Company: PCG-PB
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001004980-25-000148
Chunk: 131

Company: PG&E Corp
Filing Date: 2025-10-23
Form: 10-Q
Item: Item 1A
Chunk 131
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 months ended September 30, 2024, with no comparable revenues in the same period in 2025;

•approximately $130 million in lower interim rate relief as authorized in the WGSC proceeding (see “Wildfire and Gas Safety Costs Recovery Application” below) in the nine months ended September 30, 2025, compared with the same period in 2024;

•a decrease in revenues to recover the cost of natural gas (which decreased by approximately $84 million) in the nine months ended September 30, 2025, compared to costs in the same period in 2024.  These costs are passed through to customers and do not impact net income;

•approximately $60 million in lower revenues related to winter storm response in the nine months ended September 30, 2025, compared to the same period in 2024; and

•an approximately $60 million decrease in revenue due to expense disallowances as per the 2022 WMCE final decision (see “2022 WMCE Application” below) in the nine months ended September 30, 2025, with no comparable decrease in the same period in 2024.

Cost of Electricity

The Utility’s Cost of electricity includes the cost of power purchased from third parties (including renewable energy resources), fuel and associated transmission costs used in its own 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 from third parties.  

17

The Cost of electricity increased by $180 million, or 22%, in the three months ended September 30, 2025, compared to the same period in 2024.  This increase was primarily the result of higher procurement costs and lower renewable energy credit sales in the three months ended September 30, 2025, compared with the same period in 2024.

The Cost of electricity increased by $94 million, or 5%, in the nine months ended September 30, 2025, compared to the same period in 2024.  This increase was primarily the result of higher procurement costs and higher nuclear fuel amortization, partially offset by increased renewable energy credit sales in the nine