太平洋煤气电力 2025年季度报告

Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whethertheregistrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) hasbeen subject to suchfiling requirements for the past 90 days.☒☐ PG&E Corporation: YesNoPacific Gas and Electric Company:☒Yes☐No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405of RegulationS-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submitsuch files).☒☐ PG&E Corporation:YesNoPacific Gas and Electric Company:☒Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, oran emerging growth company.See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerginggrowth company” in Rule 12b-2 of the Exchange Act.☒☐ Large accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Large accelerated filer☒Non-accelerated filer☐Smaller reporting company PG&E Corporation: Pacific Gas and Electric 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 anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ PG&E Corporation: Pacific Gas and Electric Company: PG&E Corporation:☐Yes☒NoPacific 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 SecuritiesExchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.☒Yes☐ PG&E Corporation: Pacific Gas and Electric Company: Indicate the numberof shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. Common stock outstanding as of April 16, 2025: PG&E Corporation: PacificGas and Electric Company: *Includes 477,743,590 shares of common stock held by Pacific Gas and Electric Company. PG&E CORPORATION ANDPACIFIC GAS AND ELECTRIC COMPANYFORM10-QFOR THE QUARTERLY PERIOD ENDEDMARCH 31, 2025TABLEOF CONTENTS SEC Form 10-QReference Number UNITS OF MEASUREMENTGLOSSARYFORWARD-LOOKING STATEMENTSRISK FACTORSMANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSOVERVIEWRESULTS OF OPERATIONSLIQUIDITY AND FINANCIAL RESOURCESLITIGATION MATTERSREGULATORY MATTERSENVIRONMENTAL MATTERSRISK MANAGEMENT ACTIVITIESCRITICAL ACCOUNTING ESTIMATESACCOUNTING STANDARDS ISSUED BUT NOT YET ADOPTEDCONDENSED CONSOLIDATED FINANCIAL STATEMENTSPG&E CORPORATIONCONDENSEDCONSOLIDATED STATEMENTS OF INCOMECONDENSEDCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOMECONDENSEDCONSOLIDATED BALANCE SHEETSCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWSCONDENSED CONSOLIDATED STATEMENTS OF EQUITYPACIFIC GAS AND ELECTRIC COMPANYCONDENSEDCONSOLIDATED STATEMENTS OF INCOMECONDENSEDCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOMECONDENSEDCONSOLIDATED BALANCE SHEETSCONDENSEDCONSOLIDATED STATEMENTS OF CASH FLOWSCONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITYNOTES TO THECONDENSEDCONSOLIDATED FINANCIAL STATEMENTS(Unaudited)NOTE 1: ORGANIZATION AND BASISOF PRESENTATIONNOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESNOTE 3:REGULATORY ASSETS, LIABILITIES, AND BALANCING ACCOUNTSNOTE4: DEBTNOTE 5: SB 901 SECURITIZATION AND CUSTOMER CREDIT TRUSTNOTE 6: EQUITYNOTE 7: EARNINGS PER SHARENOTE 8: DERIVATIVESNOTE 9: FAIR VALUE MEASUREMENTSNOTE 10: WILDFIRE-RELATED CONTINGENCIESNOTE 11: OTHER CONTINGENCIES AND COMMITMENTSQUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKCONTROLS AND PROCEDURESLEGAL PROCEEDINGSUNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS Part I, Item 3Part I, Item 4Part II, Item 1Part II, Item 2 UNITS OF MEASUREMENT GLOSSARYThe following terms and abbreviations appearing in the text of this report have the meanings indicated below. ReceivablesSecuritization ProgramThe accounts receivable securitization program entered into by the Utility on October 5, 2020, providingfor the sale of a portion of the Utility's accounts receivable and certain other related rights to the SPV,which, in turn, obtains loans secured by the receivables from financial institutionsROEreturn on equityROU assetright-of-use assetRUBAResidential Uncollectibles Balancing AccountSBSenate BillSECUnited States Securities and Exchange CommissionSFGOThe Utility’s former San Francisco General Office headquarters complexSPVPG&E AR Facility, LLCTOTransmission OwnerUSFSUnited States Forest ServiceUtilityPacific Gasand Electric CompanyUtility Revolving CreditAgreementCredit Agreeme