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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C., 20549
FORM10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period endedMarch 31, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to __________
Commission
File
Number
Exact Name of
Registrant
as Specified
in its Charter
State or Other
Jurisdiction of
Incorporation
IRS Employer
Identification
Number
1-12609PG&E CorporationCalifornia94-3234914
1-2348Pacific Gas and Electric CompanyCalifornia94-0742640
PG&E CorporationPacific Gas and Electric Company
77 Beale Street77 Beale Street
P.O. Box 770000P.O. Box 770000
San Francisco,California94177San Francisco, California 94177
Address of principal executive offices, including zip code
PG&E CorporationPacific Gas and Electric Company
415973-1000415973-7000
Registrant’s telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, no par valuePCGThe New York Stock Exchange
Equity UnitsPCGUThe New York Stock Exchange
First preferred stock, cumulative, par value $25 per share, 5% series A redeemablePCG-PENYSE American LLC
First preferred stock, cumulative, par value $25 per share, 5% redeemablePCG-PDNYSE American LLC
First preferred stock, cumulative, par value $25 per share, 4.80% redeemablePCG-PGNYSE American LLC
First preferred stock, cumulative, par value $25 per share, 4.50% redeemablePCG-PHNYSE American LLC
First preferred stock, cumulative, par value $25 per share, 4.36% series A redeemablePCG-PINYSE American LLC
First preferred stock, cumulative, par value $25 per share, 6% nonredeemablePCG-PANYSE American LLC
First preferred stock, cumulative, par value $25 per share, 5.50% nonredeemablePCG-PBNYSE American LLC
First preferred stock, cumulative, par value $25 per share, 5% nonredeemablePCG-PCNYSE American LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 
PG&E Corporation:YesNo
Pacific Gas and Electric Company:YesNo
1


Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
PG&E Corporation:YesNo
Pacific Gas and Electric Company:YesNo

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
PG&E Corporation:Large accelerated filer
Accelerated filer
 
Non-accelerated filer  
 Smaller reporting companyEmerging growth company
Pacific Gas and Electric Company:Large accelerated filer
Accelerated filer
 
Non-accelerated filer
 Smaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
PG&E Corporation:
Pacific Gas and Electric Company:
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
PG&E Corporation:Yes
No
Pacific Gas and Electric Company:Yes
No
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.
PG&E Corporation:
YesNo
Pacific Gas and Electric Company:
YesNo

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common stock outstanding as of April 26, 2021: 
PG&E Corporation:
1,985,105,703
Pacific Gas and Electric Company:
264,374,809

2


PG&E CORPORATION AND
PACIFIC GAS AND ELECTRIC COMPANY
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2021
TABLE OF CONTENTS



3


GLOSSARY

The following terms and abbreviations appearing in the text of this report have the meanings indicated below.
2019 Wildfire Mitigation Planthe wildfire mitigation plan for 2019 submitted by the Utility to the CPUC pursuant to SB 901, previously also referred to as the “2019 Wildfire Safety Plan”
2020 Form 10-KPG&E Corporation and Pacific Gas and Electric Company’s combined Annual Report on Form 10-K for the year ended December 31, 2020
ABAssembly bill
AFUDCallowance for funds used during construction
ALJAdministrative Law Judge
AROasset retirement obligation
ASUaccounting standard update issued by the FASB
Bankruptcy Codethe United States Bankruptcy Code
Bankruptcy Courtthe U.S. Bankruptcy Court for the Northern District of California
CAISOCalifornia Independent System Operator
Cal FireCalifornia Department of Forestry and Fire Protection
CCACommunity Choice Aggregator
CEMACatastrophic Event Memorandum Account
Chapter 11chapter 11 of title 11 of the U.S. Code
Chapter 11 Casesthe voluntary cases commenced by each of PG&E Corporation and the Utility under Chapter 11 on January 29, 2019
CHTcustomer harm threshold
Confirmation Orderthe order confirming PG&E Corporation’s and the Utility’s and the Shareholder Proponents’ Joint Chapter 11 Plan of Reorganization, dated as of June 20, 2020 with the Bankruptcy Court
CPEcentral procurement entities
CPPMA
COVID-19 Pandemic Protections Memorandum Account
CPUCCalifornia Public Utilities Commission
CRRscongestion revenue rights
CUECoalition of California Utility Employees
DADirect Access
Diablo CanyonDiablo Canyon nuclear power plant
DTSCDepartment of Toxic Substances Control
Effective DateJuly 1, 2020, the effective date of the Plan in the Chapter 11 Cases
EMANI
European Mutual Association for Nuclear Insurance
EOEPEnhanced Oversight and Enforcement Process
EPSearnings per common share
Exchange ActSecurities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
FERCFederal Energy Regulatory Commission
FHPMAFire Hazard Prevention Memorandum Account
Fire Victim Trusttrust 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
Formula Rate Proceedingsconsolidated proceedings for the TO18 and TO20 rate cases
FRMMAFire Risk Mitigation Memorandum Account
GAAPU.S. Generally Accepted Accounting Principles
GRCgeneral rate case
GT&Sgas transmission and storage
HFTDHigh Fire-Threat District
4


