Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 234

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 234
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 were in effect from March 1, 2018 through April 30, 2019.  Rates under the TO rate case for 2019 (“TO20”) were in effect from May 1, 2019 through December 31, 2023.  The FERC previously approved settlement agreements for TO19 and TO20 resolving most issues.

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On May 31, 2024, the Utility submitted a settlement to the FERC resolving all outstanding issues in the TO18, TO19, and TO20 rate cases.  On August 22, 2024, the FERC approved the settlement.  As a result, the Utility will refund $236 million, $358 million, and $405 million (plus applicable interest) to retail customers for TO18, TO19, and TO20, respectively.  Approval of the settlement did not have a material impact on the Utility’s financial statements in the year ended December 31, 2024.  The refunds will occur over 12 months, effective January 1, 2025.  The settlement provided that the Utility may seek authorization from the CPUC through a memorandum account to recover up to $473 million through CPUC jurisdictional rates of the general, common and intangible plant cost that had been allocated to FERC-jurisdictional rates in TO18, TO19, and TO20.

2022 WMCE Interim Rate Relief Subject to RefundOn December 15, 2022, the Utility filed an application with the CPUC requesting cost recovery of approximately $1.36 billion of recorded expenditures, resulting in a proposed revenue requirement of approximately $1.29 billion (the “2022 WMCE application”).  The costs addressed in this application reflect costs related to wildfire mitigation and certain catastrophic events, as well as the implementation of various customer-focused initiatives.  These costs were incurred primarily in 2021.The recorded expenditures consist of $1.2 billion in expenses and $136 million in capital expenditures.  On June 8, 2023, the CPUC adopted a final decision granting the Utility interim rate relief of $1.1 billion to be recovered over 12 months, which went into effect July 1, 2023.  The remaining $224 million will be recovered to the extent it is approved after the CPUC issues a final decision.  Cost recovery requested in this application is subject to the CPUC’s reasonableness review