# EDGAR Filing Document

**Accession Number:** 0001866514
**File Stem:** 0001866514-23-000013
**Filing Date:** 2023-3
**Character Count:** 74294
**Document Hash:** f7daaf70f133a304c81d029f5bc35870
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001866514-23-000013.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001866514-23-000013

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PG&E Recovery Funding LLC
- **CENTRAL INDEX KEY:** 0001866514
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-256944-01
- **FILM NUMBER:** 23787759

**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

?xml version="1.0" ? prf-20221231

UNITED STATES

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

____________________________________________________________________________

**FORM 10-K**

---

| | |
|:---|:---|
| **(Mark One)** | |
| ☒ | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|  | **For the Fiscal Year Ended December 31, 2022** |
| ☐ | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|  | **For the transition period from _________ to ___________** |

---

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| | | | |
|:---|:---|:---|:---|
| | Commission File Number of issuing entity: | Commission File Number of issuing entity: | &nbsp;&nbsp;&nbsp;&nbsp;<br>333-256944-01 |
| | Central Index Key Number for issuing entity: | Central Index Key Number for issuing entity: | 0001866514 |
| | **PG&E RECOVERY FUNDING LLC** | **PG&E RECOVERY FUNDING LLC** | **PG&E RECOVERY FUNDING LLC** |
| | (Exact name of issuing entity as specified in its charter) | (Exact name of issuing entity as specified in its charter) | (Exact name of issuing entity as specified in its charter) |
| | **PACIFIC GAS AND ELECTRIC COMPANY** | **PACIFIC GAS AND ELECTRIC COMPANY** | **PACIFIC GAS AND ELECTRIC COMPANY** |
| | (Exact name of depositor and sponsor as specified in its charter) | (Exact name of depositor and sponsor as specified in its charter) | (Exact name of depositor and sponsor as specified in its charter) |
| | Commission File Number of issuing entity: | Commission File Number of issuing entity: | 1-2348 |
| | Central Index Key Number for issuing entity: | Central Index Key Number for issuing entity: | 0000075488 |
| **Delaware** | **Delaware** |  | **87-1047820** |
| (State or other jurisdiction of incorporation or organization) | (State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.) |
| **300 Lakeside Drive** | **300 Lakeside Drive** |  |  |
| **Oakland,** | **California** |  | **94612** |
| (Address of principal executive offices) | (Address of principal executive offices) |  | (Zip Code) |
| Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | **415** | **973-7000** |

---

Securities registered pursuant to Section 12(b) of the Act: none

Securities registered pursuant to Section 12(g) of the Act: none

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act: <br> ☐ Yes ☒ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act: <br> ☐ Yes ☒ No

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| | | | |
|:---|:---|:---|:---|
| 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. | 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. | 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. | 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 |

---

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| | | | |
|:---|:---|:---|:---|
| Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). |
| ☒ | Yes | ☐ | No |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  | Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  | Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  | Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  | Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  |
| | ☒ | Yes | ☐ | No |

---

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| | | |
|:---|:---|:---|
| Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. | Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. |
| | ☐ | Large accelerated filer |
| | ☐ | Accelerated filer |
| | ☒ | Non-accelerated filer |
| | ☐ | Smaller reporting company |
| | ☐ | Emerging growth company |

---

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| | |
|:---|:---|
| 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. | 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. |
| | ☐ |

---

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| |
|:---|
| Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of<br>the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.<br>7262(b)) by the registered public accounting firm that prepared or issued its audit report. |
| ☐ |

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| | |
|:---|:---|
| If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. | If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. |
| | ☐ |

---

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| | |
|:---|:---|
| Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). | Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). |
| | ☐ |

---

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). <br> ☐ Yes ☒ No

Documents incorporated by reference: none

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

------

**PART I**

**Item 1. Business.**

Omitted pursuant to General Instruction J of Form 10-K.

**Item 1A. Risk Factors.**

Omitted pursuant to General Instruction J of Form 10-K.

**Item 1B. Unresolved Staff Comments.**

None.

**Item 2. Properties.**

Omitted pursuant to General Instruction J of Form 10-K.

**Item 3. Legal Proceedings.**

Omitted pursuant to General Instruction J of Form 10-K.

**Item 4. Mine Safety Disclosures.**

None.

**PART II**

**Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.**

Omitted pursuant to General Instruction J of Form 10-K.

**Item 6. [Reserved].**

**Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

Omitted pursuant to General Instruction J of Form 10-K.

**Item 7A. Quantitative and Qualitative Disclosures about Market Risk.**

Omitted pursuant to General Instruction J of Form 10-K.

**Item 8. Financial Statements and Supplementary Data.**

Omitted pursuant to General Instruction J of Form 10-K.

**Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures.** 

Omitted pursuant to General Instruction J of Form 10-K.

**Item 9A. Controls and Procedures.**

Omitted pursuant to General Instruction J of Form 10-K.

**Item 9B. Other Information.**

None.

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

------

**Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.**

None.