HSMHazardous Substance Memorandum Account
IOU(s)investor-owned utility(ies)
IRSInternal Revenue Service
Lakeside Building300 Lakeside Drive, Oakland, California, 94612
LSEload serving entity
MW1 Megawatt (MW) = One thousand kilowatts
MWh1 Megawatt-Hour (MWh) = One megawatt continuously for one hour
MD&AManagement’s Discussion and Analysis of Financial Condition and Results of Operations set forth in Item 2 of this Form 10-Q
MGP(s)manufactured gas plants
Monitorthird-party monitor retained as part of its compliance with the sentencing terms of the Utility’s January 27, 2017 federal criminal conviction
NAVnet asset value
NBCnon-bypassable charge
NEILNuclear Electric Insurance Limited
NEMnet energy metering
NRCNuclear Regulatory Commission
OIIorder instituting investigation
OIRorder instituting rulemaking
OSAOffice of the Safety Advocate, a division of the CPUC
PCIAPower Charge Indifference Adjustment
PERAPublic Employees Retirement Association of New Mexico
PODPresiding Officer’s Decision
PDproposed decision
Petition DateJanuary 29, 2019
the PlanDebtors’ and Shareholder Proponents’ Joint Chapter 11 Plan of Reorganization, dated June 19, 2020
PSPSPublic Safety Power Shutoff
RAresource adequacy
RAMPRisk Assessment Mitigation Phase Report
ROEreturn on equity
RSArestructuring support agreement (as amended)
RTBARisk Transfer Balancing Account
SBSenate Bill
SECU.S. Securities and Exchange Commission
Securities ActThe Securities Act of 1933, as amended
SEDSafety and Enforcement Division of the CPUC
SPDCPUC’s Safety Policy Division
SPVPG&E AR Facility, LLC
Subrogation RSARestructuring Support Agreement dated September 22, 2019 with certain holders of insurance subrogation claims, as amended
Tax ActTax Cuts and Jobs Act of 2017
TCCOfficial Committee of Tort Claimants
TCC RSARestructuring Support Agreement dated December 6, 2019 with the TCC and attorneys and other advisors and agents for certain holders of Fire Victim Claims (as defined therein), as amended
TOtransmission owner
TURNThe Utility Reform Network
UtilityPacific Gas and Electric Company
VIE(s)variable interest entity(ies)
5


VMBAVegetation Management Balancing Account
WEMAWildfire Expense Memorandum Account
Wildfire Fundstatewide 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
Wildfires OIIOrder Instituting Investigation into the 2017 Northern California Wildfires and the 2018 Camp Fire
WMBAWildfire Mitigation Balancing Account
WMCEWildfire Mitigation and Catastrophic Events
WMPWildfire Mitigation Plan
WMPMAWildfire Mitigation Plan Memorandum Account
WSDWildfire Safety Division

FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that are necessarily subject to various risks and uncertainties. These statements reflect management’s judgment and opinions that are based on current estimates, expectations, and projections about future events and assumptions regarding these events and management’s knowledge of facts as of the date of this report. These forward-looking statements relate to, among other matters, estimated losses, including penalties and fines, associated with various investigations and proceedings; forecasts of capital expenditures; estimates and assumptions used in critical accounting policies, including those relating to insurance receivables, regulatory assets and liabilities, environmental remediation, litigation, third-party claims, the Wildfire Fund, and other liabilities; and the level of future equity or debt issuances. These statements are also identified by words such as “assume,” “expect,” “intend,” “forecast,” “plan,” “project,” “believe,” “estimate,” “predict,” “anticipate,” “may,” “should,” “would,” “could,” “potential” and similar expressions. PG&E Corporation and the Utility are not able to predict all the factors that may affect future results. Some of the factors that could cause future results to differ materially from those expressed or implied by the forward-looking statements, or from historical results, include, but are not limited to:

