998 1,084 Cost of natural gas111 204 607 733 Operating and maintenance2,854 2,753 5,492 5,384 Wildfire-related claims, net of recoveries50 (3)99 (4)Wildfire Fund expense109 78 185 156 Depreciation, amortization, and decommissioning1,073 1,053 2,170 2,075 Total operating expenses4,796 4,848 9,551 9,428 Operating Income1,102 1,138 2,330 2,419 Interest income179 199 293 333 Interest expense(713)(750)(1,368)(1,404)Other income, net83 79 154 158 Income Before Income Taxes651 666 1,409 1,506 Income tax provision39 101 102 160 Net Income612 565 1,307 1,346 Preferred stock dividend requirement4 4 7 7 Income Available for Common Stock$608 $561 $1,300 $1,339 

Operating Revenues

The Utility’s electric and natural gas operating revenues decreased by $88 million, or 1%, in the three months ended June 30, 2025, compared to the same period in 2024. This decrease was primarily due to:

•approximately $275 million in interim rate relief authorized in the 2022 WMCE proceeding (see “2022 WMCE Application” below) in the three months ended June 30, 2024, with no comparable revenues in the same period in 2025;

•an approximately $50 million reduction in revenues related to self-insurance (see “Self-Insurance” in Note 14 of the Notes to the Consolidated Financial Statements in Item 8 of the 2024 Form 10-K) in the three months ended June 30, 2025, as compared to the same period in 2024;

•a decrease in revenues to recover the cost of natural gas (which decreased by approximately $90 million) in the three months ended June 30, 2025, as compared to costs in the same period in 2024.  These costs are passed through to customers and do not impact net income; and

•a decrease in revenues to recover the