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BAKER 

&

HOSTETLER LLP

ATTORNEYS AT LAW SAN FRANCISCO 

EXHIBIT E

Case: 19-30088 Doc# 2021-7 Filed: 05/15/19 Entered: 05/15/19 15:59:18 Page 1

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report: February 28, 2019

(Date of earliest event reported)

Commission 

File

Number

Exact Name of Registrant

as specified in its charter

State or Other Jurisdiction of

Incorporation or Organization

IRS Employer 

Identification

Number

1-12609 PG&E CORPORATION California 94-3234914

1-2348 PACIFIC GAS AND ELECTRIC

COMPANY

California 94-0742640

77 Beale Street

P.O. Box 770000

San Francisco, California 94177

(Address of principal executive offices) (Zip Code)

(415) 973-1000

(Registrant’s telephone number, including area code)

77 Beale Street

P.O. Box 770000

San Francisco, California 94177

(Address of principal executive offices) (Zip Code)

(415) 973-7000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following

provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or

Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company PG&E Corporation ☐

Emerging growth company Pacific Gas and Electric Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or

revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

PG&E Corporation ☐ Pacific Gas and Electric Company ☐

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Item 2.02 Results of Operations and Financial Condition

On February 28, 2019, PG&E Corporation issued a press release reporting its financial results and the financial results of its subsidiary,

Pacific Gas and Electric Company (the “Utility”), for the quarter and year ended December 31, 2018. The press release is attached as Exhibit

99.1 to this report. A slide presentation, which includes supplemental information relating to PG&E Corporation and the Utility, is attached as

Exhibit 99.2 to this report. The Exhibits will be posted on PG&E Corporation’s website at http://investor.pgecorp.com.

The information included in this Current Report on Form 8-K (other than under Item 8.01) is being furnished, and shall not be deemed to be

“filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the

liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended

(the “Securities Act”).

Item 7.01 Regulation FD Disclosure

Exhibits

The information included in the Exhibits to this report is incorporated by reference in response to this Item 7.01, is being “furnished” and

shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor

shall it be deemed to be incorporated by reference in any filing under the Securities Act.

Public Dissemination of Certain Information

PG&E Corporation and the Utility routinely provide links to the Utility’s principal regulatory proceedings before the California Public

Utilities Commission (“CPUC”) and the Federal Energy Regulatory Commission (“FERC”) at http://investor.pgecorp.com, under the

“Regulatory Filings” tab, so that such filings are available to investors upon filing with the relevant agency. PG&E Corporation and the

Utility also routinely post or provide direct links to presentations, documents, and other information that may be of interest to investors at

http://investor.pgecorp.com, under the “News & Events: Events & Presentations” tab and links to certain documents and information related

to the 2018 Camp fire, 2017 Northern California wildfires, and 2015 Butte fire which may be of interest to investors, at

http://investor.pgecorp.com, under the “Wildfire Updates” tab, in order to publicly disseminate such information. It is possible that any of

these filings or information included therein could be deemed to be material information. The information contained on such website is not

part of this or any other report that PG&E Corporation or the Utility files with, or furnishes to, the Securities and Exchange Commission.

Item 8.01 Other Events

On February 28, 2019, PG&E Corporation provided an update on the expected financial impact of the 2018 Camp fire and 2017 Northern

California wildfires as part of the announcement of its full year and fourth quarter 2018 financial results. Although the cause of the 2018

Camp fire is still under investigation, based on the information currently known to PG&E Corporation and reported to the CPUC and other

agencies, PG&E Corporation believes it is probable that the Utility’s equipment will be determined to be an ignition point of the 2018 Camp

fire.

Item 9.01 Financial Statements and Exhibits

Exhibits

The following Exhibits are being furnished, and are not deemed to be filed:

 Exhibit 99.1 Press release dated February 28, 2019

 Exhibit 99.2 Slide presentation dated February 28, 2019

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf

by the undersigned thereunto duly authorized.

 PG&E CORPORATION

By: /s/ Jason P. Wells

Dated: February 28, 2019 Jason P. Wells

Senior Vice President and Chief Financial Officer

PACIFIC GAS AND ELECTRIC COMPANY

By: /s/ David S. Thomason

Dated: February 28, 2019 David S. Thomason

Vice President, Chief Financial Officer and Controller

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Exhibit 99.1

Investor Relations Contact: 415.972.7080 | Media Inquiries Contact: 415.973.5930 | www.pgecorp.com

February 28, 2019

PG&E Corporation Provides Update on Financial Impact of 2017 and 2018 Wildfires;

Reports on Progress of Enhanced Wildfire Safety Inspections

Reports Full-Year and Fourth-Quarter 2018 Earnings ◾ Records $10.5 Billion Charge Related to 2018 Camp Fire and Additional $1.0 Billion Charge Related to 2017 Northern

California Wildfires ◾ Caribou-Palermo Transmission Line in Butte County Associated with 2018 Camp Fire to Remain Out of Service Until

Determined to Be Fully Safe or Decommissioned ◾ Completes Two-Thirds of Enhanced Electric Transmission Inspections in High Fire-Threat Areas Since November 2018

San Francisco, Calif. — PG&E Corporation (NYSE: PCG) today provided an update on the expected financial impact of the

2018 Camp Fire and 2017 Northern California wildfires as part of the announcement of its full-year and fourth-quarter 2018

financial results. Although the cause of the 2018 Camp Fire is still under investigation, based on the information currently known

to the company and reported to the California Public Utilities Commission (CPUC) and other agencies, the company believes it is

probable that its equipment will be determined to be an ignition point of the 2018 Camp Fire.

PG&E’s belief is based on information previously reported to the CPUC through two Electric Incident Reports (EIRs) and a

supplement letter, which stated: • On CAL FIRE’s website, the agency has identified coordinates for the 2018 Camp Fire near a tower on PG&E’s

Caribou-Palermo 115 kV Transmission Line and has identified the start time of the 2018 Camp Fire as 6:33 a.m. on

November 8, 2018. • At approximately 6:15 a.m., the Caribou-Palermo 115 kV Transmission Line relayed and deenergized. At approximately

6:30 a.m. that day, a PG&E employee observed fire in the vicinity of Tower :27/222, and this observation was reported

to 911. Later that day, PG&E observed damage on the line at Tower :27/222. Specifically, an aerial patrol identified that

a suspension insulator supporting a transposition jumper had separated from an arm on Tower :27/222. • On November 14, 2018, the company observed a broken C-hook attached to the separated suspension insulator that

had connected the suspension insulator to a tower arm, along with wear at the connection point. In addition, a flash

mark was observed on Tower :27/222 near where the transposition jumper was suspended and damage to the

transposition jumper and suspension insulator was identified. • In addition to the events on the Caribou-Palermo 115 kV Transmission Line, at approximately 6:45 a.m. on November 8,

2018, PG&E’s Big Bend 1101 12 kV Circuit experienced an outage. PG&E employees subsequently patrolling the

location observed damage to the pole and equipment and downed wires. Although CAL FIRE has identified this location

as a potential ignition point, based on the condition of the site PG&E has not been able to determine whether the Big

Bend 1101 12 kV Circuit may be a probable ignition point.

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Based on these facts, the company is including a $10.5 billion pre-tax charge related to third-party claims in connection with the

2018 Camp Fire in its full-year and fourth-quarter 2018 financial results.

The company is also recording a new $1.0 billion pre-tax charge related to the 2017 Northern California wildfires. The $1.0 billion

charge is in addition to the previously recorded $2.5 billion charge in the second quarter of 2018. The new $1.0 billion charge

relates to the 2017 Atlas and Cascade fires, which were not included in the prior $2.5 billion charge. The company has taken a

total of $14.0 billion in pre-tax charges related to the 2018 Camp Fire and the 2017 Northern California wildfires to date, which

reflects the lower end of the range of estimated losses the company faces from such wildfires. The charges represent a portion

of the previously announced estimate of potential wildfire liabilities, which could exceed more than $30 billion.

Enhanced Electric Transmission & Distribution Inspections

To help further reduce wildfire risk, PG&E is inspecting its electrical equipment in areas at elevated (Tier 2) and extreme (Tier 3)

wildfire risk based on the CPUC’s High Fire-Threat District Map . PG&E has completed more than two-thirds of the enhanced inspections (including visual, ground and climbing) of its 5,500 miles

of transmission lines and approximately 50,000 transmission structures, including towers and poles, in high fire-threat areas. The

company is taking action right away to address any issues that pose an immediate risk to public safety, in advance of this year’s

wildfire season.

The company expects to complete the remaining inspections of its electric transmission lines by the end of March 2019. Similar

inspections of approximately 685,000 distribution poles across more than 25,000 miles of distribution lines began in February

2019. These enhanced distribution inspections are expected to be complete by the end of May 2019, pending any weather or

access constraints.

