Company: PCG-PB
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001004980-25-000148
Chunk: 143

Company: PG&E Corp
Filing Date: 2025-10-23
Form: 10-Q
Item: Item 1A
Chunk 143
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Net cash used in investing activities(9,250)(8,219)Net cash provided by financing activities1,874 2,257 Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents$(357)$310 

Operating Activities 

Net cash provided by operating activities increased by $0.7 billion, or 12%, during the nine months ended September 30, 2025 as compared to the same period in 2024.  This increase was primarily due to:

•an increase in collections driven in part by recoveries related to DCPP extended operations and 2023 WMCE interim rate relief;

•a decrease in non-wildfire related insurance costs;

•a decrease in cost of energy as a result of lower carbon allowance purchases; and

•a decrease in wildfire-related payments, net of recoveries.

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 Recoveries under AB 1054 and SB 254” in Note 10 of the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1);

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•the timing and amount of costs in connection with the portion of the 2023-2025 WMP that are being recovered through rates and the portion of the costs previously incurred in connection with the 2021-2022 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 recover their costs through regulated rates as recorded in memorandum accounts or balancing accounts, or as otherwise requested; and

•the timing and amount of electric