PG&E Corp Files 2024 10-K

TL;DR

PG&E Corp dropped its 2024 10-K. All systems go.

AI Summary

PG&E Corp filed its 2024 10-K on February 13, 2025, reporting on its fiscal year ending December 31, 2024. The filing covers the operations of both PG&E Corp and its subsidiary, Pacific Gas & Electric Co. The company is incorporated in California and operates in the Electric & Other Services sector. Key financial details and operational information for the fiscal year are detailed within the report.

Why It Matters

This 10-K filing provides a comprehensive overview of PG&E Corp's financial health and operational performance for the 2024 fiscal year, crucial for investors and stakeholders to assess the company's stability and future prospects.

Risk Assessment

Risk Level: medium — As a utility company, PG&E Corp faces inherent risks related to regulatory changes, environmental factors, and infrastructure maintenance, which are detailed in its 10-K filings.

Key Numbers

• N/A — Total Revenue (Specific revenue figures are not provided in the header information.)
• N/A — Net Income (Specific net income figures are not provided in the header information.)
• N/A — Long-Term Debt (While 'LongTermDebtNoncurrent' is referenced, the specific dollar amount is not in the header.)

Key Players & Entities

• PG&E Corp (company) — Filer of the 10-K
• Pacific Gas & Electric Co (company) — Subsidiary of PG&E Corp
• 0001004980-25-000010 (accession_number) — Accession number for the filing
• 20241231 (date) — Fiscal year end date
• 20250213 (date) — Filing date

FAQ

Key Financial Figures

• $25 — preferred stock, cumulative, par value $25 per share, 6% nonredeemable PCG-PA NYSE

Filing Documents

• pcg-20241231.htm (10-K) — 4857KB
• exhibit41a-12312024.htm (EX-4.1A) — 53KB
• exhibit41b-12312024.htm (EX-4.1B) — 28KB
• exhibit1025-12312024.htm (EX-10.25) — 272KB
• exhibit1049-12312024.htm (EX-10.49) — 14KB
• exhibit19-12312024.htm (EX-19) — 60KB
• exhibit21-12312024.htm (EX-21) — 6KB
• exhibit231-12312024.htm (EX-23.1) — 2KB
• exhibit232-12312024.htm (EX-23.2) — 2KB
• exhibit24-123124.htm (EX-24) — 59KB
• exhibit311-12312024.htm (EX-31.1) — 19KB
• exhibit312-12312024.htm (EX-31.2) — 38KB
• exhibit321-12312024.htm (EX-32.1) — 9KB
• exhibit322-12312024.htm (EX-32.2) — 21KB
• image_10a.jpg (GRAPHIC) — 194KB
• image_1a.jpg (GRAPHIC) — 43KB
• image_25a.jpg (GRAPHIC) — 111KB
• image_26a.jpg (GRAPHIC) — 114KB
• image_27a.jpg (GRAPHIC) — 68KB
• pcg-20241231_g1.jpg (GRAPHIC) — 6KB
• pcg-20241231_g2.jpg (GRAPHIC) — 4KB
• pcg-20241231_g3.jpg (GRAPHIC) — 4KB
• 0001004980-25-000010.txt ( ) — 26637KB
• pcg-20241231.xsd (EX-101.SCH) — 183KB
• pcg-20241231_cal.xml (EX-101.CAL) — 176KB
• pcg-20241231_def.xml (EX-101.DEF) — 1148KB
• pcg-20241231_lab.xml (EX-101.LAB) — 1618KB
• pcg-20241231_pre.xml (EX-101.PRE) — 1419KB
• pcg-20241231_htm.xml (XML) — 4512KB

(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 Sustainability and Resiliency

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 2 CONSOLIDATED STATEMENTS OF INCOME 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 4 GLOSSARY The following terms and abbreviations appearing in the text of this report have the meanings indicated below. AB Assembly Bill 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 Resources Board CARE California Alternate Rates for Energy Program CAVA Climate Adaptation and Vulnerability Assessment CCA Community Choice Aggregator CEC California Energy Resources Conservation and Development Commission CEMA Catastrophic Event Memorandum Account Chapter 11 Chapter 11 of Title 11 of the United States Code Chapter 11 Cases the voluntary cases commenced by each of PG&E Corporation and the Utility under Chapter 11 on January 29, 2019 Corporation Revolving Cr

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; 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 23,

View Full Filing

View this 10-K filing on SEC EDGAR