In addition to providing the results to the company’s regulator and other agencies, PG&E intends to provide a further update on

its inspections to its customers and communities when they are completed.

“We recognize that more must be done to adapt to and address the increasing threat of wildfires and extreme weather in order to

keep our customers and communities safe,” said John Simon, Interim Chief Executive Officer of PG&E Corporation. “We are

taking action now on important safety and maintenance measures identified through our accelerated and enhanced safety

inspections and will continue to keep our regulators, customers and investors informed of our efforts.”

This enhanced inspection work is being performed as part of the company’s Community Wildfire Safety Program, implemented

following the 2017 Northern California wildfires as additional precautionary measures intended to further reduce wildfire risk. The

accelerated inspection program is in addition to routine inspections and maintenance programs already performed in accordance

with state and federal regulatory requirements. Considering the growing threat of extreme weather and wildfires, PG&E has

enhanced the criteria used for inspections using a risk-based approach to identify components on electric towers and poles that

have the potential to initiate fires.

“All 24,000 PG&E employees are public safety officers in the communities we have the privilege to serve. We have heard the

calls for change and are committed to taking action by focusing our resources on reducing risk and improving safety throughout

our system,” said Simon.

Caribou-Palermo Electric Transmission Line

As previously noted, PG&E filed two EIRs on November 8 and 14, 2018, as well as a supplemental publicly-released letter dated

December 11, 2018, concerning the Caribou-Palermo transmission line.

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The 56-mile Caribou-Palermo electric transmission line has been de-energized since December 2018. Preliminary results from

the enhanced inspections on this transmission line have identified some equipment conditions that require repair or replacement.

As a result, this entire transmission line will remain out of service until it is verified to be fully safe or decommissioned. The 115

kV circuit runs from PG&E’s Caribou Powerhouse in Plumas County to PG&E’s Palermo Substation in Butte County.

Chapter 11 Reorganization

As previously announced, on January 29, 2019, PG&E Corporation and its subsidiary, Pacific Gas and Electric Company (the

Utility), voluntarily filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Throughout the Chapter 11 process,

PG&E Corporation and the Utility remain committed to delivering safe and reliable electric and natural gas service to customers,

and to continuing to make critical investments in system safety and maintenance. This includes PG&E Corporation’s and the

Utility’s work to further reduce the risk of wildfire in the communities it serves, and to rebuild infrastructure in areas impacted by

wildfires.

In addition, as previously announced, PG&E Corporation’s and the Utility’s respective Boards of Directors continue to actively

assess the Utility’s operations, finances, management, structure and governance—and remain focused on improving safety and

operational effectiveness.

Fourth-Quarter and Full-Year 2018 Results

PG&E Corporation’s full-year net losses attributable to common shareholders were $6.9 billion, or $13.25 per share, as reported

in accordance with generally accepted accounting principles (GAAP). This compares to net income available to common

shareholders of $1.6 billion, or $3.21 per share, for the full year 2017. For the fourth quarter of 2018, GAAP results were net

losses of $6.9 billion, or $13.24 per share, compared to net income of $114 million, or $0.22 per share for the same quarter in

2017. As noted above, in 2018, PG&E Corporation recognized wildfire-related pre-tax charges of $14.0 billion for third-party

claims (consisting of $10.5 billion for the 2018 Camp Fire and $3.5 billion for the 2017 Northern California wildfires), partially

offset by probable insurance recoveries of $2.2 billion.

GAAP results include items that management does not consider part of normal, ongoing operations (items impacting

comparability), which totaled $8.9 billion after-tax, or $17.25 per share, for the year. This was primarily driven by third-party

claims, net of probable insurance recoveries, and legal and other costs related to the 2018 Camp Fire and 2017 Northern

California wildfires. This was partially offset by a reduction in natural gas-related capital disallowance estimates and 2017

insurance premium cost recoveries. Items impacting comparability for the year also include legal costs related to the 2015 Butte

fire and costs to clear pipeline rights-of-way.

The company is facing extraordinary challenges relating to the 2018 Camp Fire and 2017 Northern

California wildfires. Management has concluded that these circumstances raise substantial doubt

about PG&E Corporation’s and the Utility’s ability to continue as going concerns, and their

independent registered public accountants have included an explanatory paragraph in their

auditors’ report which states certain conditions exist which raise substantial doubt about PG&E

Corporation’s and the Utility’s ability to continue as going concerns in relation to the foregoing.

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Non-GAAP Earnings from Operations

PG&E Corporation’s non-GAAP earnings from operations, which exclude items impacting comparability (IIC), were $2.1 billion,

or $4.00 per share, for the full year of 2018. This is compared to $1.9 billion, or $3.68 per share, for 2017. For the fourth quarter

of 2018, non-GAAP earnings from operations were $417 million, or $0.80 per share, compared to $327 million, or $0.63 per

share, during the same period in 2017. For the full year and the fourth quarter of 2018, non-GAAP earnings from operations

exclude, among other things, the impact of wildfire-related costs, net of probable insurance recoveries, in an aggregate after-tax

amount of $8.9 billion (consisting of $6.8 billion for the 2018 Camp Fire and $2.1 billion for the 2017 Northern California wildfires)

and $7.3 billion (consisting of $6.8 billion for the 2018 Camp Fire and $0.5 billion for the 2017 Northern California wildfires),

respectively.

The increase in quarter-over-quarter non-GAAP earnings from operations was primarily driven by a reduction in short-term

incentive compensation, growth in rate base earnings, timing of operational spend in 2017, and probable cost recoveries of

insurance premiums incurred in 2018 above amounts included in authorized revenue requirements, partially offset by costs to

perform enhanced vegetation management work and the timing of taxes.

PG&E Corporation discloses “non-GAAP earnings from operations,” which is a non-GAAP financial measure, in order to provide

a measure that allows investors to compare the underlying financial performance of the business from one period to another,

exclusive of items impacting comparability. See the accompanying tables for a reconciliation of non-GAAP earnings from

operations to PG&E Corporation’s earnings (loss) on a GAAP basis.

IIC Guidance

At this time, PG&E Corporation is not providing guidance for 2019 GAAP earnings and non-GAAP earnings from operations due

to the continuing uncertainty related to the 2018 Camp Fire and the 2017 Northern California wildfires and the Chapter 11

proceedings. PG&E Corporation is providing 2019 IIC guidance of $670 million to $907 million after-tax for costs related to the

2018 Camp Fire and 2017 Northern California wildfires, electric asset inspections, and Chapter 11-related matters.

IIC guidance is based on various assumptions and forecasts related to future expenses and certain other factors.

Supplemental Financial Information

In addition to the financial information accompanying this release, presentation slides have been furnished on Form 8-K to the

Securities and Exchange Commission and are available on PG&E Corporation’s website at:

http://investor.pgecorp.com/financials/quarterly-earnings-reports/default.aspx.

Public Dissemination of Certain Information

PG&E Corporation and the Utility routinely provide links to the Utility’s principal regulatory proceedings with the CPUC and the

Federal Energy Regulatory Commission (FERC) at http://investor.pgecorp.com, under the “Regulatory Filings” tab, so that such

filings are available to investors upon filing with the relevant agency. PG&E Corporation and the Utility also routinely post, or

provide direct links to, presentations, documents, and other information that may be of interest to investors at

http://investor.pgecorp.com, under the “Wildfire Updates” and “News & Events: Events & Presentations” tabs, respectively, in

order to publicly disseminate such information. It is possible that any of these filings or information included therein could be

deemed to be material information.

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About PG&E Corporation

PG&E Corporation (NYSE: PCG) is a holding company headquartered in San Francisco. It is the parent company of Pacific Gas

and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in

Northern and Central California. Each of PG&E Corporation and the Utility is a separate entity, with distinct creditors and

claimants, and is subject to separate laws, rules and regulations. For more information, visit http://www.pgecorp.com. In this

press release, they are together referred to as “PG&E.”

Forward-Looking Statements

This press release contains forward-looking statements that are not historical facts, including statements about the beliefs,

expectations, estimates, future plans and strategies of PG&E Corporation and the Utility, as well as forecasts and estimates

regarding potential liability in connection with the 2018 Camp Fire and 2017 Northern California wildfires, the company’s

Community Wildfire Safety Program, and PG&E Corporation’s 2019 IIC guidance. These statements are based on current

expectations and assumptions, which management believes are reasonable, and on information currently available to

management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove

to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking

statements include factors disclosed in PG&E Corporation’s and the Utility’s annual report on Form 10-K for the year ended

December 31, 2018 and other reports filed with the SEC, which are available on PG&E Corporation’s website at

www.pgecorp.com and on the SEC website at www.sec.gov. Additional factors include, but are not limited to, those associated

with the Chapter 11 cases of PG&E Corporation and the Utility that commenced on January 29, 2019. PG&E Corporation and

the Utility undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information,

future events or otherwise, except to the extent required by law.

