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EXHIBIT 99.1

 MONTHLY OPERATING REPORT

 (GENERAL BUSINESS CASE) 

SUMMARY OF FINANCIAL STATUS

MONTH ENDED: June 30, 2019 PETITION DATE: January 29, 2019

1.

Debtors in possession (or trustee) hereby submit this Monthly Operating Report on the Accrual Basis of accounting (or if 

checked here the Office of the U.S. Trustee or the Court has approved the Cash Basis of Accounting for the Debtors). 

Dollars reported in $ millions

2. Asset and Liability Structure End of Current End of Prior As of Petition

Month Month Filing (1)

a. Current Assets $ 11,577 $ 11,384 $ 9,091

b. Total Assets $ 84,387 $ 83,547 $ 79,809

c. Current Liabilities $ 5,711 $ 5,282 $ 3,740

d. Total Liabilities $ 73,793 $ 70,300 $ 66,888

3. Statement of Cash Receipts & Disbursements for Month

End of Current

Month

End of Prior

Month

Cumulative

(Case to Date)

a. Total Receipts $ 1,882 $ 1,591 $ 11,037

b. Total Disbursements $ (1,624) $ (2,137) $ (8,510)

c. Excess (Deficiency) of Receipts Over Disbursements (a -

b) $ 258 $ (546) $ 2,527

d. Cash Balance Beginning of Month $ 3,179 $ 3,725 $ 910

e. Cash Balance End of Month (c + d) $ 3,437 $ 3,179 $ 3,437

End of Current

Month

End of Prior

Month

Cumulative

(Case to Date) (1)

4. Profit/(Loss) from the Statement of Operations $ (2,671) $ 50 $ (2,421)

5. Account Receivables (Pre and Post-Petition) $ 4,861 $ 4,772

6. Post-Petition Liabilities $ 3,265 $ 3,674

7. Past Due Post-Petition Account Payables (over 30 days) (2) $ — $ —

(1) Data as of January 29, 2019 is not available, January 31, 2019 data used as Petition Date.

(2) In the ordinary course, in most instances the Debtors’ process for validating items for payment to suppliers requires the matching of a vendor invoice with a 

purchase order and, additionally, with a goods receipt (reflecting the Debtors’ acknowledgment of the delivery of goods or completion of services). That 

matching process extends the timeline for a vendor invoice to be cleared for payment until such time as the validation operation is fully complete. The 

Debtors are actively engaged on an ongoing basis with their supplier base to minimize the invoice matching and validation time frame. To the best of the 

Debtors’ knowledge, in all instances where the invoice matching process has been satisfactorily completed for post-petition vendor activity, the Debtors do 

not have any past due post-petition accounts payable as of June 30, 2019.

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At the end of this reporting month: Yes No

8. Have any payments been made on pre-petition debt, other than payments in the

normal course to secured creditors or lessors? (if yes, attach listing including date

of payment, amount of payment and name of payee)

9. Have any payments been made to professionals? (if yes, attach listing including

date of payment, amount of payment and name of payee)

10. If the answer is yes to 8 or 9, were all such payments approved by the court?

11. Have any payments been made to officers, insiders, shareholders, relatives? (if

yes, attach listing including date of payment, amount and reason for payment, and

name of payee)

12. Are the estates insured for replacement cost of assets and for general liability?

13. Are a plan and disclosure statement on file?

14. Was there any post-petition borrowing during this reporting period?

15. Check if paid:

Post-petition taxes:

U.S. Trustee Quarterly Fees:

Tax reporting and tax returns:

(Attach explanation, if post-petition taxes or U.S. Trustee Quarterly Fees are not paid current or if post-petition tax

reporting and tax return filings are not current.)

I declare under penalty of perjury I have reviewed the above summary and attached financial statements, and after making 

reasonable inquiry believe these documents are correct.

Date: August 15, 2019 /s/ DAVID S. THOMASON

David S. Thomason

Vice President, Controller, PG&E Corporation

Vice President, Chief Financial Officer and Controller, Pacific

Gas and Electric Company

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UNAUDITED STATEMENTS OF INCOME

FOR THE MONTH ENDED JUNE 30, 2019

(in millions) Reference

Pacific Gas &

Electric

Company

PG&E

Corporation

PG&E

Corporation

Consolidated

Operating Revenues

Electric $ 1,132 $ — $ 1,132

Natural gas 314 — 314

Total operating revenues 1,446 — 1,446

Operating Expenses

Cost of electricity 403 — 403

Cost of natural gas 16 — 16

Operating and maintenance 582 — 582

Wildfire-related claims, net of insurance 3,900 — 3,900

Depreciation, amortization, and decommissioning 266 — 266

Total operating expenses 5,167 — 5,167

Operating Loss (3,721) — (3,721)

Interest income 8 — 8

Interest expense (17) — (17)

Other income, net 20 1 21

Reorganization items, net Item 15 (22) (1) (23)

Loss Before Income Taxes (3,732) — (3,732)

Income tax benefit (1,063) 1 (1,062)

Net Loss (2,669) (1) (2,670)

Preferred stock dividend requirement 1 — 1

Loss Attributable to Common Stock $ (2,670) $ (1) $ (2,671)

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UNAUDITED STATEMENTS OF INCOME

