Company: PCG-PB
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001004980-25-000132
Chunk: 28

Company: PG&E Corp
Filing Date: 2025-07-31
Form: 10-Q
Item: Part II, Item 7
Chunk 28
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 the portion of the costs previously incurred in connection with the 2021-2022 WMP that are not currently being recovered through rates (see “Regulatory Matters” below for more information);

•the timing and outcomes of the Utility’s pending and future ratemaking and regulatory proceedings, including the extent to which PG&E Corporation and the Utility are able to recover their costs through regulated rates as recorded in memorandum accounts or balancing accounts, or as otherwise requested; and

•the timing and amount of electric and natural gas commodity price volatility and differences between commodity costs and revenue collections.

PG&E Corporation and the Utility do not have any off-balance sheet arrangements that have had, or are reasonably likely to have, a current or future material effect on their financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources, other than those discussed under “Purchase Commitments” in Note 11 of the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1.

Investing Activities 

The following table summarizes changes in key components of the Utility’s investing cash flows for the six months ended June 30, 2025, compared to June 30, 2024. 

 (in millions)Six Months Ended June 30,Cash used in investing activities - 2024$(5,225)Capital expenditures(764)Net purchases related to customer credit trust investments(236)Other investing activities(43)Net increase in cash used in investing activities(1,043)Cash used in investing activities - 2025$(6,268)

Net cash used in investing activities increased by $1.0 billion, or 20%, during the six months ended June 30, 2025 as compared to the same period in 2024.  This increase was primarily due to a $349 million payment for the purchase of Oakland Headquarters, as discussed in Note 2 of the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1, and an increase in capital work related to electric operations.  In addition, there was a $236 million increase in purchases of customer credit trust investments, net of proceeds from sales.

The Utility’s investing activities primarily consist of the construction of new and replacement facilities necessary to provide safe and reliable electricity and natural gas services to its customers.  Cash used in investing activities also includes the proceeds from sales of nuclear decommissioning trust, customer credit trust, and self-insurance investments which are partially offset by the amount