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eriesAPreferredStockMembersrt:ParentCompanyMember2025-12-310001004980us-gaap:SeriesAPreferredStockMembersrt:ParentCompanyMember2024-12-310001004980us-gaap:SeriesAPreferredStockMembersrt:ParentCompanyMember2023-12-31\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n____________________________________________________________________________\n\nFORM 10-K\n\n(Mark One) \n\n☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the Fiscal Year Ended December 31, 2025\n\n \n\n☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from _________ to  ___________  \n\nCommission\nFile Number\nExact Name of Registrant\n\nas Specified In Its Charter\nState or Other Jurisdiction of\nIncorporation or OrganizationIRS Employer\nIdentification Number\n\n1-12609PG&E CORPORATIONCalifornia94-3234914\n\n1-2348PACIFIC GAS AND ELECTRIC COMPANYCalifornia94-0742640\n\n300 Lakeside Drive300 Lakeside Drive\n\nOakland,California94612Oakland,California94612\n\n(Address of principal executive offices) (Zip Code)(Address of principal executive offices) (Zip Code)\n\n415973-1000415973-7000\n\n(Registrant’s telephone number, including area code)(Registrant’s telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading Symbol(s)Name of each exchange on which registered\n\nCommon stock, no par valuePCGThe New York Stock Exchange\n\nFirst preferred stock, cumulative, par value $25 per share, 6% nonredeemablePCG-PANYSE American LLC\n\nFirst preferred stock, cumulative, par value $25 per share, 5.50% nonredeemablePCG-PBNYSE American LLC\n\nFirst preferred stock, cumulative, par value $25 per share, 5% nonredeemablePCG-PCNYSE American LLC\n\nFirst preferred stock, cumulative, par value $25 per share, 5% redeemablePCG-PDNYSE American LLC\n\nFirst preferred stock, cumulative, par value $25 per share, 5% series A redeemablePCG-PENYSE American LLC\n\nFirst preferred stock, cumulative, par value $25 per share, 4.80% redeemablePCG-PGNYSE American LLC\n\nFirst preferred stock, cumulative, par value $25 per share, 4.50% redeemablePCG-PHNYSE American LLC\n\nFirst preferred stock, cumulative, par value $25 per share, 4.36% series A redeemablePCG-PINYSE American LLC\n\n6.000% Series A Mandatory Convertible Preferred Stock, no par valuePCG-PrXThe New York Stock Exchange\n\nSecurities registered pursuant to Section 12(g) of the Act: none\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act:\n\nPG&E Corporation:☒Yes☐No\n\nPacific Gas and Electric Company:☒Yes☐No\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act:\n\nPG&E Corporation:☐Yes☒No\n\nPacific Gas and Electric Company:☐Yes☒No\n\nIndicate 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. \n\nPG&E Corporation:☒Yes☐No\n\nPacific Gas and Electric Company:☒Yes☐No\n\nIndicate 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).\n\nPG&E Corporation:☒Yes☐No\n\nPacific Gas and Electric Company:☒Yes☐No\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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.\n\nPG&E CorporationPacific Gas and Electric Company\n\n☒Large accelerated filer☐Large accelerated filer\n\n☐\nNon-accelerated filer☒Non-accelerated filer\n\n☐Smaller reporting company☐Smaller reporting company\n\n☐Accelerated filer☐Accelerated filer\n\n☐Emerging growth company☐Emerging growth company\n\nIf 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.\n\nPG&E Corporation:☐\n\nPacific Gas and Electric Company:☐\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of\nthe effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.\n7262(b)) by the registered public accounting firm that prepared or issued its audit report.\n\nPG&E Corporation:☒\n\nPacific Gas and Electric Company:☒\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.