PETITION DATE THROUGH JUNE 30, 2019

(in millions) Reference

Pacific Gas &

Electric

Company

PG&E

Corporation

PG&E

Corporation

Consolidated

Operating Revenues

Electric $ 5,737 $ — $ 5,737

Natural gas 2,216 — 2,216

Total operating revenues 7,953 — 7,953

Operating Expenses

Cost of electricity 1,435 — 1,435

Cost of natural gas 447 — 447

Operating and maintenance 4,044 (14) 4,030

Wildfire-related claims, net of insurance 3,900 — 3,900

Depreciation, amortization, and decommissioning 1,593 — 1,593

Total operating expenses 11,419 (14) 11,405

Operating Loss (3,466) 14 (3,452)

Interest income 43 2 45

Interest expense (160) (2) (162)

Other income, net 129 7 136

Reorganization items, net Item 15 (168) (15) (183)

Loss Before Income Taxes (3,622) 6 (3,616)

Income tax benefit (1,205) 3 (1,202)

Net Loss (1) (2,417) 3 (2,414)

Preferred stock dividend requirement 7 — 7

Loss Attributable to Common Stock $ (2,424) $ 3 $ (2,421)

(1) Petition Date to Date net loss will not agree to the net loss shown in the statement of cash flows, which is for the six months ended June 30, 2019.

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UNAUDITED BALANCE SHEETS

AS OF JUNE 30, 2019

(in millions) Reference

Pacific Gas &

Electric

Company

PG&E

Corporation

PG&E

Corporation

Consolidated

ASSETS

Current Assets

Cash and cash equivalents

Items 10

and 11 $ 3,036 $ 423 $ 3,459

Accounts receivable

Customers (net of allowance for doubtful

accounts of $39) Item 4 1,260 — 1,260

Accrued unbilled revenue 991 — 991

Regulatory balancing accounts 1,884 — 1,884

Other 2,621 121 2,610

Regulatory assets 212 — 212

Inventories Item 3

Gas stored underground and fuel oil 99 — 99

Materials and supplies 509 — 509

Income taxes receivable 1 2 18

Other 535 — 535

Total current assets 11,148 546 11,577

Property, Plant, and Equipment

Electric 60,967 — 60,967

Gas 22,428 — 22,428

Construction work in progress 2,563 — 2,563

Other Plant in Service 18 2 20

Total property, plant, and equipment 85,976 2 85,978

Accumulated depreciation (25,725) (2) (25,727)

Net property, plant, and equipment Item 7 60,251 — 60,251

Other Noncurrent Assets

Regulatory assets 5,349 — 5,349

Nuclear decommissioning trusts 3,016 — 3,016

Operating lease right of use asset 2,653 9 2,662

Income taxes receivable 66 79 67

Other 1,325 12,891 1,465

Total other noncurrent assets 12,409 12,979 12,559

TOTALASSETS $ 83,808 $ 13,525 $ 84,387

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UNAUDITED BALANCE SHEETS

AS OF JUNE 30, 2019

(in millions) Reference

Pacific Gas &

Electric

Company

PG&E

Corporation

PG&E

Corporation

Consolidated

LIABILITIES AND SHAREHOLDERS’

EQUITY

Current Liabilities

Short-term borrowings $ — $ — $ —

Long-term debt, classified as current — — —

Accounts payable Item 5

Trade creditors 1,678 — 1,679

Regulatory balancing accounts 1,370 — 1,370

Other 688 38 593

Operating lease liabilities 543 3 546

Disputed claims and customer refunds — — —

Interest payable 5 — 5

Wildfire-related claims 100 — 100

Other 1,420 (17) 1,418

Total current liabilities 5,804 24 5,711

Noncurrent Liabilities

Long-term debt — — —

Debtor-in-possession financing Item 6 1,500 — 1,500

Regulatory liabilities 9,038 — 9,038

Pension and other postretirement benefits 1,996 — 1,996

Asset retirement obligations 6,111 — 6,111

Deferred income taxes Item 8 2,474 (120) 2,354

Operating lease liabilities 2,110 6 2,116

Other 2,408 59 2,357

Total noncurrent liabilities 25,637 (55) 25,472

Liabilities Subject to Compromise Item 9 41,829 781 42,610

Shareholders’ Equity

Preferred stock 258 — —

Common stock 1,322 13,034 13,014

Additional paid-in capital 8,550 — —

Reinvested earnings 409 (250) (2,663)

Accumulated other comprehensive (loss) income (1) (9) (9)

Total shareholders’ equity 10,538 12,775 10,342

Noncontrolling Interest - Preferred Stock of

Subsidiary — — 252

TOTAL LIABILITIES AND SHAREHOLDERS’

EQUITY $ 83,808 $ 13,525 $ 84,387

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UNAUDITED STATEMENTS OF CASH FLOWS

SIX MONTHS ENDED JUNE 30, 2019

(in millions)

Pacific Gas &

Electric

Company

PG&E

Corporation

PG&E

Corporation

Consolidated

Cash Flows from Operating Activities

Net loss (1) $ (2,417) $ 4 $ (2,413)

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, amortization, and decommissioning 1,593 — 1,593

Allowance for equity funds used during construction (45) — (45)

Deferred income taxes and tax credits, net (920) 5 (915)

