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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 endedJune 30, 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
1


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
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 July 26, 2021: 
PG&E Corporation:
2,463,016,638*
Pacific Gas and Electric Company:
264,374,809  
*Includes 477,743,590 shares of common stock held by PG&E ShareCo LLC, a wholly owned subsidiary of PG&E Corporation.

2


PG&E CORPORATION AND
PACIFIC GAS AND ELECTRIC COMPANY
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 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
ALJAdministrative Law Judge
AROasset retirement obligation
ASUaccounting standard update issued by the FASB
Backstop Commitment Lettersthe Chapter 11 Plan Backstop Commitment Letters entered into by PG&E Corporation and the Backstop Parties dated as of March 6, 2020, as amended
Backstop Partya third-party investor party to a Backstop Commitment Letter
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
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
EIRelectric incident report
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 ProceedingsTO20 rate case
Forward Stock Purchase Agreementsprepaid forward contracts between PG&E Corporation and the Backstop Parties dated as of June 19, 2020
FRMMAFire Risk Mitigation Memorandum Account
4


GAAPU.S. Generally Accepted Accounting Principles
GOGeneral Order
GRCgeneral rate case
GT&Sgas transmission and storage
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
OEISOn July 1, 2021, the Wildfire Safety Division became the Office of Energy Infrastructure Safety. For consistency, this Quarterly Report on Form 10-Q uses “OEIS” to refer to both.
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
RUBAResidential Uncollectibles Balancing Accounts
SBSenate Bill
SECU.S. Securities and Exchange Commission
Securities ActThe Securities Act of 1933, as amended
SEDSafety and Enforcement Division of the CPUC
SFGOoffice space generally located at 25 Beale Street, 45 Beale Street, 77 Beale Street, 50 Main Street, 215 Market Street, and 245 Market Street, San Francisco, California 94105, and associated properties owned by the Utility
SPVPG&E AR Facility, LLC
Tax ActTax Cuts and Jobs Act of 2017
5


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)
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

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 risks and uncertainties associated with appeals of the Confirmation Order;

the risks and uncertainties associated with wildfires that have occurred, are occurring or may occur in the Utility’s service territory, including the wildfire that began on October 23, 2019 northeast of Geyserville in Sonoma County, California (the “2019 Kincade fire”), 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”), the wildfire that began on July 13, 2021 near the Feather River Canyon in Butte County (the “2021 Dixie fire”), and any other wildfires for which the cause has yet to be determined, the damage caused by such wildfires; the extent of the Utility’s liability in connection with such wildfires (including the risk that the Utility may be found liable for damages regardless of fault); investigations into such wildfires, including those being conducted by the CPUC and the District Attorneys’ offices of Sonoma, Shasta, Butte, and Plumas Counties; 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; 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 any such fire; the risk that the Utility is not able to recover costs from insurance, the Wildfire Fund or through rates; and the effect on PG&E Corporation’s and the Utility’s reputations of such wildfires, investigations and proceedings;

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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 and outcome of any proceeding to recover such costs through rates;

the impact of wildfires, droughts, floods, high winds, lightning, extreme heat events (including recent extreme heat events during the 2021 wildfire season) 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 effectiveness of the Utility’s efforts to prevent or respond to such conditions or events; 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 able to procure replacement power; and whether the Utility is subject to civil, criminal, or regulatory penalties in connection with such events;

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 risks and uncertainties associated with the Utility’s ability to maintain a valid safety certification;

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 impact of the Utility’s implementation of its PSPS program, including the timing and outcome of the purported PSPS 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;

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 outcomes of the Utility’s pending and future ratemaking and regulatory proceedings, including the extent to which PG&E Corporation and the Utility are able to recover their costs through regulated rates as recorded in memorandum accounts or balancing accounts, or as otherwise requested;

