Commission File Number
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Exact Name of Registrant
as specified in its charter
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State or Other Jurisdiction of Incorporation or Organization
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IRS Employer Identification Number
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(Address of principal executive offices) (Zip Code)
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(Address of principal executive offices) (Zip Code)
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(
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(
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(Registrant’s telephone number, including area code)
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(Registrant’s telephone number, including area code)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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on which registered
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Emerging growth company
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PG&E Corporation
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Emerging growth company
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Pacific Gas and Electric Company
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PG&E Corporation
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☐
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Pacific Gas and Electric Company
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☐
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Exhibit 104 |
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Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |
PG&E CORPORATION
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Dated: May 4, 2020
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By:
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/s/ JASON P. WELLS
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Name: Jason P. Wells
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Title: Executive Vice President and Chief Financial Officer
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PACIFIC GAS AND ELECTRIC COMPANY
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Dated: May 4, 2020
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By:
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/s/ DAVID S. THOMASON
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Name: David S. Thomason
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Title: Vice President, Chief Financial Officer and Controller
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Investor Relations Contact: 415.972.7080 | Media Inquiries Contact: 415.973.5930 | www.pgecorp.com
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May 1, 2020
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● |
Recorded GAAP earnings were $0.57 per share for the first quarter of 2020, compared to earnings of $0.25 per share for the same period in 2019.
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● |
Non-GAAP core earnings were $0.89 per share for the first quarter of 2020, compared to $1.04 per share for the same period in 2019.
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● |
The Utility received a proposed decision from the CPUC in its Plan of Reorganization OII, which affirms that the company’s Plan of Reorganization is compliant with Assembly
Bill 1054, and supports a waiver of the regulatory capital structure.
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● |
PG&E Corporation and Pacific Gas and Electric Company have sent voting materials to approximately 250,000 parties entitled to vote on the Plan of Reorganization. Completed
ballots must be received by May 15, 2020 to be counted.
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● |
The Utility resolved the criminal investigation in Butte County, by entering into a plea agreement, under which the Utility will plead guilty to 84 counts of involuntary
manslaughter and one count of unlawfully starting a fire stemming from the 2018 Camp Fire, as well as pay $4 million in associated fines and expenses.
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● |
Cheryl F. Campbell (60), who brings 35 years of energy experience in midstream,
interstate pipelines and utilities. Campbell has served in a number of senior leadership roles overseeing operations and safety for energy companies including Xcel Energy, Inc., West Gas Interstate, and Coastal Corporation (El Paso
Corporation).
|
● |
William “Bill” L. Smith (62), who will serve as interim CEO, brings to his new role a
career of significant operational and transformation experience in large and heavily regulated, consumer-facing organizations. He will take over the role after
current President and CEO Bill Johnson retires on June 30, 2020. Smith is the retired President of AT&T Technology Operations at AT&T Services, Inc. and brings over 35 years of experience in the telecommunications industry
including overseeing operations, planning, engineering, construction, maintenance and a field workforce of more than 100,000 employees.
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● |
John M. Woolard (54), the Chief Executive Officer of Meridian Energy, an energy
consulting and asset acquisition company, and a Senior Operating Partner at San Francisco-based Activate Capital. Woolard brings more than 20 years of experience as an executive in the energy technology sector, including as the former
President and Chief Executive Officer of BrightSource Energy and the Chief Executive Officer of Silicon Energy Corp.
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Agreed to additional external and independent oversight of our electric operations and wildfire mitigation work in addition to the ongoing oversight of the CPUC and the Federal
Monitor;
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Engaged a world-class, third party data and process integration firm to assist the company with data analytics to speed the PSPS decision-making process, analyze and integrate
additional sources of information related to wildfire risk mitigation; and
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Secured 460 mega-watts of temporary generation to deploy the world’s largest mobile micro-grid so that Public Safety Power Shutoffs are smaller in scope and shorter in
duration.