\n\nPG&E Corporation:☐\n\nPacific Gas and Electric Company:☐\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).\n\nPG&E Corporation:☐\n\nPacific Gas and Electric Company:☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).\n\nPG&E Corporation:☐Yes☒No\n\nPacific Gas and Electric Company:☐Yes☒No\n\nIndicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 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.\n\nPG&E Corporation:☒Yes☐No\n\nPacific Gas and Electric Company:☒Yes☐No\n\nAggregate market value of voting and non-voting common equity held by non-affiliates of the registrants as of June 30, 2025, the last business day of the most recently completed second fiscal quarter:\n\nPG&E Corporation common stock\n                   $37,246 million\n\nPacific Gas and Electric Company common stock                    Wholly owned by PG&E Corporation\n\nCommon Stock outstanding as of February 4, 2026:\n \n\nPG&E Corporation:\n2,675,711,544*\n\nPacific Gas and Electric Company:\n\n264,374,809\n\n*Includes 477,743,590 shares of common stock held by Pacific Gas and Electric Company\n\nDOCUMENTS INCORPORATED BY REFERENCE\n\nPortions of the documents listed below have been incorporated by reference into the indicated parts of this report, as specified in the responses to the item numbers involved:\n\nDesignated portions of the Joint Proxy Statement relating to the 2026 Annual Meetings of Shareholders\nPart III (Items 10, 11, 12, 13 and 14)\n\n1\n\nContents\n\n[UNITS OF MEASUREMENT](#i835808b2ab3d404b8e9803a024be2466_4410)\n\n[GLOSSARY](#i835808b2ab3d404b8e9803a024be2466_22)\n\n[FORWARD-LOOKING STATEMENTS](#i835808b2ab3d404b8e9803a024be2466_28)\n\n[PART I](#i835808b2ab3d404b8e9803a024be2466_31)\n\n[ITEM 1. BUSINESS](#i835808b2ab3d404b8e9803a024be2466_34)\n\n[Triple Bottom Line](#i835808b2ab3d404b8e9803a024be2466_37)\n\n[Regulatory Environment](#i835808b2ab3d404b8e9803a024be2466_40)\n\n[Environmental Regulation](#i835808b2ab3d404b8e9803a024be2466_43)\n\n[Ratemaking Mechanisms](#i835808b2ab3d404b8e9803a024be2466_46)\n\n[Human Capital](#i835808b2ab3d404b8e9803a024be2466_49)\n\n[Electric Utility Operations](#i835808b2ab3d404b8e9803a024be2466_52)\n\n[Natural Gas Utility Operations](#i835808b2ab3d404b8e9803a024be2466_55)\n\n[Competition](#i835808b2ab3d404b8e9803a024be2466_58)\n\n[Sustainability and Resiliency](#i835808b2ab3d404b8e9803a024be2466_61)\n\n[ITEM 1A. RISK FACTORS](#i835808b2ab3d404b8e9803a024be2466_67)\n\n[ITEM 1B. UNRESOLVED STAFF COMMENTS](#i835808b2ab3d404b8e9803a024be2466_163)\n\n[ITEM 1C. CYBERSECURITY](#i835808b2ab3d404b8e9803a024be2466_166)\n\n[ITEM 2. PROPERTIES](#i835808b2ab3d404b8e9803a024be2466_169)\n\n[ITEM 3. LEGAL PROCEEDINGS](#i835808b2ab3d404b8e9803a024be2466_172)\n\n[ITEM 4. MINE SAFETY DISCLOSURES](#i835808b2ab3d404b8e9803a024be2466_175)\n\n[INFORMATION ABOUT OUR EXECUTIVE OFFICERS](#i835808b2ab3d404b8e9803a024be2466_7146825585110)\n\n[PART II](#i835808b2ab3d404b8e9803a024be2466_181)\n\n[ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES](#i835808b2ab3d404b8e9803a024be2466_184)\n\n[ITEM 6. SELECTED FINANCIAL DATA](#i835808b2ab3d404b8e9803a024be2466_187)\n\n[ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#i835808b2ab3d404b8e9803a024be2466_196)\n\n[OVERVIEW](#i835808b2ab3d404b8e9803a024be2466_202)\n\n[RESULTS OF OPERATIONS](#i835808b2ab3d404b8e9803a024be2466_265)\n\n[LIQUIDITY AND FINANCIAL RESOURCES](#i835808b2ab3d404b8e9803a024be2466_322)\n\n[REGULATORY MATTERS](#i835808b2ab3d404b8e9803a024be2466_349)\n\n[LEGISLATIVE AND REGULATORY INITIATIVES](#i835808b2ab3d404b8e9803a024be2466_451)\n\n[LITIGATION AND OTHER MATTERS](#i835808b2ab3d404b8e9803a024be2466_346)\n\n[ENVIRONMENTAL MATTERS](#i835808b2ab3d404b8e9803a024be2466_460)\n\n[RISK MANAGEMENT ACTIVITIES](#i835808b2ab3d404b8e9803a024be2466_466)\n\n[CRITICAL ACCOUNTING](#i835808b2ab3d404b8e9803a024be2466_475)ESTIMATES\n\n[NEW