v3.25.0.1
DEBT (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Line of Credit Facilities
The following table summarizes PG&E Corporation’s and the Utility’s outstanding borrowings and availability under their credit facilities as of December 31, 2024:
(in millions)Termination
Date		Maximum Facility LimitLoans OutstandingLetters of Credit OutstandingFacility
Availability
Utility revolving credit facilityJune 2029
(1)
$4,400 
(2)
$— $(633)$3,767 
Utility Receivables Securitization Program (3)
June 20261,500 
(4)
— — 1,500 
(4)
PG&E Corporation revolving credit facilityJune 2027500 — — 500 
Total credit facilities$6,400 $— $(633)$5,767 
(1) On July 25, 2024, the Utility amended its existing revolving credit agreement to extend the maturity date for commitments representing $4.196 billion in the aggregate from June 22, 2028 to June 22, 2029 (subject to a one-year extension at the option of the Utility). The remaining $204 million of commitments will mature on June 22, 2028.
(2) Includes a $2.0 billion letter of credit sublimit.
(3) For more information on the Receivables Securitization Program, see “Variable Interest Entities” in Note 2 above.
(4) The amount the Utility may borrow under the Receivables Securitization Program is limited to the lesser of the facility limit and the facility availability. Further, the facility availability may vary based on the amount of accounts receivable that the Utility owns that are eligible for sale to the SPV and the portion of those accounts receivable that are sold to the SPV that are eligible for advances by the lenders under the Receivables Securitization Program.
Schedule of Long-term Debt
The following table summarizes PG&E Corporation’s and the Utility’s Long-term debt:
Balance at
(in millions)Contractual Interest RatesDecember 31, 2024December 31, 2023
PG&E Corporation
Term Loan 7.85%$— $500 
Convertible Notes due 20274.25%2,150 2,150 
Senior Secured Notes due 20285.00%1,000 1,000 
Senior Secured Notes due 20305.25%1,000 1,000 
Junior Subordinated Notes due 20557.38%1,500 — 
Unamortized discount, premium and debt issuance costs, net(39)(51)
Total PG&E Corporation Long-Term Debt5,611 4,599 
Utility
First Mortgage Bonds - Stated Maturity:
2024
3.40% - 3.75%
— 800 
2025
3.45% - 4.95%
1,925 1,925 
2026
2.95% - 3.15%
2,551 2,551 
2027
2.10% - 5.45%
3,000 3,000 
2028
3.00% - 4.65%
1,975 1,975 
2029
4.20% - 6.10%
2,100 1,250 
2030
 4.55%
3,100 3,100 
2031
2.50% - 3.25%
3,000 3,000 
2032
4.40% - 5.90%
1,050 1,050 
2033
6.15% - 6.40%
1,900 1,900 
2034
5.80% - 6.95%
1,900 800 
2040
3.30% - 4.50%
2,951 2,951 
2041
4.20% - 4.50%
700 700 
2042
3.75% - 4.45%
750 750 
2043
4.60%
375 375 
2044
4.75%
675 675 
2045
4.30%
600 600 
2046
4.00% - 4.25%
1,050 1,050 
2047
 3.95%
850 850 
2050
3.50% - 4.95%
5,025 5,025 
2052
5.25%
550 550 
2053
6.70% - 6.75%
2,300 2,000 
2054
5.90%
750 — 
Less: current portion, net of unamortized discount and debt issuance costs(1,924)(800)
Unamortized discount, premium and debt issuance costs, net(226)(246)
Total Utility First Mortgage Bonds36,927 35,831 
Recovery Bonds (1)
10,367 9,124 
         Less: current portion(222)(176)
DWR Loan (2)
886 98 
Credit Facilities
Receivables Securitization Program 6.75%— 1,499 
2-Year Term Loan 6.60%— 400 
Less: current portion— (400)
Total Utility Long-Term Debt47,958 46,376 
Total PG&E Corporation Consolidated Long-Term Debt$53,569 $50,975 
(1) The amount includes bonds related to AB 1054 and SB 901 securitization transactions. For AB 1054 interest rates, see the 2021 Form 10-K, the 2022 Form 10-K, and “AB 1054 Securitization” above. For SB 901 interest rates, see the 2022 Form 10-K.
(2) The Utility is not required to pay interest on the DWR loan, see Note 2 - Government Assistance.
Schedule Of Long Term Debt Repayments
PG&E Corporation’s and the Utility’s combined stated long-term debt principal repayment amounts at December 31, 2024 are reflected in the table below:
       
(in millions, except interest rates)20252026202720282029ThereafterTotal
PG&E Corporation
Average fixed interest rate— %— %4.25 %5.00 %— %6.53 %5.39 %
Fixed rate obligations$— $— $2,150 $1,000 $— $2,500 $5,650 
Utility (1)
Average fixed interest rate3.82 %3.10 %3.22 %3.58 %5.52 %4.72 %4.44 %
Fixed rate obligations$1,925 $2,551 $3,000 $1,975 $2,100 $27,526 $39,077 
Recovery Bonds (2)
AB 1054 obligations$88 $81 $84 $88 $91 $2,728 $3,160 
SB 901 obligations135 140 146 152 159 6,475 7,207 
Total consolidated debt$2,148 $2,772 $5,380 $3,215 $2,350 $39,229 $55,094 
(1) The balance excludes DWR loan, see Note 2 - Government Assistance.
(2) Recovery bonds were issued by, and are repayment obligations of, consolidated VIEs. For AB 1054 interest rates, see the 2021 Form 10-K, the 2022 Form 10-K, and “AB 1054 Securitization” above. For SB 901 interest rates, see the 2022 Form 10-K.