PG&E Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>PG&E Corp filed its Q1 2024 10-Q report, detailing financial performance and operational data.</b>

AI Summary

PG&E Corp (PCG-PX) filed a Quarterly Report (10-Q) with the SEC on April 25, 2024. Filing is a 10-Q for PG&E Corp for the period ending March 31, 2024. The filing includes data for Pacific Gas & Electric Co. with IRS number 940742640. Key dates include the filing date of April 25, 2024, and the report period of January 1, 2024, to March 31, 2024. The company's primary business address is 300 Lakeside Drive, Oakland, CA 94612. The filing references US GAAP standards for Utilities Operating Expense, Maintenance and Operations, and Regulatory Assets.

Why It Matters

For investors and stakeholders tracking PG&E Corp, this filing contains several important signals. This 10-Q filing provides the latest quarterly financial and operational update for PG&E Corp, crucial for investors and analysts tracking the company's performance. The inclusion of specific US GAAP references indicates adherence to standardized accounting practices, important for financial statement comparability and regulatory compliance.

Risk Assessment

Risk Level: medium — PG&E Corp shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) for a large utility company, which inherently carries medium risk due to regulatory oversight and operational complexities, but no specific immediate red flags are apparent in the provided header data.

Analyst Insight

Monitor future filings for detailed financial statements and management discussion to assess operational performance and strategic initiatives.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed Period of Report)
• 2024-04-25 — Filing Date (Filed As Of Date)
• 2024-01-01 — Report Period Start Date (Report Period)
• 4159731000 — Business Phone (Business Phone)

Key Players & Entities

• PG&E Corp (company) — Filer and Company Conformed Name
• PACIFIC GAS & ELECTRIC Co (company) — Filer and Company Conformed Name
• 0001004980 (company) — Central Index Key
• 0000075488 (company) — Central Index Key
• 300 LAKESIDE DRIVE (company) — Business Address
• OAKLAND (company) — City in Business Address
• CA (company) — State in Business Address
• 94612 (company) — ZIP Code in Business Address

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-25: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (This filing provides an update on the company's financial performance and operations for the specified quarter.)

US GAAP

United States Generally Accepted Accounting Principles. (Ensures financial statements are prepared consistently and comparably.)

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
• $50,000 — in property damage estimated to exceed $50,000, a fatality or injury requiring overnig

Filing Documents

• pcg-20240331.htm (10-Q) — 2291KB
• exhibit101-03312024.htm (EX-10.1) — 726KB
• exhibit102-03312024.htm (EX-10.2) — 103KB
• exhibit103-03312024.htm (EX-10.3) — 100KB
• exhibit104-03312024.htm (EX-10.4) — 41KB
• exhibit105-03312024.htm (EX-10.5) — 10KB
• exhibit106-03312024.htm (EX-10.6) — 8KB
• exhibit311-03312024.htm (EX-31.1) — 19KB
• exhibit312-03312024.htm (EX-31.2) — 38KB
• exhibit321-03312024.htm (EX-32.1) — 9KB
• exhibit322-03312024.htm (EX-32.2) — 21KB
• image_0.jpg (GRAPHIC) — 2KB
• image_01a.jpg (GRAPHIC) — 2KB
• 0001004980-24-000056.txt (&nbsp;) — 14497KB
• pcg-20240331.xsd (EX-101.SCH) — 107KB
• pcg-20240331_cal.xml (EX-101.CAL) — 104KB
• pcg-20240331_def.xml (EX-101.DEF) — 626KB
• pcg-20240331_lab.xml (EX-101.LAB) — 949KB
• pcg-20240331_pre.xml (EX-101.PRE) — 829KB
• pcg-20240331_htm.xml (XML) — 2191KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS

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

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

, Item 2

Part I, Item 2 OVERVIEW RESULTS OF OPERATIONS LIQUIDITY AND FINANCIAL RESOURCES LITIGATION MATTERS REGULATORY MATTERS ENVIRONMENTAL MATTERS RISK MANAGEMENT ACTIVITIES CRITICAL ACCOUNTING ESTIMATES CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

, Item 1

Part I, Item 1 PG&E CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME CONDENSED CONSOLIDATED BALANCE SHEETS CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS CONDENSED CONSOLIDATED STATEMENTS OF EQUITY PACIFIC GAS AND ELECTRIC COMPANY CONDENSED CONSOLIDATED STATEMENTS OF INCOME CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME CONDENSED CONSOLIDATED BALANCE SHEETS CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 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: EQUITY NOTE 7: EARNINGS PER SHARE NOTE 8: DERIVATIVES NOTE 9: FAIR VALUE MEASUREMENTS NOTE 10: WILDFIRE-RELATED CONTINGENCIES NOTE 11: OTHER CONTINGENCIES AND COMMITMENTS

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES

, Item 1

Part II, Item 1 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

, Item 2

Part II, Item 2 OTHER INFORMATION

, Item 5

Part II, Item 5 3 EXHIBITS

SIGNATURES

SIGNATURES 4 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 5 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 Form 10-Q PG&E Corporation's and the Utility's joint Quarterly Report on Form 10-Q for the period ended March 31, 2024 AB Assembly Bill 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 Bankruptcy Court the United States Bankruptcy Court for the Northern District of California CAISO California Independent System Operator Corporation Cal Fire California Department of Forestry and Fire Protection 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 CPPMA COVID-19 Pandemic Protections Memorandum Account CPUC California Public Utilities Commission CRR congestion revenue rights Diablo Canyon Diablo Canyon nuclear power plant District Court United States District Court for the Northern District of California DOE United States Department of Energy DTSC California Departme

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,

RISK FACTORS

ITEM 1A. RISK FACTORS For information about the significant risks that could affect PG&E Corporation's and the Utility's financial condition, results of operations, liquidity, and cash flows, see Item 1A. Risk Factors in the 2023 Form 10-K, as supplemented below and the section of this quarterly report entitled "Forward-Looking Statements." PG&E Corporation is a holding company and relies on dividends, distributions and other payments, advances, and transfers of funds from the Utility to pay dividends on its common stock and meet its obligations. PG&E Corporation conducts its operations primarily through its subsidiary, the Utility, and substantially all of PG&E Corporation's consolidated assets are held by the Utility. Accordingly, PG&E Corporation's cash flow, ability to pay dividends on its common stock, and ability to meet its debt service obligations under its existing and future indebtedness largely depend upon the earnings and cash flows of the Utility and the distribution of these earnings and cash flows to PG&E Corporation. The ability of the Utility to pay dividends or make other advances, distributions, and transfers of funds will depend on its results of operations and is restricted by, among other things, applicable laws limiting the amount of funds available for payment of dividends and certain restrictive covenants contained in financing agreements. See "Liquidity and Financial Resources" in Item 7. MD&A in the 2023 Form 10-K. The Utility must use its resources to satisfy its own obligations, including its obligation to serve customers, to pay principal and interest on outstanding debt, to meet its obligations to employees and creditors, and to pay preferred stock dividends, before it can distribute cash to PG&E Corporation. In particular, the CPUC requires PG&E Corporation's and the Utility's Boards of Directors to give first priority to the capital requirements of the Utility, as determined to be necessary and prudent to meet the Utility's obl

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View this 10-Q filing on SEC EDGAR