**PART III**

**Item 10. Directors, Executive Officers, and Corporate Governance.**

The following is a list of the managers of PG&E Recovery Funding LLC (the "Issuing Entity") as of the date of this report:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Age** | **Title** | **Background** |
| Margaret K. Becker | 41 | Manager and President | Manager and President of the Issuing Entity since its inception in 2021. Ms. Becker has served as Vice President and Treasurer of Pacific Gas and Electric Company (the "Utility") since April 2021. From 2016 to March 2020, Ms. Becker served as Assistant Treasurer and Director of Banking and Economic Analysis at the Utility. From March 2020 to April 2021, Ms. Becker served as Senior Director and Treasurer at the Utility. |
| Monica Klemann | 39 | Manager, Treasurer and Secretary | Manager, Treasurer and Secretary of the Issuing Entity since its inception in 2021. Ms. Klemann has served as Assistant Treasurer and Director of the Utility since April 2021. From April 2015 to March 2020, Ms. Klemann served as Manager of the Banking and Money Management team at the Utility. From March 2020 to April 2021, she served as Senior Manager of the Utility. |
| Orlando Figueroa | 62 | Independent Manager | Independent Manager of the Issuing Entity since its inception in 2021. With over 20 years' US and global capital markets experience, Mr. Figueroa currently serves as Senior Managing Director and is primarily responsible for leading the business development efforts of Citadel SPV, which he co-founded in November 2014**.** Prior to forming Citadel SPV, Mr. Figueroa served as Managing Director - Corporate Governance and New Business Development of Lord Securities Corporation, a TMF Group Company from March 2002 to October 2014. Mr. Figueroa's responsibilities at Lord Securities included business development, senior oversight of Lord Securities' corporate governance practice, and managing all daily aspects of document review and execution, including legal response and transaction management. Mr. Figueroa also was a member of TMF Group's Structured Finance Global Strategy Board and served as TMF Group's Regional Director for Structured Finance in the Americas from January 2010 to October 2014. During his career, Mr. Figueroa has served as a director on the boards of over 1,000 special purpose vehicles spanning various asset classes. He also served on the Executive Board of Directors of the American Securitization Forum (the "ASF") and acted as Chairman of the ASF's Membership Committee from 2008 to 2010. Mr. Figueroa currently serves on the Board of Directors of The Cameron Kravitt Foundation, a not-for-profit charitable foundation, which he has served on since 2010. |

---

**Code of Conduct**

The Issuing Entity is a wholly-owned subsidiary of the Utility, which in turn is a subsidiary of PG&E Corporation. PG&E Corporation and the Utility have adopted codes of conduct and ethics which apply to all of their subsidiaries. The codes of conduct and ethics are available both on PG&E Corporation's website *www.pgecorp.com*, and the Utility's website *www.pge.com.*

**Item 11. Executive Compensation**

Other than an annual independent manager fee of $3,000 paid to Citadel SPV, the Issuing Entity does not pay any compensation to its managers or executive officers.

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

------

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.**

None.

**Item 13. Certain Relationships and Related Transactions, and Director Independence**

Information responding to Item 13 is included under Item 10. (Directors, Executive Officers, and Corporate Governance) above.

**Item 14. Principal Accountant Fees and Services.**

Omitted pursuant to General Instruction J of Form 10-K.

**PART IV**

**Item 15. Exhibits, Financial Statement Schedules.**

(a)(1) and (a)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omitted pursuant to General Instruction J of Form 10-K.

(a)(3) and (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits filed herewith are designated by an asterisk (\*). All exhibits not so designated are incorporated by &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reference to a prior filing, as indicated. See Exhibit Index included below, which is incorporated herein by reference.

**Item 16. Form 10-K Summary.**

None.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit Number** | **Exhibit Description** |
| 3.1 | <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/1866514/000119312521186859/d140096dex31.htm)</u> |
| 3.2 | <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)](http://www.sec.gov/Archives/edgar/data/0001866514/000119312521323167/d231818dex32.htm)</u> |
| 3.3 | <u>[Amendment to 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 November 1](https://www.sec.gov/Archives/edgar/data/1866514/000119312522282656/d349808dex33.htm)[0](https://www.sec.gov/Archives/edgar/data/1866514/000119312522282656/d349808dex33.htm)[, 2022, Exhibit 3.3)](https://www.sec.gov/Archives/edgar/data/1866514/000119312522282656/d349808dex33.htm)</u> |
| 4.1 | <u>[Indenture between PG&E Recovery Funding LLC and The Bank of New York Mellon Trust Company, N.A. dated as of 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 4.1)](http://www.sec.gov/Archives/edgar/data/0001866514/000119312521323167/d231818dex41.htm)</u> |
| 4.2 | <u>[Series Supplement between PG&E Recovery Funding LLC and The Bank of New York Mellon Trust Company, N.A. dated as of 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)](http://www.sec.gov/Archives/edgar/data/0001866514/000119312521323167/d231818dex42.htm)</u> |
| 4.3 | <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 | <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> |
| 10.1 | <u>[Recovery Property Servicing Agreement between PG&E Recovery Funding LLC and Pacific Gas and Electric Company, as Servicer, dated as of 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)](http://www.sec.gov/Archives/edgar/data/0001866514/000119312521323167/d231818dex101.htm)</u> |

