Company: PCG-PB
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001004980-25-000087
Chunk: 16

Company: PG&E Corp
Filing Date: 2025-04-24
Form: 10-Q
Item: Part II, Item 7
Chunk 16
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 generation facilities, fuel and associated transmission costs supplied to other facilities under power purchase agreements, costs to comply with California’s cap-and-trade program, and realized gains and losses on price risk management activities.  See Note 8 of the Notes to the Condensed Consolidated Financial Statements in Part I,  Item 1.  Cost of electricity also includes net energy sales (Utility owned and third parties’ generation) in the CAISO electricity markets and directly with third parties.  The Cost of electricity increased by $78 million, or 24% in the three months ended March 31, 2025, compared to the same period in 2024.  This increase was primarily the result of lower CAISO market sales revenues.

Cost of Natural Gas

The Utility’s Cost of natural gas includes the costs of procurement, storage and transportation of natural gas, costs to comply with California’s cap-and-trade program and realized gains and losses on price risk management activities.  See Note 8 of the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1.  The Cost of natural gas decreased by $33 million, or 6%, in the three months ended March 31, 2025, compared to the same period in 2024.  This decrease was primarily the result of a reduction in GHG emissions expenses and favorable price risk management results, partially offset by increases in natural gas prices and volumes purchased for the period.

Operating and Maintenance

The Utility’s Operating and maintenance expenses increased by $7 million, or 0%, in the three months ended March 31, 2025, compared to the same period in 2024. This increase was primarily due to:

•approximately $190 million in interim rate relief authorized in the 2023 WMCE application (see “2023 WMCE Application” below) in the three months ended March 31, 2025, with no comparable costs in the same period in 2024; 

•approximately $70 million in costs associated with extended operations at DCPP in the three months ended March 31, 2025, as compared to the same period in 2024;

•approximately $45 million in interim rate relief authorized in the WGSC proceeding (see “Wildfire and Gas Safety Costs Recovery Application” below) in the three months ended March 31, 2025, with no comparable costs in the same period in 2024; and 

•approximately $30 million in costs authorized in the GOSMA