Company: PCG-PB
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001004980-25-000087
Chunk: 23

Company: PG&E Corp
Filing Date: 2025-04-24
Form: 10-Q
Item: Part II, Item 7
Chunk 23
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 holders of record as of December 31, 2024 and March 31, 2025, respectively.

On December 12, 2024, the Board of Directors of PG&E Corporation declared a cash dividend in the amount of $0.7167 per mandatory convertible preferred share, totaling $23 million, which was paid on February 27, 2025, to holders of record as of February 14, 2025.  On February 20, 2025, the Board of Directors of PG&E Corporation declared a cash dividend in the amount of $0.75 per mandatory convertible preferred share, totaling $24 million, payable on June 1, 2025, to holders of record as of May 15, 2025.

Utility Cash Flows

PG&E Corporation’s condensed consolidated cash flows consist primarily of cash flows related to the Utility.  The following discussion presents the Utility’s cash flows for the three months ended March 31, 2025 and 2024. 

The Utility’s cash flows were as follows:

Three Months Ended March 31,(in millions)20252024Net cash provided by operating activities$2,955 $2,309 Net cash used in investing activities(3,264)(2,930)Net cash provided by financing activities1,575 769 Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents$1,266 $148 

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Operating Activities

Net cash provided by operating activities increased by $646 million, or 28%, during the three months ended March 31, 2025 as compared to the same period in 2024.  This increase was primarily due to:

•an increase in collections driven in part by the DCPP extended operations recovery and 2023 WMCE interim rate relief; 

•an increase in Wildfire Fund-related recoveries; and 

•a decrease in benefits related payments.

The Utility’s cash flows from operating activities primarily consist of receipts from customers less payments of cash operating expenses.  The Utility’s receipts from customers are expected to increase primarily as a result of increases in the Utility’s rate base and from cost recovery applications (see “Cost Recovery Proceedings” below for more information). 

Future cash flow from operating activities will be affected by various factors, including:

•the timing and amount of costs in connection with the 2019 Kincade fire, the 2021 Dixie fire, and the 2022 Mosquito fire and the timing and