Reorganization items, net (Item 15) 91 (1) 90

Other 34 19 53

Effect of changes in operating assets and liabilities:

Accounts receivable (64) 10 (54)

Wildfire-related insurance receivable 35 — 35

Inventories (41) — (41)

Accounts payable 206 (47) 159

Wildfire-related claims (14) — (14)

Income taxes receivable/payable 4 1 5

Other current assets and liabilities (8) (7) (15)

Regulatory assets, liabilities, and balancing accounts, net (34) — (34)

Liabilities subject to compromise 4,215 6 4,221

Other noncurrent assets and liabilities 141 (9) 132

Net cash provided by operating activities 2,776 (19) 2,757

Cash Flows from Investing Activities

Capital expenditures (2,410) — (2,410)

Proceeds from sales and maturities of nuclear decommissioning trust investments 517 — 517

Purchases of nuclear decommissioning trust investments (547) — (547)

Other 6 — 6

Net cash used in investing activities (2,434) — (2,434)

Cash Flows from Financing Activities

Proceeds from debtor-in-possession credit facility 1,850 — 1,850

Repayments of debtor-in-possession credit facility (350) — (350)

Debtor-in-possession credit facility debt issuance costs (95) (16) (111)

Common stock issued — 85 85

Other (6) — (6)

Net cash provided by financing activities 1,399 69 1,468

Net change in cash, cash equivalents, and restricted cash 1,741 50 1,791

Cash, cash equivalents, and restricted cash at January 1 1,302 373 1,675

Cash, cash equivalents, and restricted cash at June 30 $ 3,043 $ 423 $ 3,466

Less: Restricted cash and restricted cash equivalents included in other current assets (7) — (7)

Cash and cash equivalents at June 30 $ 3,036 $ 423 $ 3,459

(1) Cash flow statement is for the six months ended June 30, 2019. Cash flow net loss will not agree to net loss as shown on the Petition Date to Date income 

statement. 

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Supplemental disclosures of cash flow information

Cash paid for:

Interest, net of amounts capitalized $ (19) $ (2) $ (21)

Supplemental disclosures of noncash operating activities

Operating lease liabilities arising from obtaining ROU assets $ 2,807 $ 9 $ 2,816

Supplemental disclosures of noncash investing and financing activities

Capital expenditures financed through accounts payable $ 836 $ — $ 836

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1. BASIS OF PRESENTATION

General

On January 29, 2019, PG&E Corporation (the “Corporation”) and its subsidiary, Pacific Gas and Electric Company (the 

“Utility”) (together with the Corporation, the “Debtors”), filed voluntary petitions for relief under chapter 11 of title 11 of the 

United States Code (the “Bankruptcy Code”) in the U.S. Bankruptcy Court for the Northern District of California (the 

“Bankruptcy Court”). The Debtors’ Chapter 11 cases are being jointly administered under the caption In re: PG&E 

Corporation and Pacific Gas and Electric Company, Case No. 19-30088 (DM) (the “Chapter 11 Cases”). The Debtors 

continue to operate their businesses and manage their properties as debtors in possession pursuant to sections 1107(a) and 1108 

of the Bankruptcy Code. No trustee or examiner has been appointed in either of the Chapter 11 Cases.

On February 12, 2019, the United States Trustee (the “U.S. Trustee”) appointed an Official Committee of Unsecured Creditors 

(the “UCC”). On February 15, 2019, the U.S. Trustee appointed an Official Committee of Tort Claimants (the “TCC”).

Debtor-in-Possession Financial Statements

Financial Accounting Standards Board Accounting Standards Codification 852 (Reorganizations) (“ASC 852”), which is 

applicable to companies in Chapter 11, requires that financial statements for periods after the filing of a Chapter 11 petition 

distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the 

business. The financial statements have been prepared in accordance with ASC 852. The accompanying financial statements 

have been prepared solely for purposes of complying with the monthly operating requirements applicable in the Debtors’

Chapter 11 Cases (the “Monthly Operating Reports”). The Debtors caution investors and potential investors not to place undue 

reliance upon the information contained in the Monthly Operating Reports, which was not prepared for the purpose of 

providing the basis for an investment decision relating to any securities of the Debtors. 

The financial information contained in the Monthly Operating Reports is unaudited, limited in scope, and as such, has not been 

subject to procedures that would typically be applied to financial statements in accordance with accounting principles generally 

accepted in the United States of America. The Monthly Operating Reports should not be relied upon by any persons for 

information relating to current or future financial condition, events, or performance of the Corporation and the Utility and any 

of their non-debtor subsidiaries, as the results of operations contained in the Monthly Operating Reports are not necessarily 

indicative of results which may be expected for any other period or for the full year, and may not necessarily reflect the 

combined results of operations, financial position, and schedule of receipts and disbursements in the future. These unaudited 

financial statements were prepared using certain assumptions and estimates. These assumptions and estimates are subject to 

revision. Further, the amounts shown in this statement may differ materially due to adjustments in accruals, changes in facts 

and circumstances, changes in estimates, further analysis, and other factors.

The Utility’s unaudited financial statements reflected under the column “Pacific Gas and Electric Company” are presented on a 

consolidated basis and include the accounts of the Utility and the following subsidiaries of the Utility that individually and in 

aggregate are immaterial: Eureka Energy Company, Midway Power, LLC, Pacific Energy Fuels Company, and Standard Pacific 

Gas Line Incorporated.

