# EDGAR Filing Document

**Accession Number:** 0001866514
**File Stem:** 0001866514-26-000004
**Filing Date:** 2026-1
**Character Count:** 32918
**Document Hash:** 2abeca0447b1d6bfb33213f3104ca251
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001866514-26-000004.hdr.sgml**: 20260130

**ACCESSION NUMBER**: 0001866514-26-000004

**CONFORMED SUBMISSION TYPE**: 10-D

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20260115

**FILED AS OF DATE**: 20260130

**DATE AS OF CHANGE**: 20260130

**ABS ASSET CLASS**: Debt Securities

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PG&E Recovery Funding LLC
- **CENTRAL INDEX KEY:** 0001866514
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 871047820
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-256944-01
- **FILM NUMBER:** 26581527

**BUSINESS ADDRESS:**
- **STREET 1:** 300 LAKESIDE DRIVE
- **CITY:** OAKLAND
- **STATE:** CA
- **ZIP:** 94612
- **BUSINESS PHONE:** (415) 973-7000

**MAIL ADDRESS:**
- **STREET 1:** 300 LAKESIDE DRIVE
- **CITY:** OAKLAND
- **STATE:** CA
- **ZIP:** 94612

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-D**

**ASSET-BACKED ISSUER**

**DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the semi-annual distribution period from**

**July 15, 2025 to January 15, 2026 for the Series 2021-A Bonds**

**July 15, 2025 to January 15, 2026 for the Series 2022-A Bonds**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Commission File Number** | **Registrant; State of Incorporation; Address; and Telephone Number** | **Registrant; State of Incorporation; Address; and Telephone Number** | **Registrant; State of Incorporation; Address; and Telephone Number** | **Registrant; State of Incorporation; Address; and Telephone Number** | **Registrant; State of Incorporation; Address; and Telephone Number** | **IRS Employer Identification No.** |
| **333-256944-01** | **PG&E RECOVERY FUNDING LLC** | **PG&E RECOVERY FUNDING LLC** | **PG&E RECOVERY FUNDING LLC** | **PG&E RECOVERY FUNDING LLC** | **PG&E RECOVERY FUNDING LLC** | **87-1047820** |
| | **(Delaware)** | **(Delaware)** | **(Delaware)** | **(Delaware)** | **(Delaware)** | |
|  | **300** | **Lakeside Drive,** | **Oakland,** | **California** | **94612** |  |
|  |  | **415** | **973-7000** |  |  |  |
| **1-2348** | **PACIFIC GAS AND ELECTRIC COMPANY** | **PACIFIC GAS AND ELECTRIC COMPANY** | **PACIFIC GAS AND ELECTRIC COMPANY** | **PACIFIC GAS AND ELECTRIC COMPANY** | **PACIFIC GAS AND ELECTRIC COMPANY** | **94-0742640** |
|  | **(Depositor and Sponsor)** | **(Depositor and Sponsor)** | **(Depositor and Sponsor)** | **(Depositor and Sponsor)** | **(Depositor and Sponsor)** |  |
|  | **(California)** | **(California)** | **(California)** | **(California)** | **(California)** |  |
|  | **300** | **Lakeside Drive,** | **Oakland,** | **California** | **94612** |  |
|  |  | **415** | **973-7000** |  |  |  |

---

Registered/reporting pursuant to (check one)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Title of class | Section 12(b) | Section 12(g) | Section 15(d) | Name of exchange (If Section 12(b)) |
| Senior Secured Recovery Bonds, Series 2021-A-1 | ☐ | ☐ | ☒ |  |
| Senior Secured Recovery Bonds, Series 2021-A-2 | ☐ | ☐ | ☒ |  |
| Senior Secured Recovery Bonds, Series 2021-A-3 | ☐ | ☐ | ☒ |  |
| Senior Secured Recovery Bonds, Series 2022-A-1 | ☐ | ☐ | ☒ |  |
| Senior Secured Recovery Bonds, Series 2022-A-2 | ☐ | ☐ | ☒ |  |
| Senior Secured Recovery Bonds, Series 2022-A-3 | ☐ | ☐ | ☒ |  |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 Yes ☒ No ☐

------

**PART I – DISTRIBUTION INFORMATION**

**Item 1. Distribution and Pool Performance Information.**

The response to Item 1 is set forth in part herein and in part in Exhibit 99.1 (with respect to the Series 2021-A Bonds (as defined below)) and Exhibit 99.2 (with respect to the Series 2022-A Bonds (as defined below)).