ACCOUNTING PRONOUNCEMENTS](#i835808b2ab3d404b8e9803a024be2466_508)\n\n[ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#i835808b2ab3d404b8e9803a024be2466_511)\n\n[ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA](#i835808b2ab3d404b8e9803a024be2466_517)\n\n[PG&E Corporation](#i835808b2ab3d404b8e9803a024be2466_520)\n\n[CONSOLIDATED STATEMENTS OF INCOME](#i835808b2ab3d404b8e9803a024be2466_526)\n\n[CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME](#i835808b2ab3d404b8e9803a024be2466_529)\n\n[CONSOLIDATED BALANCE SHEETS](#i835808b2ab3d404b8e9803a024be2466_535)\n\n[CONSOLIDATED STATEMENTS OF CASH FLOWS](#i835808b2ab3d404b8e9803a024be2466_541)\n\n[CONSOLIDATED STATEMENTS OF EQUITY](#i835808b2ab3d404b8e9803a024be2466_544)\n\n[Pacific Gas and Electric Company](#i835808b2ab3d404b8e9803a024be2466_550)\n\n2\n\n[CONSOLIDATED STATEMENTS OF INCOME](#i835808b2ab3d404b8e9803a024be2466_556)\n\n[CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME](#i835808b2ab3d404b8e9803a024be2466_559)\n\n[CONSOLIDATED BALANCE SHEETS](#i835808b2ab3d404b8e9803a024be2466_565)\n\n[CONSOLIDATED STATEMENTS OF CASH FLOWS](#i835808b2ab3d404b8e9803a024be2466_571)\n\n[CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY](#i835808b2ab3d404b8e9803a024be2466_574)\n\n[NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS](#i835808b2ab3d404b8e9803a024be2466_580)\n\n[NOTE 1: ORGANIZATION AND BASIS OF PRESENTATION](#i835808b2ab3d404b8e9803a024be2466_583)\n\n[NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](#i835808b2ab3d404b8e9803a024be2466_595)\n\n[NOTE 3: REGULATORY ASSETS, LIABILITIES, AND BALANCING ACCOUNTS](#i835808b2ab3d404b8e9803a024be2466_724)\n\n[NOTE 4: DEBT](#i835808b2ab3d404b8e9803a024be2466_736)\n\n[NOTE 5: SB 901 SECURITIZATION AND CUSTOMER CREDIT TRUST](#i835808b2ab3d404b8e9803a024be2466_757)\n\n[NOTE 6: COMMON STOCK AND SHARE-BASED COMPENSATION](#i835808b2ab3d404b8e9803a024be2466_766)\n\n[NOTE 7: PREFERRED STOCK](#i835808b2ab3d404b8e9803a024be2466_7146825585125)\n\n[NOTE 8: EARNINGS PER SHARE](#i835808b2ab3d404b8e9803a024be2466_787)\n\n[NOTE 9: INCOME TAXES](#i835808b2ab3d404b8e9803a024be2466_796)\n\n[NOTE 10: DERIVATIVES](#i835808b2ab3d404b8e9803a024be2466_802)\n\n[NOTE 11: FAIR VALUE MEASUREMENTS](#i835808b2ab3d404b8e9803a024be2466_805)\n\n[NOTE 12: EMPLOYEE BENEFIT PLANS](#i835808b2ab3d404b8e9803a024be2466_847)\n\n[NOTE 13: RELATED PARTY AGREEMENTS AND TRANSACTIONS](#i835808b2ab3d404b8e9803a024be2466_850)\n\n[NOTE 14: WILDFIRE-RELATED CONTINGENCIES](#i835808b2ab3d404b8e9803a024be2466_856)\n\n[NOTE 15: OTHER CONTINGENCIES AND COMMITMENTS](#i835808b2ab3d404b8e9803a024be2466_913)\n\n[MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING](#i835808b2ab3d404b8e9803a024be2466_976)\n\n[REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID No.](#i835808b2ab3d404b8e9803a024be2466_979)34)\n\n[ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE](#i835808b2ab3d404b8e9803a024be2466_982)\n\n[ITEM 9A. CONTROLS AND PROCEDURES](#i835808b2ab3d404b8e9803a024be2466_991)\n\n[ITEM 9B. OTHER INFORMATION](#i835808b2ab3d404b8e9803a024be2466_994)\n\n[ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](#i835808b2ab3d404b8e9803a024be2466_1000)\n\n[PART III](#i835808b2ab3d404b8e9803a024be2466_1003)\n\n[ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE](#i835808b2ab3d404b8e9803a024be2466_1006)\n\n[ITEM 11. EXECUTIVE COMPENSATION](#i835808b2ab3d404b8e9803a024be2466_1009)\n\n[ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS](#i835808b2ab3d404b8e9803a024be2466_1012)\n\n[ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE](#i835808b2ab3d404b8e9803a024be2466_1015)\n\n[ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES](#i835808b2ab3d404b8e9803a024be2466_1018)\n\n[PART IV](#i835808b2ab3d404b8e9803a024be2466_1021)\n\n[ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES](#i835808b2ab3d404b8e9803a024be2466_1048)\n\n[ITEM 