Company: PCG-PB
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001004980-25-000132
Chunk: 19

Company: PG&E Corp
Filing Date: 2025-07-31
Form: 10-Q
Item: Part II, Item 7
Chunk 19
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 in 2024. This increase was primarily due to:

•approximately $360 million in interim rate relief authorized in the 2023 WMCE application (see “2023 WMCE Application” below) in the six months ended June 30, 2025, with no comparable costs in the same period in 2024; and

•approximately $340 million in costs associated with extended operations at DCPP in the six months ended June 30, 2025, with no comparable costs in the same period in 2024.

18

Partially offset by:

•approximately $550 million of previously deferred expenses authorized in the 2022 WMCE proceeding (see “2022 WMCE Application” below) in the six months ended June 30, 2024, with no comparable costs in 2025;

•the write-off of approximately $60 million of costs as a result of the CPUC’s final decision denying the Pacific Generation application in the six months ended June 30, 2024, with no comparable costs in the same period in 2025.  For more information, see “Regulatory Matters” below; and

•approximately $60 million in lower costs related to winter storm response in the six months ended June 30, 2025, as compared to the same period in 2024.

Wildfire-Related Claims, Net of Recoveries

The Utility’s Wildfire-related claims, net of recoveries increased by $53 million, or more than 100%, and $103 million, or more than 100%, in the three and six months ended June 30, 2025, compared to the same periods in 2024.  The Utility recognized pre-tax charges of $50 million and $100 million related to the 2019 Kincade fire in the three and six months ended June 30, 2025, respectively, with no comparable costs in the same periods in 2024.

Wildfire Fund Expense

The Utility’s Wildfire Fund expense increased by $31 million, or 40%, and $29 million, or 19%, in the three and six months ended June 30, 2025, compared to the same periods in 2024.  These increases were primarily due to accelerated amortization associated with an increase in the Wildfire Fund receivable for the 2021 Dixie fire.

Depreciation, Amortization, and Decommissioning

The Utility's Depreciation, amortization and decommissioning expenses increased