Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 168

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 168
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AP.(5) Includes costs associated with long-term debt financing deemed recoverable under ASC 980, Regulated Operations more than twelve months from the current date.  These costs and their amortization periods are reviewed and approved in the Utility’s cost of capital or other regulatory filings.(6) In connection with the SB 901 securitization, the CPUC authorized the issuance of recovery bonds to finance $7.5 billion of claims associated with the 2017 Northern California wildfires.  The balance represents PG&E Wildfire Recovery Funding LLC’s right to recover $7.5 billion in wildfire claims costs associated with the 2017 Northern California wildfires, partially offset by the $2.0 billion in required upfront shareholder contributions to the customer credit trust, net of amortization since inception.  The recovery bonds will be paid through fixed recovery charges, which are designed to recover the full scheduled principal amount of the recovery bonds along with any associated interest and financing costs.  See Note 5 below.(7) The GRC memorandum accounts track the differences between the revenue requirements in effect on January 1, 2023 and the revenue requirements authorized by the CPUC in the 2023 GRC final decision in December 2023 to be collected over 24 months.  The balance as of December 31, 2024 relates to revenue to be recognized related to gas transmission and storage capital expenditures incurred during the period from 2011 to 2014.  This revenue is being recognized over 60 months, which began in August 2022.

Regulatory LiabilitiesCurrent Regulatory LiabilitiesAt December 31, 2024 and 2023, the Utility had current regulatory liabilities of $1.2 billion.  At December 31, 2024, current regulatory liabilities consisted primarily of billed revenues exceeding TO20 transmission revenue requirements.  Current regulatory liabilities are included within Current liabilities-other in the Consolidated Balance Sheets.

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Noncurrent Regulatory LiabilitiesNoncurrent regulatory liabilities are comprised of the following: Balance at December 31,(in millions)20242023Cost of removal obligations (1)$8,943 $8,191 Public purpose programs (2)1,112 1,238 Employee benefit plans (3)1,088 1,032 Transmission tower wireless licenses (4)306 384 SFGO sale (5)79 185 SB 901 securitization (6)6,295 6,628