EQUITY

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

EQUITY

EQUITY

Dividends

Under the Utility’s Articles of Incorporation, the Utility cannot pay common stock dividends unless all cumulative preferred dividends on the Utility’s preferred stock have been paid. Additionally, the CPUC requires the Utility to maintain a capital structure composed of at least 52% equity on average. The CPUC has granted the Utility a temporary waiver from compliance with its authorized capital structure until 2025 for the financing in place upon the Utility’s emergence from Chapter 11.

Subject to the foregoing restrictions, any decision to declare and pay dividends in the future will be made at the discretion of PG&E Corporation’s and the Utility’s Boards of Directors and will depend on, among other things, results of operations, financial condition, cash requirements, contractual restrictions and other factors that the Boards of Directors may deem relevant.

Utility

On February 13, 2024, the Board of Directors of the Utility declared dividends on its outstanding series of preferred stock totaling $3.5 million, which was paid on May 15, 2024, to holders of record as of April 30, 2024. On May 16, 2024, the Board of Directors of the Utility declared dividends on its outstanding series of preferred stock totaling $3.5 million, payable on August 15, 2024, to holders of record as of July 31, 2024.

On each of February 13 and May 16, 2024, the Board of Directors of the Utility declared common stock dividends of $450 million and $500 million, which were paid to PG&E Corporation on March 25 and June 3, 2024, respectively.

PG&E Corporation

On each of February 13 and May 16, 2024, the Board of Directors of PG&E Corporation declared a quarterly common stock dividend of $0.01 per share, each declaration totaling $21 million, which were paid on April 15 and July 15, 2024, to holders of record as of March 28 and June 28, 2024, respectively.