---

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

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| | |
|:---|:---|
| 10.2 | <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 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)](http://www.sec.gov/Archives/edgar/data/0001866514/000119312521323167/d231818dex102.htm)</u> |
| 10.3 | <u>[Administration Agreement between PG&E Recovery Funding LLC and Pacific Gas and Electric Company, as Administrator, dated as of 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)](http://www.sec.gov/Archives/edgar/data/0001866514/000119312521323167/d231818dex103.htm)</u> |
| 10.4 | <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 | <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 | <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> |
| \*31.1 | <u>[Rule 13a-14(d)/15d-14(d) certification](prf-exhibitx311x123122.htm)</u> |
| \*33.1 | <u>[Report on assessment of compliance with servicing criteria for asset-backed securities of Pacific Gas and Electric Company, as Servicer](prf-exhibitx331x123122.htm)</u> |
| \*33.2 | <u>[Report on assessment of compliance with servicing criteria for asset-backed securities of The Bank of New York Mellon Trust Company, N.A., as Indenture Trustee](prf-exhibitx332x123122.htm)</u> |
| \*34.1 | <u>[Attestation report on assessment of compliance with servicing criteria for asset backed securities of Deloitte & Touche LLP on behalf of Pacific Gas and Electric Company, as Servicer](prf-exhibitx341x123122.htm)</u> |
| \*34.2 | <u>[Attestation report on assessment of compliance with servicing criteria for asset backed securities of KPMG LLP on behalf of The Bank of New York Mellon Trust Company, N.A., as Indenture Trustee](prf-exhibitx342x123122.htm)</u> |
| \*35.1 | <u>[Servicer compliance statement of Pacific Gas and Electric Company, as Servicer](prf-exhibitx351x123122.htm)</u> |
| \*104 | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document |

---

**Item 1112(b). Significant Obligors of Pool Assets.** 

None.

**Item 1114(b)(2). Credit Enhancement and Other Support, Except for Certain Derivatives Instruments.**

None.

**Item 1115(b). Certain Derivatives Instruments.**

None.

**Item 1117. Legal Proceedings.**

No material legal proceedings to be reported.

**Item 1119. Affiliations and Certain Relationships and Related Transactions.**

PG&E Recovery Funding LLC is a wholly-owned subsidiary of Pacific Gas and Electric Company.

**Item 1122. Compliance with Applicable Servicing Criteria.**

The following exhibits are attached to this report:

33.1 - Report on assessment of compliance with servicing criteria for asset-backed securities of Pacific Gas and Electric Company, as Servicer;

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

------

33.2 - Report on assessment of compliance with servicing criteria for asset-backed securities of The Bank of New York Mellon Trust Company, N.A., as Indenture Trustee;

34.1 - Attestation report on assessment of compliance with servicing criteria for asset backed securities of Deloitte & Touche LLP (PCAOB ID No. 34, San Francisco, CA) on behalf of Pacific Gas and Electric Company, as Servicer;

34.2 - Servicer compliance statement of Pacific Gas and Electric Company, as Servicer.

**Item 1123. Servicer Compliance Statement.**

See Exhibit 35.1 of this Form 10-K.

**SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(D) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT**

No such annual report, proxy statement, form of proxy or other proxy soliciting material has been sent to the registrant's security holders. The registrant will not be sending an annual report or proxy material to its security holders subsequent to the filing of this form.

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

------

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) 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, this 31st day of March 2023.

---

| | |
|:---|:---|
| PG&E Recovery Funding LLC | PG&E Recovery Funding LLC |
| (Issuing Entity) | (Issuing Entity) |
| By: | Pacific Gas and Electric Company, as Servicer |
| By: | /s/ MARGARET K. BECKER |
|  | Margaret K. Becker |
|  | Vice President and Treasurer |

---

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

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby certifies that she is the duly elected and acting Vice President and Treasurer of PACIFIC GAS AND ELECTRIC COMPANY, a California corporation, as servicer (the "<u>Servicer</u>"), under the Recovery Property Servicing Agreement dated as of May 10, 2022 and the Recovery Property Servicing Agreement dated as of July 20, 2022 (together, the "<u>Servicing Agreements</u>") between the Servicer and PG&E WILDFIRE RECOVERY FUNDING LLC, as issuer (the "<u>Issuer</u>"), and further that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The undersigned has reviewed this report on Form 10-K and all reports on Form 10-D required to be filed in respect of the period covered by this report on Form 10-K of the Issuer (the "<u>Exchange Act Periodic Reports</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on the undersigned's knowledge, the Exchange Act Periodic Reports, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on the undersigned's knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the period covered by this report is included in the Exchange Act Periodic Reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The undersigned is responsible for reviewing the activities performed by the Servicer, and based on the undersigned's knowledge and the compliance review conducted in preparing the servicer compliance statement required in this report under Item 1123 of Regulation AB, and except as disclosed in the Exchange Act Periodic Reports, the Servicer has fulfilled its obligations under the Servicing Agreements in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. All of the reports on assessment of compliance with servicing criteria for asset-backed securities and the related attestation reports on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rule 13a-18 and 15d-18 have been included as an exhibit to this report, except as otherwise disclosed in this report. Any material instances of noncompliance described in such reports have been disclosed in this report on Form 10-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. In giving the certifications above, the undersigned has reasonably relied on information provided to the undersigned by the following unaffiliated party: The Bank of New York Mellon Trust Company, N.A., as Indenture Trustee.

[*Signature Page Follows*]

------

**&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF**, the undersigned has duly executed and delivered this Certification as of the date first above written.