PG&E Corporation’s and the Utility’s historical financial information not being indicative of future financial performance as a result of the Chapter 11 Cases and the financial and other restructuring recently undergone by PG&E Corporation and the Utility in connection with their emergence from Chapter 11;

the ability of PG&E Corporation and the Utility to raise financing for operations and investment;

the risks and uncertainties associated with appeals of the Confirmation Order;

the risks and uncertainties associated with the wildfire that began on October 23, 2019 northeast of Geyserville in Sonoma County, California (the “2019 Kincade fire”) and the wildfire that began on September 27, 2020 in the area of Zogg Mine Road and Jenny Bird Lane, north of Igo in Shasta County, California (the “2020 Zogg fire”), including the extent of the Utility’s liability in connection with the 2019 Kincade fire and the 2020 Zogg fire and whether the Utility will be able to timely recover related costs incurred therewith in excess of insurance; the timing of the insurance recoveries; the outcome of the criminal proceedings initiated against the Utility by the Sonoma County District Attorney in connection with the 2019 Kincade fire, including the assertion of 33 criminal charges; the timing and outcome of the referral of the Cal Fire report to the Shasta County District Attorney in connection with the 2020 Zogg fire; and potential liabilities in connection with fines or penalties that could be imposed on the Utility if the CPUC or any other enforcement agency were to bring an enforcement action in respect of either such fire;

the risks and uncertainties associated with any other wildfires that have occurred in the Utility’s service territory for which the cause has yet to be determined, including the extent of the Utility’s liability in connection with such fires;

the Utility’s Community Wildfire Safety Program’s ability to help reduce wildfire threats and improve safety as a result of climate-driven wildfires and extreme weather, including the Utility’s ability to comply with the targets and metrics set forth in its WMP; whether the Utility is able to retain or contract for the workforce necessary to execute its Community Wildfire Safety Program; and the cost of the program and the timing of the outcome of any proceeding to recover such costs through rates;

6


the ability of PG&E Corporation and the Utility to securitize $7.5 billion of costs related to the multiple wildfires that began on October 8, 2017 and spread through Northern California, including Napa, Sonoma, Butte, Humboldt, Mendocino, Lake, Nevada and Yuba Counties, as well as in the area surrounding Yuba City (the “2017 Northern California wildfires”) in a financing transaction that is designed to be rate neutral to customers;

the impact of the Utility’s implementation of its PSPS program, including the timing and outcome of the OII to Examine the Late 2019 Public Safety Power Shutoff Events and Order to Show Cause Against the Utility Related to Implementation of the October 2019 PSPS Events and the purported Public Safety Power Shutoff class action filed in December 2019, and whether any fines, penalties or civil liability for damages will be imposed on the Utility as a result; the costs in connection with PSPS events, the timing and outcome of any proceeding to recover such costs through rates, and the effects on PG&E Corporation’s and the Utility’s reputations caused by implementation of the PSPS program;

whether the Utility may be liable for future wildfires, and the impact of AB 1054 on potential losses in connection with such wildfires, including the CPUC’s implementation of the procedures for recovering such losses;

the risks and uncertainties associated with the requirement under AB 1054 that the Utility maintain a valid safety certification pursuant to section 8389(e) of the California Public Utilities Code and the potential implications for accessing the Wildfire Fund and in related CPUC proceedings in the event the Utility fails to maintain a valid safety certification, which could also result in the appointment by the CPUC of an independent third-party monitor to oversee the Utility’s operations as part of the EOEP;

the risks and uncertainties associated with the Utility’s ability to access the Wildfire Fund, including whether the Wildfire Fund has sufficient remaining funds;

the risks and uncertainties associated with certain indemnity obligations to current and former officers and directors, as well as potential indemnity obligations to underwriters for certain of the Utility’s note offerings, in connection with three purported class actions that have been consolidated and denominated In re PG&E Corporation Securities Litigation, U.S. District Court for the Northern District of California, Case No. 18-035509, which has been enjoined as to PG&E Corporation and the Utility pursuant to the Plan with such claims to be resolved by the Bankruptcy Court as part of the claims reconciliation process in the Chapter 11 Cases;

the timing and outcome of future regulatory and legislative developments, including future wildfire reforms, inverse condemnation reform, and other wildfire mitigation measures or other reforms targeted at the Utility or its industry;

the severity, extent and duration of the global COVID-19 pandemic and its impact on PG&E Corporation’s and the Utility’s financial condition, results of operations, liquidity and cash flows, as well as on energy demand in the Utility’s service territory, the ability of the Utility to collect on customer receivables, the ability of the Utility to mitigate these effects, including with spending reductions, and the ability of the Utility to recover any losses incurred in connection with the COVID-19 pandemic, and the impact of workforce disruptions;

