Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 47

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 47
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 collected to recover those pass-through costs do not impact Net income.

Year Ended December 31,(in millions)20242023Electric operating revenues$17,811 $17,424 Natural gas operating revenues6,608 7,004 Total operating revenues24,419 24,428 Cost of electricity2,261 2,443 Cost of natural gas1,192 1,754 Operating and maintenance11,787 11,913 SB 901 securitization charges, net33 1,267 Wildfire-related claims, net of recoveries94 64 Wildfire Fund expense383 567 Depreciation, amortization, and decommissioning4,189 3,738 Total operating expenses19,939 21,746 Operating income4,480 2,682 Interest income589 593 Interest expense (2,781)(2,485)Other income, net319 293 Income before income taxes2,607 1,083 Income tax benefit(105)(1,461)Net income2,712 2,544 Preferred stock dividend requirement14 14 Income Attributable to Common Stock$2,698 $2,530 

Operating Revenues

The Utility’s electric and natural gas operating revenues decreased by $9 million, or 0%, in 2024 compared to 2023.  These decreases were primarily due to:

•a decrease in revenues to recover the cost of electricity procurement (which decreased by $182 million) and the cost of natural gas (which decreased by $562 million) and the cost of public purpose programs (which decreased by approximately $50 million) in 2024. These costs are passed through to customers and do not impact net income. (See “Cost of Electricity”, “Cost of Natural Gas”, and “Operating and Maintenance” below);

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•approximately $585 million in revenues authorized in the 2020 WMCE proceeding in 2023 with no similar amount in 2024;

•a decrease of approximately $345 million in revenues to recover insurance costs related to the Utility’s adoption of self-insurance in 2024;

•a decrease of approximately $310 million in revenues authorized in the 2021 WMCE proceeding (see “2021 WMCE Application” below); and

•a decrease of approximately $230 million in revenues to recover costs associated with a lower allowance for doubtful accounts from residential customers in 2024.  (See