The record date for distributions described in Exhibit 99.1 and Exhibit 99.2 is January 15, 2026.

Introductory and explanatory information regarding the material terms, parties, and distributions described in Exhibit 99.1 is included in the Prospectus dated November 4, 2021, of PG&E Recovery Funding LLC (Issuing Entity) relating to the Senior Secured Recovery Bonds, Series 2021-A (the "Series 2021-A Bonds") filed with the Securities and Exchange Commission on November 8, 2021 pursuant to Rule 424(b)(1) of the Securities Act of 1933, as amended.

Introductory and explanatory information regarding the material terms, parties, and distributions described in Exhibit 99.2 is included in the Prospectus dated November 18, 2022, of PG&E Recovery Funding LLC (Issuing Entity) relating to the Senior Secured Recovery Bonds, Series 2022-A (the "Series 2022-A Bonds" and, together with the Series 2021-A Bonds, the "Bonds") filed with the Securities and Exchange Commission on November 22, 2022 pursuant to Rule 424(b)(1) of the Securities Act of 1933, as amended.

As indicated in Exhibit 99.1 and Exhibit 99.2, all required interest and scheduled principal payments on the Bonds have been made with respect to the January 15, 2026 distribution date.

**The following Items have been omitted pursuant to General Instruction C of Form 10-D:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Item 1A. Asset-Level Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Item 1B. Asset Representations Reviewer and Investor Communication.

**PART II – OTHER INFORMATION**

**Item 2. Legal Proceedings.**

None.

**Item 3. Sale of Securities and Use of Proceeds.**

None.

**The following Items have been omitted pursuant to General Instruction C of Form 10-D:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Item 4. Defaults Upon Senior Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Item 5. Submission of Matters to a Vote of Security Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Item 6. Significant Obligors of Pool Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Item 7. Change in Sponsor Interest in the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Item 8. Significant Enhancement Provider Information.

**Item 9. Other Information.**

None.

