CONSOLIDATED STATEMENTS OF CASH FLOWS, UTILITY - USD ($)
$ in Millions |
12 Months Ended |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Cash Flows from Operating Activities |
|
|
|
| Net income |
$ 2,512
|
$ 2,256
|
$ 1,814
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation, amortization, and decommissioning |
4,189
|
3,738
|
3,856
|
| Bad debt expense |
341
|
636
|
143
|
| Allowance for equity funds used during construction |
(184)
|
(179)
|
(184)
|
| Deferred income taxes and tax credits, net |
1,098
|
(765)
|
(452)
|
| Wildfire Fund expense |
383
|
568
|
477
|
| Disallowed capital expenditures |
0
|
0
|
15
|
| Other |
310
|
(116)
|
517
|
| Effect of changes in operating assets and liabilities: |
|
|
|
| Accounts receivable |
(1,061)
|
(369)
|
(757)
|
| Wildfire-related insurance receivable |
318
|
358
|
453
|
| Inventories |
45
|
(28)
|
(246)
|
| Accounts payable |
30
|
(90)
|
627
|
| Wildfire-related claims |
(506)
|
(489)
|
(810)
|
| Other current assets and liabilities |
(231)
|
397
|
17
|
| Regulatory assets, liabilities, and balancing accounts, net |
1,545
|
(429)
|
(1,131)
|
| Contributions to Wildfire Fund |
(193)
|
(193)
|
(193)
|
| Other noncurrent assets and liabilities |
(561)
|
(548)
|
(425)
|
| Net cash provided by operating activities |
8,035
|
4,747
|
3,721
|
| Cash Flows from Investing Activities |
|
|
|
| Capital expenditures |
(10,369)
|
(9,714)
|
(9,584)
|
| Proceeds from sales and maturities of nuclear decommissioning trust investments |
1,980
|
2,235
|
3,316
|
| Purchases of nuclear decommissioning trust investments |
(2,002)
|
(2,252)
|
(3,208)
|
| Proceeds from sales and maturities of customer credit trust investments |
398
|
556
|
250
|
| Purchases of customer credit investments |
(519)
|
0
|
(1,022)
|
| Purchases of self-insurance investments |
(898)
|
0
|
0
|
| Other |
35
|
13
|
34
|
| Net cash used in investing activities |
(11,375)
|
(9,162)
|
(10,214)
|
| Cash Flows from Financing Activities |
|
|
|
| Borrowings under credit facilities |
6,873
|
10,675
|
10,130
|
| Repayments under credit facilities |
(10,122)
|
(10,540)
|
(9,750)
|
| Borrowings under term loan credit facilities |
0
|
2,100
|
0
|
| Repayments under term loan credit facilities |
(2,600)
|
(2,181)
|
0
|
| Short-term borrowings, net of issuance costs of $1, $0, and $0 at respective dates |
999
|
0
|
0
|
| Short-term debt matured |
0
|
0
|
(300)
|
| Proceeds from issuance of long-term debt, net of premium, discount and issuance costs of $1, $67, and $29 at respective dates |
4,495
|
5,483
|
4,271
|
| Repayments of long-term debt |
(800)
|
(3,075)
|
(5,968)
|
| Proceeds from DWR loan |
980
|
0
|
312
|
| Common stock dividends paid |
(86)
|
0
|
0
|
| Other |
(59)
|
(17)
|
53
|
| Net cash provided by financing activities |
3,621
|
4,400
|
7,133
|
| Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents |
281
|
(15)
|
640
|
| Cash, cash equivalents, restricted cash, and restricted cash equivalents at January 1 |
932
|
947
|
307
|
| Cash, cash equivalents, restricted cash, and restricted cash equivalents at December 31 |
1,213
|
932
|
947
|
| Less: Restricted cash and restricted cash equivalents |
(273)
|
(297)
|
(213)
|
| Cash and cash equivalents at December 31 |
940
|
635
|
734
|
| Supplemental disclosures of cash flow information Cash paid for: |
|
|
|
| Interest, net of amounts capitalized |
(2,421)
|
(2,286)
|
(1,607)
|
| Supplemental disclosures of noncash investing and financing activities |
|
|
|
| Capital expenditures financed through accounts payable |
1,144
|
1,105
|
1,174
|
| Operating lease liabilities arising from obtaining ROU assets |
6
|
269
|
529
|
| Financing lease liabilities arising from obtaining ROU assets |
43
|
52
|
0
|
| Reclassification of operating lease liabilities to financing lease liabilities |
0
|
913
|
0
|
| DWR loan forgiveness and performance-based disbursements |
192
|
214
|
0
|
| SB 901 securitization |
|
|
|
| Cash Flows from Financing Activities |
|
|
|
| Proceeds from issuance of recovery bonds, net of financing fees at respective dates |
0
|
0
|
7,464
|
| Repayments of recovery bonds |
(129)
|
(130)
|
(33)
|
| AB 1054 Recovery Bonds |
|
|
|
| Cash Flows from Financing Activities |
|
|
|
| Proceeds from issuance of recovery bonds, net of financing fees at respective dates |
1,409
|
0
|
972
|
| Repayments of recovery bonds |
(46)
|
(38)
|
(18)
|
| Pacific Gas & Electric Co (Utility) |
|
|
|
| Cash Flows from Operating Activities |
|
