8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report: February 22, 2024

(Date of earliest event reported)

Commission File Number	Exact Name of Registrant as specified in its charter	State or Other Jurisdiction of Incorporation or Organization	IRS Employer Identification Number
001-12609	PG&E CORPORATION	California	94-3234914
001-02348	PACIFIC GAS AND ELECTRIC COMPANY	California	94-0742640

300 LAKESIDE DRIVE			300 LAKESIDE DRIVE
Oakland,	California	94612	Oakland,	California	94612
(Address of principal executive offices) (Zip Code)			(Address of principal executive offices) (Zip Code)
(415)	973-1000		(415)	973-7000
(Registrant’s telephone number, including area code)			(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

	Securities registered pursuant to Section 12(b) of the Act:
Title of each class		Trading Symbol(s)	Name of each exchange on which registered
Common stock, no par value		PCG	The New York Stock Exchange
First preferred stock, cumulative, par value $25 per share, 6% nonredeemable		PCG-PA	NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 5.50% nonredeemable		PCG-PB	NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 5% nonredeemable		PCG-PC	NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 5% redeemable		PCG-PD	NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 5% series A redeemable		PCG-PE	NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 4.80% redeemable		PCG-PG	NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 4.50% redeemable		PCG-PH	NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 4.36% redeemable		PCG-PI	NYSE American LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company	PG&E Corporation	☐
Emerging growth company	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 any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

PG&E Corporation	¨
Pacific Gas and Electric Company	¨

Item 2.02 Results of Operations and Financial Condition.

On February 22, 2024, PG&E Corporation issued a press release reporting its financial results and the financial results of its subsidiary Pacific Gas and Electric Company (the “Utility”), for the quarter and year ended December 31, 2023. The press release is attached as Exhibit 99.1 to this report. PG&E Corporation also will hold a webcast conference call to discuss financial results and management’s business outlook. The press release contains information about how to access the webcast. The slide presentation, which includes supplemental information relating to PG&E Corporation and the Utility, will be used by management during the webcast and is attached as Exhibit 99.2 to this report. The Exhibits will be posted on PG&E Corporation’s website at http://investor.pgecorp.com.

The information included in Items 2.02, 7.01, and 9.01 and the Exhibits of this Current Report on Form 8-K is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended.

Item 7.01 Regulation FD Disclosure.

Exhibits

The information included in the Exhibits to this report is incorporated by reference in response to this Item 7.01.

Public Dissemination of Certain Information

PG&E Corporation and the Utility routinely provide links to the Utility’s principal regulatory proceedings before the California Public Utilities Commission and the Federal Energy Regulatory Commission 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 such website is not part of this or any other report that PG&E Corporation or the Utility files with, or furnishes to, the Securities and Exchange Commission (“SEC”).

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number        Description

99.1	Press release dated February 22, 2024
99.2	Slide presentation dated February 22, 2024
104	Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

Cautionary Statement Concerning Forward-Looking Statements

This Current Report on Form 8-K contains forward-looking statements that are not historical facts, including statements about the beliefs, expectations, estimates, future plans, and strategies of PG&E Corporation and the Utility, including earnings guidance and equity financing requirements for 2024, as well as operating cost savings and capital investments. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include factors disclosed in PG&E Corporation’s and the Utility’s Annual Report on Form 10-K for the year ended December 31, 2023, and other reports filed with the SEC’s which are available on PG&E Corporation’s website at www.pgecorp.com and on the SEC’s website at www.sec.gov. PG&E Corporation and the Utility undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events, or otherwise, except to the extent required by law.

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.
		PG&E CORPORATION
	By:	/s/ Carolyn J. Burke
Dated:	February 21, 2024	CAROLYN J. BURKE Executive Vice President and Chief Financial Officer
		PACIFIC GAS AND ELECTRIC COMPANY
	By:	/s/ Stephanie N. Williams
Dated:	February 21, 2024	STEPHANIE N. WILLIAMS Vice President, Chief Financial Officer and Controller

EX-99.1

Investor Relations Contact: 415.972.7080 | Media Inquiries Contact: 415.973.5930 | www.pgecorp.com
	February 22, 2024

PG&E Corporation Delivers High End of Guidance for Full-Year 2023 and Increases 2024 Earnings Guidance

•GAAP earnings were $1.05 per share for the year and $0.43 per share for the fourth quarter of 2023, compared to earnings of $0.84 and $0.24 per share, respectively, for the same periods in 2022.

•Non-GAAP core earnings were $1.23 per share for the year and $0.47 per share for the fourth quarter of 2023, compared to $1.10 and $0.26 per share, respectively, for the same periods in 2022.

•2024 EPS GAAP guidance increased from $1.08 to $1.12 per share (previously) to $1.10 to $1.14 per share.

•2024 EPS non-GAAP core guidance increased from $1.31 to $1.35 per share (previously) to $1.33 to $1.37 per share.

•No equity issued in 2023; forecasting no equity needs in 2024.

•2023 non-fuel O&M costs reduced by 5.5%, as compared to 2022; exceeded annual reduction target of 2% for the second year in a row.

•Five-year capital plan increased to $62 billion through 2028, a 20% increase to support critical customer infrastructure improvements.

•Non-GAAP core EPS growth guidance of at least 9% extended to 2027 and 2028.

OAKLAND — “Our story of progress continued in 2023, including further reducing wildfire ignitions and burying more powerlines than any prior year—all while achieving overall non-fuel operating and maintenance cost savings of more than 5%. We’re excited about the future we’re creating for our customers and investors—differentiating ourselves on safety and financial performance while building a system that meets the climate challenges of tomorrow,” said PG&E Corporation CEO Patti Poppe.

PG&E Corporation (NYSE: PCG) recorded full-year 2023 income available for common shareholders of $2,242 million, or $1.05 per share, as reported in accordance with generally accepted accounting principles (GAAP). This compares with income available for common shareholders of $1,800 million, or $0.84 per share, for the full year 2022.

The increase in year-over-year GAAP earnings is primarily driven by an increase in customer capital investment, as approved in the 2023 General Rate Case final decision and which earns an equity return as approved in the cost of capital proceeding. Other drivers include non-fuel operating and maintenance savings achieved for the full year including resource management, efficiencies, and planning and execution improvements, net of amounts reinvested back into the business to fund various programs such as standing up new Model Yards utilizing PG&E Corporation’s and Pacific Gas and Electric Company’s (Utility) Lean operating system, and additional employee training resources. Additional drivers include lower costs related to PG&E Corporation’s and the Utility’s reorganization cases under Chapter 11 of the U.S. Bankruptcy Code (Chapter 11) and lower wildfire-related costs.

Non-GAAP Core Earnings

PG&E Corporation’s non-GAAP core earnings, which exclude non-core items, were $2,630 million, or $1.23 per share, for the full year 2023, compared with $2,343 million, or $1.10 per share, for the full year 2022.

The increase in year-over-year non-GAAP core earnings is primarily driven by an increase in customer capital investment, as approved in the 2023 General Rate Case final decision and which earns an equity return as approved in the cost of capital proceeding. Other drivers include non-fuel operating and maintenance savings achieved for the full year including resource management, efficiencies, and planning and execution improvements, net of amounts reinvested back into the business to fund various programs such as standing up new Model Yards utilizing PG&E Corporation’s and Pacific Gas and Electric Company’s (Utility) Lean operating system, and additional employee training resources.

Non-core items, which management does not consider representative of ongoing earnings, totaled $388 million after tax, or $0.18 per share, for the full year 2023, compared with $543 million after tax, or $0.25 per share, for the full year 2022.

5.5% non-fuel O&M reduction is calculated based on the prior year's operating and maintenance costs, excluding non-core items, balancing account deferrals, redeployment above base plan, property taxes, and certain state-mandated programs where the Utility’s role is to facilitate achieving public policy goals regarding energy efficiency, the cost of which the Utility recovers.

PG&E Corporation uses “non-GAAP core earnings,” which is a non-GAAP financial measure, in order to provide a measure that allows investors to compare the underlying financial performance of the business from one period to another, exclusive of non-core items. See the accompanying tables for a reconciliation of non-GAAP core earnings to consolidated earnings available for common shareholders.

2024 Guidance

PG&E Corporation is increasing 2024 GAAP earnings guidance in the range of $1.10 to $1.14 per share (previously $1.08 to $1.12 per share). The midpoint of this new range is up seven percent from the year-end result of $1.05 per share. Factors driving GAAP earnings include costs related to unrecoverable interest expense of $285 to $365 million after tax and other earnings factors, including allowance for funds used during construction equity, incentive revenues, tax benefits, and cost savings, net of below-the-line costs. Additional factors include the amortization of the Wildfire Fund asset and accretion of the related Wildfire Fund liability, PG&E Corporation’s and the Utility’s reorganization cases under Chapter 11, wildfire-related costs, and investigation remedies, partially offset by prior period net regulatory impact.

The guidance range for projected 2024 non-GAAP core earnings is increased to $1.33 to $1.37 per share (previously $1.31 to $1.35 per share). The midpoint of this new range is up ten percent from the year-end result of $1.23 per share. The guidance range for non-core items, which management does not consider representative of ongoing earnings, is $480 million to $490 million after tax.

Guidance is based on various assumptions and forecasts, including those relating to authorized revenues, future expenses, capital expenditures, rate base, equity issuances, and certain other factors.

Supplemental Financial Information

In addition to the financial information accompanying this release, presentation slides have been furnished to the Securities and Exchange Commission (SEC) and are available on PG&E Corporation’s website at: http://investor.pgecorp.com/financials/quarterly-earnings-reports/default.aspx.

Earnings Conference Call

PG&E Corporation will also hold a conference call on February 22, 2024, at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time) to discuss its fourth quarter and full year 2023 results. The public can access the conference call through a simultaneous webcast. The link is provided below and will also be available from the PG&E Corporation website.

What: Fourth Quarter and Full Year 2023 Earnings Call

When: Thursday, February 22, 2024 at 11:00 a.m. Eastern Time

Where: http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx

A replay of the conference call will be archivedat

http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx.

Alternatively, a toll-free replay of the conference call may be accessed shortly after the live call through February 29, 2024, by dialing (800) 770-2030. International callers may dial (647) 362-9199. For both domestic and international callers, the confirmation code 92587 will be required to access the replay.

Public Dissemination of Certain Information

PG&E Corporation and the Utility routinely provide links to the Utility’s principal regulatory proceedings with the California Public Utilities Commission and the Federal Energy Regulatory Commission 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.

About PG&E Corporation

PG&E Corporation (NYSE: PCG) is a holding company headquartered in Oakland, California. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. For more information, visit http://www.pgecorp.com.

Forward-Looking Statements

This news release contains forward-looking statements that are not historical facts, including statements about the beliefs, expectations, estimates, future plans, and strategies of PG&E Corporation and the Utility, including earnings guidance and equity financing requirements for 2024, as well as operating cost savings and capital investments. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include factors disclosed in PG&E Corporation and the Utility’s joint Annual Report on Form 10-K for the year ended December 31, 2023 and other reports filed with the SEC, which are available on PG&E Corporation’s website at www.pgecorp.com and on the SEC’s website at www.sec.gov. PG&E Corporation and the Utility undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.

