PG&E Corp. Files Q3 2024 10-Q

TL;DR

PG&E dropped its Q3 10-Q. All systems go.

AI Summary

PG&E Corp. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and operational status. Key financial figures and operational metrics for the third quarter of 2024 are presented, reflecting the company's ongoing business activities in the utility sector.

Why It Matters

This filing provides investors and stakeholders with an update on PG&E's financial health and operational performance, crucial for understanding the stability and future prospects of this major utility provider.

Risk Assessment

Risk Level: medium — As a major utility company, PG&E faces inherent risks related to regulatory changes, environmental factors, and infrastructure maintenance, which are standard for the industry.

Key Numbers

• 2024 Q3 — Reporting Period (Indicates the specific quarter for which financial data is reported.)

Key Players & Entities

• PG&E Corp. (company) — Filer of the 10-Q
• PACIFIC GAS & ELECTRIC Co (company) — Related entity to PG&E Corp.
• 20240930 (date) — End of the reporting period
• 20241107 (date) — Filing date

FAQ

Key Financial Figures

• $25 — preferred stock, cumulative, par value $25 per share, 6% nonredeemable PCG-PA NYSE
• $50,000 — in property damage estimated to exceed $50,000, a fatality or injury requiring overnig

Filing Documents

• pcg-20240930.htm (10-Q) — 2924KB
• exhibit105-09302024.htm (EX-10.5) — 910KB
• exhibit106-09302024.htm (EX-10.6) — 898KB
• exhibit107-09302024.htm (EX-10.7) — 42KB
• exhibit311-09302024.htm (EX-31.1) — 19KB
• exhibit312-09302024.htm (EX-31.2) — 38KB
• exhibit321-09302024.htm (EX-32.1) — 9KB
• exhibit322-09302024.htm (EX-32.2) — 21KB
• 0001004980-24-000121.txt ( ) — 17458KB
• pcg-20240930.xsd (EX-101.SCH) — 110KB
• pcg-20240930_cal.xml (EX-101.CAL) — 108KB
• pcg-20240930_def.xml (EX-101.DEF) — 686KB
• pcg-20240930_lab.xml (EX-101.LAB) — 1004KB
• pcg-20240930_pre.xml (EX-101.PRE) — 866KB
• pcg-20240930_htm.xml (XML) — 2684KB

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 September 30, 2024 AB Assembly Bill ASU accounting standard update issued by the Financial Accounting Standards Board 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 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 DWR California Department of Water Resources EMANI European Mutual Association for Nuclear Insurance Emergence Date July 1, 2020, the effective date of the Plan in the Chapter 11 Cases EOEP Enhanced Oversight and Enforcement Process EPS earnings per common share Excha

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

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

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

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW This is a combined quarterly report of PG&E Corporation and the Utility and should be read in conjunction with each company's Condensed Consolidated Financial Statements and the Notes to the Condensed Consolidated Financial Statements included in Item 1. It should also be read in conjunction with the 2023 Form 10-K. Key Factors Affecting Financial Results PG&E Corporation and the Utility believe th

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View this 10-Q filing on SEC EDGAR