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 actions, or notices of violation that could be issued related to the Utility’s compliance with laws, rules, regulations, or orders applicable to its gas and electric operations; 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 protections; environmental laws and regulations; or otherwise, such as fines, penalties, remediation obligations, the transfer of ownership of the Utility’s assets to municipalities or other public entities, or the implementation of corporate governance, operational or in connection with the EOEP or other changes;

the ability of the Utility to meet the conditions in its corrective action plan and exit the EOEP;

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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;

the availability, cost, coverage, and terms of the Utility’s insurance, including insurance for wildfire, nuclear, and other liabilities, the timing of any insurance recoveries, and recovery of the costs of such insurance or, in the event liabilities exceed insured amounts, the ability to recover uninsured losses from customers or other parties;

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

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 outcome of the debarment proceeding 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;

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;

cyber or physical attacks on the Utility or its third-party vendors, contractors, or customers, which could result in operational disruption; the misappropriation or loss of confidential or proprietary assets, information or data, including customer, employee, financial, or operating system information, or intellectual property; corruption of data; or potential costs, lost revenues, or reputational harm;

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 that reductions in Utility customer demand for electricity and natural gas, driven by customer departures to CCAs and direct access 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 and 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;

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 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 ability of PG&E Corporation and the Utility to access capital markets and other sources of debt and equity financing in a timely manner on acceptable terms;
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the timing and outcome of future regulation and federal, state or local legislation, their implementation, and their interpretation, the cost to comply with such regulation and legislation, and the extent to which the Utility recovers its associated compliance and investment costs, including those regarding:
wildfires, including inverse condemnation reform, wildfire insurance, and additional wildfire mitigation measures or other reforms targeted at the Utility or its industry;

the environment, including the costs incurred to discharge the Utility’s remediation obligations or the costs to comply with standards for greenhouse gas emissions, renewable energy targets, energy efficiency standards, distributed energy resources, and electric vehicles;

the nuclear industry, including operations, seismic design, security, safety, relicensing, the storage of spent nuclear fuel, decommissioning, and cooling water intake, and the Utility’s ability to continue operating Diablo Canyon until its planned retirement;

the regulation of utilities and their holding companies, including the conditions imposed on PG&E Corporation when it became the Utility’s holding company and whether the Utility can make distributions to PG&E Corporation; and

taxes and tax audits,

actions by credit rating agencies to downgrade PG&E Corporation or the Utility’s credit ratings or to place those ratings on negative outlook;

whether PG&E Corporation’s and the Utility’s counterparties are available and able to meet their financial and performance obligations with respect to contracts, credit agreements, and financial instruments;

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; 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 “Chapter 11,” “Wildfire and Safety Updates” and “News & Events: Events & Presentations” tabs, respectively, in order to publicly disseminate such information. Specifically, within two hours during business hours or four hours outside of business hours of the determination that an incident is attributable or allegedly attributable to the Utility’s electric facilities and has resulted in property damage estimated to exceed $50,000, a fatality or injuries requiring overnight in-patient hospitalization, or significant public or media attention, the Utility is required to submit an EIR including information about such incident. The information included in an EIR is limited and may not include important information about the facts and circumstances about the incident due to the limited scope of the reporting requirements and timing of the report and is necessarily limited to information to which the Utility has access at the time of the report. Ignitions are also reportable under CPUC Decision 14-02-015 when they involve self-propagating fire of material other than electrical or communication facilities; the fire traveled greater than one linear meter from the ignition point; and the Utility has knowledge that the fire occurred. 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.
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PART I. FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 

