SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2025

Summary of Revenues Disaggregated by Type of Customer

The following table presents the Utility’s revenues disaggregated by type of customer:


	Three Months Ended March 31,
(in millions)	2025		2024
Electric
Revenue from contracts with customers
Residential	$	1,834	$	1,799
Commercial	1,506		1,505
Industrial	414		413
Agricultural	199		180
Public street and highway lighting	27		25
Other, net (1)	89		121
Total revenue from contracts with customers - electric	4,069		4,043
Regulatory balancing accounts (2)	66		9
Total electric operating revenue	$	4,135	$	4,052

Natural gas
Revenue from contracts with customers
Residential	$	1,709	$	1,517
Commercial	399		373
Transportation service only	546		475
Other, net (1)	(120)		(64)
Total revenue from contracts with customers - gas	2,534		2,301
Regulatory balancing accounts (2)	(686)		(492)
Total natural gas operating revenue	1,848		1,809
Total operating revenues	$	5,983	$	5,861

(1) This activity is primarily related to the change in unbilled revenue and amounts subject to refund, partially offset by other miscellaneous revenue items.

(2) These amounts represent alternative revenues authorized to be billed or refunded to customers.

Schedule Of Government Assistance

The following table summarizes where DWR loan activity is presented in PG&E Corporation’s and the Utility’s Condensed Consolidated Financial Statements:


	Three Months Ended March 31,
(in millions)	2025		2024
Long-term debt:
Beginning Balance - DWR loan outstanding	$	886	$	98

Proceeds received	—		232

Operating Expenses:
Operating and maintenance expense - Performance-based disbursements	(8)		(22)
Operating and maintenance expense - Loan forgiveness and other adjustments	(57)		—

Other current liabilities:
Change in performance-based disbursements deferred	(9)		(12)

Long-term debt:
Ending Balance - DWR loan outstanding	$	812	$	296

Schedule of Net Benefit Costs

The net periodic benefit costs reflected in PG&E Corporation’s Condensed Consolidated Financial Statements for the three months ended March 31, 2025 and 2024 were as follows:


	Pension Benefits				Other Benefits
	Three Months Ended March 31,
(in millions)	2025		2024		2025		2024
Service cost for benefits earned (1)	$	106	$	99	$	9	$	10
Interest cost	252		229		18		18
Expected return on plan assets	(263)		(253)		(37)		(35)
Amortization of prior service (credit)	(1)		(1)		1		1
Amortization of net actuarial gain	—		—		(6)		(6)
Net periodic benefit cost	94		74		(15)		(12)
Regulatory account transfer (2)	(10)		10		—		—
Total	$	84	$	84	$	(15)	$	(12)

(1) A portion of service costs is capitalized pursuant to GAAP.

(2) The Utility recorded these amounts to a regulatory account since they are probable of recovery or refund through rates in future periods.

Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income

The changes, net of income tax, in PG&E Corporation’s Accumulated other comprehensive income (loss) for the three months ended March 31, 2025 consisted of the following:


	Pension Benefits		Other Benefits		Available-for-Sale Securities(2)		Total
(in millions, net of income tax)	Three Months Ended March 31, 2025
Beginning balance	$	(35)	$	18	$	3	$	(14)
Other comprehensive income before reclassification
Gain on investments (net of taxes of $0, $0 and $2, respectively)	—		—		7		7
Amounts reclassified from other comprehensive income: (1)
Amortization of net actuarial gain (net of taxes of $0, $1, and $0, respectively)	—		(4)		—		(4)
Regulatory account transfer (net of taxes of $0, $1, and $0, respectively)	—		4		—		4
Net current period other comprehensive gain	—		—		7		7
Ending balance	$	(35)	$	18	$	10	$	(7)

(1) These components are included in the computation of net periodic pension and other post-retirement benefit costs. See the “Pension and Other Post-Retirement Benefits” table above for additional details.

(2) Includes amounts related to the customer credit trust and Pacific Energy Risk Solutions, LLC.

The changes, net of income tax, in PG&E Corporation’s Accumulated other comprehensive income (loss) for the three months ended March 31, 2024 consisted of the following:


	Pension Benefits		Other Benefits		Customer Credit Trust		Total
(in millions, net of income tax)	Three Months Ended March 31, 2024
Beginning balance	$	(28)	$	18	$	2	$	(8)
Other comprehensive income before reclassification
Loss on investments (net of taxes of $0, $0 and $1, respectively)	—		—		(1)		(1)
Amounts reclassified from other comprehensive income: (1)
Amortization of prior service cost (net of taxes of $0, $0, and $0, respectively)	(1)		—		—		(1)
Amortization of net actuarial gain (net of taxes of $0, $1, and $0, respectively)	—		(4)		—		(4)
Regulatory account transfer (net of taxes of $0, $1, and $0, respectively)	1		4		—		5
Net current period other comprehensive loss	—		—		(1)		(1)
Ending balance	$	(28)	$	18	$	1	$	(9)