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PG&E CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(in millions, except per share amounts)

 Year ended December 31,

2018 2017 2016

Operating Revenues 

 Electric $ 12,713 $ 13,124 $ 13,864 

 Natural gas 4,046 4,011 3,802 

 Total operating revenues 16,759 17,135 17,666 

 Operating Expenses 

 Cost of electricity 3,828 4,309 4,765 

 Cost of natural gas 671 746 615 

 Operating and maintenance 7,153 6,321 7,326 

 Wildfire-related claims, net of insurance recoveries 11,771 — 125 

 Depreciation, amortization, and decommissioning 3,036 2,854 2,755 

 Total operating expenses 26,459 14,230 15,586 

 Operating Income (Loss) (9,700) 2,905 2,080 

 Interest income 76 31 23 

 Interest expense (929) (888) (829)

 Other income, net 424 123 188 

 Income (Loss) Before Income Taxes (10,129) 2,171 1,462 

 Income tax provision (benefit) (3,292) 511 55 

 Net Income (Loss) (6,837) 1,660 1,407 

 Preferred stock dividend requirement of subsidiary 14 14 14 

 Income (Loss) Available for Common Shareholders $ (6,851) $ 1,646 $ 1,393 

 Weighted Average Common Shares Outstanding, Basic 517 512 499 

 Weighted Average Common Shares Outstanding, Diluted 517 513 501 

 Net Earnings (Loss) Per Common Share, Basic $ (13.25) $ 3.21 $ 2.79 

 Net Earnings (Loss) Per Common Share, Diluted $ (13.25) $ 3.21 $ 2.78 

 

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Reconciliation of PG&E Corporation’s Consolidated Income Available for Common Shareholders in Accordance with

Generally Accepted Accounting Principles (“GAAP”) to Non-GAAP Earnings from Operations

Fourth Quarter and Year to Date, 2018 vs. 2017

(in millions, except per share amounts)

 Three Months Ended December 31, Year Ended December 31,

 Earnings Earnings per 

Common Share 

(Diluted) Earnings Earnings per 

Common Share 

(Diluted)

(in millions, except per share amounts) 2018 2017 2018 2017 2018 2017 2018 2017 

PG&E Corporation’s Earnings (Loss) on a GAAP basis $ (6,873) $ 114 $ (13.24) $ 0.22 $ (6,851) $ 1,646 $ (13.25) $ 3.21 

Items Impacting Comparability: (1) 2018 Camp fire-related costs, net of insurance (2) 6,823 — 13.15 — 6,823 — 13.20 — 2017 Northern California wildfire-related costs, net of insurance (3) 452 49 0.87 0.09 2,090 49 4.04 0.09 

Pipeline-related expenses (4) 8 7 0.02 0.01 33 52 0.06 0.10 

2015 Butte fire-related costs, net of insurance (5) 7 9 0.01 0.02 24 36 0.05 0.07 

Reduction in gas-related capital disallowances (6) — — — — (27) — (0.05) — 2017 insurance premium cost recoveries (7) — — — — (23) — (0.05) — Tax Cuts and Jobs Act transition impact (8) — 147 — 0.29 — 147 — 0.29 

Fines and penalties (9) — — — — — 47 — 0.09 

Diablo Canyon settlement-related disallowance (10) — — — — — 32 — 0.06 

Legal and regulatory-related expenses (11) — 1 — — — 6 — 0.01 

GT&S revenue timing impact (12) — — — — — (88) — (0.17)

Net benefit from derivative litigation settlement (13) — — — — — (38) — (0.07)

 PG&E Corporation’s Non-GAAP Earnings from 

Operations (14) $ 417 $ 327 $ 0.80 $ 0.63 $ 2,069 $ 1,889 $ 4.00 $ 3.68 

 All amounts presented in the table above are tax adjusted at PG&E Corporation’s statutory tax rate of 27.98% for 2018 and 40.75% for 2017, except for certain

fines and penalties in 2017. Amounts may not sum due to rounding.

(1) “Items impacting comparability” represent items that management does not consider part of the normal course of operations and affect comparability of

financial results between periods, consisting of the items listed in the table above. See Use of Non-GAAP Financial Measures.

(2) The Utility incurred costs, net of insurance, of $9.5 billion (before the tax impact of $2.7 billion) during the three and twelve months ended December 31,

2018 associated with the 2018 Camp fire. This includes accrued charges of $10.5 billion (before the tax impact of $2.9 billion) during the three and twelve

months ended December 31, 2018 related to estimated third-party claims. The Utility also recorded $185 million (before the tax impact of $52 million) during

the three and twelve months ended December 31, 2018 reflecting the accelerated amortization of prepaid insurance premiums for single event coverage

policies. In addition, the Utility incurred costs of $169 million (before the tax impact of $47 million) during the three and twelve months ended December 31,

2018 for clean-up and repair costs. These costs were partially offset by $1.4 billion (before the tax impact of $386 million) recorded during the three and

twelve months ended December 31, 2018 for probable insurance recoveries.

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(in millions, pre-tax) Three Months Ended 

December 31, 2018 Year Ended December 31, 2018

Third-party claims $ 10,500 $ 10,500 

Accelerated amortization of prepaid insurance premiums 185 185 

Utility clean-up and repair costs 169 169 

Insurance recoveries (1,380) (1,380)

 2018 Camp fire-related costs, net of insurance $ 9,474 $ 9,474 

 (3) The Utility incurred costs, net of insurance, of $629 million (before the tax impact of $176 million) and $2.9 billion (before the tax impact of $813 million)

during the three and twelve months ended December 31, 2018, respectively, associated with the 2017 Northern California wildfires. This includes accrued

charges of $1 billion (before the tax impact of $280 million) and $3.5 billion (before the tax impact of $979 million) during the three and twelve months ended

December 31, 2018, respectively, related to third-party claims. The Utility also recorded $85 million (before the tax impact of $24 million) and $205 million

(before the tax impact of $57 million) during the three and twelve months ended December 31, 2018, respectively, for legal and other costs. In addition, the

Utility incurred costs of $40 million (before the tax impact of $11 million) during the twelve months ended December 31, 2018 for Utility clean-up and repair

costs. These costs were partially offset by $456 million (before the tax impact of $128 million) and $842 million (before the tax impact of $236 million)

recorded during the three and twelve months ended December 31, 2018, respectively, for probable insurance recoveries.

(in millions, pre-tax) Three Months Ended December 31, 2018 Year Ended December 31, 2018

Third-party claims $ 1,000 $ 3,500 

Legal and other costs 85 205 

Utility clean-up and repair costs — 40 

Insurance recoveries (456) (842)

 2017 Northern California wildfire-related costs, net of insurance $ 629 $ 2,903 

 (4) The Utility incurred costs of $11 million (before the tax impact of $3 million) and $46 million (before the tax impact of $13 million) during the three and

twelve months ended December 31, 2018, respectively, for pipeline-related expenses incurred in connection with the multi-year effort to identify and remove

encroachments from transmission pipeline rights-of-way.

(5) The Utility incurred costs, net of insurance, of $9 million (before the tax impact of $2 million) and $40 million (before the tax impact of $11 million) during

the three and twelve months ended December 31, 2018, respectively, associated with legal costs for the 2015 Butte fire. These costs were partially offset by

$7 million (before the tax impact of $2 million) recorded during the twelve months ended December 31, 2018 for contractor insurance recoveries.

(in millions, pre-tax) Three Months Ended December 31, 2018 Year Ended December31, 2018

Legal costs

 $

 9 $ 40 

Insurance recoveries — (7)

 2015 Butte fire-related costs, net of insurance $ 9 $ 33 

 (6) The Utility reduced the estimated disallowance for gas-related capital costs that were expected to exceed authorized amounts by $38 million (before the tax

impact of $11 million) during the twelve months ended December 31, 2018. The Utility had previously recorded $85 million (before the tax impact of $35

million) in 2016 for probable capital disallowances in the 2015 Gas Transmission and Storage (“GT&S”) rate case. From 2012 through 2014, the Utility had

recorded cumulative charges of $665 million (before the tax impact of $271 million) for disallowed Pipeline Safety Enhancement Plan (“PSEP”) related

capital expenditures.

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(7) As a result of the California Public Utilities Commission’s (“CPUC”) June 2018 decision authorizing a Wildfire Expense Memorandum Account (“WEMA”),

the Utility recorded $32 million (before the tax impact of $9 million) during the twelve months ended December 31, 2018 for probable cost recoveries of

insurance premiums incurred in 2017 above amounts included in authorized revenue requirements.