PG&E CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME

 (Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
(in millions, except per share amounts)2021202020212020
Operating Revenues  
Electric$3,951 $3,435 $7,346 $6,475 
Natural gas1,264 1,098 2,585 2,364 
Total operating revenues5,215 4,533 9,931 8,839 
Operating Expenses
Cost of electricity847 759 1,437 1,304 
Cost of natural gas187 134 494 418 
Operating and maintenance2,583 2,141 4,919 4,108 
Wildfire-related claims, net of insurance recoveries(5)170 167 170 
Wildfire Fund expense118 173 237 173 
Depreciation, amortization, and decommissioning851 874 1,739 1,729 
Total operating expenses4,581 4,251 8,993 7,902 
Operating Income634 282 938 937 
Interest income15 12 17 28 
Interest expense(398)(199)(806)(453)
Other income, net128 100 255 197 
Reorganization items, net(11)(1,624)(11)(1,800)
Income (Loss) Before Income Taxes368 (1,429)393 (1,091)
Income tax provision (benefit)(33)539 (131)503 
Net Income (Loss)401 (1,968)524 (1,594)
Preferred stock dividend requirement of subsidiary4 4 7 7 
Income (Loss) Attributable to Common Shareholders$397 $(1,972)$517 $(1,601)
Weighted Average Common Shares Outstanding, Basic1,985 529 1,985 529 
Weighted Average Common Shares Outstanding, Diluted2,146 529 2,146 529 
Net Income (Loss) Per Common Share, Basic$0.20 $(3.73)$0.26 $(3.03)
Net Income (Loss) Per Common Share, Diluted$0.18 $(3.73)$0.24 $(3.03)
See accompanying Notes to the Condensed Consolidated Financial Statements.


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PG&E CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 (Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2021202020212020
Net Income (Loss)$401 $(1,968)$524 $(1,594)
Other Comprehensive Income
Pension and other post-retirement benefit plans obligations (net of taxes of $0, $0, $0, and $0, respectively)
  1  
Total other comprehensive income   1  
Comprehensive Income (Loss)401 (1,968)525 (1,594)
Preferred stock dividend requirement of subsidiary4 4 7 7 
Comprehensive Income (Loss) Attributable to Common Shareholders
$397 $(1,972)$518 $(1,601)
See accompanying Notes to the Condensed Consolidated Financial Statements.

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PG&E CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
 (Unaudited)
 Balance At
(in millions)June 30, 2021December 31, 2020
ASSETS  
Current Assets  
Cash and cash equivalents$307 $484 
Restricted cash12 143 
Accounts receivable:
Customers (net of allowance for doubtful accounts of $304 million and $146 million at respective dates) (includes $1.67 billion and $1.63 billion related to VIEs, net of allowance for doubtful accounts of $304 million and $143 million at respective dates)
1,909 1,883 
Accrued unbilled revenue (includes $1.03 billion and $959 million related to VIEs at respective dates)
1,134 1,083 
Regulatory balancing accounts2,759 2,001 
Other1,323 1,172 
Regulatory assets622 410 
Inventories:
Gas stored underground and fuel oil44 95 
Materials and supplies521 533 
Wildfire Fund asset464 464 
Other1,194 1,334 
Total current assets10,289 9,602 
Property, Plant, and Equipment
Electric69,239 66,982 
Gas25,082 24,135 
Construction work in progress2,778 2,757 
Other20 20 
Total property, plant, and equipment97,119 93,894 
Accumulated depreciation(28,775)(27,758)
Net property, plant, and equipment68,344 66,136 
Other Noncurrent Assets
Regulatory assets8,914 8,978 
Nuclear decommissioning trusts3,697 3,538 
Operating lease right of use asset1,477 1,741 
Wildfire Fund asset5,584 5,816 
Income taxes receivable68 67 
Other2,121 1,978 
Total other noncurrent assets21,861 22,118 
TOTAL ASSETS$100,494 $97,856 
See accompanying Notes to the Condensed Consolidated Financial Statements.