whether the Utility will be able to obtain full recovery of its significantly increased insurance premiums, and the timing of any such recovery;

whether the Utility can obtain wildfire insurance at a reasonable cost in the future, or at all, and whether insurance coverage is adequate for future losses or claims;

increased employee attrition as a result of the challenging political and operating environment facing PG&E Corporation and the Utility;

the timing and outcomes of the FERC TO18 and TO19 rate cases, 2018 CEMA application, WEMA application, WMCE application, future applications for cost recovery of amounts recorded to the FRMMA, CPPMA, WMPMA, VMBA, WMBA, and RTBA, future cost of capital proceedings, and other ratemaking and regulatory proceedings;

7


the outcome of the probation and the Monitorship imposed by the federal court after the Utility’s conviction in the federal criminal trial in 2017, the timing and outcomes of the debarment proceeding, potential reliability penalties or sanctions from the North American Electric Reliability Corporation, or Western Electricity Coordinating Council, investigations that have been or may be commenced relating to the Utility’s compliance with natural gas- and electric- related laws and regulations, and the ultimate amount of fines, penalties, and remedial costs that the Utility may incur in connection with the outcomes including the costs of complying with any additional conditions of probation imposed in connection with the Utility’s federal criminal proceeding, such as expenses associated with any material expansion of the Utility’s vegetation management program, as well as the impact of additional conditions of probation on PG&E Corporation’s and the Utility’s ability to make distributions to shareholders;

the effects on PG&E Corporation’s and the Utility’s reputations caused by matters such as the CPUC’s investigations and enforcement proceedings and the Utility’s criminal guilty plea as described in Note 10 of the Notes to the Condensed Consolidated Financial Statements in Item 1. under the heading “District Attorneys’ Offices Investigations”;

the outcome of future legislative or regulatory actions as part of the EOEP or otherwise that may be taken, such as requiring the Utility to transfer ownership of the Utility’s assets to municipalities or other public entities, or implement corporate governance, operational or other changes;

whether the Utility can control its operating costs within the authorized levels of spending, and timely recover its costs through rates; whether the Utility can continue implementing a streamlined organizational structure and achieve project savings, the extent to which the Utility incurs unrecoverable costs that are higher than the forecasts of such costs; and changes in cost forecasts or the scope and timing of planned work resulting from changes in customer demand for electricity and natural gas or other reasons;

whether the Utility and its third-party vendors and contractors are able to protect the Utility’s operational networks and information technology systems from cyber- and physical attacks, or other internal or external hazards;

the timing and outcome in the Court of Appeals of the appeal of the FERC’s order denying rehearing on March 17, 2020 granting the Utility a 50-basis point ROE incentive adder for continued participation in the CAISO;

the outcome of current and future self-reports, investigations, or other enforcement proceedings that could be commenced or notices of violation that could be issued relating to the Utility’s compliance with laws, rules, regulations, or orders applicable to its operations, including the construction, expansion, or replacement of its electric and gas facilities, electric grid reliability, audit, inspection and maintenance practices, customer billing and privacy, physical and cybersecurity, environmental laws and regulations; and the outcome of existing and future SED notices of violations;

the impact of government regulations to which the Utility is subject, including environmental remediation laws, regulations, and orders; the ultimate amount of costs incurred to discharge the Utility’s known and unknown remediation obligations; and the extent to which the Utility is able to recover such compliance costs in rates or from other sources;

the impact of SB 100, signed into law on September 10, 2018, which increased the percentage from 50% to 60% of California’s electricity portfolio that must come from renewables by 2030; and establishes state policy that 100% of all retail electricity sales must come from renewable portfolio standard-eligible or carbon-free resources by 2045;

how the CPUC and the California Air Resources Board implement state environmental laws relating to greenhouse gas, renewable energy targets, energy efficiency standards, distributed energy resources, electric vehicles, and similar matters, including whether the Utility is able to continue recovering associated compliance costs, such as the cost of emission allowances and offsets under cap-and-trade regulations; and whether the Utility is able to timely recover its associated investment costs;

the impact of the California governor’s executive order issued on January 26, 2018, to implement a new target of five million zero-emission vehicles on the road in California by 2030 and the California governor’s executive order issued on September 23, 2020, requiring sales of all new passenger vehicles to be zero-emission by 2035 and additional measures to eliminate harmful emissions from the transportation sector;

