Company: PCG-PB
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001004980-25-000148
Chunk: 29

Company: PG&E Corp
Filing Date: 2025-10-23
Form: 10-Q
Item: Part II, Item 7
Chunk 29
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 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 nine months ended September 30, 2025, compared to September 30, 2024. 

 (in millions)Nine Months Ended September 30,Cash used in investing activities - 2024$(8,219)Capital expenditures(1,090)Net purchases related to customer credit trust investments(233)Net purchases related to self-insurance investment and other investing activities292 Net increase in cash used in investing activities(1,031)Cash used in investing activities - 2025$(9,250)

Net cash used in investing activities increased by $1.0 billion, or 13%, during the nine months ended September 30, 2025 as compared to the same period in 2024.  This increase was primarily due to a $349 million payment for the purchase of the Oakland headquarters, as discussed in Note 2 of the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1, an increase in investments in undergrounding, and additional distribution poles for the WMP.   

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 of cash used to purchase new nuclear decommissioning trust, customer credit trust, and self-insurance investments.  The funds in the decommissioning trusts, along with accumulated earnings, are used exclusively for decommissioning and dismantling the Utility’s nuclear generation facilities.  Pursuant to SB 901, the funds in the customer credit trust, along with accumulated earnings, are used exclusively to fund a monthly credit to customers. 

Future cash flows used in investing activities are largely dependent on the timing and amount of capital expenditures.  The Utility estimates that it will incur $13.2 billion of capital expenditures in 2025.  

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Financing Activities

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

 (in millions)Nine Months Ended September 30,Cash provided by financing activities - 2024$2,