SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT

PG&E CORPORATION

SCHEDULE I — CONSOLIDATED FINANCIAL INFORMATION OF PG&E CORPORATION (“PARENT”)

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

	Years Ended December 31,
(in millions, except per share amounts)	2023		2022		2021
Administrative service revenue	$	154	$	109	$	118
Operating expenses	(165)		(193)		(124)
Interest income	13		3		—
Interest expense	(365)		(261)		(230)
Other income (expense)	(21)		(201)		(54)
Reorganization items, net	—		—		1
Equity in earnings of subsidiaries	2,530		2,154		137
Income (loss) before income taxes	2,146		1,611		(152)
Income tax benefit	(96)		(132)		(64)
Net Income (loss)	$	2,242	$	1,743	$	(88)
Other Comprehensive Income (Loss)
Pension and other postretirement benefit plans obligations (net of taxes of $6, $8, and $3, at respective dates)	$	(16)	$	21	$	7
Total other comprehensive income (loss)	(16)		21		7
Comprehensive Income (Loss)	$	2,226	$	1,764	$	(81)
Weighted Average Common Shares Outstanding, Basic (1)	2,064		2,235		2,463
Weighted Average Common Shares Outstanding, Diluted (1)	2,138		2,380		2,463
Net earnings (loss) per common share, basic	$	1.09	$	0.78	$	(0.05)
Net earnings (loss) per common share, diluted	$	1.05	$	0.73	$	(0.05)

(1) Includes 0 and 247,743,590 shares of common stock issued to ShareCo as of December 31, 2023 and 2022, respectively.

PG&E CORPORATION

SCHEDULE I — CONSOLIDATED FINANCIAL INFORMATION OF PG&E CORPORATION (“PARENT”) – (Continued)

CONSOLIDATED BALANCE SHEETS

	Balance at December 31,
(in millions)	2023		2022
ASSETS
Current Assets
Cash and cash equivalents	$	192	$	125
Restricted cash	3		—
Advances to affiliates	24		46
Income taxes receivable	2		10
Other current assets	1		12
Total current assets	222		193
Noncurrent Assets
Investments in subsidiaries	36,804		33,021
Other investments	167		160
Deferred income taxes	539		423
Total noncurrent assets	37,510		33,604
Total Assets	$	37,732	$	33,797
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Long-term debt, classified as current	—		27
Accounts payable – other	58		88
Income taxes payable	1		—
Other current liabilities	363		369
Total current liabilities	422		484
Noncurrent Liabilities
Long-term debt	4,599		4,588
Other noncurrent liabilities	141		134
Total noncurrent liabilities	4,740		4,722
Common Shareholders’ Equity
Common stock	37,906		36,132
Reinvested earnings	(5,322)		(7,542)
Accumulated other comprehensive income (loss)	(14)		1
Total common shareholders’ equity	32,570		28,591
Total Liabilities and Shareholders’ Equity	$	37,732	$	33,797

PG&E CORPORATION

SCHEDULE I – CONSOLIDATED FINANCIAL INFORMATION OF PG&E CORPORATION (“PARENT”) – (Continued)

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

	Year ended December 31,
	2023		2022		2021
Cash Flows from Operating Activities:
Net income (loss)	$	2,242	$	1,743	$	(88)
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation amortization	4		95		51
Equity in earnings of subsidiaries	(2,530)		(2,160)		(139)
Deferred income taxes and tax credits, net	(116)		(126)		(60)
Reorganization items, net	—		—		(32)
Current income taxes receivable/payable	9		—		2
Other	40		339		81
Net cash used in operating activities	(351)		(109)		(185)
Cash Flows From Investing Activities:
Investment in subsidiaries	(1,290)		(994)		—
Dividends received from subsidiaries (1)	1,775		1,275		—
Net cash provided by investing activities	485		281		—
Cash Flows From Financing Activities:
Proceeds from issuance of convertible notes, net of discount and issuance costs of $27, $0, and $0 at respective dates	2,123		—		—
Repayment of long-term debt	—		(28)		(28)
Proceeds from (repayments of) intercompany note from the Utility	—		(145)		145
Repayments under term loan credit facilities	(2,181)		—		—
Other	(6)		—		(29)
Net cash provided by (used in) financing activities	(64)		(173)		88
Net change in cash, cash equivalents, and restricted cash	70		(1)		(97)
Cash, cash equivalents, and restricted cash at January 1	125		126		223
Cash, cash equivalents, and restricted cash at December 31	$	195	$	125	$	126
Less: Restricted cash and restricted cash equivalents	(3)		—		—
Cash and cash equivalents at December 31	$	192	$	125	$	126
Supplemental disclosures of cash flow information
Cash received (paid) for:
Interest, net of amounts capitalized	$	(309)	$	(233)	$	(207)
Income taxes, net	—		—		1
Supplemental disclosures of noncash investing and financing activities
Changes to PG&E Corporation common stock and treasury stock in connection     with the Share Exchange and Tax Matters Agreement	$	(2,517)	$	(2,337)	$	4,854
Common stock dividends declared but not yet paid	21		—		—

(1) Because of its nature as a holding company, PG&E Corporation classifies dividends received from subsidiaries as an investing cash flow.