PG&E CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(in millions, except per share amounts)

	Year ended December 31,
	2023		2022		2021
Operating Revenues
Electric	$	17,424	$	15,060	$	15,131
Natural gas	7,004		6,620		5,511
Total operating revenues	24,428		21,680		20,642
Operating Expenses
Cost of electricity	2,443		2,756		3,232
Cost of natural gas	1,754		2,100		1,149
Operating and maintenance	11,924		9,809		10,200
SB 901 securitization charges, net	1,267		608		—
Wildfire-related claims, net of recoveries	64		237		258
Wildfire Fund expense	567		477		517
Depreciation, amortization, and decommissioning	3,738		3,856		3,403
Total operating expenses	21,757		19,843		18,759
Operating Income	2,671		1,837		1,883
Interest income	606		162		20
Interest expense	(2,850)		(1,917)		(1,601)
Other income, net	272		394		457
Reorganization items, net	—		—		(11)
Income Before Income Taxes	699		476		748
Income tax provision (benefit)	(1,557)		(1,338)		836
Net Income (Loss)	2,256		1,814		(88)
Preferred stock dividend requirement of subsidiary	14		14		14
Income (Loss) Attributable to Common Shareholders	$	2,242	$	1,800	$	(102)
Weighted Average Common Shares Outstanding, Basic	2,064		1,987		1,985
Weighted Average Common Shares Outstanding, Diluted	2,138		2,132		1,985
Net Income (Loss) Per Common Share, Basic	$	1.09	$	0.91	$	(0.05)
Net Income (Loss) Per Common Share, Diluted	$	1.05	$	0.84	$	(0.05)

Reconciliation of PG&E Corporation’s Consolidated Earnings Available for Common Shareholders in Accordance with Generally Accepted Accounting Principles (“GAAP”) to Non-GAAP Core Earnings

Fourth Quarter and Full Year, 2023 vs. 2022

(in millions, except per share amounts)

	Three Months Ended December 31,								Year Ended December 31,
	Earnings				Earnings per Common Share				Earnings				Earnings per Common Share
(in millions, except per share amounts)	2023		2022		2023		2022		2023		2022		2023		2022
PG&E Corporation’s Earnings/EPS on a GAAP basis	$	919	$	513	$	0.43	$	0.24	$	2,242	$	1,800	$	1.05	$	0.84
Non-core items: (1)
Amortization of Wildfire Fund contribution (2)	83		90		0.04		0.04		408		344		0.19		0.16
Bankruptcy and legal costs (3)	8		14		—		0.01		89		216		0.04		0.10
Fire Victim Trust tax benefit net of securitization (4)	(77)		(139)		(0.04)		(0.07)		(262)		(418)		(0.12)		(0.20)
Investigation remedies (5)	3		17		—		0.01		24		93		0.01		0.04
Prior period net regulatory impact (6)	(6)		—		—		—		(24)		(11)		(0.01)		(0.01)
Strategic repositioning costs (7)	—		—		—		—		3		65		—		0.03
Wildfire-related costs, net of insurance (8)	76		64		0.04		0.03		150		254		0.07		0.12
PG&E Corporation’s Non-GAAP core earnings/EPS (9)	$	1,006	$	560	$	0.47	$	0.26	$	2,630	$	2,343	$	1.23	$	1.10

All amounts presented in the table above and footnotes below are tax adjusted at PG&E Corporation’s statutory tax rate of 27.98% for 2023 and 2022, except for certain costs that are not tax deductible. Earnings per Common Share is calculated based on diluted shares. Amounts may not sum due to rounding.

(1) “Non-core items” include items that management does not consider representative of ongoing earnings and affect comparability of financial results between periods, consisting of the items listed in the table above. See Non-GAAP Financial Measures below.

(2) The Utility recorded costs of $115 million (before the tax impact of $32 million) and $567 million (before the tax impact of $159 million) during the three months and year ended December 31, 2023, respectively, associated with the amortization of the Wildfire Fund asset and accretion of the related Wildfire Fund liability.

(3) Includes bankruptcy and legal costs associated with PG&E Corporation’s and the Utility’s Chapter 11 filing, including legal and other costs and exit financing costs, as shown below. The three months ended December 31, 2023 also include a reclassification from non-core to core earnings of $20 million in interest expense incurred between February 2023 and September 2023 on debt that was originally intended to be repaid with the proceeds from a securitization transaction, as a result of revised debt planning.

(in millions)	Three Months Ended December 31, 2023		Year Ended December 31, 2023
Legal and other costs	$	34	$	120
Exit financing	(23)		3
Bankruptcy and legal costs (pre-tax)	$	11	$	123
Tax impacts	(3)		(34)
Bankruptcy and legal costs (post-tax)	$	8	$	89

(4) Includes any earnings-impacting investment losses or gains associated with investments related to the contributions to the customer credit trust, the charge related to the establishment of the SB 901 securitization regulatory asset and the SB 901 securitization regulatory liability associated with revenue credits funded by net operating loss monetization, and tax benefits related to the Fire Victim Trust’s sale of PG&E Corporation common stock.

(in millions)	Three Months Ended December 31, 2023		Year Ended December 31, 2023
SB 901 securitization charge	$	359	$	1,267
Net gains related to customer credit trust	1		(22)
Fire Victim Trust tax benefit net of securitization (pre-tax)	$	360	$	1,245
Tax impacts	(101)		(348)
Tax benefits from Fire Victim Trust share sales	(337)		(1,158)
Fire Victim Trust tax benefit net of securitization (post-tax)	$	(77)	$	(262)

(5) Includes costs associated with the decision different for the OII related to the 2017 Northern California Wildfires and 2018 Camp Fire (“Wildfires OII”), the system enhancements related to the locate and mark OII, the restoration and rebuilding costs for the town of Paradise, and the settlement agreement resolving the Safety and Enforcement Division’s investigation into the 2020 Zogg fire, as shown below.

(in millions)	Three Months Ended December 31, 2023		Year Ended December 31, 2023
Wildfires OII disallowance and system enhancements	$	3	$	3
Locate and mark OII system enhancements	1		5
Paradise restoration and rebuild	—		23
2020 Zogg fire settlement	1		1
Investigation remedies (pre-tax)	$	4	$	32
Tax impacts	(1)		(8)
Investigation remedies (post-tax)	$	3	$	24

(6) The Utility recorded $8 million (before the tax impact of $2 million) and $33 million (before the tax impact of $9 million) during the three months and year ended December 31, 2023 related to adjustments associated with the recovery of capital expenditures from 2011 through 2014 above amounts adopted in the 2011 GT&S rate case per the CPUC decision dated July 14, 2022.

(7) The Utility recorded $4 million (before the tax impact of $1 million) during the year ended December 31, 2023 of one-time costs related to repositioning PG&E Corporation’s and the Utility’s operating model.

(8) Includes costs associated with the 2019 Kincade fire, 2020 Zogg fire, and 2021 Dixie fire, net of insurance, as shown below.

(in millions)	Three Months Ended December 31, 2023		Year Ended December 31, 2023
2019 Kincade third-party claims	$	100	$	100
2019 Kincade fire-related costs	2		8
2020 Zogg fire-related costs	1		18
2020 Zogg fire-related insurance recoveries	—		(4)
2020 Zogg fire-related legal settlements	—		50
2021 Dixie fire-related legal settlements	3		20
Wildfire-related costs, net of insurance (pre-tax)	$	106	$	193
Tax impacts	(30)		(43)
Wildfire-related costs, net of insurance (post-tax)	$	76	$	150

(9) “Non-GAAP core earnings” is a non-GAAP financial measure. See Non-GAAP Financial Measures below.

Undefined, capitalized terms have the meanings set forth in PG&E Corporation’s and the Utility’s joint Annual Report on Form 10-K for the year ended December 31, 2023.

PG&E Corporation’s 2024 Earnings Guidance

	2024
EPS guidance	Low			High
Estimated EPS on a GAAP basis	~	$	1.10	~	$	1.14
Estimated non-core items: (1)
Amortization of Wildfire Fund contribution (2)	~	0.16		~	0.16
Bankruptcy and legal costs (3)	~	0.02		~	0.02
SB 901 securitization (4)	~	0.01		~	0.01
Investigation remedies (5)	~	0.04		~	0.04
Prior period net regulatory impact (6)	~	(0.01)		~	(0.01)
Wildfire-related costs, net of insurance (7)	~	0.01		~	0.01
Estimated EPS on a non-GAAP core earnings basis	~	$	1.33	~	$	1.37

All amounts presented in the table above and footnotes below are tax adjusted at PG&E Corporation’s statutory tax rate of 27.98% for 2024, except for certain costs that are not tax deductible. Amounts may not sum due to rounding.

(1) “Non-core items” include items that management does not consider representative of ongoing earnings and affect comparability of financial results between periods. See Non-GAAP Financial Measures below.

(2) “Amortization of Wildfire Fund contribution” represents the amortization of the Wildfire Fund asset and accretion of the related Wildfire Fund liability.

	2024
(in millions, pre-tax)	Low guidance range			High guidance range
Amortization of Wildfire Fund contribution	~	$	460	~	$	460
Amortization of Wildfire Fund contribution (pre-tax)	~	$	460	~	$	460
Tax impacts	~	(129)		~	(129)
Amortization of Wildfire Fund contribution (post-tax)	~	$	331	~	$	331

(3) “Bankruptcy and legal costs” consists of legal and other costs associated with PG&E Corporation’s and the Utility’s Chapter 11 filing.

	2024
(in millions, pre-tax)	Low guidance range			High guidance range
Legal and other costs	~	$	50	~	$	50
Bankruptcy and legal costs (pre-tax)	~	$	50	~	$	50
Tax impacts	~	(14)		~	(14)
Bankruptcy and legal costs (post-tax)	~	$	36	~	$	36

(4) “SB 901 securitization” includes the establishment of the SB 901 securitization regulatory asset and the SB 901 regulatory liability associated with revenue credits funded by net operating loss monetization. Also included are any earnings-impacting investment losses or gains associated with investments related to the contributions to the customer credit trust.

		2024
(in millions, pre-tax)	Low guidance range			High guidance range
SB 901 securitization charge	~	$	33	~	$	33
Net gains related to customer credit trust	~	—		~	—
SB 901 Securitization (pre-tax)	~	$	33	~	$	33
Tax impacts	~	(9)		~	(9)
SB901 Securitization (post-tax)	~	$	24	~	$	24

(5) “Investigation remedies” includes costs related to the Paradise restoration and rebuild, the Wildfires OII decision different, the settlement agreement resolving the Safety and Enforcement Division’s investigation into the 2020 Zogg fire, and the locate and mark OII system enhancements.

	2024
(in millions, pre-tax)	Low guidance range			High guidance range
Paradise restoration and rebuild	~	$	10	~	$	10
Wildfires OII disallowance and system enhancements	~	40		~	40
2020 Zogg fire settlement	~	75		~	75
Locate and mark OII system enhancements	~	5		~	5
Investigation remedies (pre-tax)	~	$	130	~	$	130
Tax impacts	~	(35)		~	(35)
Investigation remedies (post-tax)	~	$	95	~	$	95

(6) “Prior period net regulatory impact” represents the recovery of capital expenditures from 2011 through 2014 above amounts adopted in the 2011 GT&S rate case.

