Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 93

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 1
Chunk 93
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seen conditions.

The Utility expects to make additional capital expenditures, the recovery of which will be subject to future regulatory approval.  These expenditures include capital expenditures exceeding amounts authorized in the 2023 GRC final decision and expenditures to be included in a later filing or separate applications.  These expenditures are expected to be primarily for wildfire mitigation and electrification.  Additionally, $3.21 billion of fire risk mitigation capital expenditures has been excluded from the Utility’s equity base rate pursuant to AB 1054.

14

PG&E Corporation and the Utility are committed to building a safe, reliable, sustainable, and climate-resilient energy system at the lowest possible cost for customers.  The Utility’s capital investment plan, increasing procurement of renewable power and energy storage, increasing environmental regulations, and the cumulative impact of other public policy requirements collectively place continuing upward pressure on customer rates.  Certain CPUC proceedings could impact different types of customers differently.  The Utility has set a goal to increase customer capital investments while also limiting customer bill impacts, including by achieving operating cost savings, seeking efficient financing, and benefiting from electric load growth.  The Utility plans to meet its cost savings goal through increased efficiencies including waste elimination through the Lean operating system.  The Utility expects electric vehicle adoption, data centers, and building electrification to drive load growth.  However, the scale of this growth will depend on the Utility’s ability to construct necessary infrastructure and the extent of customer demand.  The Utility has a number of programs in place to assist low-income customers, such as the CARE program.  Under the CARE program, income-qualified customers can receive a monthly discount of 20% or more on their natural gas and electric bill.

PG&E Corporation’s and the Utility’s Corporate Sustainability Report, which is available to the public, describes the companies’ progress toward world-class performance measured with the triple bottom line framework.

In 2023, the Utility spent $4.18 billion with certified diverse suppliers, representing 36.6% of its total spend.

Performance: Underpinning the Triple Bottom Line

PG&E Corporation and the Utility use the Lean operating system, which includes five basic “plays”: visual management; operating reviews; problem solving; standard work; and waste elimination.  Visual management allows teams to see how they are performing against their most important metrics using real-time data.  Teams throughout PG&E Corporation and the Utility hold daily, weekly, and monthly operating reviews designed to align the performance of employees closest to the work with the goals and objectives