Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 61

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 61
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 flows for 2024 and 2023. 

The Utility’s cash flows were as follows:

Year Ended December 31,(in millions)20242023Net cash provided by operating activities$8,268 $5,097 Net cash used in investing activities(11,375)(9,162)Net cash provided by financing activities3,348 3,979 Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents$241 $(86)

72

Operating Activities

Net cash provided by operating activities increased by $3.2 billion, or 62%, in 2024 compared to 2023.  The increases were primarily due to: 

•an increase in collections through rates including as a result of the 2023 GRC final decision; and

•decrease in amounts paid for natural gas due to a decrease in natural gas commodity prices. 

Partially offset by: 

•an increase in climate credits issued to customers; and

•lower cash return for collateral posted in 2024 due to a decrease in the volatility of gas prices.

The Utility’s cash flows from operating activities primarily consist of receipts from customers less payments of cash operating expenses.  The Utility’s receipts from customers are expected to increase primarily as a result of increases in the Utility’s rate base and from cost recovery applications (see “Cost Recovery Proceedings” below for more information). 

Future cash flow from operating activities will be affected by various factors, including:

•the timing and amount of costs in connection with the 2019 Kincade fire, the 2021 Dixie fire, and the 2022 Mosquito fire and the timing and amount of any potential related insurance, Wildfire Fund, and regulatory recoveries;

•the timing and amount of costs in connection with future wildfires and the timing and amount of any potential related insurance, including funds available from self-insurance and the Wildfire Fund (see “Wildfire Fund under AB 1054” in Note 14 of the Notes to the Consolidated Financial Statements in Item 8);

•the timing and amount of costs in connection with the 2023-2025 WMP and the portion of the costs previously incurred in connection with the 2020-2022 WMP that are not currently being recovered through rates (see “Regulatory Matters” below for more information);

•the timing and outcomes of the Utility’s pending and future ratemaking and regulatory proceedings, including the extent to which PG&E Corporation and the Utility are able to