Company: PCG-PB
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001004980-25-000132
Chunk: 38

Company: PG&E Corp
Filing Date: 2025-07-31
Form: 10-Q
Item: Part II, Item 7
Chunk 38
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 Utility requested that FERC approve a 12.37% base ROE as well as a 0.5% adder for its participation in the CAISO.  The TO21 filing also addresses the Utility’s capital structure and several new issues including wildfire self-insurance recovery from transmission customers.  

On December 29, 2023, the FERC issued an order accepting the TO21 filing subject to refund, establishing a January 1, 2024 effective date, and establishing a settlement and hearing process, but denying the 0.5% ROE adder for participation in the CAISO, which results in a forecast transmission revenue requirement of $2.78 billion.  On January 29, 2024, the Utility filed a request for rehearing of the FERC’s denial of the 0.5% ROE adder for participation in the CAISO.  On June 12, 2024, the FERC issued an order denying the Utility’s request for rehearing.  On June 18, 2024, the Utility and other California IOUs filed an appeal of the FERC’s order denying the Utility’s request for rehearing.  On July 11, 2025, the Ninth Circuit Court of Appeals denied the utilities’ joint appeal. 

On March 21, 2025, the Utility filed with the FERC a settlement in the TO21 rate case.  The settlement would resolve all contested issues in the proceeding, as well as specific wildfire cost recovery issues raised by stakeholders in prior proceedings related to the Utility’s TO tariff.  The settlement would set a base ROE of 10.38%.  The settlement would set a fixed capital structure with common equity weighted at 50.0%, preferred equity at 0.3%, and long-term debt at 49.7%.

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Other Regulatory Proceedings

2023-2025 Wildfire Mitigation Plan

The Utility submitted an updated 2025 WMP on April 2, 2024, as directed by the OEIS.  On November 19, 2024, the OEIS issued a final approval of the Utility’s 2025 WMP update.  On January 16, 2025, the CPUC ratified the OEIS’s approval.  

On December 5, 2024, the Utility filed a change order request to update some of the forecasted work in the WMP for 2025.  On February 10, 2025