Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 62

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 62
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 recover their costs through regulated rates as recorded in memorandum accounts or balancing accounts, or as otherwise requested; and

•the timing and amount of electric commodity price volatility and differences between commodity costs and revenue collections.

PG&E Corporation and the Utility do not have any off-balance sheet arrangements that have had, or are reasonably likely to have, a current or future material effect on their financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources, other than those discussed under “Purchase Commitments” in Note 15 of the Notes to the Consolidated Financial Statements in Item 8.

Investing Activities 

The following table summarizes changes in key components of the Utility’s investing cash flows for the year ended December 31, 2024, compared to December 31, 2023. 

 (in millions)Year Ended December 31,Cash used in investing activities - 2023$(9,162)Capital expenditures(655)Net purchases related to customer credit trust investments(677)Purchases of self-insurance investments(898)Other investing activities17 Net increase in cash used in investing activities(2,213)Cash used in investing activities - 2024$(11,375)

73

Net cash used in investing activities increased by $2.2 billion, or 24%, in 2024 compared to 2023.  The increases were primarily due to a $898 million increase in purchases of self-insurance investments in 2024, and a $677 million increase in net purchases of customer credit trust investments, net of proceeds from sales.  In addition, capital expenditures increased by $655 million in 2024 compared to 2023 primarily due to increased customer connection energization and electric distribution pole replacement.

The Utility’s investing activities primarily consist of the construction of new and replacement facilities necessary to provide safe and reliable electricity and natural gas services to its customers.  Cash used in investing activities also includes the proceeds from sales of nuclear decommissioning trust, customer credit trust, and self-insurance investments which are partially offset by the amount of cash used to purchase new nuclear decommissioning trust, customer credit trust, and self-insurance investments.  The funds in the decommissioning trusts, along with accumulated earnings, are used exclusively for decommissioning and dismantling the Utility’s nuclear generation facilities.  Pursuant to SB 901, the funds in the customer credit trust, along with accumulated earnings, are used exclusively to fund a monthly credit to customers.