---

| | |
|:---|:---|
| **<u>SERVICER:</u>**<br>PACIFIC GAS AND ELECTRIC COMPANY<br>a California corporation | **<u>SERVICER:</u>**<br>PACIFIC GAS AND ELECTRIC COMPANY<br>a California corporation |
| By: | &nbsp;&nbsp;/s/ MARGARET K. BECKER |
| Name: | Margaret K. Becker |
| Title: | Vice President and Treasurer |

---

![image_0a.jpg](image_0a.jpg)

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

## Exhibit 33.1

**Exhibit 33.1**

**REPORT ON ASSESSMENT OF COMPLIANCE WITH SERVICING CRITERIA FOR ASSET-BACKED ISSUERS**

The undersigned hereby certifies that she is the duly elected and acting Vice President and Treasurer of PACIFIC GAS AND ELECTRIC COMPANY, a California corporation, as servicer (the "<u>Servicer</u>"), under the Recovery Property Servicing Agreement dated as of November 12, 2021 and the Recovery Property Servicing Agreement dated as of November 30, 2022 (together, the "<u>Servicing Agreements</u>") between the Servicer and PG&E RECOVERY FUNDING LLC, as issuer (the "<u>Issuer</u>"), and further that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The undersigned is responsible under Item 1122(a) of Regulation AB for assessing the Servicer's compliance with the servicing criteria set forth in Item 1122(d) of Regulation AB (the "<u>Servicing Criteria</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. With respect to each of the Servicing Criteria, the undersigned has made the following assessment of the Servicing Criteria in accordance with Item 1122(d) of Regulation AB, with such discussion regarding the performance of such Servicing Criteria during the fiscal year covered by the Depositor's annual report on Form 10-K (such fiscal year, the "<u>Assessment Period</u>"):

---

| | | | |
|:---|:---|:---|:---|
| | **Servicing Criteria** | **Applicable <br>Servicing Criteria** | **Inapplicable <br>Servicing Criteria** |
| **Reference** | **Criteria** | | |
| | **General Servicing Considerations** | | |
| 1122(d)(1)(i) | Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements. | X |  |
| 1122(d)(1)(ii) | If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party's performance and compliance with such servicing activities. |  | X |
| 1122(d)(1)(iii) | Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained. |  | X |

---

------

---

| | | | |
|:---|:---|:---|:---|
| 1122(d)(1)(iv) | A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements. |  | X |
| 1122(d)(1)(v) | Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information. | X |  |
|  | **Cash Collection and Administration** |  |  |
| 1122(d)(2)(i) | Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days of receipt, or such other number of days specified in the transaction agreements. | X |  |
| 1122(d)(2)(ii) | Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. | X |  |
| 1122(d)(2)(iii) | Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements. |  | X |

---

------

---

| | | | |
|:---|:---|:---|:---|
| 1122(d)(2)(iv) | The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements. | X |  |
| 1122(d)(2)(v) | Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. | X |  |
| 1122(d)(2)(vi) | Unissued checks are safeguarded so as to prevent unauthorized access. |  | X |
| 1122(d)(2)(vii) | Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations: (A) are mathematically accurate; (B) are prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) are reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements. | X |  |
|  | **Investor Remittances and Reporting** |  |  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| 1122(d)(3)(i) | Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports: (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of pool assets serviced by the Servicer. | X |  |
| 1122(d)(3)(ii) | Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. |  | X |
| 1122(d)(3)(iii) | Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements. | X |  |
| 1122(d)(3)(iv) | Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. | X |  |
|  | **Pool Asset Administration** |  |  |
| 1122(d)(4)(i) | Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents. | X |  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| 1122(d)(4)(ii) | Pool assets and related documents are safeguarded as required by the transaction agreements. | X |  |
| 1122(d)(4)(iii) | Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements. |  | X |
| 1122(d)(4)(iv) | Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents. | X |  |
| 1122(d)(4)(v) | The Servicer's records regarding the pool assets agree with the Servicer's records with respect to an obligor's unpaid principal balance. |  | X |
| 1122(d)(4)(vi) | Changes with respect to the terms or status of an obligor's pool asset (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents. | X |  |
| 1122(d)(4)(vii) | Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements. | X |  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| 1122(d)(4)(viii) | Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment). | X |  |
| 1122(d)(4)(ix) | Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. |  | X |
| 1122(d)(4)(x) | Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool asset, or such other number of days specified in the transaction agreements. | X |  |
| 1122(d)(4)(xi) | Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the Servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements. |  | X |

---

------

---

| | | | |
|:---|:---|:---|:---|
| 1122(d)(4)(xii) | Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer's funds and not charged to the obligor, unless the late payment was due to the obligor's error or omission. |  | X |
| 1122(d)(4)(xiii) | Disbursements made on behalf of an obligor are posted within two business days to the obligor's records maintained by the Servicer, or such other number of days specified in the transaction agreements. |  | X |
| 1122(d)(4)(xiv) | Delinquencies, charge-offs and uncollectable accounts are recognized and recorded in accordance with the transaction agreements. | X |  |
| 1122(d)(4)(xv) | Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements. |  | X |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To the best of the undersigned's knowledge, based on such review, the Servicer is in compliance in all material respects with the applicable Servicing Criteria set forth above as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Deloitte & Touche LLP, an independent registered public accounting firm has issued an attestation report on the Servicer's assessment of compliance with the applicable Servicing Criteria set forth above as of December 31, 2022.

[*Signature Page Follows*]

------

&nbsp;&nbsp;&nbsp;&nbsp;**IN WITNESS WHEREOF**, the undersigned has duly executed and delivered this Report on Assessment of Compliance with Servicing Criteria for Asset-Backed Issuers as of the date first above written.

