Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 71

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 71
---
 in the following table:

Rate CaseRequestStatus2023 GRC Phase 2: balancing account for additional energization costsFinal decision on Phase 2 issued July 2024 sets a cumulative expenditure cap at $2.26 billion for the period of 2024 to 2026.2023 Cost of Capital, Phase 2 Maintain cost of capital adjustment mechanismFinal decision issued October 2024, changing the cost of capital adjustment mechanism and setting the Utility’s ROE at 10.28% effective January 1, 2025. TO18, TO19, and TO20See Note 15 of the Notes to the Consolidated Financial Statements in Item 8Settlement approved by the FERC August 2024.TO21Revenue requirement of $2.78 billion for 2024Accepted December 2023, except as to CAISO adder.  Settlement in principle reached December 2024.  Appeal of FERC’s order regarding CAISO adder filed June 2024 and remains pending.

2023 General Rate Case

Phase 1

On November 17, 2023, the CPUC issued a final decision on Phase 1.

The Utility is authorized to collect through rates the approved revenue requirement increases beginning January 1, 2024 and to amortize the incremental revenue increases related to 2023 for 24 months over the period of January 1, 2024 through December 31, 2025.

The final decision authorized the following:

YearRevenue Requirement (in billions)Rate Base (in billions)2023$13.52 $45.8 202414.24 48.8 202514.60 51.2 202614.80 54.0 

For more information, see “Regulatory Matters” in the 2023 Form 10-K.

Phase 2 and Energization Timelines Order Instituting Rulemaking

On September 15, 2023, the Utility served opening testimony proposing to recover energization costs incremental to the forecasts of the Utility’s Phase 1 2023 GRC.  Energization activities include new business connections and capacity-related work to allow for the connections and reduce energization timelines.  On July 16, 2024, the CPUC issued a final decision approving a memorandum account with interim rate relief, subject to annual caps and reasonableness review in the 2027 GRC application.  The overall expenditure cap was set at $2.26 billion