Company: PCG-PB
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001004980-25-000087
Chunk: 114

Company: PG&E Corp
Filing Date: 2025-04-24
Form: 10-Q
Item: Item 1A
Chunk 114
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 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 petition for modification final decision in the three months ended March 31, 2025 with no comparable costs in the same period in 2024.

17

Partially offset by:

•the recognition of approximately $275 million of previously deferred expenses authorized in the 2022 WMCE proceeding (see “2022 WMCE Application” below) in the three months ended March 31, 2024 with no comparable costs in the same period in 2025; and

•approximately $40 million in lower costs related to winter storm response in the three months ended March 31, 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 $50 million, or more than 100%, in the three months ended March 31, 2025, compared to the same period in 2024.  The Utility recognized pre-tax charges of $50 million related to the 2019 Kincade fire in the three months ended March 31, 2025, with no comparable costs in the same period in 2024.

Wildfire Fund Expense

There was no material change to Wildfire Fund expense for the periods presented.

Depreciation, Amortization, and Decommissioning

The Utility's Depreciation, amortization and decommissioning expenses increased by $75 million, or 7%, in the three months ended March 31, 2025, compared to the same period in 2024.  This increase was primarily due to the growth in plant balance from capital additions.

Interest Income

The Utility’s Interest income decreased by $20 million, or 15%, in the three months ended March 31, 2025, compared to the same period in 2024.  This decrease was primarily due to a decrease in interest rates and interest-bearing account balances in the three months ended March 31, 2025 compared to the same period in 2024.

Interest Expense

There