---

| | |
|:---|:---|
| **<u>SERVICER:</u>**<br>PACIFIC GAS AND ELECTRIC COMPANY<br>a California corporation | **<u>SERVICER:</u>**<br>PACIFIC GAS AND ELECTRIC COMPANY<br>a California corporation |
| By: | /s/ MARGARET K. BECKER |
| Name: | Margaret K. Becker |
| Title: | Vice President and Treasurer |

---

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

## Exhibit 33.2

**Exhibit 33.2**

![image_01a.jpg](image_01a.jpg)

ASSESSMENT OF COMPLIANCE WITH <br>APPLICABLE SERVICING CRITERIA

Management of The Bank of New York Mellon (formerly The Bank of New York), BNY Mellon Trust of Delaware (formerly BNYM (Delaware)) and The Bank of New York Mellon Trust Company, N.A. (formerly The Bank of New York Trust Company, N.A.), (collectively, the "Company") is responsible for assessing the Company's compliance with the servicing criteria set forth in Item 1122(d) of Regulation AB promulgated by the Securities and Exchange Commission. The Company's management has determined that the servicing criteria are applicable in regard to the servicing platform as of and for the period as follows:

<u>Platform</u>: Publicly-issued (i.e., transaction-level reporting initially required under the Securities Exchange Act of 1934, as amended) asset-backed securities issued on or after January 1, 2006 that are subject to Regulation AB (including transactions subject to Regulation AB by contractual obligation) for which the Company provides trustee, securities administration, paying agent or custodial services, as defined and to the extent applicable in the transaction agreements, other than residential mortgage-backed securities and other mortgage-related asset-backed securities (the "Platform").

<u>Period:</u> The twelve months ended December 31, 2022 (the "Period").

<u>Applicable Servicing Criteria</u>: All servicing criteria set forth in Item 1122(d), to the extent required by the related transaction agreements as to any transaction, except as set forth in the column titled "Not Applicable to Platform" in Appendix l attached hereto.

With respect to servicing criterion 1122(d)(2)(vi), the Company's management has engaged a vendor to perform the activities required by the servicing criterion. The Company's management has determined that this vendor is not considered a "servicer" as defined in Item 1lOl(j) of Regulation AB, and the Company's management has elected to take responsibility for assessing compliance with the servicing criterion applicable to this vendor as permitted by the SEC's *Compliance and Disclosure Interpretation 200.06, Vendors Engaged by Servicers* ("C&DI 200.06"). The Company's management has policies and procedures in place designed to provide reasonable assurance that the vendor's activities comply in all material respects with the servicing criterion applicable to the vendor. The Company's management is solely responsible for determining that it meets the SEC requirements to apply C&DI 200.06 for the vendor and related servicing criterion.

With respect to the Platform as of and for the Period, the Company provides the following assessment of compliance in respect of the Applicable Servicing Criteria:

------

1. The Company's management is responsible for assessing the Company's compliance with the Applicable Servicing Criteria.

2. The Company's management has assessed compliance with the Applicable Servicing Criteria, including the servicing criterion for which compliance is determined based on C&DI 200.06 as described above as of and for the Period. In making this assessment, management used the criteria set forth by the Securities and Exchange Commission in paragraph (d) ofltem 1122 of Regulation AB.

3. With respect to servicing criterion 1122(d)(4)(i), for certain transactions in the Platform the Trustor (as such term is defined in the related transaction agreements) may direct the Trustee (as such term is defined in the related transaction agreements) to file, or cause to be filed, all filings identified by the Trustor to be necessary to maintain the effectiveness of any original filings identified by the Trustor to be necessary under the Uniform Commercial Code as in effect in any jurisdiction to perfect the Trustee's security interest in or lien on the Underlying Securities (as such term is defined in the related transaction agreements). As of and for the twelve months ended December 31, 2022, the Company was not instructed by any Trustors to perform such activities. Absent the receipt of instruction from a Trustor to perform such activities, the Company's responsibility for criterion 1122(d)(4)(i) for the Platform is solely with regard to the manner of holding trust assets and investment of trust assets in eligible investments and the Company does not have any duties as to the original UCC filing and any continuations to perfect the security interest unless instructed to do so by other parties in the transaction agreement.

4. Based on such assessment, as of and for the Period, the Company has complied, in all material respects, with the Applicable Servicing Criteria.

KPMG LLP, an independent registered public accounting firm, has issued an attestation report with respect to management's assessment of the Company's compliance with the Applicable Servicing Criteria as of and for the Period.

------

The Bank of New York Mellon&nbsp;&nbsp;&nbsp;&nbsp;BNY Mellon Trust of Delaware

_____________________________&nbsp;&nbsp;&nbsp;&nbsp;____________________________<br> James Slater&nbsp;&nbsp;&nbsp;&nbsp; Ames Ambagis<br> Authorized Signatory&nbsp;&nbsp;&nbsp;&nbsp; Authorized Signatory

The Bank of New York Mellon Trust <br>Company, N.A.

______________________________<br> Antonio I. Portuondo <br> Authorized Signatory

Dated: February 28, 2023

------

APPENDIX 1

---

| | | | | |
|:---|:---|:---|:---|:---|
| REG AB <br>REFERENCE | SERVICING CRITERIA | Applicable to Platform | Applicable to Platform | Not Applicable to Platform |
| REG AB <br>REFERENCE | SERVICING CRITERIA | Performed Directly by the Company | Performed by Vendor(s) for which the Company is the Responsible Party | Not Applicable to Platform |

---

**General servicing considerations**

---

| | | | |
|:---|:---|:---|:---|
| 1122(d)(1)(i) | &nbsp;&nbsp;&nbsp;Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements. | X |  |
| 1122(d)(1)(ii) | &nbsp;&nbsp;&nbsp;If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party's performance and compliance with such servicing activities, | X |  |
| 1122(d)(1)(iii) | &nbsp;&nbsp;&nbsp;Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained. |  | X |
| 1122(d)(1)(iv) | &nbsp;&nbsp;&nbsp;A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements. |  | X |
| 1122(d)(1)(v) | &nbsp;&nbsp;&nbsp;Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information. |  | X |

