Company: PCG-PB
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001004980-25-000132
Chunk: 59

Company: PG&E Corp
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 8
Chunk 59
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 Loan forgiveness and other adjustments— 12 (57)12 Other current liabilities: Change in performance-based disbursements deferred 6 (8)(3)(20)Long-term debt: Ending Balance - DWR loan outstanding$808 $651 $808 $651 U.S. DOE’s Civil Nuclear Credit ProgramOn January 11, 2024, the Utility and the DOE entered into a Credit Award and Payment Agreement for up to $1.1 billion related to DCPP as part of the DOE’s Civil Nuclear Credit Program.  The Utility uses these funds to repay its loans outstanding under the DWR Loan Agreement (see “DWR Loan Agreement” above).  Final award amounts are determined following completion of each year of the award period, and amounts awarded over a four-year award period ending in 2026 will be based on a number of factors, including actual costs incurred to extend the DCPP operations.  When there is reasonable assurance that the Utility will receive funding and comply with the conditions of the DOE’s Civil Nuclear Credit Program, the Utility recognizes such funding as income and records a receivable related to government grants.  During the three and six months ended June 30, 2025, the Condensed Consolidated Statements of Income reflected $60 million and $100 million, respectively, as a deduction to Operating and maintenance expense, for income related to government grants for incurred eligible costs to support the extension of DCPP.  During the three and six months ended June 30, 2024, the Condensed Consolidated Statements of Income reflected $159 million and $299 million, respectively, as a deduction to Operating and maintenance expense, for income related to government grants for incurred eligible costs to support the extension of DCPP.  During the three and six months ended June 30, 2025, the Condensed Consolidated Statements of Income reflected $16 million and $57 million, respectively, as deductions to Cost of electricity, for income related to government grants for incurred fuel costs to support the extension of DCPP.

Variable Interest EntitiesA VIE is an entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support from other parties, or whose equity investors lack any characteristics of a controlling financial interest.  An enterprise that has a controlling financial interest in a VIE is a primary beneficiary and is required to consolidate the VIE.

51

Consolidated VIEsReceivables Securitization ProgramThe SPV was