------

**Item 10. Exhibits**

Exhibits filed herewith are designated by an asterisk (\*). All exhibits not so designated are incorporated by reference to a prior filing, as indicated.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 3.1 | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Certificate of Formation of PG&E Recovery Funding LLC (incorporated by reference to the Registration Statement on Form SF-1 of Pacific Gas and Electric Company and PG&E Recovery Funding LLC (File Nos. 1-2348 and 333-256944-01) filed on June 9, 2021, Exhibit 3.1)](https://www.sec.gov/Archives/edgar/data/0001866514/000119312521186859/d140096dsf1.htm)</u> |
| 3.2 | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Amended and Restated Limited Liability Company Agreement of PG&E Recovery Funding LLC (incorporated by reference to a Current Report on Form 8-K of Pacific Gas and Electric Company and PG&E Recovery Funding LLC (File Nos. 1-2348 and 333-256944-01) filed November 8, 2021, Exhibit 3.2)](https://www.sec.gov/Archives/edgar/data/0001866514/000119312521323167/d231818dex32.htm)</u> |
| 4.1 | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Indenture between PG&E Recovery Funding LLC and The Bank of New York Mellon Trust Company, N.A. dated November 12, 2021 (including forms of Senior Secured Recovery Bonds) (incorporated by reference to a Current Report on Form 8-K of PG&E Corporation, Pacific Gas and Electric Company and PG&E Recovery Funding LLC (File Nos. 1-12609, 1-2348 and 333-256944-01) filed November 12, 2021, Exhibit 4.1)](https://www.sec.gov/Archives/edgar/data/0001866514/000119312521328376/d260142dex41.htm)</u> |
| 4.3 | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Indenture between PG&E Recovery Funding LLC and The Bank of New York Mellon Trust Company, N.A. dated as of November 30, 2022 (incorporated by reference to a Current Report on Form 8-K of PG&E Corporation, Pacific Gas and Electric Company and PG&E Recovery Funding LLC (File Nos. 1-12609, 1-2348 and 333-256944-01) filed November 30, 2022, Exhibit 4.1)](https://www.sec.gov/Archives/edgar/data/1866514/000119312522295403/d424974dex41.htm)</u> |
| 4.4 | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Series Supplement between PG&E Recovery Funding LLC and The Bank of New York Mellon Trust Company, N.A. dated as of November 30, 2022 (incorporated by reference to a Current Report on Form 8-K of PG&E Corporation, Pacific Gas and Electric Company and PG&E Recovery Funding LLC (File Nos. 1-12609, 1-2348 and 333-256944-01) filed November 30, 2022 Exhibit 4.2)](https://www.sec.gov/Archives/edgar/data/1866514/000119312522295403/d424974dex42.htm)</u> |
| 4.2 | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Series Supplement between PG&E Recovery Funding LLC and The Bank of New York Mellon Trust Company, N.A. dated November 12, 2021 (incorporated by reference to a Current Report on Form 8-K of PG&E Corporation, Pacific Gas and Electric Company and PG&E Recovery Funding LLC (File Nos. 1-12609, 1-2348 and 333-256944-01) filed November 12, 2021 Exhibit 4.2)](https://www.sec.gov/Archives/edgar/data/0001866514/000119312521328376/d260142dex42.htm)</u> |
| 10.1 | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Recovery Property Servicing Agreement between PG&E Recovery Funding LLC and Pacific Gas and Electric Company, as Servicer, dated November 12, 2021 (incorporated by reference to a Current Report on Form 8-K of PG&E Corporation, Pacific Gas and Electric Company and PG&E Recovery Funding LLC (File Nos. 1-12609, 1-2348 and 333-256944-01) filed November 12, 2021 Exhibit 10.1)](https://www.sec.gov/Archives/edgar/data/0001866514/000119312521328376/d260142dex101.htm)</u> |
| 10.2 | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Recovery Property Purchase and Sale Agreement between PG&E Recovery Funding LLC and Pacific Gas and Electric Company, as Seller, dated November 12, 2021 (incorporated by reference to a Current Report on Form 8-K of PG&E Corporation, Pacific Gas and Electric Company and PG&E Recovery Funding LLC (File Nos. 1-12609, 1-2348 and 333-256944-01) filed November 8, 2021 Exhibit 10.2)](https://www.sec.gov/Archives/edgar/data/0001866514/000119312521323167/d231818dex102.htm)</u> |
| 10.3 | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Administration Agreement between PG&E Recovery Funding LLC and Pacific Gas and Electric Company, as Administrator, dated November 12, 2021 (incorporated by reference to a Current Report on Form 8-K of PG&E Corporation, Pacific Gas and Electric Company and PG&E Recovery Funding LLC (File Nos. 1-12609, 1-2348 and 333-256944-01) filed November 12, 2021, Exhibit 10.3)](https://www.sec.gov/Archives/edgar/data/0001866514/000119312521328376/d260142dex103.htm)</u> |
| 10.4 | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Recovery Property Servicing Agreement between PG&E Recovery Funding LLC and Pacific Gas and Electric Company, as Servicer, dated as of November 30, 2022 (incorporated by reference to a Current Report on Form 8-K of PG&E Corporation, Pacific Gas and Electric Company and PG&E Recovery Funding LLC (File Nos. 1-12609, 1-2348 and 333-256944-01) filed November 30, 2022 Exhibit 10.1)](https://www.sec.gov/Archives/edgar/data/1866514/000119312522295403/d424974dex101.htm)</u> |
| 10.5 | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Recovery Property Purchase and Sale Agreement between PG&E Recovery Funding LLC and Pacific Gas and Electric Company, as Seller, dated as of November 30, 2022 (incorporated by reference to a Current Report on Form 8-K of PG&E Corporation, Pacific Gas and Electric Company and PG&E Recovery Funding LLC (File Nos. 1-12609, 1-2348 and 333-256944-01) filed November 30, 2022 Exhibit 10.2)](https://www.sec.gov/Archives/edgar/data/1866514/000119312522295403/d424974dex102.htm)</u> |
| 10.6 | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Administration Agreement between PG&E Recovery Funding LLC and Pacific Gas and Electric Company, as Administrator, dated as of November 30, 2022 (incorporated by reference to a Current Report on Form 8-K of PG&E Corporation, Pacific Gas and Electric Company and PG&E Recovery Funding LLC (File Nos. 1-12609, 1-2348 and 333-256944-01) filed November 30, 2022, Exhibit 10.3)](https://www.sec.gov/Archives/edgar/data/1866514/000119312522295403/d424974dex103.htm)</u> |
| \*99.1 | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Semi-annual Servicer's Certificate relating to the Series 2021-A Bonds, dated January 15, 2026](exhibit991-01302026.htm)</u> |
| \*99.2 | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Semi-annual Servicer's Certificate relating to the Series 2022-A Bonds, dated January 15, 2026](exhibit992-01302026.htm)</u> |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Date: January 30, 2026** | **PG&E Recovery Funding LLC** |
| | **(Issuing Entity)** |
|  | By: Pacific Gas and Electric Company, as Servicer |

