DEBT (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Line of Credit Facilities

The following table summarizes PG&E Corporation’s and the Utility’s outstanding borrowings and availability under their credit facilities at December 31, 2023:

(in millions)	Termination Date	Maximum Facility Limit			Loans Outstanding		Letters of Credit Outstanding		Facility Availability
Utility revolving credit facility	June 2028	$	4,400	(1)	$	(1,750)	$	(652)	$	1,998
Utility Receivables Securitization Program (2)	June 2025	1,499		(3)	(1,499)		—		—		(3)
PG&E Corporation revolving credit facility	June 2026	500			—		—		500
Total credit facilities		$	6,399		$	(3,249)	$	(652)	$	2,498

(1) Includes a $2.0 billion letter of credit sublimit.

(2) For more information on the Receivables Securitization Program, see “Variable Interest Entities” in Note 2 above.

(3) The amount the Utility may borrow under the Receivables Securitization Program is limited to the lesser of the facility limit and the facility availability. The facility limit fluctuates between $1.25 billion and $1.5 billion depending on the periods set forth in the transaction documents. Further, the facility availability may vary based on the amount of accounts receivable that the Utility owns that are eligible for sale to the SPV and the portion of those accounts receivable that are sold to the SPV that are eligible for advances by the lenders under the Receivables Securitization Program.

Schedule of Long-term Debt

The following table summarizes PG&E Corporation’s and the Utility’s long-term debt:

		Balance at
(in millions)	Contractual Interest Rates	December 31, 2023		December 31, 2022
PG&E Corporation
Term Loan - Stated Maturity: 2027 (1)	variable rate (2)	$	500	$	2,681
Convertible Notes due 2027	4.25%	2,150		—
Senior Secured Notes due 2028	5.00%	1,000		1,000
Senior Secured Notes due 2030	5.25%	1,000		1,000
Less: current portion, net of unamortized discount and debt issuance costs		—		(28)
Unamortized discount and debt issuance costs, net		(51)		(66)
Total PG&E Corporation Long-Term Debt		4,599		4,587
Utility
First Mortgage Bonds - Stated Maturity:
2023	1.70% - 4.25%	—		2,075
2024	3.40% - 3.75%	800		1,800
2025	3.45% - 4.95%	1,925		1,925
2026	2.95% - 3.15%	2,551		2,551
2027	2.10% - 5.45%	3,000		3,000
2028	3.00% - 4.65%	1,975		1,975
2029	4.20% - 6.10%	1,250		400
2030	4.55%	3,100		3,100
2031	2.50% - 3.25%	3,000		3,000
2032	4.40% - 5.90%	1,050		1,050
2033	6.15% - 6.40%	1,900		—
2034	6.95%	800		—
2040	3.30% - 4.50%	2,951		2,951
2041	4.20% - 4.50%	700		700
2042	3.75% - 4.45%	750		750
2043	4.60%	375		375
2044	4.75%	675		675
2045	4.30%	600		600
2046	4.00% - 4.25%	1,050		1,050
2047	3.95%	850		850
2050	3.50% - 4.95%	5,025		5,025
2052	5.25%	550		550
2053	6.70% - 6.75%	2,000		—
Less: current portion, net of unamortized discount and debt issuance costs		(800)		(2,072)
Unamortized discount, premium and debt issuance costs, net		(246)		(195)
Total Utility First Mortgage Bonds		35,831		32,135
Recovery Bonds (3)		9,124		9,292
Less: current portion		(176)		(168)
DWR Loan (4)		98		312
Credit Facilities
Receivables Securitization Program - Stated Maturity: 2025	variable rate (5)	1,499		1,184
2-Year Term Loan - Stated Maturity: 2024	variable rate (6)	400		400
Less: current portion		(400)		—
Total Utility Long-Term Debt		46,376		43,155
Total PG&E Corporation Consolidated Long-Term Debt		$	50,975	$	47,742

(1) On December 8, 2023, PG&E Corporation amended its existing term loan agreement to, among other things, extend the maturity date from June 23, 2025 to June 23, 2027.

(2) At December 31, 2023, the contractual London Interbank Offered Rate (“LIBOR”)-based interest rate on the term loan was 7.85% and at December 31, 2022, the contractual Secured Overnight Financing Rate (“SOFR”)-based interest rate on the term loan was 7.44%.

(3) The amount includes bonds related to AB 1054 and SB 901 securitization transactions. For AB 1054 interest rates, see the 2021 Form 10-K and 2022 Form 10-K. For SB 901 interest rates, see the 2022 Form 10-K.

(4) The Utility is not required to pay interest on the DWR loan, see Note 2 - Government Assistance.

(5) At December 31, 2023 and 2022, the contractual SOFR-based interest rate on the Receivables Securitization Program was 6.75% and 5.10%, respectively.

(6) At December 31, 2023 and 2022, the contractual SOFR-based interest rate on the term loan was 6.60% and 5.71%, respectively.

Schedule Of Long Term Debt Repayments

PG&E Corporation’s and the Utility’s combined stated long-term debt principal repayment amounts at December 31, 2023 are reflected in the table below:

(in millions, except interest rates)	2024			2025			2026			2027			2028			Thereafter			Total
PG&E Corporation
Average fixed interest rate	—		%	—		%	—		%	4.25		%	5.00		%	5.25		%	4.67		%
Fixed rate obligations	$	—		$	—		$	—		$	2,150		$	1,000		$	1,000		$	4,150
Variable interest rate as of December 31, 2023	—		%	—		%	—		%	7.85		%	—		%	—		%	7.85		%
Variable rate obligations	$	—		$	—		$	—		$	500		$	—		$	—		$	500
Utility (1)
Average fixed interest rate	3.60		%	3.82		%	3.10		%	3.22		%	3.58		%	4.66		%	4.31		%
Fixed rate obligations	$	800		$	1,925		$	2,551		$	3,000		$	1,975		$	26,626		$	36,877
Variable interest rate as of December 31, 2023	6.60		%	6.75		%	—		%	—		%	—		%	—		%	6.72		%
Variable rate obligations	$	400		$	1,499		$	—		$	—		$	—		$	—		$	1,899
Recovery Bonds (2)
AB 1054 obligations	$	46		$	48		$	50		$	51		$	53		$	1,539		$	1,787
SB 901 obligations	130			135			141			146			152			6,634			7,338
Total consolidated debt	$	1,376		$	3,607		$	2,742		$	5,847		$	3,180		$	35,799		$	52,551

(1) The balance excludes DWR loan, see Note 2 - Government Assistance.

(2) Recovery bonds were issued by, and are repayment obligations of, consolidated VIEs. For AB 1054 interest rates, see the 2021 Form 10-K and 2022 Form 10-K. For SB 901 interest rates, see the 2022 Form 10-K.