(8) PG&E Corporation and the Utility incurred total after-tax costs of $147 million during the three and twelve months ended December 31, 2017, as a result of

the Tax Cuts and Jobs Act, which was signed into law on December 22, 2017. The Utility recorded a one-time, after-tax charge of $64 million during the three

and twelve months ended December 31, 2017, primarily related to deferred tax assets associated with disallowed plant, and PG&E Corporation recorded a

one-time, after-tax charge of $83 million during the three and twelve months ended December 31, 2017, primarily related to net operating loss carryforwards.

(9) The Utility incurred costs of $71 million (before the tax impact of $24 million) during the twelve months ended December 31, 2017, for fines and penalties.

This included disallowed expenses of $32 million (before the tax impact of $13 million) during the twelve months ended December 31, 2017, associated with

safety-related cost disallowances imposed by the CPUC in its April 9, 2015 decision (“San Bruno Penalty Decision”) in the gas transmission pipeline

investigations. The Utility also recorded $15 million (before the tax impact of $6 million) during the twelve months ended December 31, 2017, for

disallowances imposed by the CPUC in its final phase two decision of the 2015 GT&S rate case for prohibited ex parte communications. In addition, the

Utility recorded $24 million (before the tax impact of $5 million) during the twelve months ended December 31, 2017, for financial remedies in connection

with the settlement filed with the CPUC on March 28, 2017, related to the order instituting investigation into compliance with ex parte communication rules.

(10) The Utility recorded a disallowance of $47 million (before the tax impact of $15 million) during the twelve months ended December 31, 2017, comprised of

canceled projects of $24 million (before the tax impact of $6 million) and disallowed license renewal costs of $23 million (before the tax impact of $9

million), as a result of the settlement agreement submitted to the CPUC in connection with the Utility’s joint proposal to retire the Diablo Canyon Power Plant.

(11) The Utility incurred costs of $2 million (before the tax impact of $1 million) and $10 million (before the tax impact of $4 million) during the three and twelve

months ended December 31, 2017, respectively, for legal and regulatory related expenses incurred in connection with various enforcement, regulatory, and

litigation activities regarding natural gas matters and regulatory communications.

(12) The Utility recorded revenues of $150 million (before the tax impact of $62 million) during the twelve months ended December 31, 2017 in excess of the 2017

authorized revenue requirement, which included the final component of under-collected revenues retroactive to January 1, 2015, as a result of the CPUC’s

final phase two decision in the 2015 GT&S rate case.

(13) PG&E Corporation recorded proceeds from insurance, net of plaintiff payments, of $65 million (before the tax impact of $27 million) during the three and

twelve months ended December 31, 2017, associated with the settlement agreement in connection with the San Bruno shareholder derivative litigation that was

approved by the Superior Court of California, County of San Mateo, on July 18, 2017. This included $90 million (before the tax impact of $37 million) during

the three and twelve months ended December 31, 2017, for proceeds from insurance, partially offset by $25 million (before the tax impact of $10 million)

during the three and twelve months ended December 31, 2017, for plaintiff legal fees paid in connection with the settlement.

(14) “Non-GAAP earnings from operations” is a non-GAAP financial measure. See Use of Non-GAAP Financial Measures.

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Use of Non-GAAP Financial Measures

PG&E Corporation and Pacific Gas and Electric Company

PG&E Corporation discloses historical financial results and provides guidance based on “non-GAAP earnings from operations” and “non-GAAP EPS from

operations” in order to provide a measure that allows investors to compare the underlying financial performance of the business from one period to another,

exclusive of items impacting comparability.

“Non-GAAP earnings from operations” is a non-GAAP financial measure and is calculated as income available for common shareholders less items impacting

comparability. “Items impacting comparability” represent items that management does not consider part of the normal course of operations and affect

comparability of financial results between periods, consisting of the items listed in previous exhibit. “Non-GAAP EPS from operations” also referred to as

“non-GAAP earnings per share from operations” is a non-GAAP financial measurement and is calculated as non-GAAP earnings from operations divided by

common shares outstanding (diluted). PG&E Corporation uses non-GAAP earnings from operations and non-GAAP EPS from operations to understand and

compare operating results across reporting periods for various purposes including internal budgeting and forecasting, short- and long-term operating planning, and

employee incentive compensation. PG&E Corporation believes that non-GAAP earnings from operations and non-GAAP EPS from operations provide additional

insight into the underlying trends of the business, allowing for a better comparison against historical results and expectations for future performance.

Non-GAAP earnings from operations and non-GAAP EPS from operations are not substitutes or alternatives for GAAP measures such as consolidated income

available for common shareholders and may not be comparable to similarly titled measures used by other companies.

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Exhibit 99.2

FOURTH QUARTER EARNINGS CALL February 9, 2018 

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Forward Looking Statements This slide presentation contains statements regarding management’s expectations and objectives for future periods as well as forecasts and estimates regarding the impact of the Tax Cuts and Jobs Act of 2017, 2018 IIC guidance, 2017-2019 capital expenditures, 2017-2019 weighted average ratebase, equity needs and sources, and general earnings sensitivities. It also includes assumptions regarding capital expenditures, authorized rate base, authorized cost of capital, and certain other factors. These statements and other statements that are not purely historical constitute forward-looking statements that are necessarily subject to various risks and uncertainties. Actual results may differ materially from current expectations. PG&E Corporation and the Utility are not able to predict all the factors that may affect future results. Factors that could cause actual results to differ materially include, but are not limited to: ï,· the impact of the Northern California wildfires, including the costs of restoration of service to customers and repairs to the Utility’s facilities, and whether the Utility is able to recover such costs through CEMA; the timing and outcome of the wildfire investigations; whether the Utility may have liability associated with these fires; if liable for one or more fires, whether the Utility would be able to recover all or part of such costs through insurance or through regulatory mechanisms, to the extent insurance is not available or exhausted; and potential liabilities in connection with fines or penalties that could be imposed on the Utility if the CPUC or any other law enforcement agency brought an enforcement action and determined that the Utility failed to comply with applicable laws and regulations;ï,· the impact of the Tax Cuts and Jobs Act of 2017, and the timing and outcome of the CPUC decision related to the Utility’s future filings in connection with the impact of the Tax Cuts and Jobs Act of 2017 on the Utility’s rate cases and its implementation plan;ï,· the Utility’s ability to efficiently manage capital expenditures and its operating and maintenance expenses within the authorized levels of spending and timely recover

its costs through rates, and the extent to which the Utility incurs unrecoverable costs that are higher than the forecasts of such costs; ï,· the timing and outcomes of the TO18 and TO19 rate cases and other ratemaking and regulatory proceedings; ï,· the timing and outcomes of the ex parte OII and the safety culture OII;ï,· the timing and outcome of the Butte fire litigation; the timing and outcome of any proceeding to recover costs in excess of insurance from customers, if any; the effect, if any, that the SED’s $8.3 million citations issued in connection with the Butte fire may have on the Butte fire litigation; and whether additional investigations and proceedings in connection with the Butte fire will be opened and any additional fines or penalties imposed on the Utility;ï,· whether the CPUC approves the Utility’s application to establish a WEMA to track wildfire expenses and to preserve the opportunity for the Utility to request recovery of wildfire costs in excess of insurance at a future date, and the outcome of any potential request to recover such costs; ï,· whether the Utility can continue to obtain insurance and whether insurance coverage is adequate for future losses or claims;ï,· the outcome of the probation and the monitorship, the timing and outcomes of the debarment proceeding, the SED’s unresolved enforcement matters relating to the Utility’s compliance with natural gas-related laws and regulations, and other investigations that have been or may be commenced, and the ultimate amount of fines, penalties, and remedial and other costs that the Utility may incur as a result;ï,· the ability of PG&E Corporation and the Utility to access capital markets and other sources of debt and equity financing in a timely manner on acceptable terms;ï,· changes in credit ratings which could, among other things, result in higher borrowing costs and fewer financing options, especially if PG&E Corporation or the Utility were to lose their investment grade credit ratings; andï,· the other factors disclosed in PG&E Corporation and the Utility’s joint annual report on Form 10-K for the year ended December 31, 2017 and other reports filed with the SEC, which are available on PG&E Corporation’s website at www.pgecorp.com and on the SEC website at www.sec.gov. This presentation is not complete without the accompanying statements made by management during the webcast conference call held on February 9, 2018. The statements in this presentation are made as of February 9, 2018. PG&E Corporation undertakes no obligation to update information contained herein. This presentation, including Appendices, and the accompanying press release were attached to PG&E Corporation’s Current Report on Form 8-K that was furnished to the SEC on February 9, 2018 and, along with the replay of the conference call, is also available on PG&E Corporation’s website at www.pgecorp.com. 2 

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Inverse Condemnation Strategies Regulatory Requested rehearing of CPUC’s decision in San Diego Gas & Electric’s wildfire cost recovery proceeding Legal Asked trial court in Butte fire case to reconsider interpretation of the application of inverse condemnation Legislative Informing lawmakers on impacts of climate change and the need for comprehensive solutions 

