Company: PCG-PB
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001004980-25-000087
Chunk: 53

Company: PG&E Corp
Filing Date: 2025-04-24
Form: 10-Q
Item: Part I, Item 8
Chunk 53
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 by the servicer of the SB 901 Recovery Property.  The Utility is considered the primary beneficiary and consolidates PG&E Wildfire Recovery Funding LLC as it acts in this role as servicer.  No additional financial support was provided to PG&E Wildfire Recovery Funding LLC during the three months ended March 31, 2025 or is expected to be provided in the future that was not previously contractually required.  On May 10, 2022 and July 20, 2022, PG&E Wildfire Recovery Funding LLC issued $3.6 billion and $3.9 billion of senior secured recovery bonds, respectively.  As of March 31, 2025 and December 31, 2024, PG&E Wildfire Recovery Funding LLC had outstanding borrowings of $7.2 billion, included in Long-term debt and Long-term debt, classified as current on the Condensed Consolidated Balance Sheets.  For more information, see Note 5 below.Non-Consolidated VIEsPower Purchase AgreementsSome of the counterparties to the Utility’s power purchase agreements are considered VIEs.  Each of these VIEs was designed to own a power plant that would generate electricity for sale to the Utility.  To determine whether the Utility was the primary beneficiary of any of these VIEs as of March 31, 2025, the Utility assessed whether it absorbs any of the VIE’s expected losses or receives any portion of the VIE’s expected residual returns under the terms of the power purchase agreement, analyzed the variability in the VIE’s gross margin, and considered whether it had any decision-making rights associated with the activities that are most significant to the VIE’s performance, such as dispatch rights or operating and maintenance activities.  The Utility’s financial obligation is limited to the amount the Utility pays for delivered electricity and capacity.  The Utility did not have any decision-making rights associated with any of the activities that are most significant to the economic performance of any of these VIEs.  Since the Utility was not the primary beneficiary of any of these VIEs as of March 31, 2025, it did not consolidate any of them.The Lakeside BuildingBA2 300 Lakeside LLC, a wholly owned subsidiary of TMG Bay Area Investments II, LLC, and the Utility are parties to an office lease agreement for approximately 910,000 rentable square feet of space within the Lakeside Building, which serves as the Utility’s principal administrative headquarters.B