The Corporation’s unaudited financial statements reflected under the column “PG&E Corporation” are presented on a 

consolidated basis and include the accounts of the following subsidiaries of the Corporation that individually and in aggregate 

are immaterial: PCG Capital, Inc., PG&E Corporation Support Services, Inc., and PG&E Corporation Support Services II, Inc. 

The Corporation’s unaudited financial statements reflected under the column “PG&E Corporation” exclude the accounts of the 

Utility.

The Corporation’s unaudited financial statements reflected under the column “PG&E Corporation, Consolidated” are presented 

on a consolidated basis and include the accounts of the Corporation, the Utility, and other wholly owned and controlled 

subsidiaries. 

These unaudited financial statements differ from the requirements of generally accepted accounting principles in that they 

exclude certain financial statements (statements of cash flows, shareholders’ equity, and other comprehensive income), relevant 

footnotes and certain reclassifications.

These unaudited financial statements were prepared using certain assumptions and estimates. These assumptions and estimates 

are subject to revision. Further, the amounts shown in this statement, when reported on a quarterly basis, may differ materially 

due to adjustments in accruals, changes in facts and circumstances, changes in estimates, further analysis, and other factors.

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Liabilities Subject to Compromise 

As a result of the Chapter 11 Cases, the payment of prepetition indebtedness is subject to compromise or other treatment under 

a plan of reorganization. The determination of how liabilities will ultimately be settled or treated cannot be made until the 

Bankruptcy Court confirms a Chapter 11 plan of reorganization and such plan becomes effective. Accordingly, the ultimate 

amount of such liabilities is not determinable at this time. ASC 852 requires prepetition liabilities that are subject to 

compromise to be reported at the amounts expected to be allowed, even if they may be settled for lesser amounts. The amounts 

currently classified as liabilities subject to compromise are preliminary and may be subject to future adjustments depending on 

the Bankruptcy Court actions, further developments with respect to disputed claims, determinations of the secured status of 

certain claims, the values of any collateral securing such claims, rejection of executory contracts, continued reconciliation or 

other events. 

Reorganization Items 

ASC 852 requires expenses and income directly associated with the Chapter 11 Cases to be reported separately in the income 

statement. Reorganization items are reported net and include expenses related to legal advisory and representation services, 

other professional consulting and advisory services, debtor-in-possession financing fees and changes in liabilities subject to 

compromise recognized as there are changes in amounts expected to be allowed, net of interest income.

Post-Petition Liabilities

Post-petition liabilities reflected in the Monthly Operating Report include Accounts payable – trade creditors, Accounts payable 

– other, and Other current liabilities, excluding amounts pertaining to regulatory liabilities.

2. CHAPTER 11 FILING

Background and First Day Motions

On January 29, 2019, the Debtors filed the Chapter 11 Cases with the Bankruptcy Court. The Debtors continue to operate their 

businesses as debtors in possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable 

provisions of the Bankruptcy Code and orders of the Bankruptcy Court.

On January 31, 2019, the Bankruptcy Court approved, on an interim basis, certain motions (the “First Day Motions”) 

authorizing, but not directing, PG&E Corporation and the Utility to, among other things, (a) secure $5.5 billion of debtor-inpossession financing; (b) continue to use PG&E Corporation’s and the Utility’s cash management system; and (c) pay certain 

pre-petition claims relating to (i) certain safety, reliability, outage, and nuclear facility suppliers; (ii) shippers, warehousemen, 

and other lien claimants; (iii) taxes; (iv) employee wages, salaries, and other compensation and benefits; and (v) customer 

programs, including public purpose programs. The First Day Motions were subsequently approved by the Bankruptcy Court on 

a final basis at hearings on February 27, 2019, March 12, 2019, March 13, 2019, and March 27, 2019.

Exclusivity Order

On May 23, 2019, the Bankruptcy Court entered an order (the “Exclusivity Order”) pursuant to section 1121(d) of the 

Bankruptcy Code, extending PG&E Corporation’s and the Utility’s exclusive periods in which to file a Chapter 11 plan of 

reorganization (the “Exclusive Filing Period”) and solicit acceptances thereof (the “Exclusive Solicitation Period”). Pursuant to 

the Exclusivity Order, PG&E Corporation’s and the Utility’s Exclusive Filing Period is extended to, and including, September 

26, 2019, and PG&E Corporation’s and the Utility’s Exclusive Solicitation Period is extended to, and including, November 26, 

2019.

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On June 25, 2019, the Ad Hoc Committee of Senior Unsecured Noteholders of the Utility (the “Ad Hoc Noteholder 

Committee”) submitted a motion, pursuant to section 1121(d)(1) of the Bankruptcy Code, for the entry of an order terminating 

the Exclusive Filing Period and the Exclusive Solicitation Period. The Ad Hoc Noteholder Committee annexed to its motion a 

“Term Sheet for Plan of Reorganization.” On July 17, 2019, the Ad Hoc Noteholder Committee filed with the Bankruptcy 

Court an amended version of the term sheet, along with a commitment letter with respect to certain financings described 

therein. Certain third parties have filed joinders and statements in support with the Bankruptcy Court with respect to the Ad 

Hoc Noteholder Committee’s motion, but such parties have not taken any position on the plan construct described by the term 

sheet. These third parties include TURN, two collective bargaining units representing the Utility’s employees, and the UCC. 

