Commission File Number
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Exact Name of Registrant
as specified in its charter
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State or Other Jurisdiction of Incorporation or Organization
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IRS Employer
Identification Number
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(Address of principal executive offices) (Zip Code)
(
(Registrant’s telephone number, including area code)
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(Address of principal executive offices) (Zip Code)
(
(Registrant’s telephone number, including area code)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange
on which registered
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Emerging growth company
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PG&E Corporation
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Emerging growth company
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Pacific Gas and Electric Company
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PG&E Corporation
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☐
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Pacific Gas and Electric Company
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☐
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Year
|
Increase Requested in
GRC Application
(in millions)
|
Increase Proposed in
Settlement Agreement
(in millions)(1)
|
Difference
(Decrease from GRC Application)
(in millions)
|
|||||||||
2020
|
$
|
1003
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$
|
575
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$
|
(428
|
)
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|||||
2021
|
356
|
318
|
(38
|
)
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||||||||
2022
|
481
|
367
|
(114
|
)
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(1) |
The settlement amounts incorporate a net reduction for the reduction-in-equity portion of Assembly Bill (“AB”) 1054.
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Line of Business
(in millions)(1)
|
Increase Requested in
GRC Application
|
Increase Proposed in
Settlement Agreement
|
Difference
(Decrease from
GRC Application)
|
|||||||||||||||||
Electric distribution
|
$
|
692
|
15.9
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%
|
$
|
411
|
9.4
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%
|
$
|
(281
|
)
|
|||||||||
Gas distribution
|
174
|
8.9
|
58
|
2.9
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(116
|
)
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||||||||||||||
Electric generation
|
136
|
6.2
|
106
|
4.8
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(30
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)
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2020 revenue requirement increases
|
$
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1,003
|
11.8
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%
|
$
|
575
|
6.8
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%
|
$
|
(428
|
)
|
(in millions)(1)
|
Amounts
Requested in
GRC
Application
|
Amounts
Proposed in
Settlement
Agreement
|
Difference
(Decrease)
|
Increase/
(Decrease) 2019
Amounts vs.
GRC
Application
|
Increase/
(Decrease)2019
Amounts vs.
Settlement
Agreement
|
|||||||||||||||
Line of Business:
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||||||||||||||||||||
Electric distribution
|
$
|
5,057
|
$
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4,775
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$
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(281
|
)
|
$
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692
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$
|
411
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|||||||||
Gas distribution
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2,136
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2,020
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(116
|
)
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174
|
58
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||||||||||||||
Electric generation
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2,327
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2,297
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(30
|
)
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136
|
106
|
||||||||||||||
Total revenue requirements
|
$
|
9,520
|
$
|
9,093
|
$
|
(428
|
)
|
$
|
1,003
|
$
|
575
|
|||||||||
Cost Category:
|
||||||||||||||||||||
(in millions)
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||||||||||||||||||||
Operations and maintenance
|
$
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2,143
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$
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2,073
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$
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(70
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)
|
197
|
128
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|||||||||||
Customer services
|
312
|
277
|
(35
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)
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(26
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)
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(61
|
)
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||||||||||||
Administrative and general
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1,316
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1,203
|
(113
|
)
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363
|
250
|
||||||||||||||
Less: Revenue credits
|
(196
|
)
|
(194
|
)
|
1
|
(43
|
)
|
(42
|
)
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|||||||||||
Franchise fees, taxes other than income, and other adjustments
|
234
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214
|
(20
|
)
|
53
|
33
|
||||||||||||||
Depreciation (including costs of asset removal), return, and income taxes
|
5,711
|
5,520
|
(191
|
)
|
459
|
268
|
||||||||||||||
Total revenue requirements
|
$
|
9,520
|
$
|
9,093
|
$
|
(428
|
)
|
$
|
1,003
|
$
|
575
|
● |
Funding of the Utility’s CWSP forecast through a new two-way Wildfire Mitigation Balancing Account to track and record actual expenses and capital revenue requirements associated
with the incremental costs of fire risk mitigation work that are not already addressed and recorded in another account. This would include the costs associated with overhead system hardening and other incremental costs of wildfire
mitigations that are approved by the CPUC. A reasonableness review threshold would apply if the Utility wishes to recover costs beyond 115% of the adopted forecast or average unit cost.
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● |
Combination of routine and enhanced vegetation management costs in a new two-way Vegetation Management Balancing Account to track and record actual vegetation management costs
(routine and enhanced) beyond the adopted level. A reasonableness review threshold would apply if the Utility wishes to recover beyond 120% of the adopted forecast. This new account would replace the currently established one-way
Vegetation Management Balancing Account that covered costs for the routine program.
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● |
A new two-way electric and gas Risk Transfer Balancing Account to record the difference between the amounts adopted for liability insurance premiums and the Utility’s actual
costs. This two-way account would allow the Utility to pass through actual insurance costs for up to $1.4 billion in coverage. The Utility could also request additional coverage through an advice letter and/or pursue self-insurance.
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PG&E CORPORATION | ||||
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By:
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/s/ LINDA Y.H. CHENG | ||
Dated: December 20, 2019 | Name: | Linda Y.H. Cheng | ||
Title: | Vice President, Corporate Governance and Corporate Secretary |
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PACIFIC GAS AND ELECTRIC COMPANY | ||||
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By:
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/s/ DAVID S. THOMASON | ||
Dated: December 20, 2019 | Name: | David S. Thomason | ||
Title: | Vice President, Chief Financial Officer and Controller | |||