Document

SEMI-ANNUAL SERVICER’S CERTIFICATE

Dated as of May 24, 2023

Pursuant to Section 4.01(c)(ii) of the Recovery Property Servicing Agreement, dated as of July 20, 2022 (the “Servicing Agreement”), between, PACIFIC GAS AND ELECTRIC COMPANY, a California corporation, as Servicer (the “Servicer”), and PG&E Wildfire Recovery Funding LLC, as Issuer (the “Issuer”), the Servicer does hereby certify, for the June 1, 2023 Payment Date (the “Current Payment Date”), as follows:

Capitalized terms used herein have their respective meanings as set forth in the Indenture. References herein to certain sections and subsections are references to the respective sections of the Servicing Agreement or the Indenture, as the context indicates.

Collection Periods: September 1, 2022 to June 1, 2023

Payment Date: June 1, 2023

Collections Allocable and Aggregate Amounts Available for the Current Payment Date:

Fixed Recovery Charge Remittances

Estimated Fixed Recovery Charges Remitted for September Collection Period

446,189.43

Estimated Fixed Recovery Charges Remitted for October Collection Period

9,811,457.00

Estimated Fixed Recovery Charges Remitted for November Collection Period

28,924,645.78

Estimated Fixed Recovery Charges Remitted for December Collection Period

27,714,549.90

Estimated Fixed Recovery Charges Remitted for January Collection Period

29,422,590.49

Estimated Fixed Recovery Charges Remitted for February Collection Period

26,492,151.32

Estimated Fixed Recovery Charges Remitted for March Collection Period

29,613,341.15

Estimated Fixed Recovery Charges Remitted for April Collection Period

28,016,085.88

Estimated Fixed Recovery Charges Remitted for May Collection Period 1

28,822,903.45

Total Estimated Fixed Recovery Charge Remittances

209,263,914.40

ii.

Investment Earnings on Collection Account

iii.

Investment Earnings on Capital Subaccount

323,542.74

iv.

Investment Earnings on Excess Funds Subaccount

—

Investment Earnings on General Subaccount

1,405,923.73

vi.

General Subaccount Balance (sum of i through y above)

210,669,838.13

vii.

Excess Funds Subaccount Balance as of Prior Payment Date

—

viii.

Capital Subaccount Balance as of Prior Payment Date

19,500,000.00

ix.

Collection Account Balance (sum of vi through vii above)

210,669,838.13


2.	Outstanding Amounts as of Prior Payment Date:
i.		Tranche A-1 Outstanding Amount	$	613,080,000.00
ii.		Tranche A-2 Outstanding Amount	600,000,000.00
iii.		Tranche A-3 Outstanding Amount	500,040,000.00
iv.		Tranche A-4 Outstanding Amount	1,149,960,000.00
v.		Tranche A-5 Outstanding Amount	1,036,920,000.00
vi.		Aggregate Outstanding Amount of all Tranches of Recovery Bonds	$	3,900,000,000.00


1 Based upon Estimated Fixed Recovery Charges remitted during Collection Period (i.e., Estimated Fixed Recovery Charges remitted within two Servicer Business Days of deemed collection date). Does not include reconciliation amounts calculated for the Reconciliation Period for such Collection Period, which will be settled in the month following such Collection Period


3.	Required Funding/Payments as of Current Payment Date:	$	201,669,680.60
	Principal	Principal Due
i.	Tranche A-1	$	36,489,308.00
ii.	Tranche A-2	—
iii.	Tranche A-3	—
iv.	Tranche A-4	—
v.	Tranche A-5	—
vi.	For all Tranches of Recovery Bonds:	$	36,489,308.00


Interest Tranche		Interest Rate	Days in Interest Period 2	Principal	Interest Due
v.	Tranche A-1	4.022%	311	613,080,000.00	$	21,301,839.26
vi.	Tranche A-2	4.722%	311	600,000,000.00	24,475,700.00
vii	Tranche A-3	5.081%	311	500,040,000.00	21,948,852.99
vii.	Tranche A-4	5.212%	311	1,149,960,000.00	51,777,971.19
vii.	Tranche A-5	5.099%	311	1,036,920,000.00	45,676,009.16
viii.	For all Tranches of Recovery Bonds:				$	165,180,372.60

