PG&E Corp
For the period ended Dec 31, 2024. Filed Feb 13, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 13, 2025
PCG$12.97-2.0%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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GLOSSARY
The following terms and abbreviations appearing in the text of this report have the meanings indicated below.
| AB | Assembly Bill |
|---|---|
| Amended Articles | Amended and Restated Articles of Incorporation of PG&E Corporation and the Utility, each filed on June 22, 2020, and for PG&E Corporation, as amended by the Certificate of Amendment of Articles of Incorporation, filed on May 24, 2022 |
| ARO | asset retirement obligation |
| ASC | accounting standards codification |
| ASU | accounting standard update issued by the Financial Accounting Standards Board |
| Bankruptcy Court | the United States Bankruptcy Court for the Northern District of California |
| BPPs | Bundled Procurement Plans |
| CAISO | California Independent System Operator Corporation |
| Cal Fire | California Department of Forestry and Fire Protection |
| CARB | California Air Resources Board |
| CARE | California Alternate Rates for Energy Program |
| CAVA | Climate Adaptation and Vulnerability Assessment |
| CCA | Community Choice Aggregator |
| CEC | California Energy Resources Conservation and Development Commission |
| CEMA | Catastrophic Event Memorandum Account |
| Chapter 11 | Chapter 11 of Title 11 of the United States Code |
| Chapter 11 Cases | the voluntary cases commenced by each of PG&E Corporation and the Utility under Chapter 11 on January 29, 2019 |
| Corporation Revolving Credit Agreement | Credit Agreement, dated as of July 1, 2020, as amended, by and among PG&E Corporation, the several banks and other financial institutions or entities party thereto from time to time and JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent |
| CPUC | California Public Utilities Commission |
| CRR | congestion revenue rights |
| DA | Direct Access |
| DCPP | Diablo Canyon Power Plant |
| District Court | United States District Court for the Northern District of California |
| DOE | United States Department of Energy |
| DOE Loan Guarantee Agreement | Loan Guarantee Agreement, dated as of January 17, 2025, between the Utility and the DOE |
| DTSC | California Department of Toxic Substances Control |
| DWR | California Department of Water Resources |
| Emergence Date | July 1, 2020, the effective date of the Plan in the Chapter 11 Cases |
| EOEP | Enhanced Oversight and Enforcement Process |
| EPA | United States Environmental Protection Agency |
| EPS | earnings per common share |
| EPSS | Enhanced Powerline Safety Settings |
| Exchange Act | Securities Exchange Act of 1934, as amended |
| FERC | Federal Energy Regulatory Commission |
| FHPMA | Fire Hazard Prevention Memorandum Account |
| Fire Victim Trust | The trust established pursuant to the Plan for the benefit of holders of the Fire Victim Claims into which the Aggregate Fire Victim Consideration (as defined in the Plan) has been, and will continue to be, funded |
| First Mortgage Bonds | bonds issued pursuant to the Indenture of Mortgage, dated as of June 19, 2020 between the Utility and The Bank of New York Mellon Trust Company, N.A., as amended and supplemented |
| FRMMA | Fire Risk Mitigation Memorandum Account |
| GAAP | United States Generally Accepted Accounting Principles |
|---|---|
| GHG | greenhouse gas |
| GRC | general rate case |
| HFTD | high fire threat district |
| HSMA | Hazardous Substance Memorandum Account |
| IOUs | investor-owned utility(ies) |
| IRC | Internal Revenue Code of 1986, as amended |
| IRS | Internal Revenue Service |
| Lakeside Building | 300 Lakeside Drive, Oakland, California, 94612 |
| LSEs | load serving entities |
| LTIP | Long-Term Incentive Plan |
| MD&A | Management’s Discussion and Analysis of Financial Condition and Results of Operations set forth in Part II, Item 7, of this Form 10-K |
| MGMA | Microgrids Memorandum Account |
| MGP | manufactured gas plants |
| NAV | net asset value |
| NBT | Net Billing Tariff |
| NDCTP | Nuclear Decommissioning Cost Triennial Proceeding |
| NEIL | Nuclear Electric Insurance Limited |
| NEM | net energy metering |
| NRC | Nuclear Regulatory Commission |
| NTSB | National Transportation Safety Board |
| OEIS | Office of Energy Infrastructure Safety (successor to the Wildfire Safety Division of the CPUC) |
| PERA | Public Employees Retirement Association |
| Plan | PG&E Corporation and the Utility, Knighthead Capital Management, LLC, and Abrams Capital Management, LP Joint Chapter 11 Plan of Reorganization, dated as of June 19, 2020 |
| PSPS | Public Safety Power Shutoff |
| RA | Resource Adequacy |
| Receivables Securitization Program | The accounts receivable securitization program entered into by the Utility on October 5, 2020, providing for the sale of a portion of the Utility’s accounts receivable and certain other related rights to the SPV, which, in turn, obtains loans secured by the receivables from financial institutions |
| ROE | return on equity |
| ROU asset | right-of-use asset |
| RPS | Renewables Portfolio Standard |
| RUBA | Residential Uncollectibles Balancing Account |
| SB | Senate Bill |
| SEC | United States Securities and Exchange Commission |
| SED | Safety and Enforcement Division of the CPUC |
| SFGO | The Utility’s San Francisco General Office headquarters complex |
| SPV | PG&E AR Facility, LLC |
| TCJA | Tax Cuts and Jobs Act of 2017 |
| TO | transmission owner |
| USFS | United States Forest Service |
| Utility | Pacific Gas and Electric Company |
| Utility Revolving Credit Agreement | Credit Agreement, dated as of July 1, 2020, as amended, by and among the Utility, the several banks and other financial institutions or entities party thereto from time to time and Citibank, N.A., as Administrative Agent and Designated Agent |
| VIE(s) | variable interest entity(ies) |
| VMBA | Vegetation Management Balancing Account |
| WEMA | Wildfire Expense Memorandum Account |
|---|---|
| WGSC | Wildfire and Gas Safety Costs |
| Wildfire Fund | statewide fund established by AB 1054 that will be available for eligible electric utility companies to pay eligible claims for liabilities arising from wildfires occurring after July 12, 2019 that are caused by the applicable electric utility company’s equipment |
| WMBA | Wildfire Mitigation Balancing Account |
| WMCE | Wildfire Mitigation and Catastrophic Events |
| WMP | wildfire mitigation plan |
| WMPMA | Wildfire Mitigation Plan Memorandum Account |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.