---

**Cash collection and administration**

---

| | | | |
|:---|:---|:---|:---|
| 1122(d)(2)(i) | &nbsp;&nbsp;&nbsp;Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days of receipt, or such other number of days specified in the transaction agreements. | X |  |
| 1122(d)(2)(ii) | &nbsp;&nbsp;&nbsp;Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. | X |  |
| 1122(d)(2)(iii) | &nbsp;&nbsp;&nbsp;Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements. |  | X |
| 1122(d)(2)(iv) | &nbsp;&nbsp;&nbsp;The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained *(e.g.,* with respect to commingling of cash) as set forth in the transaction agreements. | X |  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REG AB <br>REFERENCE | SERVICING CRITERIA | Applicable to Platform | Applicable to Platform | No Applicable to Platform |
| REG AB <br>REFERENCE | SERVICING CRITERIA | Performed Directly by the Company | Performed by Vendor(s) for which <br>the Company is the Responsible Party | No Applicable to Platform |
| 1122(d)(2)(v) | &nbsp;&nbsp;&nbsp;Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 240,13k-1(b)(1) of this chapter. | X |  |  |
| 1122(d)(2)(vi) | &nbsp;&nbsp;&nbsp;Unissued checks are safeguarded so as to prevent unauthorized access. |  | X |  |
| 1122(d)(2)(vii) | &nbsp;&nbsp;&nbsp;Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations (A) Are mathematically accurate; (B) Are prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) Are reviewed and approved by someone other than the person who prepared the reconciliation; and (D) Contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements. | X |  |  |

---

**Investor remittances and *rep*orting**

---

| | | |
|:---|:---|:---|
| 1122(d)(3)(i) | &nbsp;&nbsp;&nbsp;Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) Are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) Provide information calculated in accordance with the terms specified in the transaction agreements, (C) Are filed with the Commission as required by its rules and regulations; and (D) Agree with investors' or the trustee's records as to the total unpaid principal balance and number of pool assets serviced by the servicer. | X |
| 1122(d)(3)(ii) | &nbsp;&nbsp;&nbsp;Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. | X |
| 1122(d)(3)(iii) | &nbsp;&nbsp;&nbsp;Disbursements made to an investor are posted within two business days to the servicer's investor records, or such other number of days specified in the transaction agreements. | X |
| 1122(d)(3)(iv) | &nbsp;&nbsp;&nbsp;Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. | X |

---

**Pool asset administration**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REG AB<br>REFERENCE | SERVICING CRITERIA | Applicable to Platform | Applicable to Platform | Not Applicable to Platform |
| REG AB<br>REFERENCE | SERVICING CRITERIA | Performed Directly by the Company | Performed by <br>Vendor(s) for which<br> the Company is the Responsible Party | Not Applicable to Platform |
| 1122(d)(4)(i) | &nbsp;&nbsp;&nbsp;Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents. | X |  |  |
| 1122(d)(4)(ii) | &nbsp;&nbsp;&nbsp;Pool asset and related documents are safeguarded as required by the transaction agreements | X |  |  |
| 1122(d)(4)(iii) | &nbsp;&nbsp;&nbsp;Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements. | X<sup>1</sup> |  |  |
| 1122(d)(4)(iv) | &nbsp;&nbsp;&nbsp;Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the applicable servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items *(e.g.,* escrow) in accordance with the related pool asset documents. |  |  | X |
| 1122(d)(4)(v) | &nbsp;&nbsp;&nbsp;The servicer's records regarding the pool assets agree with the servicer's records with respect to an obligor's unpaid principal balance. |  |  | X |
| 1122.(d)(4)(vi) | &nbsp;&nbsp;&nbsp;Changes with respect to the terms or status of an obligor's pool assets *(e.g.,* loan modifications or re-aging) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents. |  |  | X |
| 1122(d)(4)(vii) | &nbsp;&nbsp;&nbsp;Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements. |  |  | X |
| 1122(d)(4)(viii) | &nbsp;&nbsp;&nbsp;Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly *basis,* or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment). |  |  | X |

---

<sup>1</sup> With respect to applicable servicing criterion 1122(d)(4)(iii) the Company has determined that there were no activities performed during the twelve months ended December 31, 2022 with respect to the Platform, because there were no occurrences of events that would require the Company to perform such activities.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REG AB <br>REFERENCE | SERVICING CRITERIA | Applicable to Platform | Applicable to Platform | Not Applicable to Platform |
| REG AB <br>REFERENCE | SERVICING CRITERIA | Performed Directly <br>by the Company | Performed by <br>Vendor(s) for which <br>the Company is the <br>Responsible Party | Not Applicable to Platform |
| 1122(d)(4)(ix) | &nbsp;&nbsp;&nbsp;Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. |  |  | X |
| 1122(d)(4)(x) | &nbsp;&nbsp;&nbsp;Regarding any funds held in trust for an obligor (such as escrow accounts): (A) Such funds are analyzed, in accordance with the obligor's pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) Interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) Such funds are returned to the obligor within 30 calendar days of full repayment of the related pool asset, or such other number of days specified in the transaction agreements. |  |  | X |
| 1122(d)(4)(xi) | &nbsp;&nbsp;&nbsp;Payments made on behalf of an obligor (such as tax or insurance payments) am made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements. |  |  | X |
| 1122(d)(4)(xii) | &nbsp;&nbsp;&nbsp;Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer's funds and not charged to the obligor, unless the late payment was due to the obligor's error or omission. |  |  | X |
| 1122(d)(I)(xiii) | &nbsp;&nbsp;&nbsp;Disbursements made on behalf of an obligor are posted within two business days to the obligor's records maintained by the servicer, or such other number of days specified in the transaction agreements. |  |  | X |
| 112201)(4)(xiv) | &nbsp;&nbsp;&nbsp;Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements. |  |  | X |
| 1122(d)(4)(xv) | &nbsp;&nbsp;&nbsp;Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of this Regulation AB, is maintained as set forth in the transaction agreements. |  |  | X |