---

---

| | |
|:---|:---|
| By: | /s/ MARGARET K. BECKER |
|  | Margaret K. Becker |
|  | Vice President, Internal Audit and Treasurer |

---

## Exhibit 99.1

**Exhibit 99.1**

**SEMI-ANNUAL SERVICER'S CERTIFICATE**

**Dated as of January 8, 2026**

Pursuant to <u>Section 4.01(c)(ii)</u> of the Recovery Property Servicing Agreement, dated as of November 12, 2021 (the "<u>Servicing Agreement</u>"), between, PACIFIC GAS AND ELECTRIC COMPANY, a California corporation, as Servicer (the "<u>Servicer</u>"), and PG&E RECOVERY FUNDING LLC, as Issuer (the "<u>Issuer</u>"), the Servicer does hereby certify, for the January 15, 2026 Payment Date (the "<u>Current Payment Date</u>"), as follows:

Capitalized terms used herein have their respective meanings as set forth in the Indenture. References herein to certain sections and subsections are references to the respective sections of the Servicing Agreement or the Indenture, as the context indicates.

**Collection Periods:&nbsp;&nbsp;&nbsp;&nbsp;**July 1, 2025 to November 30, 2025

**Payment Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**January 15, 2026

---

| | | | |
|:---|:---|:---|:---|
| **1.** | ***Collections Allocable and Aggregate Amounts Available for the Current Payment Date:*** | ***Collections Allocable and Aggregate Amounts Available for the Current Payment Date:*** | ***Collections Allocable and Aggregate Amounts Available for the Current Payment Date:*** |
|  | Fixed Recovery Charge Remittances | Fixed Recovery Charge Remittances |  |
|  | a. | Estimated Monthly Fixed Recovery Charges Remitted for July Collection Period | $3322406.73 |
|  | b. | Estimated Monthly Fixed Recovery Charges Remitted for August Collection Period | 2999971.85 |
|  | c. | Estimated Monthly Fixed Recovery Charges Remitted for September Collection Period | 3625949.19 |
|  | d. | Estimated Monthly Fixed Recovery Charges Remitted for October Collection Period | 3622620.02 |
|  | e. | Estimated Monthly Fixed Recovery Charges Remitted for November Collection Period | 2896285.45 |
| i. | Total Estimated Fixed Recovery Charge Remittances | Total Estimated Fixed Recovery Charge Remittances | **$16467233.24** |
| ii. | Investment Earnings on Collection Account | Investment Earnings on Collection Account |  |
|  |  | iii.&nbsp;&nbsp;&nbsp;&nbsp;Investment Earnings on Capital Subaccount<br>iv.&nbsp;&nbsp;&nbsp;&nbsp;Investment Earnings on Excess Funds Subaccount<br>v.&nbsp;&nbsp;&nbsp;&nbsp;Investment Earnings on General Subaccount | $84,685.16<br>253,162.76<br>218,430.35 |
| vi. |  | General Subaccount Balance (sum of i and v above) | 16685663.59 |
| vii. |  | Excess Funds Subaccount Balance as of Prior Payment Date | 15353524.00 |
| viii. |  | Capital Subaccount Balance as of Prior Payment Date | 4902077.80  |
| ix. |  | Collection Account Balance (sum of vi - vii above) | $32039187.59  |
| **2.** | ***Outstanding Amounts as of Prior Payment Date:*** | ***Outstanding Amounts as of Prior Payment Date:*** |  |
| i. | Tranche A-1 Outstanding Amount | Tranche A-1 Outstanding Amount | $164941637.00 |
| ii. | Tranche A-2 Outstanding Amount | Tranche A-2 Outstanding Amount | 160309000.00 |
| iii. | Tranche A-3 Outstanding Amount | Tranche A-3 Outstanding Amount | 433963000.00 |
| iv. | Aggregate Outstanding Amount of all Tranches of Recovery Bonds | Aggregate Outstanding Amount of all Tranches of Recovery Bonds | 759213637.00 |
| **3.** | ***Required Funding/Payments as of Current Payment Date:*** | ***Required Funding/Payments as of Current Payment Date:*** | **$23346173.48** |
| *Principal* | *Principal* | *Principal* | Principal Due |
| i. | Tranche A-1 | Tranche A-1 | $14191359.00 |
| ii. | Tranche A-2 | Tranche A-2 | - |
| iii. | Tranche A-3 | Tranche A-3 | - |
| iv. | For all Tranches of Recovery Bonds: | For all Tranches of Recovery Bonds: | $**14191359.00** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***<u>Interest Tranche</u>*** | ***<u>Interest Tranche</u>*** | ***<u>Interest Rate</u>*** | ***<u>Days in Interest Period</u>*** | ***<u>Principal Balance</u>*** | <br>***<u>Interest Due</u>*** |
| v. Tranche A-1 | v. Tranche A-1 | 1.460% | 180 | $164941637.00 | $1204073.95 |
| vi. Tranche A-2 | vi. Tranche A-2 | 2.280% | 180 | 160309000.00 | 1827522.60 |
| vii. Tranche A-3 | vii. Tranche A-3 | 2.822% | 180 | 433963000.00 | 6123217.93 |
| xii. | xii. | **For all Tranches of Recovery Bonds:** |  |  | **$9154814.48** |
|  |  |  |  | ***<u>Required Level</u>*** | ***<u>Funding Required</u>*** |
| xiii. Capital Subaccount | xiii. Capital Subaccount | xiii. Capital Subaccount | xiii. Capital Subaccount | $4301995.00 | - |
| **4.** | ***Allocation of Remittances as of Current Payment Date Pursuant to 8.02(e) of Indenture*** | ***Allocation of Remittances as of Current Payment Date Pursuant to 8.02(e) of Indenture*** | ***Allocation of Remittances as of Current Payment Date Pursuant to 8.02(e) of Indenture*** | ***Allocation of Remittances as of Current Payment Date Pursuant to 8.02(e) of Indenture*** | ***Allocation of Remittances as of Current Payment Date Pursuant to 8.02(e) of Indenture*** |
| i. | Indenture Trustee Fees and Expenses; Indemnity Amounts | Indenture Trustee Fees and Expenses; Indemnity Amounts | Indenture Trustee Fees and Expenses; Indemnity Amounts | Indenture Trustee Fees and Expenses; Indemnity Amounts | $0.00 |
| ii. | Servicing Fee | Servicing Fee | Servicing Fee | Servicing Fee | 215100.00 |
| iii. | Administration Fee | Administration Fee | Administration Fee | Administration Fee | 37500.00 |
| iv. | Other Ongoing Financing Costs Expenses | Other Ongoing Financing Costs Expenses | Other Ongoing Financing Costs Expenses | Other Ongoing Financing Costs Expenses | 2000.00 |
| v. | Semi-Annual Interest (including any past-due for prior periods) | Semi-Annual Interest (including any past-due for prior periods) | Semi-Annual Interest (including any past-due for prior periods) | Semi-Annual Interest (including any past-due for prior periods) | 9154814.48 |
| vi. | Return on PG&E Capital Contribution and any remittance of unpaid upfront financing costs | Return on PG&E Capital Contribution and any remittance of unpaid upfront financing costs | Return on PG&E Capital Contribution and any remittance of unpaid upfront financing costs | Return on PG&E Capital Contribution and any remittance of unpaid upfront financing costs | $0.00 |

