Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 194

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 194
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 benefit by $70 million in the year ended December 31, 2024 related to state and federal income taxes.  PG&E Corporation intends to defend itself vigorously as to all costs in this matter.CarryforwardsThe following table describes PG&E Corporation’s operating loss and tax credit carryforward balances:(in millions)December 31, 2024ExpirationYearFederal:  Net operating loss carryforward - Pre-2018$3,369 2031 - 2036Net operating loss carryforward - Post-201730,288 N/ATax credit carryforward125 2029 - 2041State:Net operating loss carryforward$34,901 2039 - 2041Tax credit carryforward146 Various

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PG&E Corporation does not believe that the Chapter 11 Cases resulted in loss of or limitation on the utilization of any of the tax carryforwards.  PG&E Corporation will continue to monitor the status of tax carryforwards.

NOTE 10: DERIVATIVES

Use of Derivative InstrumentsThe Utility is exposed to commodity price risk as a result of its electricity and natural gas procurement activities.  Procurement costs are recovered through rates.  The Utility uses both derivative and non-derivative contracts to manage volatility in customer rates due to fluctuating commodity prices.  Derivatives include contracts, such as power purchase agreements, forwards, futures, swaps, options, and CRRs that are traded either on an exchange or over-the-counter.Derivatives are presented in the Utility’s Consolidated Balance Sheets and recorded at fair value and on a net basis in accordance with master netting arrangements for each counterparty.  The fair value of derivative instruments is further offset by cash collateral paid or received where the right of offset and the intention to offset exist.Price risk management activities that meet the definition of derivatives are recorded at fair value on the Consolidated Balance Sheets.  These instruments are not held for speculative purposes and are subject to certain regulatory requirements.  The Utility expects to fully recover through rates all costs related to derivatives under the applicable ratemaking mechanism in place as long as the Utility’s price risk management activities are carried out in accordance with CPUC directives.  Therefore, all unrealized gains and losses associated with the change in fair value of these derivatives are deferred and recorded within the Utility’s regulatory assets and liabilities on the Consolidated Balance Sheets.  Net realized gains or losses on commodity derivatives are recorded in the Cost of electricity or the Cost of natural gas with corresponding