Company: PCG-PB
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001004980-25-000087
Chunk: 32

Company: PG&E Corp
Filing Date: 2025-04-24
Form: 10-Q
Item: Part II, Item 7
Chunk 32
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30 %52.00%5.88%Return on Preferred Equity5.52 %0.30%0.02%Return on Long-term debt5.05 %47.70%2.41%

The application also requests CPUC approval of a revenue credit to return the benefit of potential DOE loan draws to customers, and a temporary yield spread adjustment to compensate the Utility for its actual cost of short-term debt.  The Utility, along with the other investor-owned utilities in California, has proposed a procedural schedule that would provide a final decision in 2025.

Transmission Owner Rate Cases

Transmission Owner Rate Case for 2024 (the “TO21” rate case)

On October 13, 2023, the Utility filed its TO21 rate case with the FERC.  In the filing, the Utility forecasted a 2024 retail electric transmission revenue requirement of $2.83 billion.  The 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.  

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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.  The utilities’ joint opening brief was filed on September 11, 2024 and reply brief was filed on December 17, 2024.  Oral argument is scheduled for June 4, 2025.

On March 21, 2025, the Utility filed with the FERC a settlement in the TO21 rate case.  The settlement would resolve all