---

---

| | | | |
|:---|:---|:---|:---|
| | ***<u>Tranche</u>*** | ***<u>Per $1000 of Original Principal Amount</u>*** | ***<u>Aggregate</u>*** |
| 1. | Tranche A-1 Interest Payment | $1204.07 | $1204073.95 |
| 2. | Tranche A-2 Interest Payment | 1827.52 | 1827522.60 |
| 3. | Tranche A-3 Interest Payment | 6123.22 | 6123217.93 |

---

vii. Principal Due and Payable as a Result of an Event of Default or on Final Maturity Date $759,213,637.00

---

| | | | |
|:---|:---|:---|:---|
| | ***<u>Tranche</u>*** | ***<u>Per $1000 of Original Principal Amount</u>*** | ***<u>Aggregate</u>*** |
| 1. | Tranche A-1 Principal Payment | $14191.36 | $14191359.00 |
| 2. | Tranche A-2 Principal Payment | - | - |
| 3. | Tranche A-3 Principal Payment | - | - |
| viii. | Semi-Annual Principal | Semi-Annual Principal | 14191359.00 |
| ix. | Deposit to Excess Funds Subaccount | Deposit to Excess Funds Subaccount | -  |
| x. | Released to Issuer upon Retirement of all Notes | Released to Issuer upon Retirement of all Notes | - |
| xi. | Aggregate Remittances as of Current Payment Date | Aggregate Remittances as of Current Payment Date | $16467233.24 |