On July 18, 2019, the Debtors filed an objection to the Ad Hoc Noteholder Committee’s motion with the Bankruptcy Court, 

requesting that the motion be denied. Also on July 18, 2019, the Ad Hoc Group of Subrogation Claim Holders (the “Ad Hoc 

Subrogation Group”), the TCC, and certain owners of common stock of PG&E Corporation (the “Shareholder Group”) filed 

objections to the Ad Hoc Noteholder Committee’s motion with the Bankruptcy Court. At a hearing on July 24, 2019, the 

Bankruptcy Court granted an oral motion of the CPUC and the Governor’s office to adjourn the hearing on the Ad Hoc 

Noteholder Committee’s motion from July 24, 2019 to August 13, 2019, to allow the Debtors, the CPUC, the Governor’s 

office, and other parties in interest time to engage in discussions regarding the formulation of a potential protocol for the 

efficient submission and consideration of Chapter 11 plan proposals. On August 7, 2019, the Ad Hoc Noteholder Committee 

submitted a statement with the Bankruptcy Court, criticizing the protocol proposed by the CPUC and including as an exhibit its 

own proposed “Alternative Protocol” to govern a competitive plan process. In addition, the Ad Hoc Noteholder Committee 

annexed to its statement a second amended version of the term sheet and a revised version of the commitment letter. On that 

same date, the Ad Hoc Subrogation Group withdrew its objection to the Ad Hoc Noteholder Committee’s motion. On August 

9, 2019, the CPUC advised the Bankruptcy Court that the parties were unable to reach agreement on a protocol for the 

submission of Chapter 11 plan proposals.

On July 23, 2019, the Ad Hoc Subrogation Group submitted its own motion, pursuant to section 1121(d)(1) of the Bankruptcy 

Code, to terminate the Exclusive Filing Period and the Exclusive Solicitation Period, which included as an exhibit a 

“Restructuring Term Sheet.” On August 6, 2019, the Debtors filed an objection to the Ad Hoc Subrogation Group’s motion 

with the Bankruptcy Court, requesting that the motion be denied. Also on August 6, 2019, the UCC filed a statement in 

opposition with respect to the Ad Hoc Subrogation Group’s motion, and the Shareholder Group filed an objection to the Ad 

Hoc Subrogation Group’s motion, both requesting that the motion be denied.

On August 12, 2019, the UCC submitted a proposed competing plan scheduling order for consideration by the Bankruptcy 

Court. Also on that date, the Debtors filed a statement in support of their opposition to the motions to terminate exclusivity 

filed by the Ad Hoc Noteholder Committee and the Ad Hoc Subrogation Group, to which the Debtors annexed their own 

proposed timeline for the submission and confirmation of their plan of reorganization. 

A hearing before the Bankruptcy Court was held on August 13, 2019 on the motions to terminate exclusivity filed by the Ad 

Hoc Noteholder Committee and the Ad Hoc Subrogation Group. On August 14, 2019, the Bankruptcy Court announced that it 

would not make a ruling on the motions to terminate exclusivity on that day but would endeavor to enter a short form order and 

decision on those motions by August 16, 2019 or August 19, 2019. 

Bar Date

On July 1, 2019, the Bankruptcy Court entered an order approving a deadline of October 21, 2019, at 5:00 p.m. (Pacific Time) 

(the “Bar Date”) for filing claims against PG&E Corporation and the Utility relating to the period prior to the Petition Date. 

The Bar Date is subject to certain exceptions, including for claims arising under section 503(b)(9) of the Bankruptcy Code, the 

bar date for which occurred on April 22, 2019. The Bankruptcy Court also approved the Debtors’ plan to provide notice of the 

Bar Date to parties-in-interest, including potential wildfire-related claimants and other potential creditors.

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Plan Support Agreements (PSAs) with Public Entities

On June 18, 2019, the Debtors entered into PSAs with certain local public entities providing for an aggregate of $1.0 billion to 

be paid by the Debtors to such public entities pursuant to the Debtors’ Chapter 11 plan of reorganization in order to settle such 

public entities’ claims against the Debtors relating to the 2018 Camp fire, the 2017 Northern California wildfires and the 2015 

Butte fire (collectively, “Public Entity Wildfire Claims”). The Debtors’ Chapter 11 plan of reorganization currently is under 

development and has not yet been filed with the Bankruptcy Court. The Debtors have entered into a PSA with each of the 

following public entities or group of public entities, as applicable: (i) the City of Clearlake, the City of Napa, the City of Santa 

Rosa, the County of Lake, the Lake County Sanitation District, the County of Mendocino, Napa County, the County of Nevada, 

the County of Sonoma, the Sonoma County Agricultural Preservation and Open Space District, the Sonoma County 

Community Development Commission, the Sonoma County Water Agency, the Sonoma Valley County Sanitation District and 

the County of Yuba; (ii) the Town of Paradise; (iii) the County of Butte; (iv) the Paradise Recreation & Park District; (v) the 

County of Yuba; and (vi) the Calaveras County Water District.

For purposes of each PSA, the local public entities that are party to such PSA are referred to herein as “Supporting Public 

Entities.”

