Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 66

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 66
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 to recover less than the full amount of its costs.

In recent years, the amount of the costs recorded in these accounts has increased.  Because rate recovery may require CPUC authorization of the costs in these accounts, there can be a delay between when the Utility incurs costs and when it may recover those costs.  As of December 31, 2024, the Utility had recorded an aggregate amount of approximately $3.6 billion in costs for the CEMA, WEMA, FHPMA, FRMMA, WMPMA, VMBA, WMBA, and MGMA.  Of these costs, approximately $1.2 billion was authorized for recovery and accounted for as current, and $2.4 billion was accounted for as long term as of December 31, 2024.  See Note 3 of the Notes to the Consolidated Financial Statements in Item 8.

If the amount of the costs recorded in these accounts continues to increase, or the delay between incurring and recovering costs lengthens, PG&E Corporation and the Utility may incur additional financing costs.  If the Utility does not recover the full amount of its recorded costs, the difference between the recorded and recovered amounts would be written off as a non-cash disallowance.  Such disallowances could materially affect PG&E Corporation’s and the Utility’s financial condition, results of operations, liquidity, and cash flows.

For more information, see Note 3 of the Notes to the Consolidated Financial Statements in Item 8, and “Wildfire Mitigation and Catastrophic Events Cost Recovery Applications” and “Wildfire and Gas Safety Costs Recovery Application” below.

The Utility’s cost recovery proceedings for the costs described above that are pending, have pending appeals, or were completed during the year ended December 31, 2024 are summarized in the following table:

ProceedingRequest (1)Status2021 WMCERevenue requirement of approximately $1.47 billionPartial settlement agreement to recover $721 million of revenue requirement approved August 2023.  Decision authorizing $429 million of revenue requirement for the VMBA related costs adopted December 2024.   2022 WMCERevenue requirement of approximately $1.29 billionFiled December 2022.  Decision authorizing $1.1 billion of interim rate relief adopted June 2023.  Partial settlement filed December 2023.2023 WMCERevenue requirement of approximately $1