---

**5.**  ***Subaccount Withdrawals as of Current Payment (if applicable, pursuant to Section 8.02(e) of Indenture:***

i. Excess Funds Subaccount $6,866,886.87

ii. Capital Subaccount -

iii. Total Withdrawals $6,866,886.87

------

**6.**  ***Outstanding Amount and Collection Account Balance as of Current Payment Date (after giving effect to payments to be made on such Payment Date):***

i. Tranche A-1 $150,750,278.00

ii. Tranche A-2 160,309,000.00

iii. Tranche A-3 433,963,000.00

iv. Aggregate Outstanding Amount of all Tranches of Recovery Bonds: 745,022,278.00

v. Excess Funds Subaccount Balance 8,739,799.89

vi. Capital Subaccount Balance 4,986,762.96

vii. Aggregate Collection Account Balance $13,726,562.85

---

| | | | | |
|:---|:---|:---|:---|:---|
| **7.** | ***Shortfalls in Interest and Principal Payments as of Current Payment Date*** | ***Shortfalls in Interest and Principal Payments as of Current Payment Date*** | ***Shortfalls in Interest and Principal Payments as of Current Payment Date*** | ***Shortfalls in Interest and Principal Payments as of Current Payment Date*** |
|  | i. | Semi-annual Interest |  |  |
|  |  |  | Tranche A-1 Interest Payment | $- |
|  |  |  | Tranche A-2 Interest Payment | - |
|  |  |  | Tranche A-3 Interest Payment | - |
|  | ii. | Semi-Annual Principal |  |  |
|  |  |  | Tranche A-1 Principal Payment | - |
|  |  |  | Tranche A-2 Principal Payment | - |
|  |  |  | Tranche A-3 Principal Payment | - |

---

---

| | | | |
|:---|:---|:---|:---|
| **8.** | ***Shortfalls in Required Subaccount Levels as of Current Payment Date*** | ***Shortfalls in Required Subaccount Levels as of Current Payment Date*** | ***Shortfalls in Required Subaccount Levels as of Current Payment Date*** |
|  | iii. | Capital Subaccount | $- |

---

------

**IN WITNESS WHEREOF**, the undersigned has duly executed and delivered this Semi-Annual Servicer's Certificate as of the date first above written.

**<u>SERVICER:</u>**

---

| |
|:---|
| PACIFIC GAS AND ELECTRIC COMPANY, |
| a California corporation |

---

---

| | |
|:---|:---|
| By: | /s/ MONICA KLEMANN |
|  | Name: Monica Klemann |
|  | Title: Assistant Treasurer |

---

## Exhibit 99.2

**Exhibit 99.2**

**SEMI-ANNUAL SERVICER'S CERTIFICATE**

**Dated as of January 8, 2026**

Pursuant to <u>Section 4.01(c)(ii)</u> of the Recovery Property Servicing Agreement, dated as of November 30, 2022 (the "<u>Servicing Agreement</u>"), between, PACIFIC GAS AND ELECTRIC COMPANY, a California corporation, as Servicer (the "<u>Servicer</u>"), and PG&E RECOVERY FUNDING LLC, as Issuer (the "<u>Issuer</u>"), the Servicer does hereby certify, for the January 15, 2026 Payment Date (the "<u>Current Payment Date</u>"), as follows:

Capitalized terms used herein have their respective meanings as set forth in the Indenture. References herein to certain sections and subsections are references to the respective sections of the Servicing Agreement or the Indenture, as the context indicates.