16. FORM 10-K SUMMARY](#i835808b2ab3d404b8e9803a024be2466_1051)\n\n[SIGNATURES](#i835808b2ab3d404b8e9803a024be2466_1057)\n\n[SCHEDULE I - CONSOLIDATED FINANCIAL INFORMATION OF PG&E CORPORATION (“PARENT”)](#i835808b2ab3d404b8e9803a024be2466_1060)\n\n[SCHEDULE II - CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS](#i835808b2ab3d404b8e9803a024be2466_1072)\n\n3\n\nUNITS OF MEASUREMENT\n\n1 Kilowatt-Hour (kWh)=One kilowatt continuously for one hour\n\n1 Megawatt (MW)=One thousand kilowatts\n\n1 Megawatt-Hour (MWh)=One megawatt continuously for one hour\n\n1 Gigawatt (GW)=One million kilowatts\n\n1 Gigawatt-Hour (GWh)=One gigawatt continuously for one hour\n\n1 Mcf=One thousand cubic feet\n\n1 MMcf=One million cubic feet\n\n4\n\nGLOSSARY\n\nThe following terms and abbreviations appearing in the text of this report have the meanings indicated below.\n\nABAssembly Bill\n\nAmended ArticlesAmended and Restated Articles of Incorporation of PG&E Corporation and the Utility, each filed on June 22, 2020, and for PG&E Corporation, as amended by the Certificate of Amendment of Articles of Incorporation, filed on May 24, 2022\n\nAROasset retirement obligation\n\nASCaccounting standards codification\n\nASUaccounting standard update issued by the Financial Accounting Standards Board\n\nBankruptcy Courtthe United States Bankruptcy Court for the Northern District of California\n\nCAISOCalifornia Independent System Operator Corporation\n\nCal FireCalifornia Department of Forestry and Fire Protection\n\nCal OESCalifornia Governor’s Office of Emergency Services\n\nCARBCalifornia Air Resources Board\n\nCARECalifornia Alternate Rates for Energy Program\n\nCAVAClimate Adaptation and Vulnerability Assessment\n\nCCACommunity Choice Aggregator\n\nCECCalifornia Energy Resources Conservation and Development Commission\n\nCEMACatastrophic Event Memorandum Account\n\nChapter 11Chapter 11 of Title 11 of the United States Code\n\nChapter 11 Casesthe voluntary cases commenced by each of PG&E Corporation and the Utility under Chapter 11 on January 29, 2019\n\nContinuation Accountthe account established statewide by SB 254 that expands the existing Wildfire Fund\n\nCorporation Revolving Credit AgreementCredit Agreement, dated as of July 1, 2020, as amended, by and among PG&E Corporation, the several banks and other financial institutions or entities party thereto from time to time and JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent\n\nCPUCCalifornia Public Utilities Commission\n\nCRRcongestion revenue rights\n\nDADirect Access\n\nDCPPDiablo Canyon Power Plant\n\nDistrict CourtUnited States District Court for the Northern District of California\n\nDOEUnited States Department of Energy\n\nDOE Loan Guarantee AgreementLoan Guarantee Agreement, dated as of January 17, 2025, between the Utility and the DOE\n\nDWRCalifornia Department of Water Resources\n\nEmergence Date\n\nJuly 1, 2020, the effective date of the Plan in the Chapter 11 Cases\n\nEOEPEnhanced Oversight and Enforcement Process\n\nEPAUnited States Environmental Protection Agency\n\nEPSearnings per common share\n\nEPSS\nEnhanced Powerline Safety Settings\n\nExchange ActSecurities Exchange Act of 1934, as amended\n\nFASBFinancial Accounting Standards Board\n\nFERCFederal Energy Regulatory Commission\n\nFHPMAFire Hazard Prevention Memorandum Account\n\nFire Victim TrustThe trust 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\n\nFirst Mortgage Bondsbonds issued pursuant to the Indenture of Mortgage, dated as of June 19, 2020 between the Utility and The Bank of New York Mellon Trust Company, N.A., as amended and supplemented\n\nForm 10-KPG&E Corporation’s and the Utility’s joint Annual Report on Form 10-K\n\n5\n\nFRMMAFire Risk Mitigation Memorandum