Company: PCG-PB
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001004980-25-000132
Chunk: 135

Company: PG&E Corp
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 1A
Chunk 135
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 preferred share, totaling $24 million, which was paid on May 29, 2025, to holders of record as of May 15, 2025.  On May 22, 2025, the Board of Directors of PG&E Corporation declared a cash dividend in the amount of $0.75 per mandatory convertible preferred share, totaling $24 million, payable on September 1, 2025, to holders of record as of August 15, 2025.

Utility Cash Flows

PG&E Corporation’s condensed consolidated cash flows consist primarily of cash flows related to the Utility.  The following discussion presents the Utility’s cash flows for the six months ended June 30, 2025 and 2024. 

The Utility’s cash flows were as follows:

Six Months Ended June 30,(in millions)20252024Net cash provided by operating activities$4,087 $3,114 Net cash used in investing activities(6,268)(5,225)Net cash provided by financing activities1,661 2,671 Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents$(520)$560 

Operating Activities 

Net cash provided by operating activities increased by $973 million, or 31%, during the six months ended June 30, 2025 as compared to the same period in 2024.  This increase was primarily due to:

•an increase in collections driven in part by recoveries related to DCPP extended operations and 2023 WMCE interim rate relief; 

•a decrease in non-wildfire related insurance costs;

•a decrease in payments for employee benefits;

•a decrease in cost of energy as a result of lower carbon allowance purchases; and

•a decrease in wildfire-related payments, net of recoveries. 

The Utility’s cash flows from operating activities primarily consist of receipts from customers less payments of cash operating expenses.  The Utility’s receipts from customers are expected to increase primarily as a result of increases in the Utility’s rate base and from cost recovery applications (see “Cost Recovery Proceedings” below for more information). 

Future cash flow from operating activities will be affected by various factors, including:

•the timing and amount of costs in connection with the 2019 Kincade fire, the 2021 Dixie fire, and the 2022 Mosquito fire and the timing and amount of any potential related insurance, Wildfire Fund, and regulatory recoveries;

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•the timing and amount of costs