Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 11‑K

[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2022

OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File No. 1-12609

A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:

PG&E Corporation Retirement Savings Plan
(including the PG&E Corporation Retirement Savings Plan
for Union-Represented Employees)

B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:

PG&E CORPORATION
300 Lakeside Drive,
Oakland, CA 94612

The assets of the PG&E Corporation Retirement Savings Plan and the PG&E Corporation Retirement Savings Plan for Union-Represented Employees are held in a single master trust and share the same investment funds, including the PG&E Corporation Common Stock Fund.

1.The Statements of Net Assets Available for Benefits of the PG&E Corporation Retirement Savings Plan and the PG&E Corporation Retirement Savings Plan for Union-Represented Employees as of December 31, 2022 and 2021 and the Statements of Changes in Net Assets Available for Benefits for the years then ended for such plans, together with the reports of Mah & Associates, LLP, independent registered public accounting firm, are contained in this Annual Report.


TABLE OF CONTENTS

			Page

Report of Independent Registered Public Accounting Firm			2

Financial Statements:

Statements of Net Assets Available for Benefits			3

Statements of Changes in Net Assets Available for Benefits			4

Notes to the Financial Statements			5-12

Supplemental Schedule:

Schedule H, Part IV, Line 4i – Schedule of Assets Held			13

We have audited the accompanying statements of net assets available for benefits of the PG&E Corporation Retirement Savings Plan (the Plan) as of December 31, 2022 and 2021, and the related statements of changes in net assets available for benefits for the years then ended, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2022 and 2021, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

The supplemental schedule of assets held as of December 31, 2022 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.


	As of December 31
(in thousands)	2022		2021
Assets
Plan interest in Master Trust investments, at fair value	$	3,527,401	$	4,240,000
Notes receivable from participants	47,474		45,257
Total assets	3,574,875		4,285,257
Liabilities
Administrative expenses payable	150		96
Net assets available for benefits	$	3,574,725	$	4,285,161


	Year Ended December 31
(in thousands)	2022		2021
Additions to net assets attributed to:
Plan interest in Master Trust investment income (loss)	$	(634,715)	$	508,873
Contributions:
Employer	67,509		63,863
Participant	165,676		156,761
Rollover	6,285		18,554
Total contributions	239,470		239,178
Interest from notes receivable from participants	2,207		2,205
Total additions, net	(393,038)		750,256
Deductions to net assets attributed to:
Benefit distributions to participants	390,568		298,537
Administrative expenses	3,005		2,786
Total deductions	393,573		301,323
Net increase (decrease) before asset transfers	(786,611)		448,933
Asset transfers in, net	76,175		54,833
Net increase (decrease)	(710,436)		503,766
Net assets available for benefits:
Beginning of year	4,285,161		3,781,395
End of year	$	3,574,725	$	4,285,161

The Plan is a defined contribution plan covering all non-represented employees of PG&E Corporation and all companies owned by PG&E Corporation (collectively “PG&E Corporation Group”), as designated by PG&E Corporation. The Employee Benefit Committee ("EBC") of PG&E Corporation has oversight over the administration and financial management of affiliated company employee benefit plans, including this Plan. The EBC retains Fidelity Management Trust Company as the Trustee of the Plan (“Trustee”). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended.

The PG&E Corporation Retirement Savings Plan Master Trust (“Master Trust”) holds the investment assets of both the Plan and the PG&E Corporation Retirement Savings Plan for Union-Represented Employees (“Union RSP”). The accompanying financial statements present the assets and liabilities of the Plan only.

In general, all management and administration & technical employees of participating employers within the PG&E Corporation Group are eligible to participate in the Plan, excluding independent contractors, leased employees, and individuals who have a written contract or agreement that excludes participation in the Plan.

Participants may elect to contribute any amount in 1 percent increments from 1 to 50 percent of their eligible compensation on a pre-tax basis, on an after-tax basis, or a combination of both. Participants may also contribute amounts representing distributions from other qualified plans into the Plan. Such “rollover” contributions are not subject to federal or state income taxes until withdrawn or distributed from the Plan.