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Tax Cuts and Jobs Act Expected Impact Annual reduction in customer revenue driven ~$500M Lower Customer Bills by lower corporate tax rate annual revenue reduction Faster net operating loss amortization and 2020 Cash Tax Payments ~1 year acceleration of federal tax payments estimated year federal tax payments begin Higher ratebase growth and increased earnings primarily driven by elimination of ~$800M Ratebase Growth bonus depreciation; $500M in 2018 and an incremental ratebase additional $300M in 2019 in 2019 Higher financing needs driven by incremental ~$400M Financing Needs ratebase growth; additional equity needs of incremental equity ~$200M in 2018 and 2019 needs through 2019 Tax Cuts and Jobs Act results in lower customer bills and higher ratebase growth Tax reform implementation is subject to CPUC review. See the Forward Looking Statements for factors that could cause actual results to differ materially from the guidance presented and underlying assumptions. 4

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Q4 2017 Earnings Results Q4 2017 Earnings Earnings EPS EPS (millions) (millions) Earnings on a GAAP basis $ 114 $ 0.22 $ 1,646 $ 3.21 Items Impacting Comparability Tax Cuts and Jobs Act transition impact (1) 147 0.29 147 0.29 Northern California wildfire-related costs 49 0.09 49 0.09 Butte fire-related costs, net of insurance 9 0.02 36 0.07 Pipeline related expenses 7 0.01 52 0.10 Legal and regulatory related expenses 1 — 6 0.01 Fines and penalties — — 47 0.09 Diablo Canyon settlement-related disallowance — — 32 0.06 GT&S revenue timing impact — — (88) (0.17) Net benefit from derivative litigation settlement — — (38) (0.07) Earnings from Operations $ 327 $ 0.63 $ 1,889 $ 3.68 Items Impacting Comparability (millions, pre-tax) Q4 2017 Northern California wildfire-related costs $ 82 $ 82 Butte fire-related costs, net of insurance 15 60 Pipeline related expenses 12 89 Legal and regulatory related expenses 2 10 Fines and penalties — 71 Diablo Canyon settlement-related disallowance — 47 GT&S revenue timing impact — (150) Net benefit from derivative litigation settlement — (65) (1) Tax Cuts and Jobs Act transition impact reflects an after-tax amount. Earnings from Operations is not calculated in accordance with GAAP and excludes items impacting comparability. See Appendix 2, Exhibit A for a reconciliation of Earnings per Share (“EPS”) on a GAAP basis to Earnings from Operations and Exhibit G for the use of non-GAAP financial measures. 5

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Q4 2017: Quarter over Quarter Comparison Earnings per Share from Operations $1.40 ($0.33) $1.20 ($0.18) $1.00 ($0.09) $0.80 ($0.06) ($0.02) ($0.02) $1.33 ($0.05) $0.05 $0.60 $0.40 $0.63 $0.20 $0.00 Q4 2016 EPS Timing of 2015 Timing of Impact of 2017 Timing of CEE Incentive Increase in Miscellaneous Growth in Rate Q4 2017 EPS from GT&S Taxes GRC Decision Operational Award Shares Base Earnings from Operations Revenue Spend Outstanding Operations Impact Earnings from Operations is not calculated in accordance with GAAP and excludes items impacting comparability. See Appendix 2, Exhibit A for a reconciliation of Earnings per Share (“EPS”) on a GAAP basis to Earnings from Operations and Exhibit G for the use of non-GAAP financial measures. 6

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2018 Assumptions Capital Expenditures Authorized Ratebase (weighted average) ($ millions) ($ billions) 2018 2018 General Rate Case 3,900 General Rate Case 26.1 Gas Transmission and Storage 1,000 Gas Transmission and Storage 3.8 Transmission Owner 19 1,400 Transmission Owner 7.1 Total Cap Ex $6.3 billion Total Ratebase $37.0 billion Other Factors Affecting Authorized Cost of Capital* Earnings from Operations Return on Equity: 10.25% + Incentive revenues, efficiencies and other benefits—GT&S amounts not requested Equity Ratio: 52% - Ex parte settlement GT&S revenue adjustment—Insurance premiums *CPUC authorized CWIP earnings: offset by below-the-line costs See the Forward Looking Statements for factors that could cause actual results to differ materially from the guidance presented and underlying assumptions. 7

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2018 Items Impacting Comparability Guidance ($ millions, pre-tax) 2018 Pipeline-related expenses (1) 35—60 Butte fire-related costs (2) 30—60 Northern California wildfire-related costs, net of insurance (3) 35—50 Estimated 2018 Items Impacting Comparability Guidance Total $100—170 (1) Total cost of rights-of-way program expected to range from $450 million to $475 million. (2) Butte fire-related costs reflect legal costs associated with the Butte fire. Range excludes any potential claims-related impacts. (3) Northern California wildfire-related costs, net of insurance reflects legal and other costs associated with the Northern California wildfires. Range excludes any potential claims-related impacts. See the Forward Looking Statements for factors that could cause actual results to differ materially from the guidance presented and underlying assumptions. See Appendix 2, Exhibit E for PG&E Corporation’s 2018 Items Impacting Comparability Guidance and Exhibit G for Use of Non-GAAP Financial Measures. 8

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Robust Cap Ex Supports Strong Returns Capital Expenditures ($ in B) 2017-2019 $6.3B ~$6B $5.8B 2017 Recorded 2018 2019 General Rate Case Gas Transmission & Storage Electric Transmission Owner Range See the Forward Looking Statements for factors that could cause actual results to differ materially from the guidance presented and underlying assumptions. 9

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Ratebase Supports Strong Returns 2017-2019 Weighted Average Ratebase ($ in B) (1) ~7.5—8% CAGR $37.0B ~$40B $34.4B 2017 2018 2019 General Rate Case Gas Transmission & Storage Electric Transmission Owner Range Base Case Assumptions Potential Future Updates 2018 2019 • 2019 Gas Transmission & Storage rate case GRC L 2017 GRC Decision • 2018 and 2019 Transmission Owner rate cases H 2017 GRC Decision • Future transportation electrification (e.g., January 2017 GT&S L 2015 GT&S Phase 2 Decision medium and heavy duty vehicle filing) H 2015 GT&S Phase 2 Decision 2019 GT&S Filing • State infrastructure modernization (e.g., rail and water TO L TO19 Filing TO17 Settlement projects) H TO19 Filing • Future storage opportunities Other Light-Duty Electric Vehicle Infrastructure Program Approved Pending and future filings (1) Weighted average ratebase in 2018 and 2019 reflect the estimated impacts from the Tax Cuts and Jobs Act. Changes from prior quarter noted in blue See the Forward Looking Statements for factors that could cause actual results to differ materially from the guidance presented and underlying assumptions. 10

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Equity Needs and Sources Needs Sources Previous Guidance (Internal Programs) Internal Programs (Excluding DRP (1)) + Tax Reform + Cash from Dividend Suspension + Items Impacting Comparability December 31, 2017 shares outstanding: ~515 million (1) Dividend Reinvestment Plan. See the Forward Looking Statements for factors that could cause actual results to differ materially from the guidance presented and underlying assumptions. 11

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Appendix

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Appendix 1 – Incremental Equity Factors Incremental Equity Factors for Unrecovered Costs Equity Impacting Event Multiplier Non-deductible cash charges 100% Cash expenses 72% Non-cash charges (1) 36% (1) Multiplier applies at time of accrual; additional 36% applies at time of cash charge. 13

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Appendix 2 – Supplemental Earnings Materials Exhibit A: Reconciliation of PG&E Corporation’s Consolidated Income Available Slides 15-16 for Common Shareholders in Accordance with Generally Accepted Accounting Principles to Earnings from Operations Exhibit B: Key Drivers of PG&E Corporation’s Earnings per Common Share Slide 17 from Operations Exhibit C: Operational Performance Metrics Slides 18-19 Exhibit D: Sales and Sources Summary Slide 20 Exhibit E: PG&E Corporation’s 2018 Items Impacting Comparability Guidance Slides 21 Exhibit F: 2018 General Earnings Sensitivities Slide 22 Exhibit G: Use of Non-GAAP Financial Measures Slide 23 Exhibit H: Expected Timelines of Selected Regulatory Cases Slides 24-28 14