	2024
(in millions, pre-tax)	Low guidance range			High guidance range
2011-2014 GT&S capital audit	~	$	(35)	~	$	(35)
Prior period net regulatory impact (pre-tax)	~	$	(35)	~	$	(35)
Tax impacts	~	10		~	10
Prior period net regulatory impact (post-tax)	~	$	(25)	~	$	(25)

(7) “Wildfire-related costs, net of insurance” includes legal and other costs associated with the 2019 Kincade fire, 2020 Zogg fire, and 2021 Dixie fire, net of insurance.

	2024
(in millions, pre-tax)	Low guidance range			High guidance range
2019 Kincade fire-related costs	~	$	15	~	$	15
2020 Zogg fire-related costs	~	5		~	5
2020 Zogg fire-related insurance recoveries	~	(5)		~	(5)
2021 Dixie fire-related legal settlements	~	15		~	15
Wildfire-related costs, net of insurance (pre-tax)	~	$	30	~	$	30
Tax impacts	~	(8)		~	(8)
Wildfire-related costs, net of insurance (post-tax)	~	$	22	~	$	22

Undefined, capitalized terms have the meanings set forth in PG&E Corporation’s and the Utility’s joint Annual Report on Form 10-K for the year ended December 31, 2023.

Non-GAAP Financial Measures
PG&E Corporation and Pacific Gas and Electric Company

Non-GAAP Core Earnings and Non-GAAP Core EPS

“Non-GAAP core earnings” and “Non-GAAP core EPS,” also referred to as “non-GAAP core earnings per share,” are non-GAAP financial measures. Non-GAAP core earnings is calculated as income available for common shareholders less non-core items. “Non-core items” include items that management does not consider representative of ongoing earnings and affect comparability of financial results between periods, consisting of the items listed in Exhibit A. Non-GAAP core EPS is calculated as non-GAAP core earnings divided by common shares outstanding on a diluted basis.

PG&E Corporation discloses historical financial results and provides guidance based on “non-GAAP core earnings” and “non-GAAP core EPS” in order to provide a measure that allows investors to compare the underlying financial performance of the business from one period to another, exclusive of non-core items. PG&E Corporation and the Utility use non-GAAP core earnings and non-GAAP core EPS to understand and compare operating results across reporting periods for various purposes including internal budgeting and forecasting, short- and long-term operating planning, and employee incentive compensation. PG&E Corporation and the Utility believe that non-GAAP core earnings and non-GAAP core EPS provide additional insight into the underlying trends of the business, allowing for a better comparison against historical results and expectations for future performance. With respect to our projection of non-GAAP core EPS for the years 2024-2026, PG&E Corporation is unable to predict with reasonable certainty the reconciling items that may affect GAAP net income without unreasonable effort. The reconciling items are primarily due to the future impact of wildfire-related costs, timing of regulatory recoveries, special tax items, and investigation remedies. These reconciling items are uncertain, depend on various factors and could significantly impact, either individually or in the aggregate, the GAAP measures.

Non-GAAP core earnings and non-GAAP core EPS are not substitutes or alternatives for GAAP measures such as consolidated income available for common shareholders and may not be comparable to similarly titled measures used by other companies.

EX-99.2

2023 FOURTH QUARTER AND FULL YEAR EARNINGS Performance Is Power February 22, 2024

2 Forward-Looking Statements This presentation contains statements regarding PG&E Corporation’s and Pacific Gas and Electric Company’s (the “Utility”) future performance, including expectations, objectives, and forecasts about operating results (including 2024 non-GAAP core earnings), equity needs, rate base growth, capital expenditures, cash flow, cost reductions, customer bills, wildfire risk mitigation, future dividends, and regulatory developments. These statements and other statements that are not purely historical constitute forward-looking statements that are necessarily subject to various risks and uncertainties. Actual results may differ materially from those described in forward-looking statements. PG&E Corporation and the Utility are not able to predict all the factors that may affect future results. Factors that could cause actual results to differ materially include, but are not limited to, risks and uncertainties associated with: • wildfires that have occurred in the Utility’s territory, including the extent of the Utility’s liability in connection with the 2019 Kincade fire, the 2020 Zogg fire, the 2021 Dixie fire, the 2022 Mosquito fire, and future wildfires; • the Utility’s ability to recover wildfire-related costs, including costs for the 2021 Dixie fire, from the Wildfire Fund (including the Utility’s maintenance of a valid safety certificate and whether the Wildfire Fund has sufficient remaining funds) and through the WEMA and FERC TO rate cases; • the Utility’s implementation of its wildfire mitigation programs, including PSPS, EPSS, situational awareness and response, the undergrounding initiative, and the programs’ effectiveness; • the Utility’s ability to safely and reliably operate, maintain, construct, and decommission its facilities; • changes in the electric power and natural gas industries driven by technological advancements and a decarbonized economy; • a cyber incident, cybersecurity breach, or physical attack; • severe weather events, extended drought, and climate change, particularly their impact on the likelihood and severity of wildfires; • the impact of legislative and regulatory developments, including those regarding wildfires, the environment, California’s clean energy goals, the nuclear industry, extended operations at Diablo Canyon nuclear power plant, regulation of utilities’ transactions with their affiliates, municipalization, privacy, and taxes; • the timing and outcome of FERC and CPUC proceedings, including regarding ratemaking, cost recovery, and the application to transfer non-nuclear generation assets; • the outcome of self-reports, investigations, or other enforcement actions; • PG&E Corporation and the Utility’s substantial indebtedness, which may adversely affect their financial health and limit their operating flexibility; • the ability of PG&E Corporation and the Utility to finance through securitization up to $1.385 billion of remaining fire risk mitigation capital expenditures that were or will be incurred by the Utility; • the timing and outcome of PG&E Corporation’s and the Utility’s litigation, including securities class action claims, and wildfire-related litigation; • the Utility’s ability to manage its costs effectively, timely recover costs through rates, and achieve projected savings and the extent of excess unrecoverable costs; • the tax treatment of certain assets and liabilities, including whether PG&E Corporation or the Utility undergoes an “ownership change” that limits certain tax attributes; • the impact of growing distributed and renewable generation resources, and changing customer demand for its natural gas and electric services; and • the other factors disclosed in PG&E Corporation’s and the Utility’s joint Annual Report on Form 10-K for the year ended December 31, 2023 (the “Form 10-K”) and other reports filed with the SEC, which are available on PG&E Corporation’s website at www.pgecorp.com and on the SEC’s website at www.sec.gov. Undefined, capitalized terms have the meanings set forth in the Form 10-K. Unless otherwise indicated, the statements in this presentation are made as of February 22, 2024. PG&E Corporation and the Utility undertake no obligation to update information contained herein. This presentation was attached to PG&E Corporation’s and the Utility’s joint Current Report on Form 8-K that was furnished to the SEC on February 22, 2024 and is also available on PG&E Corporation’s website at www.pgecorp.com.

3 Endnotes are included in the Appendix. Delivered On 2023, Lifting 2024 And Beyond… …Differentiated Performance For Customers AND Investors NON-GAAP CORE EPS1 RESULTS 2023 and 2024 10% At least 2025 - 2028 9% At least EPS GROWTH Fourth Quarter 47¢ Full Year $1.23 High End 2024 GUIDANCE $1.31 - $1.35 $1.33 - $1.37 Original New No New Equity ~9.5% CAGR RATE BASE Extended Raised 57 63 68 73 82 90 2023A 2024F 2025F 2026F 2027F 2028F $B

4 Endnotes are included in the Appendix. 2021A 2022A 2023A 2024F 2025F 2026F 2027F 2028F Simple, Affordable Model In Action1… …Maximizing Customer Work, Building On Actual Results At Least 9%At Least 9% At Least 9%At Least 9%At Least 10% $1.10 $1.23 $1.002 $1.21 +10% +10% Redeployment Redeployment Cost Performance and GRC Redeployment and Balance Sheet Strengthening Annual Guidance Headwinds and Tailwinds Storm Response and Interest Rates +12% EPS Growth3 Non-Fuel O&M Reduction4 2022 3% 2023 5½% Prior Forecast New Forecast

5 Endnotes are included in the Appendix. PLAN1 Simple, Affordable Model… …Key To Building Trust Customer Capital Investment ~9% Enablers -O&M cost reduction (non-fuel)2 2% -Electric load growth3 1% - 3% -Other (including efficient financing)4 2% Subtotal 5% - 7% Customer Bills: At or Below Assumed Inflation 2% - 4%

6 Endnotes are included in the Appendix. Affordable Business Model… …Delivers Bill Curve Below Inflation Combined Electric & Gas Monthly Bill: Residential Bundled Non-CARE GRC Deferred Collections Roll Off ▪ 2022 WMCE IRR ▪ 2023 GRC Collections One-Time Deferred Recovery 2% - 4% Average Annual Increase 2023 - 2026 230 240 250 260 270 280 290 300 2023 2024 2025 2026 Monthly Bill Forecast ($)1

7 Endnotes are included in the Appendix. 134 201 91 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2021 2017 2022 2023 Physical Risk Mitigations… …Are Reducing Ignitions 2 PSPS Events94% Wildfire Risk Reduction1 0 Catastrophic Wildfires HFTD + HFRA Weather-Normalized Ignition Rates R3+ per 100k Circuit Mile Days Cumulative CPUC-Reportable2 Ignitions in HFTD + HFRA 20172023 2022 2021 68% IGNITIONS DOWN vs. 2017 71% IGNITION RATE DOWN vs. 2017 2023 Data updated as of 12/31/2023 65 3.23 2.67 2.25 2.76 1.93 0.95 2017 2018 2019 2020 2021 2022 2023 0.93

8 Endnotes are included in the Appendix. Differentiated Growth And Regulatory Visibility… …Building Trust With Customers AND Investors PREMIUM RATE BASE & CORE EPS GROWTH1 NON-FUEL O&M REDUCTIONS6 LOAD GROWTH3 2023 share of new registrations in service area vs. 23% in 2022 Projecting ~70% increase in load growth over the next 20 years 3x increase in data center applications in 2023 compared to prior 4 years 28% EVs REGULATORY & POLICY ENVIRONMENT 4-Year Revenue Certainty Fair ROE Cost of Capital Adjustment Mechanism Constructive Legislation SB 884, SB 846, SB 410 CA Carbon Neutrality by 2045 ~9.5% CAGR $1.00 2 $1.10 $1.23 10% 9% 9% 9% 9% 21A 22A 23A 24F 25F 26F 27F 28F 2022A 3% 2023A 5½% 2024F 2% 57 63 68 73 82 90 23A 24F 25F 26F 27F 28F -5½% -6 0 6 12 1 2 3 4 5 6 7 8 9 10 11 12 13 14 2017-2021 AveragePercent PG&E PG&E -3% 22 23 Peers $B

9 Waste Elimination in 2023 Average Construction Cycle Time (Months) 2023 Average Unit Cost Per Mile Improved Reliability Avoided PSPS & Storm Outages Performance Playbook: Undergrounding …Delivering Predictable Results Jan 2023 0 Miles December 2023April 2023 5 Miles Significant work ahead ❑ Design, Easements ❑ 345 miles of trenching ❑ 350 miles of cable pulling 364 Miles Completed and Energized in 2023 15 Atmospheric Rivers Civil work near standstill June 2023 27 Miles Standard Work Improves Trend Lean playbook at work $68M Savings 5½ February 2023 3½ Today <$3M $3.3M TARGET 15,000 Customers

