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DEBT (Tables)
 12 Months Ended
Dec. 31, 2022
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 at December 31, 2022:
(in millions)Termination
Date		Maximum Facility LimitLoans OutstandingLetters of Credit OutstandingFacility
Availability
Utility revolving credit facilityJune 2027$4,400 
(1)
$(1,930)$(998)$1,472 
Utility receivables securitization program (2)
September 20241,389 
(3)
(1,184)— 205 
(3)
PG&E Corporation revolving credit facilityJune 2025500 — — 500 
Total credit facilities$6,289 $(3,114)$(998)$2,177 
(1) On October 4, 2022, the Utility further amended the Utility Revolving Credit Agreement to, among other things, (i) increase the aggregate commitments provided by the lenders to $4.4 billion and (ii) extend the maturity date of such agreement to June 22, 2027 (subject to a one-year extension at the option of the Utility). Includes a $1.5 billion letter of credit sublimit.
(2) For more information on the Receivables Securitization Program, see “Variable Interest Entities” in Note 3 above.
(3) The amount the Utility may borrow under the Receivables Securitization Program is limited to the lesser of the facility limit and the facility availability. The facility limit fluctuates between $1.0 billion and $1.5 billion depending on the time period. 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, 2022December 31, 2021
PG&E Corporation
Term Loan - Stated Maturity: 2025
variable rate (1)
$2,681 $2,709 
Senior Secured Notes due 20285.00%1,000 1,000 
Senior Secured Notes due 20305.25%1,000 1,000 
Less: current portion, net of unamortized discount and debt issuance costs(28)(26)
Unamortized discount/premium and debt issuance costs, net(66)(90)
Total PG&E Corporation Long-Term Debt4,587 4,593 
Utility
First Mortgage Bonds - Stated Maturity:
2022
variable rate (2)
— 500 
2022
1.75%
— 2,500 
2023
1.70% - 4.25%
2,075 3,575 
2024
3.25% - 3.75%
1,800 800 
2025
3.45% - 4.95%
1,925 1,475 
2026
2.95% - 3.15%
2,551 2,551 
2027
2.10% - 5.45%
3,000 2,550 
2028
3.00% - 4.65%
1,975 1,975 
2029
4.20%
400 — 
2030
 4.55%
3,100 3,100 
2031
2.50% - 3.25%
3,000 3,000 
2032
4.40% - 5.90%
1,050 — 
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 — 
Less: current portion, net of unamortized discount and debt issuance costs(2,072)(2,996)
Unamortized discount, premium and debt issuance costs, net(195)(190)
Total Utility First Mortgage Bonds32,135 31,816 
Recovery Bonds (3)
9,292 860 
         Less: current portion(168)(18)
DWR Loan (4)
312 — 
Credit Facilities
Receivables securitization program - Stated Maturity: 2024
variable rate (5)
1,184 974 
2-Year Term Loan - Stated Maturity: 2024
variable rate (6)
400 — 
18-month Term Loan - Stated Maturity: 2023
variable rate (7)
— 1,441 
Less: current portion— (1,441)
Total Utility Long-Term Debt43,155 33,632 
Total PG&E Corporation Consolidated Long-Term Debt$47,742 $38,225 
(1) At December 31, 2022 and 2021, the contractual London Interbank Offered Rate (“LIBOR”)-based interest rate on the term loan was 7.44% and 3.50%, respectively.
(2) At December 31, 2021, the contractual LIBOR-based interest rate on $500 million of the first mortgage bonds was 1.69%.
(3) The amount includes bonds related to AB 1054 and SB 901 securitization transactions, see “AB 1054” above and Note 6 for details on interest rates.
(4) The Utility is not required to pay interest on the DWR loan, see Note 3 - Government Assistance.
(5) At December 31, 2022, the contractual Secured Overnight Financing Rate (“SOFR”)-based interest rate on the receivables securitization program was 5.10% and at December 31, 2021. LIBOR-based interest rate on the receivables securitization program was 1.30%.
(6) At December 31, 2022, the contractual SOFR-based interest rate on the term loan was 5.71%.
(7) At December 31, 2021, LIBOR-based interest rate on the term loan was 2.38%. This loan was prepaid in full on March 31, 2022.
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, 2022 are reflected in the table below:
       
(in millions, except interest rates)20232024202520262027ThereafterTotal
PG&E Corporation
Average fixed interest rate— %— %— %— %— %5.13 %5.13 %
Fixed rate obligations$— $— $— $— $— $2,000 $2,000 
Variable interest rate as of December 31, 2022
7.13 %7.13 %7.13 %— %— %— %7.13 %
Variable rate obligations$28 $28 $2,625 $— $— $— $2,681 
Utility (1)
Average fixed interest rate2.91 %3.40 %3.82 %3.10 %3.22 %4.12 %3.84 %
Fixed rate obligations$2,075 $1,800 $1,925 $2,551 $3,000 $23,051 $34,402 
Variable interest rate as of December 31, 2022
— %5.54 %— %— %— %— %5.54 %
Variable rate obligations
$— $1,584 $— $— $— $— $1,584 
Recovery Bonds (2)
AB 1054 obligations$38 $46 $48 $50 $51 $1,592 $1,825 
SB 901 obligations$130 $129 $135 $141 $146 $6,786 $7,467 
Total consolidated debt$2,271 $3,587 $4,733 $2,742 $3,197 $33,429 $49,959 
(1) The balance excludes DWR loan, see Note 3 - Government Assistance.
(2) Recovery bonds were issued by, and are repayment obligations of, consolidated VIEs. For AB 1054 interest rates, see above and the 2021 Form 10-K. For SB 901 interest rates, see Note 6.