As provided by the Internal Revenue Code (“Code”), the following table provides the dollar limitations under a 401(k) retirement plan for 2022 and 2021. Section 415(d) of the Code requires the limits to be adjusted annually for cost-of-living increases.


	2022 Limits	2021 Limits
Annual compensation (1)	$305,000	$290,000
Defined contribution limits (2)	$61,000	$58,000
Elective deferral (3)	$20,500	$19,500
Catch-up contributions (4)	$6,500	$6,500

All participants hired on or after January 1, 2013 or rehired after January 1, 2013 and originally hired prior to January 1, 2013 and who had a break in service after January 1, 2013, are eligible for 75 percent matching employer contribution of their elective employee contributions up to 8 percent of eligible compensation.

All other participating employees hired before January 1, 2013 who elected to contribute to the Plan are eligible for 75 percent matching employer contribution of their elective employee contributions not to exceed 6 percent of eligible compensation. In December 2013, these participants were given a one-time opportunity to continue participating in the Final Average Pay Pension under the Pacific Gas and Electric Company Retirement Plan ("Retirement Plan") or elect, beginning in 2014, to participate in the Cash Balance Pension feature of the Retirement Plan. Participants who elected to participate in the Cash Balance Pension receive a matching employer contribution of 75 percent of their elective employee contributions not to exceed 8 percent of eligible compensation beginning January 1, 2014.

Individual accounts are maintained for each Plan participant. Each account is credited with the participant’s elective contributions through payroll deductions, monthly employer contributions, and an allocation of the net investment gains (losses) and certain investment management fees of the Master Trust. Allocations of net investment gains (losses) and fees are based on participant account balances as defined in the Plan Document.

The EBC is responsible for the selection of the Plan’s investment fund managers and the selection of the range of investment options. Neither the EBC nor any of the companies within the PG&E Corporation Group is involved in the investment funds’ day-to-day investment operations. Individual participants may select from a suite of target date funds, core funds, and a self-directed brokerage account. Approximately every 5 years, a new target date fund is added to maintain a complete target date horizon. Target date funds with target retirement dates that have passed will merge into the retirement income fund. Individual participants designate the way in which their contributions are invested and may generally change their investment designation at any time. Currently, employer matching contributions are made in cash and initially invested in accordance with a participant's investment fund directions, or if no directions have been given, any such contributions will be allocated to the participant's account in the Plan's Target Date Fund with a target date closest to the participant's 65th birthday.

The Plan also contains an Employee Stock Ownership Plan. This enables the Plan to pay any dividends directly to participants when declared on the PG&E Corporation common stock held in the PG&E Corporation Stock Fund. Participants may elect to receive their dividends earned from this fund in cash, reinvest their dividends earned from this fund back into the fund, or a combination of both.

On December 20, 2017, the Boards of Directors of PG&E Corporation and the Utility suspended quarterly cash dividends on PG&E Corporation’s and the Utility’s common stock, beginning the fourth quarter of 2017. On June 15, 2022, the Board of Directors of the Utility reinstated the dividend on the Utility’s common stock. It is uncertain as to when PG&E Corporation will commence the payment of dividends on its common stock.

In January 2019, the EBC appointed Gallagher Fiduciary Advisors, LLC (“Gallagher”) to serve as an independent fiduciary and investment manager of the Plan with respect to the Plan’s PG&E Corporation Stock Fund and its holdings of PG&E Corporation common stock. As an independent fiduciary, Gallagher has the sole discretionary authority with respect to the operation, including, but not limited to, any potential ongoing maintenance, suspension, freezing, or termination of the PG&E Corporation Stock Fund maintained in the Plan.

