Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 158

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 158
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31, 2023, PG&E Recovery Funding LLC had outstanding borrowings of $3.2 billion and $1.8 billion, respectively, included in Long-term debt and Long-term debt, classified as current on the Consolidated Balance Sheets.SB 901 SecuritizationPG&E Wildfire Recovery Funding LLC is a bankruptcy remote, limited liability company wholly owned by the Utility, and its assets are not available to creditors of PG&E Corporation or the Utility.  Pursuant to the financing order for the first and second SB 901 securitization transactions, the Utility sold its right to receive revenues from non-bypassable fixed recovery charges (“SB 901 Recovery Property”) to PG&E Wildfire Recovery Funding LLC, which, in turn, issued two separate series of recovery bonds secured by separate SB 901 Recovery Property.PG&E Wildfire Recovery Funding LLC is considered a VIE because its equity capitalization is insufficient to support its operations.  The most significant activities that impact the economic performance of PG&E Wildfire Recovery Funding LLC are decisions made by the servicer of the SB 901 Recovery Property.  The Utility is considered the primary beneficiary and consolidates PG&E Wildfire Recovery Funding LLC as it acts in this role as servicer.  No additional financial support was provided to PG&E Wildfire Recovery Funding LLC during the year ended December 31, 2024 or is expected to be provided in the future that was not previously contractually required.  On May 10, 2022 and July 20, 2022, PG&E Wildfire Recovery Funding LLC issued $3.6 billion and $3.9 billion of senior secured recovery bonds, respectively.  As of December 31, 2024 and December 31, 2023, PG&E Wildfire Recovery Funding LLC had outstanding borrowings of $7.2 billion and $7.3 billion respectively, included in Long-term debt and Long-term debt, classified as current on the Consolidated Balance Sheets.  For more information, see Note 5 below.Non-Consolidated VIEsPower Purchase AgreementsSome of the counterparties to the Utility’s power purchase agreements are considered VIEs.  Each of these VIEs was designed to own a power plant that would generate electricity for sale to the Utility.  To determine whether the Utility was the primary beneficiary of any of these VIEs as of December 31, 2024, the Utility assessed whether it absorbs any of the V