Account\n\nGAAPUnited States Generally Accepted Accounting Principles\n\nGHGgreenhouse gas\n\nGRCgeneral rate case\n\nHFTDhigh fire threat district\n\nHSMAHazardous Substance Memorandum Account\n\nIOUsinvestor-owned utility(ies)\n\nIRCInternal Revenue Code of 1986, as amended\n\nIRSInternal Revenue Service\n\nLSEsload serving entities\n\nLTIPLong-Term Incentive Plan\n\nMD&AManagement’s Discussion and Analysis of Financial Condition and Results of Operations set forth in Part II, Item 7, of this Form 10-K\n\nMGMAMicrogrids Memorandum Account\n\nMGPmanufactured gas plants\n\nNAVnet asset value\n\nNDCTPNuclear Decommissioning Cost Triennial Proceeding\n\nNEILNuclear Electric Insurance Limited\n\nNEMnet energy metering\n\nNRCNuclear Regulatory Commission\n\nNTSBNational Transportation Safety Board\n\nOakland General Office300 Lakeside Drive, Oakland, California, 94612\n\nOEISOffice of Energy Infrastructure Safety (successor to the Wildfire Safety Division of the CPUC)\n\nPDproposed decision\n\nPlanPG&E Corporation and the Utility, Knighthead Capital Management, LLC, and Abrams Capital Management, LP Joint Chapter 11 Plan of Reorganization, dated as of June 19, 2020\n\nPSPSPublic Safety Power Shutoff\n\nRAResource Adequacy\n\nReceivables Securitization ProgramThe accounts receivable securitization program entered into by the Utility on October 5, 2020, providing for 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 institutions\n\nROEreturn on equity\n\nROU assetright-of-use asset\n\nRPSRenewables Portfolio Standard\n\nRUBAResidential Uncollectibles Balancing Account\n\nSBSenate Bill\n\nSCEEdison International and Southern California Edison Company\n\nSECUnited States Securities and Exchange Commission\n\nSEDSafety and Enforcement Division of the CPUC\n\nSFGOThe Utility’s San Francisco General Office headquarters complex\n\nSOFR\nSecured Overnight Financing Rate\n\nSPV\nPG&E AR Facility, LLC\n\nTOtransmission owner\n\nUSFSUnited States Forest Service\n\nUtilityPacific Gas and Electric Company\n\nUtility Revolving Credit Agreement\nCredit Agreement, dated as of July 1, 2020, as amended, by and among the Utility, the several banks and other financial institutions or entities party thereto from time to time and Citibank, N.A., as Administrative Agent and Designated Agent\n\n6\n\nVIE(s)variable interest entity(ies)\n\nVMBAVegetation Management Balancing Account\n\nWEMAWildfire Expense Memorandum Account\n\nWGSCWildfire and Gas Safety Costs\n\nWildfire 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\n\nWMBAWildfire Mitigation Balancing Account\n\nWMCEWildfire Mitigation and Catastrophic Events\n\nWMPwildfire mitigation plan\n\nWMPMAWildfire Mitigation Plan Memorandum Account\n\n7\n\nFORWARD-LOOKING STATEMENTS\n\nThis 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 liabilities; ratemaking and regulatory proceedings; capital expenditures; cost savings; load growth; customer rates; estimates and assumptions used in critical accounting estimates, 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, and dividends. These statements are also identified by words such as “assume,” “expect,” “intend,” “forecast,” “plan,” “project,” “believe,” “estimate,” “predict,” “anticipate,” “commit,” “goal,” “target,” “will,” “may,” “should,” “would,” “could,” “potential,” “on track,” 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:\n\n•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 rates as recorded in memorandum accounts or balancing accounts, or as otherwise requested; and the transfer of ownership of the Utility’s assets to municipalities or other public entities, including as a result of the City and County of San Francisco’s valuation petition;\n\n•the extent to which the Wildfire Fund, the Continuation Account, and the revised prudency standard under AB 