In November 2019, Gallagher imposed a limit on the percentage of a participant’s account that may be invested in the PG&E Corporation Stock Fund. Pursuant to Gallagher’s action, a participant may not direct his or her own contributions or employer contributions, or transfer funds from other Plan investment options, to the PG&E Corporation Stock Fund until the value of the participant’s units in the fund represents less than twenty percent (20%) of the total value of the participant’s Plan account. Participants are restricted from creating any new or changed deferrals into the plan with a greater than 20% allocation to the PG&E Corporation Stock Fund. Pre-existing deferrals (contributions) and transfers to the PG&E Corporation Stock Fund may be made until the value of the participant’s units in the fund equals twenty percent (20%) of the participant’s total account value.

Participants may borrow from their account a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50 percent of the market value of the participant’s account balance. Loans for general purposes have terms ranging up to 5 years and loans for the purchase of a primary residence have terms ranging up to 15 years. The loans are secured by the balance in the participant’s account and bear interest at a rate equal to the prime rate plus 1 percent, as determined by the Trustee, for the month in which the loan is requested. The rate is set when participants apply for a loan and remains fixed throughout the duration of the loan term. Principal and interest are paid primarily through payroll deductions and are returned to the participant’s account. Participants pay a one-time origination fee and quarterly maintenance fees for each loan. Participants may have up to three outstanding loans at any time.

Upon termination of service from all employers within the PG&E Corporation Group, a participant with an account balance greater than $5,000 may elect to leave the assets in the Plan, take a lump-sum or partial distribution in cash, or roll the entire or partial balance to an Individual Retirement Account ("IRA") or other tax-qualified plan. If the account balance is $1,000 or less and the participant does not make an active election to take a lump-sum cash distribution or rollover the account balance to an IRA or another tax-qualified plan, the account balance will be automatically distributed in cash (subject to applicable taxes and penalties). If the account balance is greater than $1,000 but less than $5,000 and the participant does not make an active election to take a lump-sum cash distribution or rollover the account balance to an IRA or another tax-qualified plan, the distribution will be automatically rolled over to a Fidelity IRA and invested in the Fidelity Cash Reserve Fund. In the event of a participant’s death, the participant’s beneficiaries will receive the value of the participant’s account balance in a lump-sum payment or may roll the Plan balance over directly into an inherited IRA.

As previously disclosed, the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) increased the required minimum distribution (RMD) age from 70 1/2 to 72. In December 2022, SECURE Act 2.0 was enacted and increased the RMD age to 73 effective 2023 and as late as 75 effective 2033. Additionally, hardship withdrawals and certain in-service withdrawals are permitted subject to Plan provisions.

Certain costs of administering the Plan, including recordkeeping fees and certain expenses of the Trustee, are paid by the participating companies of the PG&E Corporation Group. Investment management fees, used to cover the expenses related to running an investment fund, are paid by participants and are netted against investment returns. Expenses associated with the individual participant brokerage accounts and professional financial advisory services are paid by the participants enrolled in these services. Loan origination and maintenance fees are also paid by participants.

Each participant is entitled to exercise voting rights based on the equivalent number of PG&E Corporation Stock Fund shares allocated to the participant’s account. Each participant is notified by the Trustee prior to the time that such rights are to be exercised. The Trustee is not permitted to exercise voting rights for any share without instructions from the participant. However, the Trustee is required to vote any unallocated shares on behalf of the collective best interest of the Plan participants and beneficiaries.

PG&E Corporation, acting through the Board of Directors or any duly authorized Committee of the Board, reserves the right to amend, freeze or terminate the Plan at any time subject to the provisions of ERISA. In the event the Plan is terminated, net assets of the Plan will be distributed to participants. Participants will receive full payment of the balance in their accounts.

The preparation of financial statements, in conformity with GAAP, requires Plan management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and changes therein, and the disclosure of contingencies. Actual results could differ from these estimates.

The Plan’s management determines the fair value of certain assets and liabilities based on assumptions that market participants would use in pricing the assets or liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, or the “exit price.” The Plan’s management utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value and give precedence to observable inputs in determining fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement.

Interest income, dividends, investment management fees where appropriate, and the net appreciation or depreciation in the fair value of the investments held by the Plan are allocated to the participant’s account each day based upon the account’s proportional share of the fund balance.