---

## Exhibit 34.1

**Exhibit 34.1**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors of Pacific Gas and Electric Company

We have examined management of Pacific Gas and Electric Company's assertion, included in the accompanying Management's Report on Assessment of Compliance with SEC Regulation AB Servicing Criteria, that Pacific Gas and Electric (the "Company") complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission's Regulation AB for the Senior Secured Recovery Bonds, Series 2021-A and Series 2022-A of PG&E Recovery Funding LLC (the "Platform"), excluding criteria Items 1122(d)(2)(ii)(outsourcing), 1122(d)(iii)(back-up servicing), 1122(d)(1)(iv)(fidelity bond), 1122(d)(2)(iii)(advances of funds or guarantees), 1122(d)(2)(vi)(unissued checks), 1122(d)(3)(ii)(amounts allocated and remitted), 1122(d)(4)(iii)(additions, removals or substitutions), 1122(d)(4)(v)(pool assets), 1122(d)(4)(ix)(adjustments to interest rates), 1122(d)(4)(xi) (payments on behalf of obligors), 1122(d)(4)(xii)(late payment penalties), 1122(d)(4)(xiii)(obligor disbursements), and 1122(d)(4)(xv)(external credit enhancement)(the "servicing criteria") as of and for the period January 1, 2022 through December 31, 2022 for Series 2021-A and as of and for the period November 30, 2022 through December 31, 2022 for Series 2022-A, which management has determined are not applicable to the activities performed by the Company with respect to the Platform. Appendix A to management's assertion identifies the individual asset-backed transactions defined by management as constituting the Platform. Management is responsible for the Company's compliance with the servicing criteria and its assertion. Our responsibility is to express an opinion on management's assertion about the Company's compliance with the servicing criteria based on our examination.

Our examination was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether management's assertion about compliance with the servicing criteria is fairly stated, in all material respects, and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the servicing criteria, including tests on a sample basis of the servicing activities related to the Platform, determining whether the Company performed those selected activities in compliance with the servicing criteria during the specified period, and performing such other procedures as we considered necessary in the circumstances. Our procedures were limited to selected servicing activities performed by the Company during the period covered by this report and, accordingly, such samples may not have included servicing activities related to each asset-backed transaction included in the Platform. Further, an examination is not designed to detect noncompliance arising from errors that may have occurred prior to the period specified above that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report. We believe that the evidence we obtained in our examination is sufficient and appropriate to provide a reasonable basis for our opinion.

Our examination does not provide a legal determination on the Company's compliance with the servicing criteria.

In our opinion, management's assertion that the Company complied with the aforementioned servicing criteria as of and for the year ended December 31, 2022, for Series 2021-A and as of for the period November 30, 2022 through December 31, 2022 for Series 2022-A of PG&E Recovery LLC Senior Secured Recovery Bonds, is fairly stated, in all material respects.

/s/ DELOITTE & TOUCHE LLP

San Francisco, California

March 31, 2023

## Exhibit 34.2

**Exhibit 34.2**

![image_2a.jpg](image_2a.jpg)

KPMG LLP <br>Aon Center <br>Suite 5500 <br>200 E. Randolph Street<br>Chicago, IL 60601-6436

**Report of Independent Registered Public Accounting Firm**

The Board of Directors<br>The Bank of New York Mellon<br>BNY Mellon Trust of Delaware<br>The Bank of New York Mellon Trust Company, N.A.:

We have examined management's assertion, included in the accompanying Management's Assessment of Compliance with Applicable Servicing Criteria that The Bank of New York Mellon (formerly The Bank of New York), BNY Mellon Trust of Delaware (formerly BNYM (Delaware)) and The Bank of New York Mellon Trust Company, N.A. (formerly The Bank of New York Trust Company, N.A.), (collectively, the "Company") complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission's Regulation AB (the Servicing Criteria) for the publicly-issued (i.e., transaction-level reporting initially required under the Securities Exchange Act of 1934, as amended) asset-backed securities issued on or after January 1, 2006 that are subject to Regulation AB (including transactions subject to Regulation AB by contractual obligation) for which the Company provides trustee, securities administration, paying agent, or custodial services, as defined and to the extent applicable in the transaction agreements, other than residential mortgage-backed securities and other mortgage-related asset-backed securities (the "Platform"), except for servicing criteria 1122(d)(1)(iii), 1122(d)(1)(iv), 1122(d)(1)(v), 1122(d)(2)(iii), 1122(d)(4)(iv), 1122(d)(4)(v), 1122(d)(4)(vi), 1122(d)(4)(vii), 1122(d)(4)(viii), 1122(d)(4)(ix), 1122(d)(4)(x), 1122(d)(4)(xi), 1122(d)(4)(xii), 1122(d)(4)(xiii), 1122(d)(4)(xiv) and 1122(d)(4)(xv), which the Company has determined are not applicable to the activities it performs with respect to the Platform (the Servicing Criteria), as of and for the twelve months ended December 31, 2022. With respect to Servicing Criterion 1122(d)(4)(i), the Company has determined that for certain transactions in the Platform the Truster (as such term is defined in the related transaction agreements) may direct the Trustee (as such term is defined in the related transaction agreements) to file, or cause to be filed, all filings identified by the Truster to be necessary to maintain the effectiveness of any original filings identified by the Truster to be necessary under the Uniform Commercial Code as in effect in any jurisdiction to perfect the Trustee's security interest in or lien on the Underlying Securities (as such term is defined in the related transaction agreements). Management's Assessment of Compliance with Applicable Servicing Criteria indicates that as of and for the twelve months ended December 31, 2022, the Company was not instructed by any Trustors to perform such activities. Absent the receipt of instruction from a Truster to perform such activities, the Company's responsibility for Servicing Criterion 1122(d)(4)(i) for the Platform is solely with regard to the manner of holding trust assets and investment of trust assets in eligible investments and the Company does not have any duties as to the original UCC filing and any continuations to perfect the security interest unless instructed to do so by other parties in the transaction agreement. With respect to servicing criterion 1122(d)(4)(iii), the Company has determined that there were no activities performed during the twelve months ended December 31, 2022 with respect to the Platform, because there were no occurrences of events that would require the Company to perform such activities. Appendix A to Management's Assessment of Compliance with Applicable Servicing Criteria identifies the individual asset-backed transactions and securities defined by management as constituting the Platform. Management is responsible for the Company's compliance with the Servicing Criteria. Our