8


the ultimate amount of unrecoverable environmental costs the Utility incurs associated with the Utility’s natural gas compressor station site located near Hinkley, California and the Utility’s fossil fuel-fired generation sites;

the impact of new legislation or NRC regulations, recommendations, policies, decisions, or orders relating to the nuclear industry, including operations, seismic design, security, safety, relicensing, the storage of spent nuclear fuel, decommissioning, cooling water intake, or other issues; the impact of potential actions, such as legislation, taken by state agencies that may affect the Utility’s ability to continue operating Diablo Canyon until its planned retirement;

the impact of wildfires, droughts, floods, high winds, lightning or other weather-related conditions or events, climate change, natural disasters, acts of terrorism, war, vandalism (including cyber-attacks), downed power lines, and other events, that can cause unplanned outages, reduce generating output, disrupt the Utility’s service to customers, or damage or disrupt the facilities, operations, or information technology and systems owned by the Utility, its customers, or third parties on which the Utility relies, and the reparation and other costs that the Utility may incur in connection with such conditions or events; the impact of the adequacy of the Utility’s emergency preparedness; whether the Utility incurs liability to third parties for property damage or personal injury caused by such events; whether the Utility is subject to civil, criminal, or regulatory penalties in connection with such events; and whether the Utility’s insurance coverage is available for these types of claims and sufficient to cover the Utility’s liability;

the breakdown or failure of equipment that can cause damages, including fires, and unplanned outages; and whether the Utility will be subject to investigations, penalties, and other costs in connection with such events;

the outcome of future legislative developments in connection with SB 350 (the Golden State Energy Act), a bill which was signed into law on June 30, 2020 and authorizes the creation by the California governor of a new entity “Golden State Energy,” a nonprofit public benefit corporation, for the purpose of acquiring the Utility’s assets and serving electric and gas in the Utility’s service territory in the event that the CPUC revokes the Utility’s Certificate of Public Convenience and Necessity;

whether the Utility’s climate change adaptation strategies are successful;

the impact that reductions in Utility customer demand for electricity and natural gas, driven by customer departures to CCAs and DA providers, have on the Utility’s ability to make and recover its investments through rates and earn its authorized return on equity, and whether the Utility is successful in addressing the impact of growing distributed and renewable generation resources, and changing customer demand for its natural gas and electric services;

the supply and price of electricity, natural gas, and nuclear fuel; the extent to which the Utility can manage and respond to the volatility of energy commodity prices; the ability of the Utility and its counterparties to post or return collateral in connection with price risk management activities; and whether the Utility is able to recover timely its electric generation and energy commodity costs through rates, including its renewable energy procurement costs;

the amount and timing of charges reflecting probable liabilities for third-party claims; the extent to which costs incurred in connection with third-party claims or litigation can be recovered through insurance, rates, or from other third parties; and whether the Utility can continue to obtain adequate insurance coverage for future losses or claims, especially following a major event that causes widespread third-party losses;

the risks and uncertainties associated with any future substantial sales of shares of common stock of PG&E Corporation by existing shareholders, including the Fire Victim Trust;

the impact of the regulation of utilities and their holding companies, including how the CPUC interprets and enforces the financial and other conditions imposed on PG&E Corporation when it became the Utility’s holding company, and whether the uncertainty in connection with the Utility’s probation or enforcement matters will impact the Utility’s ability to make distributions to PG&E Corporation;

the outcome of federal or state tax audits and the impact of any changes in federal or state tax laws, policies, regulations, or their interpretation;

whether PG&E Corporation or the Utility undergoes an “ownership change” within the meaning of section 382 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), as a result of which tax attributes could be limited;

9


changes in the regulatory and economic environment, including potential changes affecting clean energy and tax policy, as a result of the current federal administration and Congress; and

the impact of changes in GAAP, standards, rules, or policies, including those related to regulatory accounting, and the impact of changes in their interpretation or application.

For more information about the significant risks that could affect the outcome of the forward-looking statements and PG&E Corporation’s and the Utility’s future financial condition, results of operations, liquidity, and cash flows, see Item 1A. Risk Factors below and a detailed discussion of these matters contained in Item 2. MD&A. PG&E Corporation and the Utility do not undertake any obligation to update forward-looking statements, whether in response to new information, future events, or otherwise.