Interest income is recognized as it is earned. Dividends are recorded on the ex-dividend date, the date before which a participant must hold the underlying investment in order to be entitled to dividends. Net appreciation or depreciation in the fair value of the Plan’s investments consists of: (1) the net change in unrealized appreciation or depreciation on investments held during the year, and (2) the realized gain or loss recognized on the sale of investments during the year.

Subject to certain guidelines, the EBC allows the plan investment managers to use derivative instruments to achieve investment objectives. During the years ended December 31, 2022 and 2021, the Plan and the Master Trust held no direct investments in derivative instruments.

The Plan’s investment funds are managed by the Trustee or an investment manager, who has discretionary investment authority over the funds. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits. The following tables present the Master Trust net assets and the Plan’s interest in the Master Trust net assets as of December 31, 2022 and 2021:


	2022
(in thousands)	Master Trust		Plan Interest in the Master Trust
Equity Funds	$	2,939,321	$	1,534,364
Target Date Funds	1,859,332		865,153
PG&E Corporation Stock Fund	401,748		149,850
Brokerage Link Accounts	730,265		376,704
Fixed Income Funds	762,333		387,373
Money Market Fund	464,603		213,957
Total Trust investments at fair value	7,157,602		3,527,401
Administrative expense payable	(479)		(150)
Total	$	7,157,123	$	3,527,251


	2021
(in thousands)	Master Trust		Plan Interest in the Master Trust
Equity Funds	$	3,731,826	$	1,954,338
Target Date Funds	2,158,864		1,012,268
PG&E Corporation Stock Fund	328,021		121,395
Brokerage Link Accounts	923,329		480,400
Fixed Income Funds	929,030		469,325
Money Market Fund	437,336		202,274
Total Trust investments at fair value	8,508,406		4,240,000
Administrative expense payable	(284)		(96)
Total	$	8,508,122	$	4,239,904

The following table presents the changes in net assets of the Master Trust for the years ended December 31, 2022 and 2021:


	Year Ended December 31,
(in thousands)	2022		2021
Net appreciation (depreciation) in fair value investments	$	(1,264,962)	$	920,159
Dividends and interest	33,978		70,127
Net investment income (loss)	(1,230,984)		990,286
Net transfers	(113,636)		(57,398)
Administrative expenses	(6,379)		(6,300)
Increase (decrease) in net assets	(1,350,999)		926,588
Net assets:
Beginning of year	8,508,122		7,581,534
End of year	$	7,157,123	$	8,508,122

The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Investments measured at fair value on a recurring basis for the Master Trust are summarized below.


	Fair Value Measurements as of December 31, 2022
(in thousands)	Level 1		Level 2		Total
Master Trust investments:
Brokerage Link Account	$	730,265	$	—	$	730,265
Money Market Fund	464,603		—		464,603
PG&E Corporation Stock Fund	401,748		—		401,748
Equity Funds	—		2,939,321		2,939,321
Fixed Income Funds	—		762,333		762,333
Target Date Funds measured at NAV	—		—		1,859,332
Total Master Trust investments, at fair value	$	1,596,616	$	3,701,654	$	7,157,602

	Fair Value Measurements as of December 31, 2021
(in thousands)	Level 1		Level 2		Total
Master Trust investments:
Brokerage Link Account	$	923,329	$	—	$	923,329
Money Market Fund	437,336		—		437,336
PG&E Corporation Stock Fund	328,021		—		328,021
Equity Funds	—		3,731,826		3,731,826
Fixed Income Funds	—		929,030		929,030
Target Date Funds measured at NAV	—		—		2,158,864
Total Master Trust investments, at fair value	$	1,688,686	$	4,660,856	$	8,508,406

The fair value measurements incorporate various factors, such as the credit standing of the counterparties involved, the applicable exit market, and specific risks inherent in the financial instrument. As of December 31, 2022 and 2021, the following is a description of the valuation methodologies used for the financial instruments at fair value:

•Mutual funds offered to participants either through the brokerage link account or as direct investment options are valued based on unadjusted prices in active markets for identical transactions. The PG&E Corporation Stock Fund invests in PG&E stock. These investments are actively traded on a public exchange and are therefore considered Level 1 assets.