Additional Information about Accrual for Wildfire-Related Claims

As disclosed in the Debtors’ joint quarterly report on Form 10-Q for the period ended June 30, 2019 (the “Form 10-Q”), the 

aggregate liability of $17.9 billion for claims in connection with the 2018 Camp fire and the 2017 Northern California wildfires 

is comprised of (i) $8.5 billion for subrogated insurance claimholders, (ii) $7.5 billion for individual claimholders (including 

those with uninsured and underinsured property losses, among other claims), (iii) $1.0 billion for the Supporting Public Entities 

with respect to their Public Entity Wildfire Claims pursuant to the PSAs and (iv) $900 million for clean-up and fire suppression 

costs. 

For additional information regarding the Chapter 11 Cases, refer to the website maintained by Prime Clerk, LLC, the 

Company’s claims and noticing agent, at http://restructuring.primeclerk.com/pge.

3. INVENTORY

Inventories are carried at weighted-average cost and include natural gas stored underground as well as materials and supplies. 

Natural gas stored underground is recorded to inventory when injected and then expensed as the gas is withdrawn for 

distribution to customers or to be used as fuel for electric generation. Materials and supplies are recorded to inventory when 

purchased and expensed or capitalized to plant, as appropriate, when consumed or installed.

4. ACCOUNTS RECEIVABLE

The following reflects the balance of the Utility’s Accounts receivable – Customers as of June 30, 2019:

(in millions)

Accounts

Receivable –

Customers (Pre and

Receivables Aging Post-Petition)

0 -30 Days $ 784

31-60 Days 126

61-90 Days 53

91+ Days 165

Unmailed invoices 152

Total accounts receivable – Customers 1,280

Other (1) 19

Allowance for doubtful accounts (39)

Accounts receivable – Customers (net) $ 1,260

(1) Represents Department of Water Resources bond charge, credit balance reclassification, and unidentified receipts.

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5. ACCOUNTS PAYABLE

To the best of the Debtors’ knowledge, all undisputed, validated post-petition accounts payable have been and are being paid 

under agreed-upon payment terms.

In the ordinary course, in most instances the Debtors’ process for validating items for payment to suppliers requires the 

matching of a vendor invoice with a purchase order and, additionally, with a goods receipt (reflecting the Debtors’

acknowledgment of the delivery of goods or completion of services). That matching process extends the timeline for a vendor 

invoice to be cleared for payment until such time as the validation operation is fully complete. The Debtors are actively 

engaged on an ongoing basis with its supplier base to minimize the invoice matching and validation time frame. To the best of 

the Debtors’ knowledge, in all instances where the invoice matching process has been satisfactorily completed for post-petition 

vendor activity, the Debtors do not have any past due post-petition accounts payable as of June 30, 2019.

6. DEBTOR-IN-POSSESSION (“DIP”) FINANCING

The following table summarizes the Debtors’ outstanding borrowings and availability under their DIP credit facilities 

at June 30, 2019:

(in millions)

Aggregate

Limit

Term Loan

Borrowings

Revolver

Borrowings

Letters of

Credit

Outstanding

Aggregate

Availability

PG&E Corporation $ — $ — $ — $ — $ —

Utility 5,500 (1) 1,500 — 521 3,479

Total DIP credit facilities $ 5,500 $ 1,500 $ — $ 521 $ 3,479

(1) Includes $1.5 billion of letter of credit subfacility.

7. PROPERTY, PLANT, AND EQUIPMENT

Property, plant, and equipment are reported at the lower of their historical cost less accumulated depreciation or fair value. 

Historical costs include labor and materials, construction overhead, and allowance for funds used during construction. PG&E 

Corporation Consolidates balances of its property, plant, and equipment were as follows at June 30, 2019:

(in millions)

PG&E Corporation

Consolidated

Electric (1) $ 60,967

Gas 22,428

Construction work in progress 2,563

Other Plant in Service 20

Total property, plant, and equipment 85,978

Accumulated depreciation (25,727)

Net property, plant, and equipment $ 60,251

(1) Balance includes nuclear fuel inventories. Stored nuclear fuel inventory is stated at weighted-average cost. Nuclear fuel in the reactor is expensed as it is 

used based on the amount of energy output. 

8. PAYMENT OF TAXES

To the best of the Debtors’ knowledge, the Corporation and the Utility are current on all taxes payable.

Case: 19-30088 Doc# 3557 Filed: 08/15/19 Entered: 08/15/19 13:37:49 Page 13

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9. LIABILITIES SUBJECT TO COMPROMISE

The following reflects the balance of liabilities subject to compromise (“LSTC”) as of June 30, 2019:

(in millions)

Pacific Gas &

Electric Company PG&E Corporation

PG&E Corporation

Consolidated

Financing Debt (1) $ 21,811 $ 650 $ 22,461

Wildfire-related Claims (2) 18,012 — 18,012

Trade creditors 1,325 4 1,329

Non-qualified benefit plan 18 125 143

2001 bankruptcy disputed claims 221 — 221

Customer deposits & advances 278 — 278

Reserve and Others 164 2 166

Total Liabilities Subject to Compromise $ 41,829 $ 781 $ 42,610

(1) At June 30, 2019, the Debtors had $650 million and $21,526 million in aggregate principal amount of pre-petition indebtedness, respectively. Utility prepetition financing debt also includes $285 million of accrued contractual interest to the Petition Date. 

