Company: PCG-PB
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001004980-25-000087
Chunk: 111

Company: PG&E Corp
Filing Date: 2025-04-24
Form: 10-Q
Item: Item 1A
Chunk 111
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 Amended Articles as of April 16, 2025 was 3.92% of the combined value of PG&E Corporation’s outstanding common and preferred stock.  The computation of the Percentage Stock Ownership is complex, and persons considering purchasing PG&E Corporation’s stock should consult their own tax advisors regarding the application of the ownership restrictions to their particular situation.

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As of the date of this report, it is more likely than not that PG&E Corporation has not undergone an ownership change, and consequently, its net operating loss carryforwards and other tax attributes are not limited by Section 382 of the IRC.

RESULTS OF OPERATIONS

The following discussion presents PG&E Corporation’s and the Utility’s operating results for the three months ended March 31, 2025 and 2024.  See “Key Factors Affecting Financial Results” above for further discussion about factors that could affect future results of operations.

PG&E Corporation

The consolidated results of operations consist primarily of results related to the Utility, which are discussed in the “Utility” section below.  The following table provides a summary of income (loss) attributable to common shareholders for the three months ended March 31, 2025 and 2024:

Three Months Ended March 31,(in millions)20252024Consolidated Total$607 $732 PG&E Corporation(85)(46)Utility$692 $778 

PG&E Corporation’s net loss primarily consists of interest expense on long-term debt.

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Utility

The table below shows certain items from the Utility’s Condensed Consolidated Statements of Income for the three months ended March 31, 2025 and 2024.  In general, expenses the Utility is authorized to pass through directly to customers (such as costs to purchase electricity and natural gas, as well as costs to fund public purpose programs) and the corresponding amount of revenues collected to recover those pass-through costs do not impact net income.

Three Months Ended March 31,(in millions)20252024Operating RevenuesElectric$4,135 $4,052 Natural gas1,848 1,809 Total operating revenues5,983 5,861 Operating ExpensesCost of electricity399 321 Cost of natural gas496 529 Operating and maintenance2,638 2,631 Wildfire-related claims, net of recoveries49 (1)Wildfire Fund expense76 78 Depreciation, amortization, and decommissioning1,097 1,022 Total