PG&E Corporation and the Utility routinely provide links to the Utility’s principal regulatory proceedings before the CPUC and the FERC at http://investor.pgecorp.com, under the “Regulatory Filings” tab, so that such filings are available to investors upon filing with the relevant agency. PG&E Corporation and the Utility also routinely post or provide direct links to presentations, documents, and other information that may be of interest to investors at http://investor.pgecorp.com, under the “PG&E Progress,” “Chapter 11,” “Wildfire and Safety Updates” and “News & Events: Events & Presentations” tabs, respectively, in order to publicly disseminate such information. It is possible that any of these filings or information included therein could be deemed to be material information. The information contained on such website is not part of this or any other report that PG&E Corporation or the Utility files with, or furnishes to, the SEC. PG&E Corporation and the Utility are providing the address to this website solely for the information of investors and do not intend the address to be an active link.

10


PART I. FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 

PG&E CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME


 (Unaudited)
Three Months Ended March 31,
(in millions, except per share amounts)20212020
Operating Revenues  
Electric$3,395 $3,040 
Natural gas1,321 1,266 
Total operating revenues4,716 4,306 
Operating Expenses
Cost of electricity590 545 
Cost of natural gas307 284 
Operating and maintenance2,336 1,967 
Wildfire-related claims, net of insurance recoveries172  
Wildfire Fund expense119  
Depreciation, amortization, and decommissioning888 855 
Total operating expenses4,412 3,651 
Operating Income304 655 
Interest income2 16 
Interest expense(408)(254)
Other income, net127 97 
Reorganization items, net (176)
Income Before Income Taxes25 338 
Income tax benefit(98)(36)
Net Income 123 374 
Preferred stock dividend requirement of subsidiary3 3 
Income Available for Common Shareholders$120 $371 
Weighted Average Common Shares Outstanding, Basic1,985 529 
Weighted Average Common Shares Outstanding, Diluted2,131 648 
Net Earnings Per Common Share, Basic$0.06 $0.70 
Net Earnings Per Common Share, Diluted$0.06 $0.57 
See accompanying Notes to the Condensed Consolidated Financial Statements.


11


PG&E CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 (Unaudited)
Three Months Ended March 31,
(in millions)20212020
Net Income$123 $374 
Other Comprehensive Income
Pension and other post-retirement benefit plans obligations (net of taxes of $0 and $0, respectively)
1  
Total other comprehensive income 1  
Comprehensive Income 124 374 
Preferred stock dividend requirement of subsidiary3 3 
Comprehensive Income Available for Common Shareholders
$121 $371 
See accompanying Notes to the Condensed Consolidated Financial Statements.

12


PG&E CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
 (Unaudited)
 Balance At
(in millions)March 31, 2021December 31, 2020
ASSETS  
Current Assets  
Cash and cash equivalents$229 $484 
Restricted cash29 143 
Accounts receivable:
Customers (net of allowance for doubtful accounts of $212 million and $146 million at respective dates) (includes $1.61 billion and $1.63 billion related to VIEs, net of allowance for doubtful accounts of $211 million and $143 million at respective dates)
1,835 1,883 
Accrued unbilled revenue (includes $897 million and $959 million related to VIEs at respective dates)
991 1,083 
Regulatory balancing accounts2,249 2,001 
Other1,157 1,172 
Regulatory assets410 410 
Inventories:
Gas stored underground and fuel oil17 95 
Materials and supplies533 533 
Wildfire Fund asset464 464 
Other1,153 1,334 
Total current assets9,067 9,602 
Property, Plant, and Equipment
Electric68,054 66,982 
Gas24,548 24,135 
Construction work in progress2,895 2,757 
Other25 20 
Total property, plant, and equipment95,522 93,894 
Accumulated depreciation(28,261)(27,758)
Net property, plant, and equipment67,261 66,136 
Other Noncurrent Assets
Regulatory assets9,159 8,978 
Nuclear decommissioning trusts3,592 3,538 
Operating lease right of use asset1,659 1,741 
Wildfire Fund asset5,700 5,816 
Income taxes receivable68 67 
Other2,052 1,978 
Total other noncurrent assets22,230 22,118 
TOTAL ASSETS$98,558 $97,856 
See accompanying Notes to the Condensed Consolidated Financial Statements.