(2) Based on additional facts and circumstances available to the Debtors as of the date of the Form 10-Q filing, including additional information from Cal Fire, 

the entry into the PSAs and the status of the Debtors’ efforts to reach a resolution with other holders of wildfire-related claims, the Debtors recorded an 

additional charge for claims in connection with the 2017 Northern California wildfires in the amount of $2.0 billion and recorded an additional charge for 

claims in connection with the 2018 Camp fire in the amount of $1.9 billion for the three months ended June 30, 2019.

 10. RECAPITULATION OF FUNDS HELD AT END OF MONTH

The following reflects the bank balances of the Corporation and the Utility as of June 30, 2019:

Legal Entity Bank Account No.

Balance, End of

Month (in ones)

PG&E Corporation The Bank of New York Mellon 8400 $ 422,250,000

PG&E Corporation The Bank of New York Mellon 9023 256,587

PG&E Corporation Bank of America 7107 750,000

PG&E Corporation The Bank of New York Mellon 4558 —

PG&E Corporation Union Bank of California 9557 737

PG&E Corporation Bank of America 0X30 —

PG&E Corporation Barclays Capital Inc. 1362 —

PG&E Corporation BNP Paribas 0652 —

PG&E Corporation Citigroup Global Markets 0473 —

PG&E Corporation Goldman, Sachs & Co 0609 —

PG&E Corporation JP Morgan Chase Bank, N.A. 0698 —

PG&E Corporation Merrill Lynch 0X30 —

PG&E Corporation Mitsubishi UFJ Securities USA, INC. 0189 —

PG&E Corporation Morgan Stanley / ISG Operations 4966 —

PG&E Corporation RBC Capital Markets 2226 —

PG&E Corporation Royal Bank of Scotland 2141 —

PG&E Corporation Wells Fargo Securities, LLC 7221 —

PG&E Corporation Bank of America 7981 —

PG&E Corporation The Bank of New York Mellon 9946 —

Pacific Gas & Electric Company The Bank of New York Mellon 8400 2,979,500,000

Pacific Gas & Electric Company Union Bank of California 5581 18,595,301

Pacific Gas & Electric Company Citibank N. A. 2091 481,445

Pacific Gas & Electric Company Bank of America 3212 491,701

Pacific Gas & Electric Company The Bank of New York Mellon 9994 4,796,292

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Pacific Gas & Electric Company The Bank of New York Mellon 7822 —

Pacific Gas & Electric Company The Bank of New York Mellon 5477 —

Pacific Gas & Electric Company Royal Bank of Canada 0446 97,124

Pacific Gas & Electric Company Bank of America 7115 2,225,597

Pacific Gas & Electric Company U.S. Bank 2311 357,914

Pacific Gas & Electric Company Bank of America 2988 46,720

Pacific Gas & Electric Company The Bank of New York Mellon 3044 —

Pacific Gas & Electric Company Bank of America 2302 506,888

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 4XL9 3,040

Pacific Gas & Electric Company The Bank of New York Mellon 4122 1,000

Pacific Gas & Electric Company The Bank of New York Mellon 3532 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 43.11 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 543.7 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 550.2 —

Pacific Gas & Electric Company Bank of America 0817 —

Pacific Gas & Electric Company Bank of America 1675 —

Pacific Gas & Electric Company Citibank N. A. 0901 —

Pacific Gas & Electric Company Citibank N. A. 1958 —

Pacific Gas & Electric Company Citibank N. A. 2316 —

Pacific Gas & Electric Company Citigroup Global Markets 6473 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 854.1 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 854.1 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 54.11 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 54.12 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 54.13 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 54.14 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 54.15 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 54.16 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 854.2 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 854.3 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 854.4 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 854.5 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 854.6 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 854.7 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 854.8 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 854.9 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 43.10 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 43.12 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 543.6 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 543.8 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 550.1 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 50.10 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 50.11 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 50.12 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 50.13 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 50.14 —

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Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 50.15 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 50.16 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 50.17 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 50.18 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 50.19 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 50.20 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 50.21 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 50.22 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 50.23 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 50.24 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 550.3 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 550.4 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 550.5 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 550.6 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 550.7 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 550.8 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 550.9 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 387.1 —

Pacific Gas & Electric Company Deutsche Bank Trust Company Americas 7110 —

Pacific Gas & Electric Company The Bank of New York Mellon 8400 410,450

Pacific Gas & Electric Company The Bank of New York Mellon 8544 452

Pacific Gas & Electric Company The Bank of New York Mellon 9990 4,918,939

Pacific Gas & Electric Company The Bank of New York Mellon 4017 —

Pacific Gas & Electric Company The Bank of New York Mellon 0143 —

Pacific Gas & Electric Company Wells Fargo Bank N.A. 9578 —

Pacific Gas & Electric Company The Bank of New York Mellon 9978 —

Pacific Gas & Electric Company U.S. Bank 5000 995,000

Total Funds on Hand for all Accounts (1)(2) $ 3,436,685,187

(1) Schedule does not include Wells Fargo accounts 5300 and 5400; these accounts are held by grantor trusts relating to post-service benefits to directors, 

officers, and other highly paid employees, which have a combined value of $176,796,294. The grantor trusts are considered assets of the Corporation 

subject to creditor claims.

