Company: PCG-PB
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001004980-25-000132
Chunk: 17

Company: PG&E Corp
Filing Date: 2025-07-31
Form: 10-Q
Item: Part II, Item 7
Chunk 17
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 in the 2022 WMCE proceeding (see “2022 WMCE Application” below) in the six months ended June 30, 2024, with no comparable revenues in the same period in 2025;

•an approximately $100 million reduction in revenues related to self-insurance (see “Self-Insurance” in Note 14 of the Notes to the Consolidated Financial Statements in Item 8 of the 2024 Form 10-K) in the six months ended June 30, 2025, as compared to the same period in 2024;

•approximately $60 million in lower revenues related to winter storm response in the six months ended June 30, 2025, as compared to the same period in 2024;

•a decrease in revenues to recover the cost of natural gas (which decreased by approximately $130 million) in the six months ended June 30, 2025, as compared to costs in the same period in 2024.  These costs are passed through to customers and do not impact net income; and

•a decrease in revenues to recover the cost of electricity procurement (which decreased by approximately $90 million) in the six months ended June 30, 2025, as compared to costs in the same period in 2024. These costs are passed through to customers and do not impact net income.

17

Cost of Electricity

The Utility’s Cost of electricity includes the cost of power purchased from third parties (including renewable energy resources), fuel and associated transmission costs used in its own generation facilities, fuel and associated transmission costs supplied to other facilities under power purchase agreements, 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.  Cost of electricity also includes net energy sales (Utility owned and third parties’ generation) in the CAISO electricity markets and directly with third parties.  

The Cost of electricity decreased by $164 million, 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