13


PG&E CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
 
 
(Unaudited)
 Balance At
(in millions, except share amounts)March 31, 2021December 31, 2020
LIABILITIES AND EQUITY  
Current Liabilities
  
Short-term borrowings$1,448 $3,547 
Long-term debt, classified as current1,522 28 
Accounts payable:
Trade creditors2,141 2,402 
Regulatory balancing accounts1,368 1,245 
Other708 580 
Operating lease liabilities534 533 
Interest payable290 498 
Disputed claims and customer refunds244 242 
Wildfire-related claims1,692 2,250 
Other2,270 2,256 
Total current liabilities12,217 13,581 
Noncurrent Liabilities
Long-term debt (includes $650 million and $1.0 billion related to VIEs at respective dates)
37,801 37,288 
Regulatory liabilities11,204 10,424 
Pension and other post-retirement benefits2,406 2,444 
Asset retirement obligations6,494 6,412 
Deferred income taxes1,468 1,398 
Operating lease liabilities1,125 1,208 
Other4,464 3,848 
Total noncurrent liabilities64,962 63,022 
Equity
Shareholders’ Equity
Common stock, no par value, authorized 3,600,000,000 shares at respective dates; 1,985,105,703 and 1,984,678,673 shares outstanding at respective dates
30,226 30,224 
Reinvested earnings(9,073)(9,196)
Accumulated other comprehensive loss(26)(27)
Total shareholders’ equity
21,127 21,001 
Noncontrolling Interest - Preferred Stock of Subsidiary252 252 
Total equity21,379 21,253 
TOTAL LIABILITIES AND EQUITY$98,558 $97,856 
See accompanying Notes to the Condensed Consolidated Financial Statements.


14


PG&E CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 (Unaudited)
 Three Months Ended March 31,
(in millions)20212020
Cash Flows from Operating Activities  
Net income$123 $374 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and decommissioning888 855 
Allowance for equity funds used during construction(32)(10)
Deferred income taxes and tax credits, net78 197 
Reorganization items, net (Note 2) (46)50 
Wildfire Fund expense119  
Other117 35 
Effect of changes in operating assets and liabilities:
Accounts receivable111 (22)
Wildfire-related insurance receivable(28) 
Inventories14 3 
Accounts payable 143 245 
Wildfire-related claims(558) 
Income taxes receivable/payable  
Other current assets and liabilities(175)(123)
Regulatory assets, liabilities, and balancing accounts, net340 (310)
Liabilities subject to compromise  208 
Other noncurrent assets and liabilities104 103 
Net cash provided by operating activities1,198 1,605 
Cash Flows from Investing Activities  
Capital expenditures(1,778)(1,641)
Proceeds from sales and maturities of nuclear decommissioning trust investments551 533 
Purchases of nuclear decommissioning trust investments(578)(552)
Other9 5 
Net cash used in investing activities
(1,796)(1,655)
Cash Flows from Financing Activities  
Proceeds from debtor-in-possession credit facility
 500 
Debtor-in-possession credit facility debt issuance costs
 (3)
Bridge facility financing fees (66)
Borrowings under revolving credit facilities1,985  
Repayments under revolving credit facilities(4,440) 
Proceeds from issuance of long-term debt, net of discount and issuance costs of $18
2,382  
Repayment of long-term debt(7) 
Proceeds from sale of future revenue from transmission tower license sales, net of fees350  
Other(41)9 
Net cash provided by financing activities229 440 
Net change in cash, cash equivalents, and restricted cash(369)390 
Cash, cash equivalents, and restricted cash at January 1627 1,577 
Cash, cash equivalents, and restricted cash at March 31$258 $1,967 
Less: Restricted cash and restricted cash equivalents(29)(7)
Cash and cash equivalents at March 31$229 $1,960 

15


Supplemental disclosures of cash flow information  
Cash paid for:  
Interest, net of amounts capitalized$(550)$ 
Supplemental disclosures of noncash investing and financing activities
Capital expenditures financed through accounts payable$528 $326 
Operating lease liabilities arising from obtaining right-of-use assets4 13 
See accompanying Notes to the Condensed Consolidated Financial Statements.

16


PG&E CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(in millions, except share amounts)Common
Stock
Shares
Common
Stock
Amount
Reinvested
Earnings
Accumulated
Other
Comprehensive
Income
(Loss)
Total
Shareholders’
Equity
Non-
controlling
Interest -
Preferred
Stock of
Subsidiary
Total
Equity
Balance at December 31, 20201,984,678,673 $30,224 $(9,196)$(27)$21,001 $252 $21,253 
Net income— — 123 — 123 — 123 
Other comprehensive income— — — 1 1 — 1 
Common stock issued, net427,030  — —  —  
Stock-based compensation amortization— 2 — — 2 — 2 
Balance at March 31, 20211,985,105,703 $30,226 $(9,073)$(26)$21,127 $252 $21,379 