(2) Balances will not tie to the Balance Sheets as they are per bank and due to the exclusion of non-debtor bank accounts. 

11. CASH RECEIPTS AND DISBURSEMENTS

The following reflects the cash receipts and disbursements of the Corporation and the Utility for the month ended June 30, 

2019:

(in ones)

Pacific Gas &

Electric Company

PG&E

Corporation

PG&E

Corporation

Consolidated

Beginning Cash (1)(2) $ 2,756,853,576 $ 422,389,145 $ 3,179,242,721

Total receipts (3) 1,877,248,204 4,424,748 1,881,672,952

Total disbursements (3) (1,620,790,141) (3,440,345) (1,624,230,486)

DIP borrowing and repayments, net (net of fees) — — —

Total Change in Cash 256,458,063 984,403 257,442,466

Ending Cash (1)(2) $ 3,013,311,639 $ 423,373,548 $ 3,436,685,187

(1) Calculated using balance per bank.

(2) Balances will not tie to the Balance Sheets as they are per bank and due to the exclusion of non-debtor bank accounts. 

(3) Includes intercompany receipts and disbursements between the Corporation and the Utility. 

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12. PAYMENTS ON PRE-PETITION DEBT

The following reflects the payments for the month ended June 30, 2019 made in accordance with the authority granted by the 

Bankruptcy Court pursuant to the First Day Motions.

(in millions)

First Day Motions Disbursed in Month

Operational Integrity Supplier $ 15

Cash Management —

NGX - CAISO 1

Public Purpose Programs 7

Shippers / Liens 14

Tax 1

Employee Wage and Benefits 5

Insurance 1

503(b)(9) (1) 8

Total $ 52

(1) Pursuant to the Operational Integrity Motion Debtors are allowed to pay valid 503(b)(9) claims.

13. PAYMENTS FOR RETAINED PROFESSIONALS

The following reflects payments made to retained bankruptcy professionals during the month ended June 30, 2019.

(in ones)

Name Payment Date Total Payments for the Month

Baker & Hostettler, LLP 6/5/2019 & 6/26/19 $ 2,319,212

AP Services, LLC 6/7/2019 1,053,104

Milbank LLP 6/26/2019 1,281,274

Total $ 4,653,590

14. PAYMENTS TO INSIDERS

The following reflects the cash payments made to insiders of the Corporation and the Utility during the month ended June 30, 

2019. Other than reimbursement for reasonable expenses incurred in connection with attending Board of Directors meetings, 

Board of Directors committee meetings, or participating in other activities undertaken on behalf of the Corporation and the 

Utility, there were no payments made to non-employee directors during the reporting period.

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Section 16 officers of the Corporation and/or the Utility.

(in ones) Total Payments 

for Month (2) Name Title (1)

Melvin J. Christopher Vice President, Gas Operations $ 25,567 (3)

Loraine M. Giammona Senior Vice President and Chief Customer Officer 44,076

William D. Johnson Chief Executive Officer and President, PG&E Corporation 208,333

Julie M. Kane

Senior Vice President, Chief Ethics and Compliance Officer, and Deputy

General Counsel, PG&E Corporation and Pacific Gas and Electric Company 39,433

Kathleen B. Kay Senior Vice President and Chief Information Officer 34,748

Michael A. Lewis Senior Vice President, Electric Operations 37,500

Janet C. Loduca

Senior Vice President and General Counsel, PG&E Corporation and Pacific

Gas and Electric Company 61,866

Dinyar B. Mistry

Senior Vice President, Human Resources and Chief Diversity Officer, PG&E

Corporation and Pacific Gas and Electric Company 42,667

John R. Simon Executive Vice President, PG&E Corporation 50,317

Jesus Soto, Jr. Senior Vice President, Gas Operations 47,917 (4)

David S. Thomason

Vice President, Chief Financial Officer, and Controller, Pacific Gas and 

Electric Company

Vice President and Controller, PG&E Corporation 27,083

Fong Wan Senior Vice President, Energy Policy and Procurement 34,483

Jason P. Wells Executive Vice President and Chief Financial Officer, PG&E Corporation 52,500

James M. Welsch Senior Vice President and Chief Nuclear Officer $ 52,563 (5)

(1) Except as otherwise noted, all positions have been held at the Utility.

(2) Payments primarily consist of salary.

(3) Mr. Christopher was appointed as Vice President, Gas Operations, effective June 3, 2019. 

(4) Mr. Soto resigned from the Utility on June 3, 2019.

(5) Includes annual perquisite allowance of $5,000 paid in June 2019.

15. REORGANIZATION ITEMS

The following reflects reorganization items, net, post-petition through June 30, 2019:

(in millions)

Pacific Gas &

Electric Company PG&E Corporation

PG&E Corporation

Consolidated

Debtor-in-possession financing costs $ 97 $ 17 $ 114

Legal and other 98 2 100

Interest income (27) (5) (32)

Adjustments to LSTC — — —

Trustee fees (1) — 1 1

Total reorganization items, net $ 168 $ 15 $ 183

(1) At June 30, 2019, the Corporation and the Utility accrued $416,667 and $250,000, respectively, in fees to the U.S. Trustee.

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