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Pruning or removing more than 1 million trees to keep them away from power lines;
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Implementing additional enhanced inspections of electric infrastructure in high fire-risk areas beyond the visual and aerial inspections completed in 2019 of nearly 50,000
transmission structures, nearly 700,000 distribution poles and 222 substations in high fire-risk areas;
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Conducting more than 240 miles of system hardening with stronger and more resilient poles, covered power lines and targeted undergrounding;
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Deploying real-time monitoring and situational awareness tools to better understand how severe weather can impact PG&E’s electric system, including adding approximately 400
more advanced weather stations (for a total of more than 1,000) and 200 more high-definition cameras (for a total of more than 300) in high-fire threat areas;
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Continuing to coordinate prevention and response efforts by monitoring wildfire risks in real time from the Wildfire Safety Operations Center; and
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Donating nearly $5 million to the U.S. Forest Service, Pacific Southwest Region to fund fuel reduction projects and purchase equipment to be used in six national forests.
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(Unaudited)
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||||||||
Three Months Ended March 31,
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||||||||
(in millions, except per share amounts)
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2020
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2019
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||||||
Operating Revenues
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||||||||
Electric
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$
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3,040
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$
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2,792
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Natural gas
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1,266
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1,219
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Total operating revenues
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4,306
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4,011
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Operating Expenses
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Cost of electricity
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545
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599
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||||||
Cost of natural gas
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284
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339
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Operating and maintenance
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1,967
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2,087
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Depreciation, amortization, and decommissioning
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855
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797
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Total operating expenses
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3,651
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3,822
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Operating Income
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655
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189
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Interest income
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16
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22
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Interest expense
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(254
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)
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(103
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)
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Other income, net
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97
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71
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||||||
Reorganization items, net
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(176
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)
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(127
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)
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Income Before Income Taxes
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338
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52
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Income tax benefit
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(36
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)
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(84
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)
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Net Income
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374
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136
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||||||
Preferred stock dividend requirement of subsidiary
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3
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—
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||||||
Income Available for Common Shareholders
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$
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371
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$
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136
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||||
Weighted Average Common Shares Outstanding, Basic
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529
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526
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Weighted Average Common Shares Outstanding, Diluted
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648
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527
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Net Income Per Common Share, Basic
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$
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0.70
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$
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0.25
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Net Income Per Common Share, Diluted
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$
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0.57
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$
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0.25
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Three Months Ended
March 31, |
||||||||||||||||
Earnings per |
||||||||||||||||
Earnings
|
Common Share (Diluted)
|
|||||||||||||||
(in millions, except per share amounts)
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2020
|
2019
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2020
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2019
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||||||||||||
PG&E Corporation's Earnings on a GAAP basis
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$
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371
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$
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136
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$
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0.57
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$
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0.25
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||||||||
Non-core items: (1)
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||||||||||||||||
Bankruptcy and legal costs (2)
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177
|
97
|
0.27
|
0.18
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||||||||||||
Investigation remedies and delayed cost recovery (3)
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28
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—
|
0.04
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—
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||||||||||||
Wildfire-related costs (4)
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—
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163
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—
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0.31
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Electric asset inspections (5)
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—
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151
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—
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0.29
|
||||||||||||
PG&E Corporation’s Non-GAAP Core Earnings (6)
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$
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576
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$
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546
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$
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0.89
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$
|
1.04
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Three Months Ended | Three Months Ended | |||||||
(in millions, pre-tax)
|
March 31, 2020
|
March 31, 2019
|
||||||
Legal and other costs
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$
|
168
|
$
|
24
|
||||
Exit financing
|
51
|
—
|
||||||
2019 DIP financing costs
|
—
|
114
|
||||||
2019 Interest income
|
—
|
(11
|
)
|
|||||
Bankruptcy and legal costs
|
$
|
219
|
$
|
127
|
Three Months Ended | ||||
(in millions, pre-tax)
|
March 31, 2020
|
|||
Proposed wildfire OII disallowance and system enhancements
|
$
|
16
|
||
Paradise restoration and rebuild
|
13
|
|||
Locate and mark system enhancements
|
9
|
|||
Investigation remedies and delayed cost recovery
|
$
|
39
|
Three Months Ended |
||||
(in millions, pre-tax)
|
March 31, 2019
|
|||
Utility clean-up and repair
|
$
|
179
|
||
Legal and other costs
|
47
|
|||
Wildfire-related costs
|
$
|
226
|
Use of Non-GAAP Financial Measures
PG&E Corporation and Pacific Gas and Electric Company |
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