10 Endnotes are included in the Appendix. Changes from prior quarter noted in blue Metric 2023 Result 2023 Goal Long-Term Goal Catastrophic Wildfires1 0 0 0 Undergrounding Circuit Miles 364 350 10,000 Annual O&M Cost Reduction (Non-Fuel)2 5½% 2% 2% Rate Base Growth3 ~9.5% CAGR 2023 - 2028 Non-GAAP Core EPS Growth4 12% At least 10% 2023 & 2024 at least 10% 2025 & 2026 at least 9% 2027 & 2028 at least 9% FFO/Debt5 Mid teens by 2024 PG&E Corporation Debt $2+ billion debt paydown by end of 2026 2023 Report Card… …Performance Is Power ON TRACK ON TRACK ON TRACK

11 Endnotes are included in the Appendix. $1.10 15¢ $1.23 (5¢)3¢ Full Year 2023 vs. 2022 Non-GAAP Core EPS1 Comparison… …Delivered 2023 At High–End Of Guidance Range 2023 EOY 2022 EOY Customer Capital Investment (Final GRC Decision) Operating & Maintenance / Other Redeployment

12 Endnotes are included in the Appendix. Sector Leading Rate Base Growth… …Drives Future Earnings Growth Plus at least $5B additional investment opportunities4 1 Transportation Electrification Capacity Investments 3 Incremental New Business Connections 4 Hydro & Storage 5 IT & Automation 2 Transmission Upgrades: Data Centers & System Investments ~9.5% CAGR 2023-2028 CPUC FERC % already authorized2 93% 91% 90% 84% 80% $62B 2024-2028 +20% vs. $52B 2023-2027 Weighted Average Rate Base ($B)1 CapEx ($B)3 11 11 12 13 14 15 46 52 56 60 68 75 57 63 68 73 82 90 2023A 2024F 2025F 2026F 2027F 2028F 1.4 1.5 2.1 1.8 1.8 1.9 8.4 8.8 10.6 9.7 11.8 12.1 9.8 10.4 12.7 11.5 13.6 14.0 2023A 2024F 2025F 2026F 2027F 2028F 93 $5B

13 Endnotes are included in the Appendix. Capital Investment For Customers… …Also Improves Cash Flow $5 $8 $11 -$4 -$2 -$3 -6 -4 -2 0 2 4 6 8 10 12 14 2023A 2024F 2025F 2026F 2027F 2028F Capital Investment1 Operating Cash Flow Cash Flow Pre-Dividend Amount (billions) $ $33 $31 $28 $26 $25 $23Federal NOLs ($B) 2024 Cash Flow Drivers • 2023 GRC Catch-Up • 2024 GRC Revenue • Interim Rate Relief

14 Endnotes are included in the Appendix. Simple, Affordable Model… …Creates Room For Customer Capital Investment Examples of O&M Cost Reductions (Non-Fuel) Efficient Financing Sale of Minority Interest in Pac Gen | DOE Loan Program 2022 Actual 2023 Actual 2024 Plan Long-Term Plan Good Business Decisions and Savings Through Lean (millions) (millions) (millions) (millions) - Resource Management $ 25 $ 90 $ 65 $ 65 - Efficiencies & Insurance 270 350 150 50 - Capital Conversion 100 - 5 30 30 - Planning, Execution, and Automation 50 130 155 195 Net Cost Increases (115) (60)6 (200) (140) Net Savings $ 330 $ 510 $ 200 $ 200 Percent Savings MODEL1 PLAN Customer Capital Investment ~9% Enablers -O&M cost reduction (non-fuel)2 2% -Electric load growth3 1% - 3% -Other (including efficient financing)4 2% Subtotal 5% - 7% Customer Bills: At or Below Assumed Inflation 2% - 4% 5½%3% 2% 2%

15 Working With Policymakers And Stakeholders… …To Execute Our Plan Financial Risk Mitigation Physical Risk Mitigation Jun 2023 2022 WMCE Interim Rate Relief Jan 2024 2023 Safety Certificate Issued May 2023 Safety Culture Proceeding Resolved Jan 2023 Wildfire Self-Insurance Settlement May 2023 Zogg Fire Settlement Approved Oct 2023 SB 410 Signed TBD Pacific Generation Proposed Decision TBD 2024 File 10- Year Under- grounding Plan Nov 2023 Diablo Canyon NRC Filing Jun 2024 GRC Phase 2 Proposed Decision Dec 2023 2023 WMP Final Decision Jan 2024 Dixie Fire Settlement Approval Sep 2023 2023 GRC Proposed Decisions Oct 2023 FERC TO21 Filing Nov 2023 2023 GRC Final Decision Dec 2023 Cost of Capital AL Approval Jan 2024 2023 WGSC Interim Rate Relief PD

16 Endnotes are included in the Appendix. Differentiated Performance… …Benefits Customers AND Investors 2022A 2023A 2024F Future Customer Investment Rate Base Growth 5.5% 14.5% 10.5% CA Regulatory Ranking (RRA) Average/2 Average/1 Above Average Affordable Model Non-Fuel O&M Reduction1 3% 2% Load Growth2 Bills3 Credit Ratings BB-/Ba2 BB- /Ba2 Consistent Performance Non-GAAP Core EPS Growth4 10% 12% Operating Cashflow $3.7B $4.7B $8.3B $10B+ Performance Playbook Enterprise Lean Maturity N/A 44% 51% 80% Risk Reduction Safety Certification Valid through 1/22/25 Financial S&P 500 / Rate Neutral Securitization Common Dividend / Fire Victim Trust Exit 2% - 4% Premium Multiple 1 - 3 2% - 4% Investment Grade Premium Multiple 5½% 2% At Least 10% At Least 9% 2025 - 2028

17 Endnotes are included in the Appendix. Performance Is Power… …Turnaround On Track 2023 Future 2023 Non-GAAP Core EPS1: $1.23 High end of range Non-fuel O&M2: Down 5½% Exceeded target Wildfire Ignition Rate: 0.93 New low Wildfire Risk Reduction3: 94% Up from 90% Miles Undergrounded: 364 Above target and below budget CapEx and Rate Base Rate Base Growth ~9.5% Extended to 2028 5-Year CapEx $62B 20% Higher EPS Growth 9% At least Extended to 2028 $1.33 - $1.37 2024 Guidance Rebased Higher Mid teens FFO/Debt in 2024 No new equity in 2024 2-4% Customer bill growth4 2023 - 2026 Affordable

Q&A Carolyn Burke EVP, Chief Financial Officer Patti Poppe Chief Executive Officer Investor Meeting June 12, 2024 New York

Appendix

20 Table of Contents Appendix # Title Slide (Link) Appendix 1 2024 Factors Impacting Earnings Slide 21 Appendix 2 GRC Final Decision Slide 22 Appendix 3 Expected Recovery of Wildfire-Related Costs Slide 23 Appendix 4 AB 1054 Protections Slide 24 Appendix 5 SB 846 Diablo Canyon Legislation Slide 25 Appendix 6 Pacific Generation Minority Sale Slide 26 Appendix 7 Wildfire Mitigation Plan Progress Slide 27 Appendix 8 Physical Risk Mitigation Then & Now Slide 28 Appendix 9 PG&E Utility Securitization Program Slide 29 Appendix 10 Regulatory Progress Slide 30 Appendix 11 Presentation Endnotes Slide 31-33 Appendix 12 Supplemental Earnings Materials Slide 34-45

21 Endnotes are included in the Appendix. Changes from prior quarter noted in blue Non-Core Items5 Key Factors Affecting Non-GAAP Core Earnings7 ($ millions after tax) Unrecoverable net interest8 $285 - $365 Other earnings factors including AFUDC equity, incentive revenues, tax benefits, and cost savings, net of below-the-line costs Weighted Average Rate Base2 ($ millions after tax) Estimated non-core items guidance $480 - $490 Non-core items cash portion6 $290 CPUC $52B FERC $11B Total Rate Base $63B Equity Ratio:3 52% Return on Equity:3 10.7%4 Key Ranges Non-GAAP Core EPS1 $1.33 - $1.37 New Equity in 2024 $0 Appendix 1: 2024 Factors Impacting Earnings

22 Appendix 2: GRC Final Decision 2023 2024 2025 2026 $13.52 $14.24 $14.60 $14.80 Revenue Catch-Up • Cash collection of 2023 incremental revenue requirement • Softens 2024 rates and lowers bills in 2026 Escalation • Increases reflecting incremental inflation in 2021 and 2022 Undergrounding • Adopts over 60% of requested 2023-2026 miles • Permanent wildfire risk reduction Wildfire Mitigation • Funds critical wildfire risk mitigation programs Authorized Miles EPSS & PSPS Month Amortization Funds 163 miles per year for gas distribution pipe replacement Fully funds requested annual energization work Revenue Requirement $B IMPROVED 36 24 25% 50% IMPROVED IMPROVED 973 1,230 RESTORED

23 Endnotes are included in the Appendix. Appendix 3: Expected Recovery Of Wildfire-Related Costs Amounts may not sum due to rounding. Approved Cost Recovery (Final Decisions) Expected Rate Recovery by Year Application Recovery Through Balance at 9/30/2023 Q4 Expense Q4 Rate Recovery As of 12/31/2023 2024 2025 2026+ 2023 GRC1 12/31/2026 199 786 (1,040) (55) (55) - - 2020 WMCE 2/28/2025 446 6 (85) 367 326 41 - 2021 WMCE 12/31/2025 666 1 (99) 568 359 209 - Total 1,312 792 (1,225) 879 630 250 - Pending & Future Cost Recovery (Settled, Filed, or Yet to be Filed) Expected Rate Recovery by Year Application Expected Amortization Balance at 9/30/2023 Q4 Expense Q4 Rate Recovery Q4 Filings As of 12/31/2023 2024 2025 2026+ 2021 WMCE 24 months 592 (32) - - 561 561 - - 2022 WMCE 24 months 909 (46) (272) - 590 567 23 - 2023 WGSC 24 months 511 (29) - - 483 181 241 60 2023 WMCE 24 months - - - 1,012 1,012 342 411 259 Yet to be Filed TBD 2,670 (508) - (1,012) 1,150 - - 1,150 Total 4,683 (614) (272) - 3,796 1,651 675 1,470 Expected Cash Flow Recovery from Previously Incurred Wildfire-Related Spend $0.9B Approved $2.6B Pending $1.2B Yet to be Filed

24 Endnotes are included in the Appendix. Protections Offered Under AB 1054 Appendix 4: AB 1054 Protections Physical Risk Reduction Drives Financial Protections • Liquidity available as soon as claims paid exceed $1B2 • Wildfire Fund with $21B claims paying capacity (sized to last 15+ years) Liquidity Available when needed Cost Recovery Improved prudency standard1 Reimbursement Maximum liability capped • Utility conduct presumed prudent • Can apply to CPUC for recovery of claims above insurance but below $1B • Beginning in 2023, self-insurance applies • If found imprudent: reimburse Wildfire Fund • Obligation capped at 20% of electric T&D equity rate base, 3 Yr rolling basis (~$3.7B)3 • If found prudent: no Wildfire Fund reimbursement required Physical Risk Mitigations1 Approved Wildfire Mitigation Plan (WMP) 2 Wildfire Safety Certification3

