Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 167

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 167
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 This ASU will become effective for PG&E Corporation and the Utility for fiscal years beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted.  PG&E Corporation and the Utility are currently evaluating the impact the guidance will have on their Consolidated Financial Statements and related disclosures.

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NOTE 3: REGULATORY ASSETS, LIABILITIES, AND BALANCING ACCOUNTS

Regulatory AssetsIn general, regulatory assets represent the cumulative differences between amounts recognized for ratemaking purposes and expense or accumulated other comprehensive income (loss) recognized in accordance with GAAP.  The Utility does not earn a return on regulatory assets if the related costs do not accrue interest.Noncurrent regulatory assets are comprised of the following: Balance at December 31,RecoveryPeriod(in millions)20242023Pension benefits (1)$673 $348 IndefinitelyEnvironmental compliance costs1,172 1,218 32 yearsPrice risk management167 160 up to 15.5 yearsCatastrophic event memorandum account (2)742 1,074 VariousWildfire-related accounts (3)1,697 2,915 1 - 3 yearsDeferred income taxes (4)4,771 3,543 VariousFinancing costs (5)216 196 VariousSB 901 securitization (6)5,194 5,249 28 yearsGeneral rate case memorandum accounts (7)95 1,291 VariousOther834 1,195 VariousTotal noncurrent regulatory assets$15,561 $17,189  (1) Payments into the pension and other benefits plans are based on annual contribution requirements.  As these annual requirements continue indefinitely into the future, the Utility expects to continuously recover pension benefits.(2) Includes costs of responding to catastrophic events that have been declared a disaster or state of emergency by competent federal or state authorities.  As of December 31, 2024 and 2023, $1 million and $43 million in COVID-19 related costs were recorded to CEMA regulatory assets, respectively.  Recovery of CEMA costs is subject to CPUC review and approval.(3)  Represents costs associated with wildfire mitigation and prevention activities and includes the WEMA, FHPMA, FRMMA, WMPMA, WMBA, VMBA and MGMA.(4) Represents cumulative differences between amounts recognized for ratemaking purposes and expense recognized in accordance with GA