(in millions, except share amounts)Common
Stock
Shares
Common
Stock
Amount
Reinvested
Earnings
Accumulated
Other
Comprehensive
(Loss)
Total
Shareholders’
Equity
Non-
controlling
Interest -
Preferred
Stock of
Subsidiary
Total
Equity
Balance at December 31, 2019529,236,741 $13,038 $(7,892)$(10)$5,136 $252 $5,388 
Net income— — 374 — 374 — 374 
Other comprehensive loss— — —   —  
Common stock issued, net549,155  — —  —  
Stock-based compensation amortization— (3)— — (3)— (3)
Balance at March 31, 2020529,785,896 $13,035 $(7,518)$(10)$5,507 $252 $5,759 

See accompanying Notes to the Condensed Consolidated Financial Statements.

17


PACIFIC GAS AND ELECTRIC COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME


 (Unaudited)
Three Months Ended March 31,
(in millions)20212020
Operating Revenues  
Electric$3,395 $3,040 
Natural gas1,321 1,266 
Total operating revenues4,716 4,306 
Operating Expenses
Cost of electricity590 545 
Cost of natural gas307 284 
Operating and maintenance2,331 1,965 
Wildfire-related claims, net of insurance recoveries172  
Wildfire Fund expense119  
Depreciation, amortization, and decommissioning888 855 
Total operating expenses4,407 3,649 
Operating Income309 657 
Interest income2 16 
Interest expense(348)(252)
Other income, net133 93 
Reorganization items, net
(2)(93)
Income Before Income Taxes94 421 
Income tax benefit(83)(30)
Net Income177 451 
Preferred stock dividend requirement3 3 
Income Available for Common Stock$174 $448 
See accompanying Notes to the Condensed Consolidated Financial Statements.

18


PACIFIC GAS AND ELECTRIC COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 (Unaudited)
Three Months Ended March 31,
(in millions)20212020
Net Income $177 $451 
Other Comprehensive Income
Pension and other post-retirement benefit plans obligations (net of taxes of $0 and $0, respectively)
  
Total other comprehensive income  
Comprehensive Income $177 $451 
See accompanying Notes to the Condensed Consolidated Financial Statements.

19


PACIFIC GAS AND ELECTRIC COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
 (Unaudited)
 Balance At
(in millions)March 31, 2021December 31, 2020
ASSETS  
Current Assets  
Cash and cash equivalents$127 $261 
Restricted cash29 143 
Accounts receivable:
Customers (net of allowance for doubtful accounts of $212 million and $146 million
at respective dates) (includes $1.61 billion and $1.63 billion related to VIEs, net of allowance for doubtful accounts of $211 million and $143 million at respective dates)
1,835 1,883 
Accrued unbilled revenue (includes $897 million and $959 million related to VIEs at respective dates)
991 1,083 
Regulatory balancing accounts2,249 2,001 
Other1,161 1,180 
Regulatory assets410 410 
Inventories:
Gas stored underground and fuel oil17 95 
Materials and supplies533 533 
Wildfire Fund asset464 464 
Other1,139 1,321 
Total current assets8,955 9,374 
Property, Plant, and Equipment
Electric68,054 66,982 
Gas24,548 24,135 
Construction work in progress2,895 2,757 
Other 23 18 
Total property, plant, and equipment95,520 93,892 
Accumulated depreciation(28,259)(27,756)
Net property, plant, and equipment67,261 66,136 
Other Noncurrent Assets
Regulatory assets9,159 8,978 
Nuclear decommissioning trusts3,592 3,538 
Operating lease right of use asset1,655 1,736 
Wildfire Fund asset5,700 5,816 
Income taxes receivable67 66 
Other1,898 1,818 
Total other noncurrent assets22,071 21,952 
TOTAL ASSETS$98,287 $97,462 
See accompanying Notes to the Condensed Consolidated Financial Statements.

20


PACIFIC GAS AND ELECTRIC COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
 (Unaudited)
 Balance At
(in millions. except share amounts)March 31, 2021December 31, 2020
LIABILITIES AND EQUITY
Current Liabilities  
Short-term borrowings$1,448 $3,547 
Long-term debt, classified as current1,496  
Accounts payable:
Trade creditors2,140 2,366 
Regulatory balancing accounts1,368 1,245 
Other712 624 
Operating lease liabilities531 530 
Interest payable264 444 
Disputed claims and customer refunds244 242 
Wildfire-related claims1,692 2,250 
Other2,259 2,248 
Total current liabilities12,154 13,496 
Noncurrent Liabilities
Long-term debt (includes $