1054 effectively mitigate the risk of liability for damages arising from catastrophic wildfires, including whether the Utility maintains an approved WMP and a valid safety certification and whether the Wildfire Fund or the Continuation Account has sufficient remaining funds (which will be reduced as claims are made by California’s other participating electric utility companies);\n\n•the risks and uncertainties associated with wildfires that have occurred or may occur in the Utility’s service area, 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 July 13, 2021 near the Cresta Dam in the Feather River Canyon in Plumas County, California (the “2021 Dixie fire”), the wildfire that began on September 6, 2022 near Oxbow Reservoir in Placer County, California (the “2022 Mosquito fire”), and any other wildfires for which the causes have 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; 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; and the risk that the Utility is not able to recover costs from the Wildfire Fund, the Continuation Account, or other third parties or through rates;\n\n•the extent to which the Utility’s wildfire mitigation initiatives are effective, including the Utility’s ability to comply with the targets and metrics set forth in its WMP; the effectiveness of its system hardening, including undergrounding;\n\n•the Utility’s ability to safely, reliably, and efficiently construct, maintain, operate, protect, and decommission its facilities, and provide electricity and natural gas services safely and reliably;\n\n•significant changes to the electric power and natural gas industries, including technological advancements, electrification, and the transition to a decarbonized economy; the impact of reductions in Utility customer demand for natural gas; the impact of customer demand falling short of the Utility’s forecasts and whether the Utility is successful in addressing the impact of growing distributed and renewable generation resources, increasing demand for electric power due to data centers and electrification of the transportation, buildings, and other sectors of the economy, and the resulting changes in customer demand for its natural gas and electric services;\n\n•cyber or physical attacks, acts of terrorism, war, and vandalism, on the Utility or its third-party vendors, contractors, or customers (or others with whom they have shared data) 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 remediation, compliance and other costs, lost revenues, litigation, investigations, or reputational harm;\n\n8\n\n•the impact of severe weather events and other natural disasters, including wildfires and other fires, storms, tornadoes, floods, extreme heat events, drought, earthquakes, lightning, tsunamis, rising sea levels, mudslides, pandemics, solar events, electromagnetic events, wind events or other weather-related conditions, climate change, or natural disasters, 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, mitigate, or respond to such conditions or events; 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;\n\n•existing and 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 and the extent to which such costs are borne by PG&E Corporation, including those regarding:\n\n◦wildfires, including inverse condemnation reform, wildfire self-insurance, the Wildfire Fund, the Continuation Account, and additional wildfire mitigation measures or other reforms targeted at the Utility or its industry;\n\n◦the environment, including the costs incurred to discharge the Utility’s remediation obligations or the costs to comply with standards for GHG emissions, renewable energy targets, energy efficiency standards, distributed energy resources, and electric vehicles;\n\n◦the nuclear industry, including operations, seismic