|
|
| Net income |
2,712
|
2,544
|
2,226
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation, amortization, and decommissioning |
4,189
|
3,738
|
3,856
|
| Bad debt expense |
341
|
636
|
143
|
| Allowance for equity funds used during construction |
(184)
|
(179)
|
(184)
|
| Deferred income taxes and tax credits, net |
1,195
|
(663)
|
(319)
|
| Wildfire Fund expense |
383
|
568
|
477
|
| Disallowed capital expenditures |
0
|
0
|
15
|
| Other |
233
|
(176)
|
102
|
| Effect of changes in operating assets and liabilities: |
|
|
|
| Accounts receivable |
(1,060)
|
(361)
|
(763)
|
| Wildfire-related insurance receivable |
318
|
358
|
453
|
| Inventories |
45
|
(28)
|
(246)
|
| Accounts payable |
44
|
(90)
|
627
|
| Wildfire-related claims |
(506)
|
(489)
|
(810)
|
| Other current assets and liabilities |
(235)
|
402
|
16
|
| Regulatory assets, liabilities, and balancing accounts, net |
1,545
|
(429)
|
(1,131)
|
| Contributions to Wildfire Fund |
(193)
|
(193)
|
(193)
|
| Other noncurrent assets and liabilities |
(559)
|
(541)
|
(438)
|
| Net cash provided by operating activities |
8,268
|
5,097
|
3,831
|
| Cash Flows from Investing Activities |
|
|
|
| Capital expenditures |
(10,369)
|
(9,714)
|
(9,584)
|
| Proceeds from sales and maturities of nuclear decommissioning trust investments |
1,980
|
2,235
|
3,316
|
| Purchases of nuclear decommissioning trust investments |
(2,002)
|
(2,252)
|
(3,208)
|
| Proceeds from sales and maturities of customer credit trust investments |
398
|
556
|
250
|
| Purchases of customer credit investments |
(519)
|
0
|
(1,022)
|
| Proceeds from intercompany note to PG&E Corporation |
0
|
0
|
145
|
| Purchases of self-insurance investments |
(898)
|
0
|
0
|
| Other |
35
|
13
|
34
|
| Net cash used in investing activities |
(11,375)
|
(9,162)
|
(10,069)
|
| Cash Flows from Financing Activities |
|
|
|
| Borrowings under credit facilities |
6,873
|
10,675
|
10,130
|
| Repayments under credit facilities |
(10,122)
|
(10,540)
|
(9,750)
|
| Borrowings under term loan credit facilities |
0
|
2,100
|
0
|
| Repayments under term loan credit facilities |
(2,100)
|
0
|
0
|
| Short-term borrowings, net of issuance costs of $1, $0, and $0 at respective dates |
999
|
0
|
0
|
| Short-term debt matured |
0
|
0
|
(300)
|
| Proceeds from issuance of long-term debt, net of premium, discount and issuance costs of $1, $67, and $29 at respective dates |
2,999
|
5,483
|
4,271
|
| Repayments of long-term debt |
(800)
|
(3,075)
|
(5,941)
|
| Proceeds from DWR loan |
980
|
0
|
312
|
| Preferred stock dividends paid |
(14)
|
(14)
|
(70)
|
| Common stock dividends paid |
(2,025)
|
(1,775)
|
(1,275)
|
| Equity contribution from PG&E Corporation |
5,360
|
1,290
|
994
|
| Other |
(36)
|
3
|
123
|
| Net cash provided by financing activities |
3,348
|
3,979
|
6,879
|
| Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents |
241
|
(86)
|
641
|
| Cash, cash equivalents, restricted cash, and restricted cash equivalents at January 1 |
736
|
822
|
181
|
| Cash, cash equivalents, restricted cash, and restricted cash equivalents at December 31 |
977
|
736
|
822
|
| Less: Restricted cash and restricted cash equivalents |
(272)
|
(294)
|
(213)
|
| Cash and cash equivalents at December 31 |
705
|
442
|
609
|
| Supplemental disclosures of cash flow information Cash paid for: |
|
|
|
| Interest, net of amounts capitalized |
(2,206)
|
(1,977)
|
(1,374)
|
| Supplemental disclosures of noncash investing and financing activities |
|
|
|
| Capital expenditures financed through accounts payable |
1,144
|
1,105
|
1,174
|
| Operating lease liabilities arising from obtaining ROU assets |
1
|
269
|
529
|
| Financing lease liabilities arising from obtaining ROU assets |
43
|
52
|
0
|
| Reclassification of operating lease liabilities to financing lease liabilities |
0
|
913
|
0
|
| DWR loan forgiveness and performance-based disbursements |
192
|
214
|
0
|
| Pacific Gas & Electric Co (Utility) | SB 901 securitization |
|
|
|
| Cash Flows from Financing Activities |
|
|
|
| Proceeds from issuance of recovery bonds, net of financing fees at respective dates |
0
|
0
|
7,464
|
| Repayments of recovery bonds |
(129)
|
(130)
|
(33)
|
| Pacific Gas & Electric Co (Utility) | AB 1054 Recovery Bonds |
|
|
|
| Cash Flows from Financing Activities |
|
|
|
| Proceeds from issuance of recovery bonds, net of financing fees at respective dates |
1,409
|
0
|
972
|
| Repayments of recovery bonds |
$ (46)
|
$ (38)
|
$ (18)
|