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Exhibit A: Reconciliation of PG&E Corporation’s Consolidated Income Available for Common Shareholders in Accordance with Generally Accepted Accounting Principles (“GAAP”) to Earnings from Operations Page 1 of 2 Fourth Quarter and Year to Date, 2017 vs. 2016 Three Months Ended December 31, Twelve Months Ended December 31, (in millions, except per share amounts) Earnings per Earnings per Earnings Common Share Earnings Common Share (Diluted) (Diluted) 2017 2016 2017 2016 2017 2016 2017 2016 PG&E Corporation’s Earnings on a GAAP basis $ 114 $ 692 $ 0.22 $ 1.36 $ 1,646 $ 1,393 $ 3.21 $ 2.78 Items Impacting Comparability: (1) Tax Cuts and Jobs Act transition impact (2) 147 — 0.29 — 147 — 0.29 -Northern California wildfire-related costs (3) 49 — 0.09 — 49 — 0.09 -Butte fire-related costs, net of insurance (4) 9 27 0.02 0.05 36 137 0.07 0.27 Pipeline related expenses (5) 7 20 0.01 0.04 52 67 0.10 0.13 Legal and regulatory related expenses (6) 1 11 — 0.02 6 43 0.01 0.09 Fines and penalties (7) — 101 — 0.20 47 307 0.09 0.61 Diablo Canyon settlement-related disallowance (8) — — — — 32 — 0.06 -GT&S revenue timing impact (9) — (193) — (0.38) (88) (193) (0.17) (0.38) Net benefit from derivative litigation settlement (10) — — — — (38) — (0.07) -GT&S capital disallowance — 17 — 0.04 — 130 — 0.26 PG&E Corporation’s Earnings from Operations (11) $ 327 $ 675 $ 0.63 $ 1.33 $ 1,889 $ 1,884 $ 3.68 $ 3.76 All amounts presented in the table above are tax adjusted at PG&E Corporation’s statutory tax rate of 40.75 percent, except as indicated below. (1) “Items impacting comparability” represent items that management does not consider part of the normal course of operations and affect comparability of financial results between periods. See Exhibit G: Use of Non-GAAP Financial Measures. (2) PG&E Corporation, on a consolidated basis, incurred a one-time charge of $147 million during the three and twelve months ended December 31, 2017, as a result of the Tax Cuts and Jobs Act, which was signed into law on December 22, 2017. The Utility’s charge of $64 million was

related to deferred tax assets not reflected in authorized revenue requirements, such as deferred tax assets associated with disallowed plant, and PG&E Corporation’s charge of $83 million was primarily related to net operating loss carryforwards and compensation-related deferred tax assets. (3) The Utility incurred costs of $82 million (before the tax impact of $33 million) during the three and twelve months ended December 31, 2017, associated with the Northern California wildfires. This includes charges of $64 million (before the tax impact of $26 million) for the three and twelve months ended December 31, 2017, for the reinstatement of liability insurance coverage and $18 million (before the tax impact of $7 million) during the three and twelve months ended December 31, 2017, for legal and other expenses. Three Months Ended Twelve Months Ended (in millions, pre-tax) December 31, 2017 December 31, 2017 Liability Insurance $ 64 $ 64 Legal and Other 18 18 Northern California wildfire-related costs $ 82 $ 82 (4) The Utility incurred costs, net of insurance, of $15 million (before the tax impact of $6 million) and $60 million (before the tax impact of $24 million) during the three and twelve months ended December 31, 2017, respectively, associated with the Butte fire. This includes accrued charges of $350 million (before the tax impact of $143 million) during the twelve months ended December 31, 2017, related to estimated third-party claims. The Utility also incurred charges of $15 million (before the tax impact of $6 million) and $60 million (before the tax impact of $25 million) during the three and twelve months ended December 31, 2017, respectively, for legal costs. These costs were partially offset by $350 million (before the tax impact of $143 million) recorded during the twelve months ended December 31, 2017, for expected insurance recoveries. 15

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Exhibit A: Reconciliation of PG&E Corporation’s Consolidated Income Available for Common Shareholders in Accordance with Generally Accepted Accounting Principles (“GAAP”) to Earnings from Operations Page 2 of 2 Three Months Ended Twelve Months Ended (in millions, pre-tax) December 31, 2017 December 31, 2017 Third-party claims $— $ 350 Legal costs 15 60 Insurance recoveries— (350) Butte fire-related costs, net of insurance $ 15 $ 60 (5) The Utility incurred costs of $12 million (before the tax impact of $5 million) and $89 million (before the tax impact of $37 million) during the three and twelve months ended December 31, 2017, respectively, for pipeline related expenses incurred in connection with the multi-year effort to identify and remove encroachments from transmission pipeline rights-of-way. (6) The Utility incurred costs of $2 million (before the tax impact of $1 million) and $10 million (before the tax impact of $4 million) during the three and twelve months ended December 31, 2017, respectively, for legal and regulatory related expenses incurred in connection with various enforcement, regulatory, and litigation activities regarding natural gas matters and regulatory communications. (7) The Utility incurred costs of $71 million (before the tax impact of $24 million) during the twelve months ended December 31, 2017, for fines and penalties. This includes costs of $32 million (before the tax impact of $13 million) during the twelve months ended December 31, 2017, associated with safety-related cost disallowances imposed by the California Public Utilities Commission (“CPUC”) in its April 9, 2015 decision (“San Bruno Penalty Decision”) in the gas transmission pipeline investigations. The Utility also recorded $15 million (before the tax impact of $6 million) during the twelve months ended December 31, 2017, for penalty imposed by the CPUC in its final phase two decision of the 2015 Gas Transmission and Storage (“GT&S”) rate case for prohibited ex parte communications. In addition, the Utility recorded $24 million (before the tax impact of $5 million) during the twelve months ended December 31, 2017, in connection with the proposed decision (“PD”) in the Order Instituting an Investigation into Compliance with Ex Parte Communication Rules (“ex parte OII”). Three Months Ended Twelve Months Ended (in millions, pre-tax) December 31, 2017 December 31, 2017 Charge for disallowed expense $— $ 32 GT&S ex parte penalty — 15 Ex parte OII PD (tax deductible) — 12 Ex parte OII PD (not tax deductible) — 12 Fines and penalties $— $ 71 (8) Consistent with the CPUC decision adopted on January 11, 2018 in connection with the retirement of the Diablo Canyon Power Plant, the Utility recorded a disallowance of $47 million (before the tax impact of $15 million) during the twelve months ended December 31, 2017, comprised of cancelled projects of $24 million (before the tax impact of $6 million) and disallowed license renewal costs of $23 million (before the tax impact of $9 million). (9) As a result of the CPUC’s final phase two decision in the 2015 GT&S rate case, during the twelve months ended December 31, 2017, the Utility recorded revenues of $150 million (before the tax impact of $62 million) in excess of the 2017 authorized revenue requirement, which includes the final component of under-collected revenues retroactive to January 1, 2015. (10) PG&E Corporation recorded proceeds from insurance, net of plaintiff payments, of $65 million (before the tax impact of $27 million) during the twelve months ended December 31, 2017, associated with the settlement agreement in connection with the shareholder derivative litigation that was approved by the court on July 18, 2017. This includes $90 million (before the tax impact of $37 million) for insurance recoveries partially offset by $25 million (before the tax impact of $10 million) for plaintiff legal fees paid in connection with the settlement during the twelve months ended December 31, 2017. (11) “Earnings from operations” is a non-GAAP financial measure. See Exhibit G: Use of Non-GAAP Financial Measures. 16

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Exhibit B: Key Drivers of PG&E Corporation’s Earnings per Common Share (“EPS”) from Operations Fourth Quarter and Year to Date, 2017 vs. 2016 (in millions, except per share amounts) Three Months Ended Twelve Months Ended December 31, 2017 December 31, 2017 Earnings per Earnings Common Common Share Share Earnings (Diluted) Earnings (Diluted) 2016 Earnings from Operations (1) $ 675 $ 1.33 $ 1,884 $ 3.76 Timing of 2015 GT&S revenue impact (2) (172) (0.33) — Timing of taxes (3) (90) (0.18) — Impact of 2017 GRC decision (4) (47) (0.09) (139) (0.27) Timing of operational spend (5) (31) (0.06) — CEE Incentive Award (6) (10) (0.02) (10) (0.02) Increase in shares outstanding— (0.02) —(0.08) Tax benefit on stock compensation (7)—— 31 0.06 Miscellaneous (23) (0.05) 20 0.03 Growth in rate base earnings (8) 25 0.05 103 0.20 2017 Earnings from Operations (1) $ 327 $ 0.63 $ 1,889 $ 3.68 (1) See Exhibit A for a reconciliation of EPS on a GAAP basis to EPS from Operations. All amounts presented in the table above are tax adjusted at PG&E Corporation’s statutory tax rate of 40.75 percent, except for tax benefits on stock compensation. See Footnote 3 below. (2) Represents the impact in 2016 of the delay in the Utility’s 2015 GT&S rate case. The CPUC issued its final phase two decision on December 1, 2016, delaying recognition of the full 2016 revenue increase until the fourth quarter of 2016. (3) Represents the timing of taxes reportable in quarterly statements in accordance with Accounting Standards Codification 740 and results from variances in the percentage of quarterly earnings to annual earnings. (4) Represents the impact of lower tax repair benefits as a result of the CPUC’s final decision in the 2017 GRC proceeding. (5) Represents timing of operational expense spending during the three months ended December 31, 2017 as compared to the same period in 2016. (6) Represents the Customer Energy Efficiency (“CEE”) incentive award received during the fourth quarter of 2016, with no similar amount in 2017. The 2017 award of $21.9 million was fully offset by the reduction

approved by the CPUC related to the rehearing of the 2006 – 2008 CEE incentive awards. (7) Represents the excess tax benefit related to share-based compensation awards that vested during the twelve months ended December 31, 2017. Pursuant to ASU 2016-09, Compensation – Stock Compensation (Topic 718), which PG&E Corporation and the Utility adopted in 2016, excess tax benefits associated with vested awards are reflected in net income. (8) Represents the impact of the increase in rate base authorized in various rate cases, including the 2017 General Rate Case (“2017 GRC”), during the three and twelve months ended December 31, 2017 as compared to the same periods in 2016. 17