•The equity funds and fixed income funds are stated at estimated fair value as determined by the issuer based on the unit values of the funds. Unit values are determined by dividing the fund’s net assets, which represent the unadjusted prices in active markets of the underlying investments, by the number of units outstanding at the valuation date. Equity funds and fixed income funds are maintained by investment companies for large institutional investors and are not publicly traded. They are comprised primarily of underlying securities represented by a variety of asset classes that are publicly traded on exchanges or over-the-counter, and price quotes for the assets held by these funds are readily observable and available. As of December 31, 2022 and 2021, equity funds and fixed income funds are categorized as Level 2 assets.

Equity funds, and fixed income funds are reported using net asset value as an estimate of fair value. The equity funds invest in common stock and securities convertible into common stock from companies of various sizes and geography, with each fund seeking to match the performance of a specified index. The fixed income funds invest in diversified portfolios of bonds, with each fund seeking to match the performance of a specified index. Each of these funds is able to be purchased or redeemed daily based on the unit value determined on the respective transaction date. These funds have no unfunded commitments, required notice period for redemption, or other redemption restriction.

In accordance with FASB ASU No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent), investments that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy table above. The fair value amounts are included in the table above in order to reconcile to the amounts presented in the Statement of Net Assets Available for Benefits. These investments include the target date funds. There are no restrictions on the terms and conditions upon which the investments may be redeemed.

There were no transfers between levels for the years ended December 31, 2022 and 2021. However, certain investments were moved from the fair value hierarchy to net asset value and from net asset value to the fair value hierarchy based on re-evaluation of the underlying assets.

Certain Plan investments, including investments held in the Master Trust, are shares of funds managed by the Trustee. The Plan also invests in PG&E Corporation common stock. These transactions qualify as party-in-interest transactions under ERISA.

The party-in-interest transactions for the Plan are comprised of the following investments:


	As of December 31,
(in thousands)	2022		2021
PG&E Corporation Stock Fund	$	149,850	$	121,395
Fidelity fund	244,782		253,345
Total party-in-interest investments	$	394,632	$	374,740

The Plan has received a determination letter from the IRS dated January 22, 2016, stating that the Plan is qualified under Section 401(a) and Section 401(k) of the Code, and therefore the related trust is exempt from taxation. Although the Plan has been amended since receiving the determination letter, PG&E Corporation believes that the Plan is designed and continues to operate in accordance with the applicable requirements of the Code and no provision for federal income taxes has been recorded in the Plan’s financial statements. Furthermore, participating employees are not liable for federal income tax on amounts allocated to their accounts attributable to: (1) pre-tax participant contributions, (2) reinvested dividends, earnings, and interest income on either pre-tax and after-tax contributions, or (3) employer contributions, until the time that they withdraw such amounts from the Plan.

The Plan has evaluated subsequent events through June 28, 2023, the date the financial statements were available to be issued and noted no subsequent events which would have an impact on the Statements of Net Assets Available for Benefits and the related Statements of Changes in Net Assets Available for Benefits or require disclosure in the notes to financial statements.

(in thousands)

(a)

(b)

(c)

(d)

(e)

Identity of issue, borrower, lessor, or similar party

Description of investment including maturity date, rate of interest, collateral, par, or maturity value

Cost

Current Value

Participant loans

Loans to participants with interest rates ranging from 4.25% to 10.50% maturing through 2038

—

47,474


TABLE OF CONTENTS

			Page

Report of Independent Registered Public Accounting Firm			2

Financial Statements:

Statements of Net Assets Available for Benefits			3

Statements of Changes in Net Assets Available for Benefits			4

Notes to the Financial Statements			5-12

Supplemental Schedule:

Schedule H, Part IV, Line 4i – Schedule of Assets Held			13

We have audited the accompanying statements of net assets available for benefits of the PG&E Corporation Retirement Savings Plan for Union-Represented Employees (the Plan) as of December 31, 2022 and 2021, and the related statements of changes in net assets available for benefits for the years then ended, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2022 and 2021, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.


