Company: PCG-PB
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001004980-25-000132
Chunk: 126

Company: PG&E Corp
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 1A
Chunk 126
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 or 21% in the three months ended June 30, 2025, and by $86 million, or 8% in the six months ended June 30, 2025, compared to the same periods in 2024.  These decreases were primarily the result of lower procurement costs, partially offset by higher nuclear fuel amortization in the three and six months ended June 30, 2025, compared to the same periods in 2024.

Cost of Natural Gas

The Utility’s Cost of natural gas includes the costs of procurement, storage and transportation of natural gas, costs to comply with California’s cap-and-trade program and realized gains and losses on price risk management activities.  See Note 8 of the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1.  

The Cost of natural gas decreased by $93 million, or 46%, in the three months ended June 30, 2025, and by $126 million, or 17%, in the six months ended June 30, 2025, compared to the same periods in 2024.  These decreases were primarily the result of a reduction in GHG emissions expenses and favorable price risk management results, due to less natural gas market price volatility experienced for the present periods, partially offset by increases in natural gas prices and volumes purchased for the present periods, compared to the same periods in 2024.

Operating and Maintenance

The Utility’s Operating and maintenance expenses increased by $101 million, or 4%, in the three months ended June 30, 2025, compared to the same period in 2024. This increase was primarily due to:

•approximately $220 million in costs associated with extended operations at DCPP in the three months ended June 30, 2025, with no comparable costs in the same period in 2024; and

•approximately $190 million in interim rate relief authorized in the 2023 WMCE application (see “2023 WMCE Application” below) in the three months ended June 30, 2025, with no comparable costs in the same period in 2024.

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 June 30, 2024, with no comparable costs in the same period in 2025; and 

•the write-off of approximately $60