25 Endnotes are included in the Appendix. Cost Recovery 2022-20241 2025-20302 ▪ Ongoing O&M and rate base recovery through the GRC ▪ $1.4B in state funding available to support extended operations ▪ $1.1B in extension costs; to be reimbursed from DOE Civil Nuclear Credit program ▪ Up to $300M available to invest in business through a $7/MWh transition fee starting 9/2/22 ▪ $100M/year in lieu of traditional rate base return ▪ Annual automatic true-up mechanism for costs ▪ $13/MWh performance fee upside to be deployed for customer benefit Pre-Extension Period Extension Period Appendix 5: SB 846 Diablo Canyon Legislation 9/2/22 Governor Newsom signed SB 846 1/11/24 Finalized terms with DOE for up to $1.1B via the Civil Nuclear Credit Program 10/18/22 Executed $1.4B loan agreement with DWR 3/2/23 NRC approved exemption request allowing continued operations at DCPP 11/7/23 Filed for NRC license renewal 12/14/23 CPUC final decision conditionally approving extended operations 12/19/23 NRC determined license renewal application sufficient TBD NRC Environmental Impact Statement & Safety Evaluation Report

26 Endnotes are included in the Appendix. Appendix 6: Pacific Generation Minority Sale ~$3.4B 2023 Rate Base1 Generation Capacity Corporate Structure and Return ▪ Pacific Generation will be a stand-alone PG&E subsidiary with separate management and Board ▪ Revenue requirement would be set through the GRC and cost of capital proceedings, essentially unchanged from the current process ▪ Pacific Generation would be capitalized in line with authorized CPUC capital structure Hydro 2,700 MW Battery and Pumped Storage 1,350 MW Natural Gas 1,400 MW Solar 152 MW 5.6GW Efficient Financing ▪ Sale proceeds reinvested into PG&E system ▪ Retain owned-generation benefits with no rate impact ▪ Additional capital source for generation safety, reliability and clean energy investments ▪ Credit positive transaction 9/28/22 Application (A.22-09-018) and testimony filed 9/28/22 TBD 2024 Proposed Decision Expected, per Scoping Ruling June 2024 Advice Letters approval of investor(s) and final transaction documents Transaction Closes Customers Investors AND

27 Endnotes are included in the Appendix. Appendix 7: Wildfire Mitigation Plan Progress Undergrounding Our Lines Undergrounding powerlines to reduce wildfires caused by equipment System Hardening Strengthening our grid by installing stronger poles, covered powerlines and undergrounding Sectionalizing Devices and Transmission Switches Separating the grid into smaller sections and narrowing the scope of Public Safety Power Shutoffs High-Definition Cameras Monitoring and responding to wildfires through increased visibility Weather Stations Better predicting and responding to severe weather threats 7 48 120 300 664 2019 2020 2021 2022 2023 2024 914 188 530 741 1,224 1,671 2019 2020 2021 2022 2023 2024 1,951 241 899 1,209 1,351 1,427 2019 2020 2021 2022 2023 133 349 502 602 602 2019 2020 2021 2022 2023 627 1,005 1,313 1,424 1,424 2019 2020 2021 2022 2023 2019-2023 ACTUALS1 STATIONS INSTALLED 1,424 CAMERAS INSTALLED 602 DEVICES INSTALLED 1,427 LINE MILES HARDENED 1,671 MILES COMPLETED 664 2024 TARGET MILES 250 LINE MILES 280 PROGRAM COMPLETED PROGRAM COMPLETED PROGRAM COMPLETED

28 Appendix 8: Physical Risk Mitigation Progress Then & Now High-Definition Cameras with AI Capability Weather Stations Hazard Awareness Warning Center Advanced Meteorology & Fire Science Models ASSET IMPROVEMENTS Undergrounding System Hardening Sectionalizing Devices Trees Removed SITUATIONAL AWARENESS 2017 2023 OPERATIONAL MITIGATIONS EPSS PSPS 10K UG Program HD Cameras Weather Stations Wildfire Mitigation Plan EPSS Partial voltage force out Transmission operational controls PSPS Safety & infrastructure protection teams Downed conductor detection New or Expanded in 2023 MILES COMPLETED 664 LINE MILES HARDENED 1,671 DEVICES INSTALLED 1,427 TREES REMOVED 3.3M 2019-2023 Actuals CAMERAS INSTALLED 602 STATIONS INSTALLED 1,424 MONITORING 24/7/365

29 The Utility has completed $9.3B of $10.7B expected securitization issuances • AB 1054 signed into law on July 12, 2019 • Up to $3.2B across several bond issuances • Reimburse capital expenses associated with wildfire risk mitigation • First financing order became final, non-appealable on July 6, 2021 • Second financing order became final, non-appealable on August 15, 2022 • $860M recovery bonds issued in November 2021 • $983M recovery bonds issued in November 2022 • Third securitization application to issue $1.38B recovery bonds filed August 10, 2023. Final Decision issued February 15, 2024. • SB 901 signed into law on September 21, 2018 • Up to $7.5B in up to three issuances by December 31, 2022 • Pay or reimburse the Utility for incurred costs and expenses relating to catastrophic wildfires ignited in 2017 • Financing order issued on May 11, 2021 • Financing order became final and non-appealable as of February 28, 2022 Issuances complete • $3.6B issued in May 2022 • $3.9B issued in July 2022 Statutory Authority: Total Issuance Amount: Use of Proceeds: Financing Order: Securitization Timing: Rate Neutral Securitization A.20-04-023 AB 1054 Securitization A.22-03-010 Complete Appendix 9: PG&E Utility Securitization Program

30 Endnotes are included in the Appendix. Changes from prior quarter noted in blue Regulatory Case/Filing Docket Status as of February 2024 Expected Milestones1 2023 GRC A.21-06-021 2023 GRC Application filed 6/30/21 Wildfire Self-Insurance Final Decision received 1/12/23 Phase 2 Testimony submitted 9/15/23 Final Decision received 11/16/23 Phase 2 Proposed Decision June 2024 TO21 ER24-96-000 Application filed 10/13/2023 2023 Cost of Capital A.22-04-008 2023 Application filed 4/20/22 Final Decision 12/15/22 Phase 2 Opening Testimony submitted 1/29/2024. ACCAM Tier 2 Advice Letter approved 12/22/23 (4813-G/7046-E) 2021 WMCE A.21-09-008 Application filed 9/16/21 Settlement filed 1/18/23 (excludes VMBA) Final Decision on Settlement 8/31/23 2022 WMCE A.22-12-009 Application filed 12/15/22 Interim rate relief granted 6/8/23 Proposed Decision Q1 2024 2023 WMCE A.23-12-001 Application and Interim Rate Relief request filed 12/1/23 2022 Wildfire Mitigation Plan 2022-WMPs R.18-10-007 Final Decision by OEIS received 11/10/22 CPUC ratified 12/15/22 2023 Wildfire Mitigation Plan 2023-2025-WMPs Submitted 3/27/23 Revision Notice issued 6/22/23 Final Decision by OEIS received 12/29/23 CPUC ratified 2/15/24 2022 Safety Certificate 2022-SCs Submitted 9/14/22 Safety Certificate issued by OEIS 12/13/22 2023 Safety Certificate 2023-SCs Filed 12/1/23 Safety Certificate issued by OEIS 1/22/24 Minority Interest Sale in Pacific Generation LLC A.22-09-018 Filed 9/28/22 Schedule modified on 3/30/23 Proposed Decision within 90 days of 10/5/23 Wildfire and Gas Safety Costs A.23-06-008 Filed 6/15/23 Interim Rate Relief Proposed Decision issued 2/1/24 Proposed Decision within 90 days of 8/26/24 Appendix 10: Regulatory Progress

