PG&E Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>PG&E Corp has filed its 2023 annual report (10-K) detailing its financial performance and operations for the year ending December 31, 2023.</b>

AI Summary

PG&E Corp (PCG-PX) filed a Annual Report (10-K) with the SEC on February 22, 2024. PG&E Corp filed its 2023 Form 10-K on February 22, 2024, reporting on the fiscal year ending December 31, 2023. The filing covers PG&E Corp (Central Index Key: 0001004980) and its subsidiary Pacific Gas & Electric Co (Central Index Key: 0000075488). The company is incorporated in California and operates in the Electric & Other Services Combined industry (SIC 4931). Key financial data points such as revenue, net income, and EPS are expected to be detailed within the full report. The report includes information on various classes of preferred stock and common stock traded on the NYSE AMERICAN LLC.

Why It Matters

For investors and stakeholders tracking PG&E Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of PG&E Corp's financial health, operational performance, and strategic initiatives for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. The detailed financial statements and risk factors disclosed in the 10-K are essential for stakeholders to understand the company's regulatory environment, market position, and potential challenges, including those related to utilities operations and environmental factors.

Risk Assessment

Risk Level: medium — PG&E Corp shows moderate risk based on this filing. The company operates in a highly regulated industry with significant exposure to environmental risks, such as wildfires, which can lead to substantial liabilities and operational disruptions, as evidenced by the numerous preferred stock series and the mention of regulatory assets.

Analyst Insight

Investors should review the detailed financial statements and risk factor disclosures in the 10-K to understand PG&E Corp's exposure to regulatory changes, operational risks, and potential liabilities.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period for the 10-K)
• 2024-02-22 — Filing Date (Date the 10-K was filed)
• 4931 — SIC Code (Electric & Other Services Combined)
• 0.0431416 — P3Y (Indicates a 3-year period for a specific metric)

Key Players & Entities

• PG&E Corp (company) — Filer of the 10-K report
• Pacific Gas & Electric Co (company) — Subsidiary of PG&E Corp
• 0001004980 (company) — Central Index Key for PG&E Corp
• 0000075488 (company) — Central Index Key for Pacific Gas & Electric Co
• 4159731000 (dollar_amount) — Business phone number
• CA (company) — State of incorporation
• NYSE AMERICAN LLC (company) — Exchange where preferred stock is listed
• XNYS (company) — Exchange ticker symbol

FAQ

Risk Factors

• Wildfire Risk [high — operational]: The company faces significant risks related to wildfires, which can result in substantial liabilities and operational disruptions.
• Regulatory Environment [high — regulatory]: Operations are subject to extensive regulation by state and federal agencies, impacting rates, services, and compliance requirements.
• Capital Expenditures [medium — financial]: Significant ongoing capital expenditures are required for infrastructure maintenance, upgrades, and wildfire mitigation efforts.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.

Key Financial Figures

• $25 — preferred stock, cumulative, par value $25 per share, 6% nonredeemable PCG-PA NYSE
• $1.385 billion — o finance the recovery of the remaining $1.385 billion of fire risk mitigation capital expendi

Filing Documents

• pcg-20231231.htm (10-K) — 4942KB
• exhibit41a-12312023.htm (EX-4.1 (A)) — 20KB
• exhibit41b-12312023.htm (EX-4.1 (B)) — 28KB
• exhibit4522-12312023.htm (EX-4.5 22) — 652KB
• exhibit1025-12312023.htm (EX-10.25) — 32KB
• exhibit1030-12312023.htm (EX-10.30) — 133KB
• exhibit21-123123.htm (EX-21) — 5KB
• exhibit231-12312023.htm (EX-23.1) — 2KB
• exhibit232-12312023.htm (EX-23.2) — 2KB
• exhibit24-123123.htm (EX-24) — 61KB
• exhibit311-12312023.htm (EX-31.1) — 19KB
• exhibit312-12312023.htm (EX-31.2) — 38KB
• exhibit321-12312023.htm (EX-32.1) — 9KB
• exhibit322-12312023.htm (EX-32.2) — 21KB
• exhibit971-12312023.htm (EX-97.1) — 45KB
• image_0.jpg (GRAPHIC) — 6KB
• pcg-20231231_g1.jpg (GRAPHIC) — 6KB
• pcg-20231231_g2.jpg (GRAPHIC) — 4KB
• pcg-20231231_g3.jpg (GRAPHIC) — 4KB
• 0001004980-24-000014.txt (&nbsp;) — 27004KB
• pcg-20231231.xsd (EX-101.SCH) — 188KB
• pcg-20231231_cal.xml (EX-101.CAL) — 180KB
• pcg-20231231_def.xml (EX-101.DEF) — 1185KB
• pcg-20231231_lab.xml (EX-101.LAB) — 1782KB
• pcg-20231231_pre.xml (EX-101.PRE) — 1456KB
• pcg-20231231_htm.xml (XML) — 4616KB

(Items 10, 11, 12, 13 and 14)

Part III (Items 10, 11, 12, 13 and 14) 1 Contents UNITS OF MEASUREMENT GLOSSARY

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS PART 1

BUSINESS

ITEM 1. BUSINESS Triple Bottom Line Regulatory Environment Environmental Regulation Ratemaking Mechanisms Human Capital Electric Utility Operations Natural Gas Utility Operations Competition

