Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 157

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 157
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 receivable, Accrued unbilled revenue, Other noncurrent assets, and Long-term debt on the Consolidated Balance Sheets.

109

The SPV is considered a VIE because its equity capitalization is insufficient to support its activities.  The most significant activities that impact the economic performance of the SPV are decisions made to manage receivables.  The Utility is considered the primary beneficiary and consolidates the SPV as it makes these decisions.  No additional financial support was provided to the SPV during the year ended December 31, 2024 or is expected to be provided in the future that was not previously contractually required.  As of December 31, 2024 and December 31, 2023, the SPV had net accounts receivable of $3.2 billion and $2.7 billion, respectively, and outstanding borrowings of zero and $1.5 billion respectively, under the Receivables Securitization Program.  For more information, see Note 4 below.AB 1054 SecuritizationPG&E Recovery Funding LLC is a bankruptcy remote, limited liability company wholly owned by the Utility, and its assets are not available to creditors of PG&E Corporation or the Utility.  Pursuant to the financing orders for the AB 1054 securitization transactions, the Utility sold its right to receive revenues from non-bypassable fixed recovery charges (“Recovery Property”) to PG&E Recovery Funding LLC, which, in turn, issued three separate series of recovery bonds secured by separate Recovery Property.PG&E Recovery Funding LLC is considered a VIE because its equity capitalization is insufficient to support its operations.  The most significant activities that impact the economic performance of PG&E Recovery Funding LLC are decisions made by the servicer of the Recovery Property.  The Utility is considered the primary beneficiary and consolidates PG&E Recovery Funding LLC as it acts in this role as servicer.  No additional financial support was provided to PG&E Recovery Funding LLC during the year ended December 31, 2024 or is expected to be provided in the future that was not previously contractually required.  On November 12, 2021, November 30, 2022, and August 1, 2024, PG&E Recovery Funding LLC issued $860 million, $983 million, and $1.42 billion of senior secured recovery bonds, respectively.  As of December 31, 2024 and December