31 Slide titles are hyperlinksSlide 3: Delivered On 2023, Lifting 2024 And Beyond 1. Non-GAAP core EPS is not calculated in accordance with GAAP. See Appendix 12, Exhibits A and C for reconciliations of EPS results and guidance, respectively, on a GAAP basis to non-GAAP core earnings per share and Appendix 12, Exhibit E regarding non-GAAP financial measures. Slide 4: Simple, Affordable Model In Action 1. Gray line illustrates headwinds and tailwinds to delivering on annual non-GAAP core EPS guidance, as well as the impact of PG&E Corporation's and the Utility's responses to such developments. For instance, headwinds may include cost productivity below budget; unfavorable regulatory, legislative, or tax outcomes; interest expense; or assumptions or planning regarding the foregoing. Tailwinds may include cost productivity above budget; favorable regulatory, legislative, or tax outcomes; interest income; or assumptions or planning regarding the foregoing. Redeployment may include accelerating work; timing of adoption of tax or accounting standards; timing of regulatory settlements; additional safety inspections; and contributions to The PG&E Corporation Foundation. 2. Non-GAAP core EPS for the full year 2020 was $1.61 based on weighted average of approximately 1.257 billion shares outstanding. For illustrative purposes, 2020 non-GAAP core EPS has been recast using common shares outstanding on a fully diluted basis as of December 31, 2020 of approximately 2.124 billion shares. Non-GAAP core EPS for the full year 2021 was $1.00 per share on a fully diluted basis and $1.08 using a basic share count. The impact of dilution was $(0.08) per share. See Appendix 9, Exhibit A of the earnings presentation for the fourth quarter and full year 2021, available here, for a reconciliation of EPS results on a GAAP basis to non-GAAP core earnings per share and Appendix 9, Exhibit H regarding non-GAAP financial measures. 3. Non-GAAP core EPS is not calculated in accordance with GAAP. See Appendix 12, Exhibit A for a reconciliation of EPS results on a GAAP basis to non-GAAP core earnings per share and Appendix 12, Exhibit E regarding non-GAAP financial measures. 4. The Utility’s cost reduction strategies include increased efficiency and waste elimination driven by implementing the Lean operating system, improving its work management, identifying additional opportunities to improve its capital-to-expense ratio, and an improved organizational design. Factors that may cause the Utility’s actual results to differ materially from its forecasts include whether the Utility can control its operating costs within the authorized levels of spending and timely recover its costs through rates; whether the Utility can achieve projected savings; the extent to which the Utility incurs unrecoverable costs that are higher than the forecasts of such costs; 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. 2% reduction calculated based on the prior year’s operating and maintenance costs, excluding non-core items, balancing account deferrals, redeployment above base plan, property taxes, and certain state-mandated programs where the Utility’s role is to facilitate achieving public policy goals regarding energy efficiency, the cost of which the Utility recovers. Reductions available for redeployment. Slide 5: Simple, Affordable Model 1. These numbers are illustrative approximations and should not be interpreted as a guarantee of future performance. 2. The Utility’s cost reduction strategies include increased efficiency and waste elimination driven by implementing the Lean operating system, improving its work management, identifying additional opportunities to improve its capital-to-expense ratio, and an improved organizational design. Factors that may cause the Utility’s actual results to differ materially from its forecasts include whether the Utility can control its operating costs within the authorized levels of spending and timely recover its costs through rates; whether the Utility can achieve projected savings; the extent to which the Utility incurs unrecoverable costs that are higher than the forecasts of such costs; 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. 2% reduction calculated based on the prior year’s operating and maintenance costs, excluding non-core items, balancing account deferrals, redeployment above base plan, property taxes, and certain state-mandated programs where the Utility’s role is to facilitate achieving public policy goals regarding energy efficiency, the cost of which the Utility recovers. Reductions available for redeployment. 3. Expected drivers of forecasted electric load growth include electrification and electric vehicle adoption. 4. Factors that may cause the Utility’s actual results to differ materially from its forecasts include 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; their ability to raise financing through securitization transactions; actions by credit rating agencies to downgrade PG&E Corporation’s or the Utility’s credit ratings; and the impact of any changes in federal or state tax laws, policies, regulations, or their interpretation, and PG&E Corporation’s and the Utility’s ability to obtain efficient tax treatment. Slide 6: Affordable Business Model 1. Factors that may cause customer bills to differ from forecast include risks and uncertainties associated with energy supply costs, emergency response costs, the timing and outcomes of regulatory proceedings, and customer energy usage. This forecast assumes procurement costs remain constant. Slide 7: Physical Risk Mitigations 1. Based on a comparison in the Utility's GRC testimony of the wildfire risk score for a baseline risk level to a risk level reflecting the Utility’s mitigation work. Risk scores are calculated using the scoring methodology established by the CPUC in the Safety Model Assessment Proceeding, which reflects the frequency with which various risks are expected to occur and the potential safety, reliability, and financial impacts of varying degrees of wildfire severity. 2. A reportable fire incident per Decision 14-02-015 is a fire event that meets the following criteria: 1) ignition is associated with the Utility's power lines (either transmission or distribution), 2) something other than the Utility's facilities burned, and 3) the resulting fire travelled more than one meter from the ignition point. Slide 8: Differentiated Growth And Regulatory Visibility 1. Non-GAAP core EPS is not calculated in accordance with GAAP. See Appendix 12, Exhibit C for a reconciliation of EPS guidance on a GAAP basis to non-GAAP core earnings per share and Appendix 12, Exhibit E regarding non-GAAP financial measures. 2. Non-GAAP core EPS for the full year 2020 was $1.61 based on weighted average of approximately 1.257 billion shares outstanding. For illustrative purposes, 2020 non-GAAP core EPS has been recast using common shares outstanding on a fully diluted basis as of December 31, 2020 of approximately 2.124 billion shares. Non-GAAP core EPS for the full year 2021 was $1.00 per share on a fully diluted basis and $1.08 using a basic share count. The impact of dilution was $(0.08) per share. See Appendix 9, Exhibit A of the earnings presentation for the fourth quarter and full year 2021, available here, for a reconciliation of EPS results on a GAAP basis to non-GAAP core earnings per share and Appendix 9, Exhibit H regarding non-GAAP financial measures. 3. Expected drivers of forecasted electric load growth include electrification and electric vehicle adoption. 4. The Utility’s cost reduction strategies include increased efficiency and waste elimination driven by implementing the Lean operating system, improving its work management, identifying additional opportunities to improve its capital-to-expense ratio, and an improved organizational design. Factors that may cause the Utility’s actual results to differ materially from its forecasts include whether the Utility can control its operating costs within the authorized levels of spending and timely recover its costs through rates; whether the Utility can achieve projected savings; the extent to which the Utility incurs unrecoverable costs that are higher than the forecasts of such costs; 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. 2% reduction calculated based on the prior year’s operating and maintenance costs, excluding non-core items, balancing account deferrals, redeployment above base plan, property taxes, and certain state-mandated programs where the Utility’s role is to facilitate achieving public policy goals regarding energy efficiency, the cost of which the Utility recovers. Reductions available for redeployment. 5. Excludes fuel, purchased power costs, employee pensions and benefits, and injuries and damages for all utilities other than PG&E. The five-year average is calculated from 2017 through 2021. List of Peers: Alliant Energy Corporation, Ameren Corporation, American Electric Power Company Inc., CMS Energy Corporation, Consolidated Edison Inc., DTE Energy Company, Duke Energy Corporation, Edison International, Evergy Inc., Eversource Energy, NiSource Inc., Pinnacle West Capital Corporation, The Southern Company, WEC Energy Group Inc., Xcel Energy Inc. Appendix 11: Presentation Endnotes

32 Slide titles are hyperlinksSlide 10: 2023 Report Card 1. Defined by OEIS as a fire that caused at least one death, damaged over 500 structures, or burned over 5,000 acres. 2. 2% reduction calculated based on the prior year's operating and maintenance costs, excluding non-core items, balancing account deferrals, redeployment above base plan, property taxes, and certain state-mandated programs where the Utility’s role is to facilitate achieving public policy goals regarding energy efficiency, the cost of which the Utility recovers. Reductions available for redeployment. 3. In accordance with AB 1054, $3.21 billion of fire risk mitigation capital expenditures has been excluded from the Utility's equity rate base. 4. Non-GAAP core EPS is not calculated in accordance with GAAP. See Appendix 12, Exhibits A and C for reconciliations of EPS results and guidance, respectively, on a GAAP basis to non-GAAP core earnings per share and Appendix 12, Exhibit E regarding non-GAAP financial measures. 5. FFO/Debt is not calculated in accordance with GAAP. Because PG&E Corporation is not able to estimate the impact of specific line items, which have the potential to significantly impact the company’s FFO/Debt in future periods, it is not providing a reconciliation for the comparable future period FFO/Debt. Slide 11: Non-GAAP Core EPS Comparison 1. Non-GAAP core EPS is not calculated in accordance with GAAP. See Appendix 12, Exhibit A for a reconciliation of EPS results on a GAAP basis to non-GAAP core earnings per share and Appendix 12, Exhibit E regarding non-GAAP financial measures. Slide 12: Sector Leading Rate Base Growth 1. Weighted average rate base is the Utility’s equity rate base including non-nuclear generation assets. 2. Percentage already authorized represents the portion of CPUC-jurisdictional rate base adopted in the 2023 GRC for years 2023 through 2026 and holding constant in 2027 and 2028; and assumes FERC-jurisdictional rate base is equivalent to amounts requested in the formula rate through Transmission Owner rate proceedings for years 2024 through 2028. 3. Rate base point estimates reflect authorized capital expenditures from the 2023 GRC final decision (including the full amount recoverable through a balancing account where applicable) and above authorized capital spend that will support the Utility's plan, including strategic capital investments in electrification, energization, undergrounding and wildfire mitigation. 4. Upside opportunities of at least $5 billion are not reflected in the CapEx or rate base numbers. Slide 13: Capital Investment For Customers 1. Capital Investment, as presented, is equivalent to Cash from Investment Activities on the Statement of Cash Flows, and as such, includes CapEx, contributions and withdrawals from the Customer Credit Trust, and certain other Balance Sheet items. Slide 14: Simple, Affordable Model 1. These numbers are illustrative approximations and should not be interpreted as a guarantee of future performance. 2. The Utility’s cost reduction strategies include increased efficiency and waste elimination driven by implementing the Lean operating system, improving its work management, identifying additional opportunities to improve its capital-to-expense ratio, and an improved organizational design. Factors that may cause the Utility’s actual results to differ materially from its forecasts include whether the Utility can control its operating costs within the authorized levels of spending and timely recover its costs through rates; whether the Utility can achieve projected savings; the extent to which the Utility incurs unrecoverable costs that are higher than the forecasts of such costs; 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. 2% reduction calculated based on the prior year's operating and maintenance costs, excluding non-core items, balancing account deferrals, redeployment above base plan, property taxes, and certain state-mandated programs where the Utility’s role is to facilitate achieving public policy goals regarding energy efficiency, the cost of which the Utility recovers. Reductions available for redeployment. 3. Expected drivers of forecasted electric load growth include electrification and electric vehicle adoption. 4. Factors that may cause the Utility’s actual results to differ materially from its forecasts include 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; their ability to raise financing through securitization transactions; actions by credit rating agencies to downgrade PG&E Corporation’s or the Utility’s credit ratings; the supply and price of electricity, natural gas, and nuclear fuel; its use of self-insurance for wildfire liability insurance; and the impact of any changes in federal or state tax laws, policies, regulations, or their interpretation, and PG&E Corporation’s and the Utility’s ability to obtain efficient tax treatment. 5. Denoted amount is immaterial. 6. A higher discount rate used to measure the projected benefit costs at December 31, 2023 compared to December 31, 2022 resulted in lower pension and other post-retirement benefits service cost in the amount of $321 million. This decrease is embedded in 2023 net cost increases. Slide 16: Differentiated Performance 1. 2% reduction calculated based on the prior year's operating and maintenance costs, excluding non-core items, balancing account deferrals, redeployment above base plan, property taxes, and certain state-mandated programs where the Utility’s role is to facilitate achieving public policy goals regarding energy efficiency, the cost of which the Utility recovers. Reductions available for redeployment. The Utility’s cost reduction strategies include increased efficiency driven by implementing the Lean operating system, improving its work management, identifying additional opportunities to convert expenses to capital expenditures, and an improved organizational design. Factors that may cause the Utility’s actual results to differ materially from its forecasts include whether the Utility can control its operating costs within the authorized levels of spending and timely recover its costs through rates; whether the Utility can achieve projected savings; the extent to which the Utility incurs unrecoverable costs that are higher than the forecasts of such costs; 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. 2. Expected drivers of forecasted electric load growth include electrification and electric vehicle adoption. 3. Factors that may cause customer bills to differ from forecast include risks and uncertainties associated with energy supply costs, emergency response costs, the timing and outcomes of regulatory proceedings, and customer energy usage. 4. Non-GAAP core EPS is not calculated in accordance with GAAP. See Appendix 12, Exhibits A and C for reconciliations of EPS results and guidance, respectively, on a GAAP basis to non-GAAP core earnings per share and Appendix 12, Exhibit E regarding non-GAAP financial measures. 5. CAGR is from 2023 through 2028. Appendix 11: Presentation Endnotes