KPMG LLP, a Delaware limited lability partnership and a member firm of

the KPMG global organization of independent member firms affiliated with

KPMG International Limited, a private English company limited by guarantee.

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responsibility is to express an opinion on management's assertion about the Company's compliance with the Servicing Criteria based on our examination.

Our examination was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and in accordance with attestation standards established by the American Institute of Certified Public Accountants to obtain reasonable assurance and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the Servicing Criteria and performing such other procedures as we considered necessary in the circumstances. Our examination included testing selected asset-backed transactions and securities that comprise the Platform, testing selected servicing activities related to the Platform, and determining whether the Company processed those selected transactions and performed those selected activities in compliance with the Servicing Criteria. Furthermore, our procedures were limited to the selected transactions and servicing activities performed by the Company during the period covered by this report. Our procedures were not designed to determine whether errors may have occurred either prior to or subsequent to our tests that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report for the selected transactions or any other transactions. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company's compliance with the Servicing Criteria.

We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the examination engagement.

As described in the accompanying Management's Assessment of Compliance with Applicable Servicing Criteria, for Servicing Criterion 1122(d)(2)(vi), the Company has engaged a vendor to perform the activities required by this Servicing Criterion. The Company has determined that this vendor is not considered a

"servicer'' as defined in Item 1101 U) of Regulation AB, and the Company has elected to take responsibility for assessing compliance with the Servicing Criterion applicable to this vendor as permitted by the SEC's Compliance and Disclosure Interpretation (C&DI} 200.06, Vendors Engaged by Servicers (C&DI 200.06). As permitted by C&DI 200.06, the Company has asserted that it has policies and procedures in place designed to provide reasonable assurance that the vendor's activities comply in all material respects with the Servicing Criterion applicable to the vendor. The Company is solely responsible for determining that it meets the SEC requirements to apply C&DI 200.06 for the vendor and related Servicing Criterion as described in its assertion, and we performed no procedures with respect to the Company's eligibility to apply C&DI 200.06.

In our opinion, management's assertion that the Company complied with the aforementioned Servicing Criteria, including servicing criterion 1122(d)(2)(vi) for which compliance is determined based on C&DI 200.06 as described above, as of and for the twelve months ended December 31, 2022 is fairly stated, in all material respects.

![image_02a.jpg](image_02a.jpg)Chicago, Illinois <br>February 28, 2023

KPMG LLP, a Delaware limited lability partnership and a member firm of

the KPMG global organization of independent member firms affiliated with

KPMG International Limited, a private English company limited by guarantee.

## Exhibit 35.1

**Exhibit 35.1**

**SERVICER COMPLIANCE STATEMENT**

The undersigned hereby certifies that she is the duly elected and acting Vice President and Treasurer of PACIFIC GAS AND ELECTRIC COMPANY, a California corporation, as servicer (the "<u>Servicer</u>"), under the Recovery Property Servicing Agreement dated as of November 12, 2021 and the Recovery Property Servicing Agreement dated as of November 30, 2022 (together, the "<u>Servicing Agreements</u>") between the Servicer and PG&E RECOVERY FUNDING LLC, as issuer (the "<u>Issuer</u>"), and further that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A review of the Servicer's activities as of December 31, 2022 and of the Servicer's performance under the Servicing Agreements has been made under the undersigned's supervision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To the best of the undersigned's knowledge, based on such review, the Servicer has fulfilled all of its obligations under the Servicing Agreements in all material respects as of December 31, 2022.

[*Signature Page Follows*]

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**&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF**, the undersigned has duly executed and delivered this Servicer Compliance Statement as of the date first above written.

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| | |
|:---|:---|
| **<u>SERVICER:</u>**<br>PACIFIC GAS AND ELECTRIC COMPANY<br>a California corporation | **<u>SERVICER:</u>**<br>PACIFIC GAS AND ELECTRIC COMPANY<br>a California corporation |
| By: | /s/ MARGARET K. BECKER |
| Name: | Margaret K. Becker |
| Title: | Vice President and Treasurer |

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