Company: PCG-PB
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001004980-25-000132
Chunk: 36

Company: PG&E Corp
Filing Date: 2025-07-31
Form: 10-Q
Item: Part II, Item 7
Chunk 36
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4Revenue requirement of $2.78 billion for 2024Accepted December 2023, except as to CAISO adder.  Appeal of FERC’s order regarding CAISO adder denied July 2025.  All other issues settled March 2025.

Energization Timelines Order Instituting Rulemaking

As previously disclosed, on July 16, 2024, the CPUC issued a final decision approving a memorandum account with interim rate relief for the Utility to recover energization costs incremental to the forecasts of the Utility’s Phase 1 2023 GRC, subject to annual caps and reasonableness review in the 2027 GRC application. The overall expenditure cap was set at $2.26 billion for the period of 2024 to 2026. The decision also permitted the Utility to request revisions to the 2025 and 2026 cap amounts under certain conditions. On October 4, 2024, the Utility filed a motion to increase the 2025 and 2026 cap amounts by an aggregate $3.13 billion.  

On July 25, 2025, the administrative law judge issued a PD that would increase the cost cap for 2025 and 2026 by an aggregate $2.38 billion.

2027 General Rate Case

On May 15, 2025, the Utility filed its 2027 GRC application with the CPUC.  In the 2027 GRC, the CPUC will determine the annual amount of revenue requirements that the Utility will be authorized to collect through rates from 2027 through 2030 to recover its anticipated costs for gas distribution, transmission and storage, electric distribution, and electric generation and to provide the Utility an opportunity to earn its authorized rate of return.  

The table below compares the portion of CPUC jurisdictional revenue requirements and weighted-average rate base that are requested in the GRC proceeding from 2027 through 2030 to the amounts adopted for 2026 in the 2023 GRC and other cost recovery proceedings: 

YearRequested revenue requirement (in billions)Requested weighted-average GRC rate base2026 (as adopted)$15.4 54.0 202716.6 67.0 202817.7 73.4 202918.7 79.4 203019.9 85.4 

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In the 2027 GRC application, the Utility proposed various safety, resiliency,