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Exhibit B: Key Drivers of PG&E Corporation’s Non-GAAP Earnings per Common Share (“EPS”) from Operations Fourth Quarter and Year to Date, 2018 vs. 2017 Three Months Ended Year Ended (in millions, except per share amounts) December 31, December 31, Earnings per Earnings per Common Common Share Share Earnings (Diluted) Earnings (Diluted) 2017 Non-GAAP Earnings from Operations (1) $ 327 $ 0.63 $ 1,889 $ 3.68 Short-term incentive compensation (2) 70 0.14 70 0.14 Growth in rate base earnings 32 0.06 129 0.24 Timing of 2017 operational spend (3) 31 0.06 — — Insurance premium cost recoveries (4) 12 0.02 45 0.08 Wildfire risk reduction (5) (24) (0.05) (24) (0.05) Timing of taxes (6) (13) (0.02) — — Decrease in authorized return on equity (7) (7) (0.01) (28) (0.04) Increase in shares outstanding — (0.01) — (0.03) Resolution of regulatory items (8) — — 29 0.06 Timing and duration of nuclear refueling outages — — 12 0.02 Tax impact of stock compensation (9) — — (44) (0.08) Miscellaneous (11) (0.02) (9) (0.02) 2018 Non-GAAP Earnings from Operations (1) $ 417 $ 0.80 $ 2,069 $ 4.00 All amounts presented in the table above are tax adjusted at PG&E Corporation’s statutory tax rate of 27.98% for 2018 and 40.75% for 2017, except for the tax impact of stock compensation. See Footnote 9 below. Amounts may not sum due to rounding. (1) See Exhibit A for reconciliations of (i) earnings (loss) on a GAAP basis to non-GAAP earnings from operations and (ii) EPS on a GAAP basis to non-GAAP EPS from operations. (2) Represents the impact of Short-Term Incentive Plan (“STIP”) compensation expense recorded during the three and twelve months ended December 31, 2018, as compared to the same periods in 2017. For the twelve months ended December 31, 2018, STIP compensation expense was zero. (3) Represents the timing of operational expense spending during the three months ended December 31, 2018, as compared to the same period in 2017. (4) Represents insurance premium costs incurred during the three and twelve months ended December 31, 2018, above amounts included in authorized

revenue requirements, that are probable of recovery as a result of the CPUC’s June 2018 decision authorizing a WEMA. (5) Represents enhanced vegetation management costs during the three and twelve months ended December 31, 2018. (6) Represents the timing of taxes reportable in quarterly statements in accordance with Accounting Standards Codification 740, Income Taxes, and results from variances in the percentage of quarterly earnings to annual earnings. (7) Represents the decrease in return on equity from 10.40% in 2017 to 10.25% in 2018 as a result of the 2017 CPUC final decision approving an additional extension to the original 2013 Cost of Capital decision. (8) Represents the impact of various regulatory outcomes during the twelve months ended December 31, 2018. (9) Represents the impact of income taxes related to share-based compensation awards under the Long-Term Incentive Plan that vested during the twelve months ended December 31, 2018, as compared to the same period in 2017. 18

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Definitions of 2017 Operational Performance Metrics from Exhibit C Safety Public and employee safety are measured in four areas: (1) Nuclear Operations Safety, (2) Electric Operations Safety, (3) Gas Operations Safety, and (4) Employee Safety. 1. The safety of the Utility’s nuclear power operations, Unit 1 and Unit 2, is an index comprised of 11 performance indicators for nuclear power generation that are regularly benchmarked against other nuclear power generators. 2. The safety of the Utility’s electric operations is represented by (a) work that supports the safe reliable operations of the overhead electric system, and (b) the percentage of time that Utility personnel are on site within 60 minutes after receiving a 911 call of a potential Utility electric hazard. 3. The safety of the Utility’s natural gas operations is represented by (a) the ability to complete planned in-line inspections and pipeline retrofit projects, measured by two equally weighted components of In-Line Inspections and In-Line Upgrades; (b) the number of third party “dig-ins” (i.e., damage resulting in repair or replacement of underground facility) to Utility gas assets per 1,000 Underground Service Alert tickets; and (c) the timeliness (measured in minutes) of on-site response to gas emergency service calls. 4. The safety of the Utility’s employees is represented by (a) measuring the timely and quality completion of planned actions in response to Serious Injuries and Fatalities (SIF), (b) the number of serious preventable motor vehicle incidents that the driver could have reasonably avoided, per one million miles driven, and (c) the percentage of work-related injuries reported to the 24/7 Nurse Report Line within one day of the incident. Customer Customer satisfaction and service reliability are measured by: 1. The overall satisfaction (measured as a score of zero to 100) of customers with the products and services offered by the Utility, as measured through a quarterly survey performed by an independent third-party research firm. 2. The total time (measured in minutes) the average customer is without electric power during a given time period. Financial Earnings from Operations (shown

in millions of dollars) measures PG&E Corporation’s earnings power from ongoing core operations. This allows investors to compare the underlying financial performance of the business from one period to another, exclusive of items that management believes do not reflect the normal course of operations (items impacting comparability). Earnings from Operations are not calculated in accordance with GAAP. For a reconciliation of Consolidated Income Available for Common Shareholders as reported in accordance with GAAP to Earnings from Operations, see Exhibit A. 

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Exhibit D: Pacific Gas and Electric Company Sales and Sources Summary Fourth Quarter and Year to Date, 2017 vs. 2016 Three Months Ended December 31, Twelve Months Ended December 31, 2017 2016 2017 2016 Sales from Energy Deliveries (in millions kWh) 19,311 19,531 82,226 83,017 Total Electric Customers at December 31 5,384,525 5,349,691 Total Gas Sales (in Bcf) 201 189 761 782 Total Gas Customers at December 31 4,467,657 4,442,379 Sources of Electric Energy (in millions kWh) Total Utility Generation 9,276 8,504 34,513 32,916 Total Purchased Power 2,845 8,999 28,750 41,324 Total Electric Energy Delivered (1) 19,311 19,531 82,226 83,017 Diablo Canyon Performance Overall Capacity Factor (including refuelings) 100% 99% 91% 96% Refueling Outage Period None None 4/23-6/23 4/30-6/2 Refueling Outage Duration during the Period None None 61 33 (1) Includes other sources of electric energy totaling 7,190 million kWh and 2,028 million kWh for the three months ended December 31, 2017 and 2016, respectively, and 18,963 million kWh and 8,777 million kWh for the twelve months ended December 31, 2017 and 2016, respectively. Please see the 2017 Annual Report on Form 10-K for additional information about operating statistics.