33 Slide titles are hyperlinks Appendix 11: Presentation Endnotes Slide 17: Performance Is Power 1. Non-GAAP core EPS is not calculated in accordance with GAAP. See Appendix 12, Exhibits A and C for reconciliations of EPS results and guidance, respectively, on a GAAP basis to non-GAAP core earnings per share and Appendix 12, Exhibit E regarding non-GAAP financial measures. 2. 2% reduction calculated based on the prior year's operating and maintenance costs, excluding non-core items, balancing account deferrals, redeployment above base plan, property taxes, and certain state-mandated programs where the Utility’s role is to facilitate achieving public policy goals regarding energy efficiency, the cost of which the Utility recovers. Reductions available for redeployment. The Utility’s cost reduction strategies include increased efficiency driven by implementing the Lean operating system, improving its work management, identifying additional opportunities to convert expenses to capital expenditures, and an improved organizational design. Factors that may cause the Utility’s actual results to differ materially from its forecasts include whether the Utility can control its operating costs within the authorized levels of spending and timely recover its costs through rates; whether the Utility can achieve projected savings; the extent to which the Utility incurs unrecoverable costs that are higher than the forecasts of such costs; 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. 3. Based on a comparison in the Utility's GRC testimony of the wildfire risk score for a baseline risk level to a risk level reflecting the Utility’s mitigation work. Risk scores are calculated using the scoring methodology established by the CPUC in the Safety Model Assessment Proceeding, which reflects the frequency with which various risks are expected to occur and the potential safety, reliability, and financial impacts of varying degrees of wildfire severity. 4. Factors that may cause customer bills to differ from forecast include risks and uncertainties associated with energy supply costs, emergency response costs, the timing and outcomes of regulatory proceedings, and customer energy usage. Slide 21: Appendix 1: 2024 Factors Impacting Earnings 1. Non-GAAP core EPS is not calculated in accordance with GAAP. See Appendix 12, Exhibit C for a reconciliation of EPS guidance on a GAAP basis to non-GAAP core earnings per share and Appendix 12, Exhibit E regarding non-GAAP financial measures. 2. 2024 equity earning rate base reflects 2023 GRC final decision, the April 15, 2021 FERC order denying the Utility's request for rehearing related to TO18, and TO20 formula rate. 3. The capital structure of an investor-owned utility is the proportional authorization of shareholders’ equity and debt that comprise a company’s long-range financing or its capitalization. The CPUC currently authorized capital structure is comprised of 47.5% long-term debt, 0.5% preferred equity, and 52% common equity. 4. On January 12, 2024, parties submitted a late-filed request for CPUC review of Energy Division’s December 22, 2023 approval of the Utility's cost of capital adjustment mechanism advice letter. In the meantime, the advice letter remains in effect and provides for a 10.7% ROE; the unrecoverable net interest range reflects a benefit of $80 million after tax from the cost of debt reset. 5. Refer to Appendix 12, Exhibit C: PG&E Corporation's 2024 Earnings Guidance. 6. Cash amounts for non-core items are after tax, directional, and subject to change. 7. Non-GAAP core earnings assumptions include no 2024 impacts from changes in the federal tax code 8. Unrecoverable net interest includes PG&E Corporation long-term debt, Wildfire Fund contribution debt financing, and other interest above authorized, this netted against the Utility’s balancing account interest. Slide 23: Appendix 3: Expected Recovery Of Wildfire-Related Costs 1. Balance represents wildfire-related costs approved in the 2023 GRC and recorded in the RTBA, WMBA, and VMBA, and amounts approved through subsequent advice letters. Slide 24: Appendix 4: AB 1054 Protections 1. Prior to the enactment of AB 1054, utilities bore the burden of proving that their conduct was reasonable in order to obtain recovery of costs through rates. AB 1054 changed the standard so that the conduct of a utility is deemed reasonable unless a party to the proceeding creates a serious doubt as to the reasonableness of the utility’s conduct. Reasonable conduct is not limited to the optimum practice, method, or act to the exclusion of others, but rather encompasses a spectrum of possible practices, methods, or acts consistent with utility system needs, the interest of the ratepayers, and the requirements of governmental agencies of competent jurisdiction. 2. For fires in any calendar year. 3. Cap does not apply if Utility found to have acted with conscious or willful disregard of the rights and safety of others. Slide 25: Appendix 5: SB 846 Diablo Canyon Legislation 1. The pre-extension period extends through the scheduled retirement dates of November 2024 and August 2025 for Units 1 and 2, respectively. 2. The extension period covers the additional 5-year life for each Unit. Slide 26: Appendix 6: Pacific Generation Minority Sale 1. Reflects non-nuclear generation rate base authorized in the 2023 GRC. Slide 27: Appendix 7: Wildfire Mitigation Plan Progress 1. Actual data is from January 1, 2019 through December 31, 2023. Slide 30: Appendix 10: Regulatory Progress 1. Regulatory proceeding timelines reflect expected filing and decision time frames; actual timing may differ.

34 Appendix 12: Supplemental Earnings Materials Exhibit Title Slide (Link) Exhibit A Reconciliation of PG&E Corporation's Consolidated Earnings Available for Common Shareholders in Accordance with Generally Accepted Accounting Principles (“GAAP”) to Non- GAAP Core Earnings Slides 35-38 Exhibit B Key Drivers of PG&E Corporation's Non-GAAP Core Earnings per Common Share (“EPS”) Slides 39 Exhibit C PG&E Corporation’s 2024 Earnings Guidance Slides 40-43 Exhibit D GAAP Net Income to Non-GAAP Adjusted EBITDA Reconciliation Slides 44 Exhibit E Non-GAAP Financial Measures Slides 45

35 Exhibit A: Reconciliation of PG&E Corporation's Consolidated Earnings Available for Common Shareholders in Accordance with Generally Accepted Accounting Principles ("GAAP") to Non-GAAP Core Earnings Three Months Ended December 31, Year Ended December 31, Earnings Earnings per Common Share Earnings Earnings per Common Share (in millions, except per share amounts) 2023 2022 2023 2022 2023 2022 2023 2022 PG&E Corporation’s Earnings/EPS on a GAAP basis $ 919 $ 513 $ 0.43 $ 0.24 $ 2,242 $ 1,800 $ 1.05 $ 0.84 Non-core items: (1) Amortization of Wildfire Fund contribution (2) 83 90 0.04 0.04 408 344 0.19 0.16 Bankruptcy and legal costs (3) 8 14 — 0.01 89 216 0.04 0.10 Fire Victim Trust tax benefit net of securitization (4) (77) (139) (0.04) (0.07) (262) (418) (0.12) (0.20) Investigation remedies (5) 3 17 — 0.01 24 93 0.01 0.04 Prior period net regulatory impact (6) (6) — — — (24) (11) (0.01) (0.01) Strategic repositioning costs (7) — — — — 3 65 — 0.03 Wildfire-related costs, net of insurance (8) 76 64 0.04 0.03 150 254 0.07 0.12 PG&E Corporation’s Non-GAAP core earnings/EPS (9) $ 1,006 $ 560 $ 0.47 $ 0.26 $ 2,630 $ 2,343 $ 1.23 $ 1.10 All amounts presented in the table above and footnotes below are tax adjusted at PG&E Corporation’s statutory tax rate of 27.98% for 2023 and 2022, except for certain costs that are not tax deductible. Earnings per Common Share is calculated based on diluted shares. Amounts may not sum due to rounding. Fourth Quarter and Full Year, 2023 vs. 2022 (in millions, except per share amounts) (1) “Non-core items” include items that management does not consider representative of ongoing earnings and affect comparability of financial results between periods, consisting of the items listed in the table above. See Exhibit E: Non-GAAP Financial Measures.

36 Fourth Quarter and Full Year, 2023 vs. 2022 (in millions, except per share amounts) (3) Includes bankruptcy and legal costs associated with PG&E Corporation’s and the Utility’s Chapter 11 filing, including legal and other costs and exit financing costs, as shown below. The three months ended December 31, 2023 also include a reclassification from non-core to core earnings of $20 million in interest expense incurred between February 2023 and September 2023 on debt that was originally intended to be repaid with the proceeds from a securitization transaction, as a result of revised debt planning. (2) The Utility recorded costs of $115 million (before the tax impact of $32 million) and $567 million (before the tax impact of $159 million) during the three months and year ended December 31, 2023, respectively, associated with the amortization of the Wildfire Fund asset and accretion of the related Wildfire Fund liability. (in millions) Three Months Ended December 31, 2023 Year Ended December 31, 2023 Legal and other costs $ 34 $ 120 Exit financing (23) 3 Bankruptcy and legal costs (pre-tax) $ 11 $ 123 Tax impacts (3) (34) Bankruptcy and legal costs (post-tax) $ 8 $ 89 Exhibit A: Reconciliation of PG&E Corporation's Consolidated Earnings Available for Common Shareholders in Accordance with Generally Accepted Accounting Principles ("GAAP") to Non-GAAP Core Earnings

37 Fourth Quarter and Full Year, 2023 vs. 2022 (in millions, except per share amounts) (4) Includes any earnings-impacting investment losses or gains associated with investments related to the contributions to the customer credit trust, the charge related to the establishment of the SB 901 securitization regulatory asset and the SB 901 securitization regulatory liability associated with revenue credits funded by net operating loss monetization, and tax benefits related to the Fire Victim Trust’s sale of PG&E Corporation common stock. (in millions) Three Months Ended December 31, 2023 Year Ended December 31, 2023 Wildfires OII disallowance and system enhancements $ 3 $ 5 Locate and mark OII system enhancements 1 3 Paradise restoration and rebuild — 23 2020 Zogg fire settlement 1 1 Investigation remedies (pre-tax) $ 4 $ 32 Tax impacts (1) (8) Investigation remedies (post-tax) $ 3 $ 24 (5) Includes costs associated with the decision different for the OII related to the 2017 Northern California Wildfires and 2018 Camp Fire (“Wildfires OII”), the system enhancements related to the locate and mark OII, the restoration and rebuilding costs for the town of Paradise, and the settlement agreement resolving the Safety and Enforcement Division’s investigation into the 2020 Zogg fire, as shown below. (in millions) Three Months Ended December 31, 2023 Year Ended December 31, 2023 SB 901 securitization charge $ 359 $ 1,267 Net gains related to customer credit trust 1 (22) Fire Victim Trust tax benefit net of securitization (pre-tax) $ 360 $ 1,245 Tax impacts (101) (348) Tax benefits from Fire Victim Trust share sales (337) (1,158) Fire Victim Trust tax benefit net of securitization (post-tax) $ (77) $ (262) Exhibit A: Reconciliation of PG&E Corporation's Consolidated Earnings Available for Common Shareholders in Accordance with Generally Accepted Accounting Principles ("GAAP") to Non-GAAP Core Earnings

38 Fourth Quarter and Full Year, 2023 vs. 2022 (in millions, except per share amounts) (9) “Non-GAAP core earnings” is a non-GAAP financial measure. See Exhibit E: Non-GAAP Financial Measures. Undefined, capitalized terms have the meanings set forth in PG&E Corporation’s and the Utility’s joint Annual Report on Form 10-K for the year ended December 31, 2023. (8) Includes costs associated with the 2019 Kincade fire, 2020 Zogg fire, and 2021 Dixie fire, net of insurance, as shown below. (in millions) Three Months Ended December 31, 2023 Year Ended December 31, 2023 2019 Kincade third-party claims $ 100 $ 100 2019 Kincade fire-related costs 2 8 2020 Zogg fire-related costs 1 18 2020 Zogg fire-related insurance recoveries — (4) 2020 Zogg fire-related legal settlements — 50 2021 Dixie fire-related legal settlements 3 20 Wildfire-related costs, net of insurance (pre-tax) $ 106 $ 193 Tax impacts (30) (43) Wildfire-related costs, net of insurance (post-tax) $ 76 $ 150 Exhibit A: Reconciliation of PG&E Corporation's Consolidated Earnings Available for Common Shareholders in Accordance with Generally Accepted Accounting Principles ("GAAP") to Non-GAAP Core Earnings (6) The Utility recorded $8 million (before the tax impact of $2 million) and $33 million (before the tax impact of $9 million) during the three months and year ended December 31, 2023 related to adjustments associated with the recovery of capital expenditures from 2011 through 2014 above amounts adopted in the 2011 GT&S rate case per the CPUC decision dated July 14, 2022. (7) The Utility recorded $4 million (before the tax impact of $1 million) during the year ended December 31, 2023 of one-time costs related to repositioning PG&E Corporation’s and the Utility’s operating model.