	As of December 31
(in thousands)	2022		2021
Assets
Plan interest in Master Trust investments, at fair value	$	3,630,201	$	4,268,406
Notes receivable from participants	95,654		89,894
Total assets	3,725,855		4,358,300
Liabilities
Administrative expenses payable	329		188
Net assets available for benefits	$	3,725,526	$	4,358,112


	Year Ended December 31
(in thousands)	2022		2021
Additions to net assets attributed to:
Plan interest in Master Trust investment income (loss)	$	(596,270)	$	481,413
Contributions:
Employer	76,579		68,537
Participant	231,276		214,668
Rollover	8,183		10,200
Total contributions	316,038		293,405
Interest from notes receivable from participants	4,276		4,471
Total additions, net	(275,956)		779,289
Deductions to net assets attributed to:
Benefit distributions to participants	277,081		294,610
Administrative expenses	3,374		3,514
Total deductions	280,455		298,124
Net increase (decrease) before asset transfers	(556,411)		481,165
Asset transfers out, net	(76,175)		(54,833)
Net increase (decrease)	(632,586)		426,332
Net assets available for benefits:
Beginning of year	4,358,112		3,931,780
End of year	$	3,725,526	$	4,358,112

The Plan is a defined contribution plan covering all union-represented employees of PG&E Corporation and all companies owned by PG&E Corporation (collectively “PG&E Corporation Group”), as designated by PG&E Corporation. The Employee Benefit Committee ("EBC") of PG&E Corporation has oversight over the administration and financial management of affiliated company employee benefit plans, including this Plan. The EBC retains Fidelity Management Trust Company as the Trustee of the Plan (“Trustee”). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended.

The PG&E Corporation Retirement Savings Plan Master Trust (“Master Trust”) holds the investment assets of both the Plan and the PG&E Corporation Retirement Savings Plan (“RSP”). The accompanying financial statements present the assets and liabilities of the Plan only.

In general, all union employees of participating employers within the PG&E Corporation Group are eligible to participate in the Plan, excluding independent contractors, leased employees, and individuals who have a written contract or agreement that excludes participation in the Plan.

Participants may elect to contribute any amount in 1 percent increments from 1 to 20 percent of their eligible compensation on a pre-tax basis, on an after-tax basis, or a combination of both. Participants may also contribute amounts representing distributions from other qualified plans into the Plan. Such “rollover” contributions are not subject to federal or state income taxes until withdrawn or distributed from the Plan.


	2022 Limits	2021 Limits
Annual compensation (1)	$305,000	$290,000
Defined contribution limits (2)	$61,000	$58,000
Elective deferral (3)	$20,500	$19,500
Catch-up contributions (4)	$6,500	$6,500

All other participating employees hired before January 1, 2013 are eligible for a matching employer contribution according to the following years of service:


Length of Service			Matching Employer Contribution
Less than 1 year of service			None
1 to 3 years of service			60 percent matching employer contributions of the participant’s pre-tax and/or after-tax contributions that do not exceed 3 percent of the employee’s eligible compensation
3 years of service or more			60 percent matching employer contributions of the participant’s pre-tax and/or after-tax contributions that do not exceed 6 percent of the employee’s eligible compensation

In December 2013, these participants were given a one-time opportunity to continue participating in the Final Average Pay Pension under the Pacific Gas and Electric Company Retirement Plan ("Retirement Plan") or elect, beginning in 2014, to participate in the Cash Balance Pension feature of the Retirement Plan. Participants who elected to participate in the Cash Balance Pension receive a 75 percent matching employer contribution of their elective employee contributions not to exceed 8 percent of eligible compensation beginning January 1, 2014.