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Exhibit E: PG&E Corporation’s 2018 Items Impacting Comparability (“IIC”) Guidance 2018 IIC Guidance (in millions, after-tax) Low High Estimated Items Impacting Comparability: (1) Pipeline-related expenses (2) $ 43 $ 25 Butte fire-related costs (3) $ 43 22 Northern California wildfire-related costs, net of insurance (4) $ 36 25 Estimated IIC Guidance $ 122 $ 72 All amounts presented in the table above are tax adjusted at PG&E Corporation’s statutory tax rate of 27.98 percent, except as indicated below. (1) “Items impacting comparability” represent items that management does not consider part of the normal course of operations and affect comparability of financial results between periods. See Exhibit G: Use of Non-GAAP Financial Measures. (2) “Pipeline-related expenses” includes costs incurred to identify and remove encroachments from transmission pipeline rights-of-way. The pre-tax range of estimated costs is shown below. The offsetting tax impact for the low and high earnings guidance range is $17 million and $10 million, respectively. 2018 Low earnings High earnings (in millions, pre-tax) guidance range guidance range Pipeline-related expenses $ 60 $ 35 (3) “Butte fire-related costs” refers to legal costs associated with the Butte fire. The pre-tax range of estimated costs is shown below. The offsetting tax impact for the low and high earnings guidance range is $17 million and $8 million, respectively. 2018 Low earnings High earnings (in millions, pre-tax) guidance range guidance range Butte fire-related costs $ 60 $ 30 (4) “Northern California wildfire-related costs, net of insurance” refers to the legal and other costs associated with the Northern California wildfires, net of insurance. The total pre-tax range of estimated costs is shown below. The total offsetting tax impact for the low and high earnings guidance range is $13 million and $10 million, respectively. 2018 Low earnings High earnings (in millions, pre-tax) guidance range guidance range Legal and Other $ 150 $ 100 Insurance recoveries (100) (65) Northern California wildfire-related costs, net of insurance $ 50 $ 35 Actual financial results for 2018 may

differ materially from the guidance provided. For a discussion of the factors that may affect future results, see the Forward-Looking Statements. 21 

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Exhibit F: 2018 General Earnings Sensitivities PG&E Corporation and Pacific Gas and Electric Company Variable Description of Change Estimated 2018 Earnings Impact Rate base +/- $100 million change in allowed rate base +/- $5 million Return on equity (ROE) +/- 0.1% change in allowed ROE +/- $19 million Share count +/- 1% change in average shares +/- $0.04 per share +/- $7 million change in at-risk revenue (pre-tax), including Revenues +/- $0.01 per share Electric Transmission and Gas Transmission and Storage These general earnings sensitivities with respect to factors that may affect 2018 earnings are forward-looking statements that are based on various assumptions. Actual results may differ materially. For a discussion of the factors that may affect future results, see the Forward-Looking Statements.

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Exhibit G: Use of Non-GAAP Financial Measures PG&E Corporation and Pacific Gas and Electric Company: Use of Non-GAAP Financial Measures PG&E Corporation discloses historical financial results and provides guidance based on “earnings from operations” in order to provide a measure that allows investors to compare the underlying financial performance of the business from one period to another, exclusive of items impacting comparability. “Earnings from operations” is a non-GAAP financial measure and is calculated as income available for common shareholders less items impacting comparability. “Items impacting comparability” represent items that management does not consider part of the normal course of operations and affect comparability of financial results between periods, including certain pipeline related expenses, certain legal and regulatory related expenses, fines and penalties, Butte fire-related costs and insurance recoveries, net benefits from the derivative litigation settlement, impacts of the 2015 GT&S rate case, the Diablo Canyon settlement-related disallowance, costs and insurance recoveries related to the Northern California wildfires, and the transition impact of the Tax Cuts and Jobs Act. PG&E Corporation uses earnings from operations to understand and compare operating results across reporting periods for various purposes including internal budgeting and forecasting, short- and long-term operating planning, and employee incentive compensation. PG&E Corporation believes that earnings from operations provide additional insight into the underlying trends of the business allowing for a better comparison against historical results and expectations for future performance. Earnings from operations are not a substitute or alternative for GAAP measures such as consolidated income available for common shareholders and may not be comparable to similarly titled measures used by other companies. 

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Exhibit H: Pacific Gas and Electric Company Expected Timelines of Selected Regulatory Cases Regulatory Case Docket # Key Dates 2017 General Rate Case (Phase I) A. 15-09-001 Sep 1, 2015 – Application Filed Oct 29, 2015 – Prehearing conference Jan 22, 2016 – PG&E Supplemental Testimony on gas distribution recordkeeping Feb 22, 2016 – PG&E Supplemental Testimony on updated tax forecast, labor escalation Apr 8, 2016 – ORA testimony Apr 29, 2016 – Intervenor testimony May-Jun, 2016 – Settlement discussions May 2016 – Public participation hearings May 27, 2016 – Rebuttal testimony Aug 3, 2016 – Settlement with all parties that filed testimony submitted Feb 27, 2017 – Proposed decision issued May, 2017 – Final decision issued Transmission Owner Rate Case (TO19) ER17-2154 Jul 26, 2017 – PG&E filed TO19 rate case seeking an annual revenue requirement for 2018 Sep 28, 2017 – FERC accepted TO19 making rates effective Mar 1, 2018, and establishing settlement process Oct 23, 2017 – FERC settlement conference May 2018 – Additional FERC settlement conference anticipated Transmission Owner Rate Case (TO18) ER16-2320 Jul 29, 2016 – PG&E filed TO18 rate case seeking an annual revenue requirement for 2017 Sep 30, 2016 – FERC accepted TO18 making rates effective Mar 1, 2017 and establishing settlement process Oct 19, 2016 – FERC settlement conference Oct 30, 2016 – CPUC seeks rehearing of FERC’s grant of 50 bp ROE adder for CAISO participation Feb 7-8, 2017 – FERC settlement conference Mar 16, 2017 – Parties reached impasse in settlement discussions Jan 9, 2018 – Hearings begin Jun 1, 2018 – Initial decision expected Safety Culture and Governance Order I.15-08-019 Sep 2, 2015 – OII issued Instituting Investigation Oct 30, 2015 – PG&E submits discovery responses to SED Dec 15, 2015 – PG&E submits discovery responses to SED Jan 25, 2016 – PG&E submits discovery responses to SED Apr 2016 – CPUC hires NorthStar as consultant for investigation Apr 26-27, May 10-12, 2016 – Orientation presentations with SED and NorthStar staff May

2016-Mar 2017 – Ongoing discovery (data requests, interviews, site visits, and demos) from NorthStar May 8, 2017 – President Picker Phase II Scoping Memo and NorthStar Assessment Report Issued Aug 1, 2017 – Prehearing Conference Scheduled Nov 17, 2017—President Picker issued Assigned Commissioner Ruling on Schedule and Scope of Testimony Jan 8, 2018 – PG&E Prepared Testimony submitted Jan 24, 2018 – President Picker Ruling on Procedural Schedule for Comments on Hearings Jan 24, 2018 – Proceeding Reassigned to ALJ Allen Jan 26, 2018 – Procedural Schedule Suspended Jan 29, 2018 – ALJ Ruling on Modified Procedural Schedule Feb 16 2018 – Parties Prepared Testimony Due Feb 23, 2018 – PG&E Rebuttal Testimony Due Mar 2, 2018 – Comments on Evidentiary Hearings Due 

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Exhibit H: Pacific Gas and Electric Company Expected Timelines of Selected Regulatory Cases Regulatory Case Docket # Key Dates 2015 Electric Distribution Resources Plan A.15-07-006, Aug 13, 2014 – Commission issues OIR directing utilities to file Electric Distribution Resources Plans (DRP) R.14-08-013 Sep 5, 2014 – Comments on OIR Sep 17, 2014 – Workshop I Sep 22, 2014 – Reply Comments on OIR Nov 17, 2014 – Draft Guidance Issued Dec 12, 2014 – Comments on Draft Guidance Jan 8, 2015 – Workshop II Feb 6, 2015 – Final Guidance Ruling issued Apr 13, 2015 – Workshop III Jul 1, 2015 – PG&E files Electric Distribution Resources Plan Aug 31, 2015 – Protests/comments due Sep 15, 2015 – Replies to protests due Sep 30, 2015 – Prehearing Conference Nov 6, 2015 – Joint IOU/CAISO Workshop Nov 9-10, 2015 – Integration Capacity Analysis (ICA) Workshop Dec 3, 2015 – ICA Workshop Report filed Jan 8, 2016 – ALJ Ruling inviting pre-workshop comments to Locational Net Benefits Analysis (LNBA) methodologies and Demonstration Project (Demo) B Jan 26, 2016 – Pre-LNBA Workshop Comments Filed Jan 27, 2016 – ACR/ALJ Ruling issuing Scope and Schedule Feb 1, 2016 – LNBA, Alternate Proposal and Related Demo B Workshop Feb 4, 2016 – Case reassigned to ALJ Kelly Mar 2016 – Workshop on Field Demos C-F Apr 2016 – DRP/IDER workshop to discuss sourcing mechanisms in Field Demos C-F May 2016 – Comments on Field Demos C-F and alternatives Jul 2016 – Proposed Decision on Field Demos C-F Aug 2016 – Final Decision on Field Demos C-F Sep 2016 – Begin Field Demos C-F Jan 24, 2017 – Grid Modernization Workshop Feb 9, 2017 – Decision on Field Demos C and D Feb 27, 2017 – Decision on DER Growth Scenario and Distribution Load Forecasting schedule Mar 4, 2017 – PG&E filed updated Demo C project Mar 8, 2017 – LNBA Working Group Final Report issued Mar 15, 2017 – ICA Working Group Final Report issued Apr 7, 2017 – PG&E filed DER forecasting methodology and assumptions Apr 19, 2017 – Decision on scope of long–term refinements

to ICA and LNBA May 15, 2017 – Working group on ICA and LNBA long–term refinements May 16, 2017 – CPUC Staff whitepaper on Grid Modernization Jun 5, 2017 – Grid Modernization workshop 

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