Company: PCG-PB
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001004980-25-000087
Chunk: 62

Company: PG&E Corp
Filing Date: 2025-04-24
Form: 10-Q
Item: Part I, Item 8
Chunk 62
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 (“inception”), the Utility recorded a $5.5 billion SB 901 securitization regulatory asset reflecting PG&E Wildfire Recovery Funding LLC’s right to recover $7.5 billion in wildfire claims costs associated with the 2017 Northern California wildfires, partially offset by the $2.0 billion in required upfront shareholder contributions to the customer credit trust.  Of the $2.0 billion in required upfront shareholder contributions, $1.0 billion was contributed to the customer credit trust in 2022, $350 million was contributed on March 28, 2024, and approximately $669 million was contributed on March 31, 2025.  The Utility also recorded a $5.54 billion SB 901 securitization regulatory liability at inception, which represents certain shareholder tax benefits the Utility had previously recognized that will be returned to customers.  As tax benefits are monetized, contributions will be made to the customer credit trust, up to $7.59 billion.  The Utility expects to amortize the SB 901 securitization regulatory asset and liability over the life of the recovery bonds, with such amortization reflected in Operating and maintenance expense in the Condensed Consolidated Statements of Income.  During the three months ended March 31, 2025, the Utility recorded $74 million for amortization of the regulatory asset and liability in the Condensed Consolidated Statements of Income.  During the three months ended March 31, 2024, the Utility recorded $80 million for amortization of the regulatory asset and liability in the Condensed Consolidated Statements of Income.

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The following tables illustrate the changes in the SB 901 securitization’s impact on the Utility’s regulatory assets and liabilities:SB 901 securitization regulatory asset(in millions)20252024Balance at January 1$5,194 $5,249 Amortization(19)(2)Balance at March 31$5,175 $5,247 SB 901 securitization regulatory liability(in millions)20252024Balance at January 1$(6,295)$(6,628)Amortization9382Additions(1)(1)(4)Balance at March 31$(6,203)$(6,550)(1) Includes $1 million and $4 million of returns on investments in the customer credit trust expected to be credited to customers for the three months ended March