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PG&E CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
 
 
(Unaudited)
 Balance At
(in millions, except share amounts)June 30, 2021December 31, 2020
LIABILITIES AND EQUITY  
Current Liabilities
  
Short-term borrowings$2,119 $3,547 
Long-term debt, classified as current4,514 28 
Accounts payable:
Trade creditors2,250 2,402 
Regulatory balancing accounts1,067 1,245 
Other653 580 
Operating lease liabilities415 533 
Interest payable480 498 
Disputed claims and customer refunds245 242 
Wildfire-related claims1,668 2,250 
Other2,082 2,256 
Total current liabilities15,493 13,581 
Noncurrent Liabilities
Long-term debt (includes $1.0 billion related to VIEs at respective dates)
35,955 37,288 
Regulatory liabilities11,218 10,424 
Pension and other post-retirement benefits2,367 2,444 
Asset retirement obligations6,554 6,412 
Deferred income taxes1,618 1,398 
Operating lease liabilities1,061 1,208 
Other4,429 3,848 
Total noncurrent liabilities63,202 63,022 
Equity
Shareholders’ Equity
Common stock, no par value, authorized 3,600,000,000 shares at respective dates; 1,985,273,048 and 1,984,678,673 shares outstanding at respective dates
30,245 30,224 
Reinvested earnings(8,672)(9,196)
Accumulated other comprehensive loss(26)(27)
Total shareholders’ equity
21,547 21,001 
Noncontrolling Interest - Preferred Stock of Subsidiary252 252 
Total equity21,799 21,253 
TOTAL LIABILITIES AND EQUITY$100,494 $97,856 
See accompanying Notes to the Condensed Consolidated Financial Statements.


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PG&E CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 (Unaudited)
 Six Months Ended June 30,
(in millions)20212020
Cash Flows from Operating Activities  
Net income (loss)$524 $(1,594)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and decommissioning1,739 1,729 
Allowance for equity funds used during construction(61)(21)
Deferred income taxes and tax credits, net228 869 
Reorganization items, net (Note 2) (62)1,558 
Wildfire Fund expense237 173 
Other385 142 
Effect of changes in operating assets and liabilities:
Accounts receivable(300)(389)
Wildfire-related insurance receivable(108)99 
Inventories(1)(19)
Accounts payable 119 722 
Wildfire-related claims(582)619 
Income taxes receivable/payable  
Other current assets and liabilities(281)529 
Regulatory assets, liabilities, and balancing accounts, net(739)(1,570)
Liabilities subject to compromise  413 
Other noncurrent assets and liabilities132 31 
Net cash provided by operating activities1,230 3,291 
Cash Flows from Investing Activities  
Capital expenditures(3,620)(3,399)
Proceeds from sales and maturities of nuclear decommissioning trust investments952 787 
Purchases of nuclear decommissioning trust investments(948)(837)
Other48 8 
Net cash used in investing activities
(3,568)(3,441)
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 (73)
Borrowings under revolving credit facilities4,432  
Repayments under revolving credit facilities(5,867) 
Proceeds from issuance of long-term debt, net of discount and issuance costs of $33 and $165 at respective dates
3,171 13,510 
Repayment of long-term debt(14) 
Proceeds from sale of future revenue from transmission tower license sales, net of fees350  
Other(42)20 
Net cash provided by financing activities2,030 13,954 
Net change in cash, cash equivalents, and restricted cash(308)13,804 
Cash, cash equivalents, and restricted cash at January 1627 1,577 
Cash, cash equivalents, and restricted cash at June 30$319 $15,381 
Less: Restricted cash and restricted cash equivalents(12)(14,413)
Cash and cash equivalents at June 30$307 $968 
.
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Supplemental disclosures of cash flow information  
Cash paid for:  
Interest, net of amounts capitalized$(702)$ 
Supplemental disclosures of noncash investing and financing activities
Capital expenditures financed through accounts payable$614 $273 
Operating lease liabilities arising from obtaining right-of-use assets20 13 
See accompanying Notes to the Condensed Consolidated Financial Statements.

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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 
Net income— — 401 — 401 — 401 
Other comprehensive income— — —   —  
Common stock issued, net167,345 — — — — — — 
Stock-based compensation amortization— 19 — — 19 — 19 
Balance at June 30, 20211,985,273,048 $30,245 $(8,672)$(26)$21,547 $252 $21,799 

(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)<