design, security, safety, relicensing, the storage of spent nuclear fuel, decommissioning, and cooling water intake, and whether DCPP operations are extended; and the Utility’s ability to continue operating DCPP until its planned retirement;\n\n◦the regulation of utilities and their affiliates, including the conditions that apply to PG&E Corporation as the Utility’s holding company;\n\n◦privacy and cybersecurity; and\n\n◦taxes and tax audits;\n\n•the amounts of fines, penalties, remediation or other obligations resulting from current and future self-reports, investigations or other enforcement actions, agency compliance reports, or notices of violation that could be issued related to the Utility’s compliance with laws, rules, regulations, or orders;\n\n•whether the Utility can control its operating costs within the authorized levels of spending; whether the Utility can continue implementing the Lean operating system and achieve projected savings; the extent to which the Utility incurs unrecoverable costs that are higher than the forecasts of such costs; the risks and uncertainties associated with inflation (including with respect to raw materials), import tariffs, and trade wars; 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;\n\n•the risks and uncertainties associated with PG&E Corporation’s and the Utility’s substantial indebtedness and the limitations on their operating flexibility in the documents governing that indebtedness, including the extent to which the Utility draws on the DOE Loan Guarantee Agreement;\n\n•the risks and uncertainties associated with the resolution of the matters described in Note 14 of the Notes to the Consolidated Financial Statements under the headings “Wildfire-Related Securities Litigation” and “Indemnification Obligations”;\n\n•the risks and uncertainties associated with PG&E Corporation’s and the Utility’s other ongoing or future litigation, including the extent to which related costs can be recovered through insurance, rates, or from other third parties;\n\n•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;\n\n9\n\n•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 procurement costs through rates;\n\n•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, volatility in such capital markets, and changes in interest rates;\n\n•the risks and uncertainties associated with high rates for the Utility’s customers, including reduced customer demand and approved amounts in the Utility’s ratemaking or cost recovery proceedings;\n\n•actions by credit rating agencies to downgrade PG&E Corporation’s or the Utility’s credit ratings; and\n\n•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.\n\nFor 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” and Item 7: “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Form 10-K. 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.\n\nPG&E Corporation’s and the Utility’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and proxy statements are available free of charge on PG&E Corporation’s website, www.pgecorp.com, as promptly as practicable after they are filed with, or furnished to, the SEC. The SEC also maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC located at http://www.sec.gov. Additionally, 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 “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 PG&E Corporation’s 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 addresses of this website solely for the information of investors and do not intend the address to be an active link. PG&E Corporation and the Utility also make available to investors information about the companies’ climate goals and progress in the Corporate Sustainability Report, Climate Strategy Report, and CAVA, which information is not incorporated by reference into this report.\n\n10\n\nPART I"}