	2022
(in thousands)	Master Trust		Plan Interest in the Master Trust
Equity Funds	$	2,939,321	$	1,404,957
Target Date Funds	1,859,332		994,179
PG&E Corporation Stock Fund	401,748		251,898
Brokerage Link Accounts	730,265		353,561
Fixed Income Funds	762,333		374,960
Money Market Fund	464,603		250,646
Total Trust investments at fair value	7,157,602		3,630,201
Administrative expense payable	(479)		(329)
Total	$	7,157,123	$	3,629,872


	2021
(in thousands)	Master Trust		Plan Interest in the Master Trust
Equity Funds	$	3,731,826	$	1,777,488
Target Date Funds	2,158,864		1,146,596
PG&E Corporation Stock Fund	328,021		206,626
Brokerage Link Accounts	923,329		442,929
Fixed Income Funds	929,030		459,705
Money Market Fund	437,336		235,062
Total Trust investments at fair value	8,508,406		4,268,406
Administrative expense payable	(284)		(188)
Total	$	8,508,122	$	4,268,218

The following table presents the changes in net assets of the Master Trust for the years ended December 31, 2022 and 2021:


	Year Ended December 31,
(in thousands)	2022		2021
Net appreciation (depreciation) in fair value investments	$	(1,264,962)	$	920,159
Dividends and interest	33,978		70,127
Net investment income (loss)	(1,230,984)		990,286
Net transfers	(113,636)		(57,398)
Administrative expenses	(6,379)		(6,300)
Increase (decrease) in net assets	(1,350,999)		926,588
Net assets:
Beginning of year	8,508,122		7,581,534
End of year	$	7,157,123	$	8,508,122


	Fair Value Measurements as of December 31, 2022
(in thousands)	Level 1		Level 2		Total
Master Trust investments:
Brokerage Link Account	$	730,265	$	—	$	730,265
Money Market Fund	464,603		—		464,603
PG&E Corporation Stock Fund	401,748		—		401,748
Equity Funds	—		2,939,321		2,939,321
Fixed Income Funds	—		762,333		762,333
Target Date Funds measured at NAV	—		—		1,859,332
Total Master Trust investments, at fair value	$	1,596,616	$	3,701,654	$	7,157,602

	Fair Value Measurements as of December 31, 2021
(in thousands)	Level 1		Level 2		Total
Master Trust investments:
Brokerage Link Account	$	923,329	$	—	$	923,329
Money Market Fund	437,336		—		437,336
PG&E Corporation Stock Fund	328,021		—		328,021
Equity Funds	—		3,731,826		3,731,826
Fixed Income Funds	—		929,030		929,030
Target Date Funds measured at NAV	—		—		2,158,864
Total Master Trust investments, at fair value	$	1,688,686	$	4,660,856	$	8,508,406

•Mutual funds offered to participants either through the brokerage link account or as direct investment options are valued based on unadjusted prices in active markets for identical transactions. The PG&E Corporation stock fund invests in PG&E stock. These investments are actively traded on a public exchange and are therefore considered Level 1 assets.

The party-in-interest transactions for the Plan are comprised of the following investments:


	As of December 31,
(in thousands)	2022		2021
PG&E Corporation Stock Fund	$	251,898	$	206,626
Fidelity fund	199,006		202,058
Total party-in-interest investments	$	450,904	$	408,684

(in thousands)

(a)

(b)

(c)

(d)

(e)

Identity of issue, borrower, lessor, or similar party

Description of investment including maturity date, rate of interest, collateral, par, or maturity value

Cost

Current Value

Participant loans

Loans to participants with interest rates ranging from 4.25% to 10.50% maturing through 2038

—

95,654

Pursuant to the requirements of the Securities Exchange Act of 1934, the Trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.


By:			/s/ CAROLYN BURKE
			Carolyn Burke
			Member, Employee Benefit Committee


PG&E CORPORATION RETIREMENT SAVINGS PLAN (including the PG&E Corporation Retirement Savings Plan for Union-Represented Employees)