				Required Level	Funding Required
ix.	Capital Subaccount			$19,500,000.00	$	—


4.	Outstanding Amounts as of Prior Payment Date:
	i.	Indenture Trustee Fees and Expenses; Indemnity Amounts 3			$	8,500.00
	ii.	Servicing Fee			1,684,583.00
	iii.	Administration Fee			86,389.00
	iv.	Other Ongoing Financing Costs Expenses			—
	v.	Semi-Annual Interest (including any past-due for prior periods)			165,180,372.60
	vi.	Return on PG&E Capital Contribution and any remittance of unpaid upfront financing costs			$	851,490.49

	Tranche		Per $1000 of Original Principal Amount		Aggregate
1	Tranche A-1 Interest Payment		$	21,301.84	$	21,301,839.26
2	Tranche A-2 Interest Payment		24,475.70		24,475,700.00
3	Tranche A-3 Interest Payment		21,948.85		21,948,852.99
4	Tranche A-4 Interest Payment		51,777.97		51,777,971.19
5	Tranche A-5 Interest Payment		$	45,676.01	$	45,676,009.16


1 On 30/360 day basis for initial payment date; otherwise use one-half of annual rate
2 Subject to $200,000 cap per annum


vii.	Principal Due and Payable as a Result of an Event of Default or on Final Maturity Date			$	390,000,000.00
	Tranche	Per $1000 of Original Principal Amount		Aggregate
1	Tranche A-1 Princical Payment	$	36,489.31	$	36,489,308.00
2	Tranche A-2 Princical Payment	—		—
3	Tranche A-3 Princical Payment	—		—
4	Tranche A-4 Princical Payment	—		—
5	Tranche A-5 Princical Payment	—		—
viii.	Semi-Annual Principal			36,489,308.00
ix.	Deposit to Excess Funds Subaccount			6,369,196.04
x.	Released to Issuer upon Retirement of all Notes			—
xi.	Aggregate Remittances as of Current Payment Date			$	209,263,914.40


5.	Subaccount Withdrawals as of Current Payment (if applicable, pursuant to Section 8.02(e) of Indenture:
i.	Excess Funds Subaccount	$	—
ii.	Capital Subaccount	—
iii.	Total Withdrawals	—


6.	Subaccount Withdrawals as of Current Payment (if applicable, pursuant to Section 8.02(e) of Indenture:
i.	Tranche A-1	$	576,590,692.00
ii.	Tranche A-2	600,000,000.00
iii.	Tranche A-3	500,040,000.00
iv.	Tranche A-4	1,149,960,000.00
v.	Tranche A-5	1,036,920,000.00
vi.	Aggregate Outstanding Amount of all Tranches of Recovery Bonds:	$	3,863,510,692.00
vii.	Excess Funds Subaccount Balance	6,369,195.04
viii.	Capital Subaccount Balance	19,823,542.74
ix.	Aggregate Collection Account Balance	$	26,192,738.78


7.	Shortfalls in Interest and Principal Payments as of Current Payment Date
	i.	Semi-annual Interest		$	—
			Tranche A-1 Interest Payment	—
			Tranche A-2 Interest Payment	—
			Tranche A-3 Interest Payment	—
			Tranche A-4 Interest Payment	—
			Tranche A-5 Interest Payment	—
	ii.	Semi-annual Principal		$	—
			Tranche A-1 Principal Payment	—
			Tranche A-2 Principal Payment	—
			Tranche A-3 Principal Payment	—
			Tranche A-4 Principal Payment	—
			Tranche A-5 Principal Payment	—


8.	Shortfalls in Required Subaccount Levels as of Current Payment Date
	iii.	Capital Subaccount	$	—

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Semi-Annual Servicer’s Certificate as of the date first above written.

SERVICER:

PACIFIC GAS AND ELECTRIC COMPANY,

a California corporation

By:

/s/ MARGARET K. BECKER

Margaret K. Becker

Vice President and Treasurer