39 All amounts presented in the table above are tax adjusted at PG&E Corporation’s statutory tax rate of 27.98% for 2023 and 2022. Amounts may not sum due to rounding. (1) See Exhibit A for reconciliations of (i) earnings on a GAAP basis to non-GAAP core earnings and (ii) EPS on a GAAP basis to non-GAAP core EPS. (2) Represents the timing of taxes reportable in quarterly statements in accordance with Accounting Standards Codification 740, Income Taxes, and results from variances in the percentage of quarterly earnings to annual earnings, and the timing of capitalized overheads and A&G costs allocated to capital projects during the three months and year ended December 31, 2023. (3) Represents miscellaneous items such as higher GRC base revenues offset by increased operating and maintenance as a result of performing regular work that was delayed in the first half due to storm response and other items such as property taxes during the three months ended December 31, 2023. Represents decreased operating and maintenance, increased GRC base revenues and offset by other miscellaneous items such as property taxes during the year ended December 31, 2023. (4) Represents redeployment of operating and maintenance savings into programs such as information technology system improvements and transportation services during the three months and year ended December 31, 2023. Fourth Quarter 2023 vs. 2022 Year to Date 2023 vs. 2022 Earnings Earnings per Common Share Earnings Earnings per Common Share 2022 Non-GAAP Core Earnings/EPS (1) $ 560 $ 0.26 $ 2,343 $ 1.10 Customer capital investment (final GRC decision) 325 0.15 325 0.15 Timing (2) 85 0.04 — — Operating & maintenance / other (3) 66 0.04 57 0.03 Redeployment (4) (30) (0.02) (95) (0.05) 2023 Non-GAAP Core Earnings/EPS (1) $ 1,006 $ 0.47 $ 2,630 $ 1.23 Fourth Quarter and Full Year, 2023 vs. 2022 (in millions, except per share amounts) Exhibit B: Key Drivers of PG&E Corporation's Non-GAAP Core Earnings per Common Share ("EPS")

40 2024 EPS guidance Low High Estimated EPS on a GAAP basis ~ $ 1.10 ~ $ 1.14 Estimated non-core items: (1) Amortization of Wildfire Fund contribution (2) ~ 0.16 ~ 0.16 Bankruptcy and legal costs (3) ~ 0.02 ~ 0.02 SB 901 securitization (4) ~ 0.01 ~ 0.01 Investigation remedies (5) ~ 0.04 ~ 0.04 Prior period net regulatory impact (6) ~ (0.01) ~ (0.01) Wildfire-related costs, net of insurance (7) ~ 0.01 ~ 0.01 Estimated EPS on a non-GAAP core earnings basis ~ $ 1.33 ~ $ 1.37 All amounts presented in the table above and footnotes below are tax adjusted at PG&E Corporation’s statutory tax rate of 27.98% for 2024, except for certain costs that are not tax deductible. Amounts may not sum due to rounding. (1) “Non-core items” include items that management does not consider representative of ongoing earnings and affect comparability of financial results between periods. See Exhibit E: Non-GAAP Financial Measures. 2024 (in millions, pre-tax) Low guidance range High guidance range Amortization of Wildfire Fund contribution ~ $ 460 ~ $ 460 Amortization of Wildfire Fund contribution (pre-tax) ~ $ 460 ~ $ 460 Tax impacts ~ (129) ~ (129) Amortization of Wildfire Fund contribution (post-tax) ~ $ 331 ~ $ 331 (2) “Amortization of Wildfire Fund contribution” represents the amortization of the Wildfire Fund asset and accretion of the related Wildfire Fund liability. Exhibit C: PG&E Corporation's 2024 Earnings Guidance

41 Exhibit E: PG&E Corporation's 2020 and 2021 Earnings Guidance (4) “SB 901 securitization” includes the establishment of the SB 901 securitization regulatory asset and the SB 901 regulatory liability associated with revenue credits funded by net operating loss monetization. Also included are any earnings-impacting investment losses or gains associated with investments related to the contributions to the customer credit trust. (3) “Bankruptcy and legal costs” consists of legal and other costs associated with PG&E Corporation’s and the Utility’s Chapter 11 filing. 2024 (in millions, pre-tax) Low guidance range High guidance range Legal and other costs ~ $ 50 ~ $ 50 Bankruptcy and legal costs (pre-tax) ~ $ 50 ~ $ 50 Tax impacts ~ (14) ~ (14) Bankruptcy and legal costs (post-tax) ~ $ 36 ~ $ 36 2024 (in millions, pre-tax) Low guidance range High guidance range SB 901 securitization charge ~ $ 33 ~ $ 33 Net gains related to customer credit trust ~ — ~ — SB 901 Securitization (pre-tax) ~ $ 33 ~ $ 33 Tax impacts ~ (9) ~ (9) SB901 Securitization (post-tax) ~ $ 24 ~ $ 24 Exhibit C: PG&E Corporation's 2024 Earnings Guidance

42 (6) “Prior period net regulatory impact” represents the recovery of capital expenditures from 2011 through 2014 above amounts adopted in the 2011 GT&S rate case. (5) “Investigation remedies” includes costs related to the Paradise restoration and rebuild, the Wildfires OII decision different, the settlement agreement resolving the Safety and Enforcement Division’s investigation into the 2020 Zogg fire, and the locate and mark OII system enhancements. 2024 (in millions, pre-tax) Low guidance range High guidance range Paradise restoration and rebuild ~ $ 10 ~ $ 10 Wildfires OII disallowance and system enhancements ~ 40 ~ 40 2020 Zogg fire settlement ~ 75 ~ 75 Locate and mark OII system enhancements ~ 5 ~ 5 Investigation remedies (pre-tax) ~ $ 130 ~ $ 130 Tax impacts ~ (35) ~ (35) Investigation remedies (post-tax) ~ $ 95 ~ $ 95 2024 (in millions, pre-tax) Low guidance range High guidance range 2011-2014 GT&S capital audit ~ $ (35) ~ $ (35) Prior period net regulatory impact (pre-tax) ~ $ (35) ~ $ (35) Tax impacts ~ 10 ~ 10 Prior period net regulatory impact (post-tax) ~ $ (25) ~ $ (25) Exhibit C: PG&E Corporation's 2024 Earnings Guidance

43 Undefined, capitalized terms have the meanings set forth in PG&E Corporation’s and the Utility’s joint Annual Report on Form 10-K for the year ended December 31, 2023. (7) “Wildfire-related costs, net of insurance” includes legal and other costs associated with the 2019 Kincade fire, 2020 Zogg fire, and 2021 Dixie fire, net of insurance. 2024 (in millions, pre-tax) Low guidance range High guidance range 2019 Kincade fire-related costs ~ $ 15 ~ $ 15 2020 Zogg fire-related legal settlements ~ 5 ~ 5 2020 Zogg fire-related insurance recoveries ~ (5) ~ (5) 2021 Dixie fire-related legal settlements ~ 15 ~ 15 Wildfire-related costs, net of insurance (pre-tax) ~ $ 30 ~ $ 30 Tax impacts ~ (8) ~ (8) Wildfire-related costs, net of insurance (post-tax) ~ $ 22 ~ $ 22 Exhibit C: PG&E Corporation's 2024 Earnings Guidance

44 Year Ended December 31, (in millions) 2023 2022 PG&E Corporation’s Net Income on a GAAP basis $ 2,256 $ 1,814 Income tax benefit (1,557) (1,338) Other income, net (272) (394) Interest expense 2,850 1,917 Interest income (606) (162) Operating Income $ 2,671 $ 1,837 Depreciation, amortization, and decommissioning 3,738 3,856 Wildfire Fund expense 567 477 Fire Victim Trust tax benefit, net of securitization 1,245 627 Investigation remedies 32 120 Prior period net regulatory impact (32) (16) Strategic repositioning costs 4 90 Wildfire-related costs, net of insurance 193 334 PG&E Corporation’s Non-GAAP Adjusted EBITDA $ 8,417 $ 7,325 Full Year, 2023 vs. 2022 1. Amounts may not sum due to rounding. “Non-GAAP Adjusted EBITDA” is a non-GAAP financial measure. 2. 2022 Non-GAAP Adjusted EBITDA differs from what was reported on December 29, 2022 (removed Bankruptcy and legal costs from the calculation). Exhibit D: GAAP Net Income to Non-GAAP Adjusted EBITDA Reconciliation PG&E Corporation

45 Non-GAAP Core Earnings and Non-GAAP Core EPS “Non-GAAP core earnings” and “Non-GAAP core EPS,” also referred to as “non-GAAP core earnings per share,” are non-GAAP financial measures. Non-GAAP core earnings is calculated as income available for common shareholders less non-core items. “Non-core items” include items that management does not consider representative of ongoing earnings and affect comparability of financial results between periods, consisting of the items listed in Exhibit A. Non-GAAP core EPS is calculated as non-GAAP core earnings divided by common shares outstanding on a diluted basis. PG&E Corporation discloses historical financial results and provides guidance based on “non-GAAP core earnings” and “non-GAAP core EPS” in order to provide a measure that allows investors to compare the underlying financial performance of the business from one period to another, exclusive of non-core items. PG&E Corporation and the Utility use non-GAAP core earnings and non-GAAP core EPS to understand and compare operating results across reporting periods for various purposes including internal budgeting and forecasting, short- and long-term operating planning, and employee incentive compensation. PG&E Corporation and the Utility believe that non-GAAP core earnings and non-GAAP core EPS provide additional insight into the underlying trends of the business, allowing for a better comparison against historical results and expectations for future performance. With respect to our projection of non-GAAP core EPS for the years 2024-2026, PG&E Corporation is unable to predict with reasonable certainty the reconciling items that may affect GAAP net income without unreasonable effort. The reconciling items are primarily due to the future impact of wildfire-related costs, timing of regulatory recoveries, special tax items, and investigation remedies. These reconciling items are uncertain, depend on various factors and could significantly impact, either individually or in the aggregate, the GAAP measures. Non-GAAP core earnings and non-GAAP core EPS are not substitutes or alternatives for GAAP measures such as consolidated income available for common shareholders and may not be comparable to similarly titled measures used by other companies. Exhibit E: Non-GAAP Financial Measures

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Cover Page	Feb. 22, 2024
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Feb. 22, 2024
Entity File Number	001-12609
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	94-3234914
Entity Address, Address Line One	300 LAKESIDE DRIVE
Entity Address, City or Town	Oakland,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94612
City Area Code	(415)
Local Phone Number	973-1000
Written Communications	false
Soliciting Material	false
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Pre-commencement Issuer Tender Offer	false
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Amendment Flag	false
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Pacific Gas & Electric Co
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Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	94-0742640
Entity Address, Address Line One	300 LAKESIDE DRIVE
Entity Address, City or Town	Oakland,
Entity Address, State or Province	CA
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Local Phone Number	973-7000
Entity Emerging Growth Company	false
Entity Registrant Name	PACIFIC GAS & ELECTRIC CO
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The New York Stock Exchange | Common stock, no par value
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NYSE American LLC | First preferred stock, cumulative, par value $25 per share, 4.80% redeemable
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Title of 12(b) Security	First preferred stock, cumulative, par value $25 per share, 5% nonredeemable
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NYSE American LLC | First preferred stock, cumulative, par value $25 per share, 4.50% redeemable
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Title of 12(b) Security	First preferred stock, cumulative, par value $25 per share, 5% redeemable
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Title of 12(b) Security	First preferred stock, cumulative, par value $25 per share, 5% series A redeemable
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Title of 12(b) Security	First preferred stock, cumulative, par value $25 per share, 4.80% redeemable
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Title of 12(b) Security	First preferred stock, cumulative, par value $25 per share, 4.36% redeemable
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