**Collection Periods:&nbsp;&nbsp;&nbsp;&nbsp;**July 1, 2025 to November 30, 2025

**Payment Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**January 15, 2026

---

| | | | |
|:---|:---|:---|:---|
| **1.** | ***Collections Allocable and Aggregate Amounts Available for the Current Payment Date:*** | ***Collections Allocable and Aggregate Amounts Available for the Current Payment Date:*** | ***Collections Allocable and Aggregate Amounts Available for the Current Payment Date:*** |
|  | Fixed Recovery Charge Remittances | Fixed Recovery Charge Remittances |  |
|  | a. | Estimated Monthly Fixed Recovery Charges Remitted for July Collection Period | $5546095.90 |
|  | b. | Estimated Monthly Fixed Recovery Charges Remitted for August Collection Period | 5291867.30 |
|  | c. | Estimated Monthly Fixed Recovery Charges Remitted for September Collection Period | 6089312.58 |
|  | d. | Estimated Monthly Fixed Recovery Charges Remitted for October Collection Period | 6088089.68 |
|  | e. | Estimated Monthly Fixed Recovery Charges Remitted for November Collection Period | 4867914.58 |
| i. | Total Estimated Fixed Recovery Charge Remittances | Total Estimated Fixed Recovery Charge Remittances | **$27883280.04** |
| ii. | Investment Earnings on Collection Account | Investment Earnings on Collection Account |  |
|  |  | iii.&nbsp;&nbsp;&nbsp;&nbsp;Investment Earnings on Capital Subaccount<br>iv.&nbsp;&nbsp;&nbsp;&nbsp;Investment Earnings on Excess Funds Subaccount<br>v.&nbsp;&nbsp;&nbsp;&nbsp;Investment Earnings on General Subaccount | $93,288.16<br>275,029.22<br>268,835.71 |
| vi. |  | General Subaccount Balance (sum of i and v above) | 28152115.75 |
| vii. |  | Excess Funds Subaccount Balance as of Prior Payment Date | 12028533.18 |
| viii. |  | Capital Subaccount Balance as of Prior Payment Date | 5400073.73  |
| ix. |  | Collection Account Balance (sum of vi - vii above) | $40180648.93  |
| **2.** | ***Outstanding Amounts as of Prior Payment Date:*** | ***Outstanding Amounts as of Prior Payment Date:*** |  |
| i. | Tranche A-1 Outstanding Amount | Tranche A-1 Outstanding Amount | $164996222.00 |
| ii. | Tranche A-2 Outstanding Amount | Tranche A-2 Outstanding Amount | 200000000.00 |
| iii. | Tranche A-3 Outstanding Amount | Tranche A-3 Outstanding Amount | 568440000.00 |
| iv. | Aggregate Outstanding Amount of all Tranches of Recovery Bonds | Aggregate Outstanding Amount of all Tranches of Recovery Bonds | 933436222.00 |
| **3.** | ***Required Funding/Payments as of Current Payment Date:*** | ***Required Funding/Payments as of Current Payment Date:*** | **$35537458.90** |
| *Principal* | *Principal* | *Principal* | Principal Due |
| i. | Tranche A-1 | Tranche A-1 | $10385010.00 |
| ii. | Tranche A-2 | Tranche A-2 | - |
| iii. | Tranche A-3 | Tranche A-3 | - |
| iv. | For all Tranches of Recovery Bonds: | For all Tranches of Recovery Bonds: | $**10385010.00** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***<u>Interest Tranche</u>*** | ***<u>Interest Tranche</u>*** | ***<u>Interest Rate</u>*** | ***<u>Days in Interest Period</u>*** | ***<u>Principal Balance</u>*** | <br>***<u>Interest Due</u>*** |
| v. Tranche A-1 | v. Tranche A-1 | 5.045% | 180 | $164996222.00 | $4162029.70 |
| vi. Tranche A-2 | vi. Tranche A-2 | 5.256% | 180 | 200000000.00 | 5256000.00 |
| vii. Tranche A-3 | vii. Tranche A-3 | 5.536% | 180 | 568440000.00 | 15734419.20 |
| viii. | viii. | **For all Tranches of Recovery Bonds:** |  |  | **$25152448.90** |
|  |  |  |  | ***<u>Required Level</u>*** | ***<u>Funding Required</u>*** |
| ix. Capital Subaccount | ix. Capital Subaccount | ix. Capital Subaccount | ix. Capital Subaccount | $4916810.00 | - |
| **4.** | ***Allocation of Remittances as of Current Payment Date Pursuant to 8.02(e) of Indenture*** | ***Allocation of Remittances as of Current Payment Date Pursuant to 8.02(e) of Indenture*** | ***Allocation of Remittances as of Current Payment Date Pursuant to 8.02(e) of Indenture*** | ***Allocation of Remittances as of Current Payment Date Pursuant to 8.02(e) of Indenture*** | ***Allocation of Remittances as of Current Payment Date Pursuant to 8.02(e) of Indenture*** |
| i. | Indenture Trustee Fees and Expenses; Indemnity Amounts | Indenture Trustee Fees and Expenses; Indemnity Amounts | Indenture Trustee Fees and Expenses; Indemnity Amounts | Indenture Trustee Fees and Expenses; Indemnity Amounts | $0.00 |
| ii. | Servicing Fee | Servicing Fee | Servicing Fee | Servicing Fee | 245841.00 |
| iii. | Administration Fee | Administration Fee | Administration Fee | Administration Fee | 37500.00 |
| iv. | Other Ongoing Financing Costs Expenses | Other Ongoing Financing Costs Expenses | Other Ongoing Financing Costs Expenses | Other Ongoing Financing Costs Expenses | 1000.00 |
| v. | Semi-Annual Interest (including any past-due for prior periods) | Semi-Annual Interest (including any past-due for prior periods) | Semi-Annual Interest (including any past-due for prior periods) | Semi-Annual Interest (including any past-due for prior periods) | 25152448.90 |
| vi. | Return on PG&E Capital Contribution and any remittance of unpaid upfront financing costs | Return on PG&E Capital Contribution and any remittance of unpaid upfront financing costs | Return on PG&E Capital Contribution and any remittance of unpaid upfront financing costs | Return on PG&E Capital Contribution and any remittance of unpaid upfront financing costs | $134076.38 |