RISK FACTORS

ITEM 1A. RISK FACTORS

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS

CYBERSECURITY

ITEM 1C. CYBERSECURITY

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES INFORMATION ABOUT OUR EXECUTIVE OFFICERS PART II

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

SELECTED FINANCIAL DATA

ITEM 6. SELECTED FINANCIAL DATA

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW RESULTS OF OPERATIONS LIQUIDITY AND FINANCIAL RESOURCES LITIGATION MATTERS REGULATORY MATTERS LEGISLATIVE AND REGULATORY INITIATIVES ENVIRONMENTAL MATTERS RISK MANAGEMENT ACTIVITIES CRITICAL ACCOUNTING ESTIMATES NEW ACCOUNTING PRONOUNCEMENTS

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA PG&E Corporation CONSOLIDATED STATEMENTS OF INCOME CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME CONSOLIDATED BALANCE SHEETS CONSOLIDATED STATEMENTS OF CASH FLOWS CONSOLIDATED STATEMENTS OF EQUITY Pacific Gas and Electric Company CONSOLIDATED STATEMENTS OF INCOME 2 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME CONSOLIDATED BALANCE SHEETS CONSOLIDATED STATEMENTS OF CASH FLOWS CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTE 1: ORGANIZATION AND BASIS OF PRESENTATION NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NOTE 3: REGULATORY ASSETS, LIABILITIES, AND BALANCING ACCOUNTS NOTE 4: DEBT NOTE 5: SB 901 SECURITIZATION AND CUSTOMER CREDIT TRUST NOTE 6: COMMON STOCK AND SHARE-BASED COMPENSATION NOTE 7: PREFERRED STOCK NOTE 8: EARNINGS PER SHARE NOTE 9: INCOME TAXES NOTE 10: DERIVATIVES NOTE 11: FAIR VALUE MEASUREMENTS NOTE 12: EMPLOYEE BENEFIT PLANS NOTE 13: RELATED PARTY AGREEMENTS AND TRANSACTIONS NOTE 14: WILDFIRE-RELATED CONTINGENCIES NOTE 15: OTHER CONTINGENCIES AND COMMITMENTS MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID No. 34 )

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS PART III

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES PART IV

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY

SIGNATURES

SIGNATURES SCHEDULE I - CONSOLIDATED FINANCIAL INFORMATION OF PG&E CORPORATION ( " PARENT " ) SCHEDULE II - CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS 3 UNITS OF MEASUREMENT 1 Kilowatt (kW) = One thousand watts 1 Kilowatt-Hour (kWh) = One kilowatt continuously for one hour 1 Megawatt (MW) = One thousand kilowatts 1 Megawatt-Hour (MWh) = One megawatt continuously for one hour 1 Gigawatt (GW) = One million kilowatts 1 Gigawatt-Hour (GWh) = One gigawatt continuously for one hour 1 Kilovolt (kV) = One thousand volts 1 MVA = One megavolt ampere 1 Mcf = One thousand cubic feet 1 MMcf = One million cubic feet 1 Bcf = One billion cubic feet 1 MDth = One thousand decatherms 1 MMT = One million metric ton 4 GLOSSARY The following terms and abbreviations appearing in the text of this report have the meanings indicated below. 2023 Form 10-K PG&E Corporation's and the Utility's joint Annual Report on Form 10-K for the year ended December 31, 2023 2022 Form 10-K PG&E Corporation's and the Utility's joint Annual Report on Form 10-K for the year ended December 31, 2022 2021 Form 10-K PG&E Corporation's and the Utility's joint Annual Report on Form 10-K for the year ended December 31, 2021 AB Assembly Bill AFUDC allowance for funds used during construction ALJ administrative law judge Amended Articles Amended and Restated Articles of Incorporation of PG&E Corporation and the Utility, each filed on June 22, 2020, and for PG&E Corporation, as amended by the Certificate of Amendment of Articles of Incorporation, filed on May 24, 2022 ARO asset retirement obligation ASC accounting standards codification ASU accounting standard update issued by the Financial Accounting Standards Board Bankruptcy Court the United States Bankruptcy Court for the Northern District of California BPPs Bundled Procurement Plans CAISO California Independent System Operator Corporation Cal Fire California Department of Forestry and Fire Protection CARB California Air

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report contains forward-looking statements that are necessarily subject to various risks and uncertainties. These statements reflect management's judgment and opinions that are based on current estimates, expectations, and projections about future events and assumptions regarding these events and management's knowledge of facts as of the date of this report. These forward-looking statements relate to, among other matters, estimated losses, including penalties and fines associated with various investigations and proceedings; forecasts of capital expenditures; forecasts of cost savings; estimates and assumptions used in critical accounting estimates, including those relating to insurance receivables, regulatory assets and liabilities, environmental remediation, litigation, third-party claims, the Wildfire Fund, and other liabilities; and the level of future equity or debt issuances. These statements are also identified by words such as "assume," "expect," "intend," "forecast," "plan," "project," "believe," "estimate," "predict," "anticipate," "commit," "goal," "target," "will," "may," "should," "would," "could," "potential," and similar expressions. PG&E Corporation and the Utility are not able to predict all the factors that may affect future results. Some of the factors that could cause future results to differ materially from those expressed or implied by the forward-looking statements, or from historical results, include, but are not limited to: the extent to which the Wildfire Fund and revised prudency standard under AB 1054 effectively mitigate the risk of liability for damages arising from catastrophic wildfires, including whether the Utility maintains an approved WMP and a valid safety certification and whether the Wildfire Fund has sufficient remaining funds; 7 the risks and uncertainties associated with wildfires that have occurred or may occur in the Utility's service area, including the wildfire that began on October

View Full Filing

View this 10-K filing on SEC EDGAR