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| | | | |
|:---|:---|:---|:---|
| | ***<u>Tranche</u>*** | ***<u>Per $1000 of Original Principal Amount</u>*** | ***<u>Aggregate</u>*** |
| 1. | Tranche A-1 Interest Payment | $4162.03 | $4162029.70 |
| 2. | Tranche A-2 Interest Payment | 5256.00 | 5256000.00 |
| 3. | Tranche A-3 Interest Payment | 15734.42 | 15734419.20 |

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vii. Principal Due and Payable as a Result of an Event of Default or on Final Maturity Date $933,436,222.00

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| | | | |
|:---|:---|:---|:---|
| | ***<u>Tranche</u>*** | ***<u>Per $1000 of Original Principal Amount</u>*** | ***<u>Aggregate</u>*** |
| 1. | Tranche A-1 Principal Payment | $10385.01 | $10385010.00 |
| 2. | Tranche A-2 Principal Payment | - | - |
| 3. | Tranche A-3 Principal Payment | - | - |
| viii. | Semi-Annual Principal | Semi-Annual Principal | 10385010.00 |
| ix. | Deposit to Excess Funds Subaccount | Deposit to Excess Funds Subaccount | -  |
| x. | Released to Issuer upon Retirement of all Notes | Released to Issuer upon Retirement of all Notes | - |
| xi. | Aggregate Remittances as of Current Payment Date | Aggregate Remittances as of Current Payment Date | $27883280.04 |

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**5.**  ***Subaccount Withdrawals as of Current Payment (if applicable, pursuant to Section 8.02(e) of Indenture:***

i. Excess Funds Subaccount $7,322,664.40

ii. Capital Subaccount -

iii. Total Withdrawals $7,322,664.40

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**6.**  ***Outstanding Amount and Collection Account Balance as of Current Payment Date (after giving effect to payments to be made on such Payment Date):***

i. Tranche A-1 $154,611,212.00

ii. Tranche A-2 200,000,000.00

iii. Tranche A-3 568,440,000.00

iv. Aggregate Outstanding Amount of all Tranches of Recovery Bonds: 923,051,212.00

v. Excess Funds Subaccount Balance 4,980,898

vi. Capital Subaccount Balance 5,493,361.89

vii. Aggregate Collection Account Balance $10,474,259.89

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| | | | | |
|:---|:---|:---|:---|:---|
| **7.** | ***Shortfalls in Interest and Principal Payments as of Current Payment Date*** | ***Shortfalls in Interest and Principal Payments as of Current Payment Date*** | ***Shortfalls in Interest and Principal Payments as of Current Payment Date*** | ***Shortfalls in Interest and Principal Payments as of Current Payment Date*** |
|  | i. | Semi-annual Interest |  |  |
|  |  |  | Tranche A-1 Interest Payment | $- |
|  |  |  | Tranche A-2 Interest Payment | - |
|  |  |  | Tranche A-3 Interest Payment | - |
|  | ii. | Semi-Annual Principal |  |  |
|  |  |  | Tranche A-1 Principal Payment | - |
|  |  |  | Tranche A-2 Principal Payment | - |
|  |  |  | Tranche A-3 Principal Payment | - |

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| | | | |
|:---|:---|:---|:---|
| **8.** | ***Shortfalls in Required Subaccount Levels as of Current Payment Date*** | ***Shortfalls in Required Subaccount Levels as of Current Payment Date*** | ***Shortfalls in Required Subaccount Levels as of Current Payment Date*** |
|  | iii. | Capital Subaccount | $- |

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**IN WITNESS WHEREOF**, the undersigned has duly executed and delivered this Semi-Annual Servicer's Certificate as of the date first above written.

**<u>SERVICER:</u>**

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| |
|:---|
| PACIFIC GAS AND ELECTRIC COMPANY, |
| a California corporation |

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| | |
|:---|:---|
| By: | /s/ MONICA KLEMANN |
|  | Name: Monica Klemann |
|  | Title: Assistant Treasurer |

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