EX-99.1
Exhibit 99.1
PG&E Corporation BUSINESS UPDATE November 5, 2018
Forward-Looking Statements This presentation contains statements regarding management’s expectations and
objectives for future periods as well as forecasts and estimates regarding the proposed Community Wildfire Safety Program, clean vehicles and electric vehicle chargers goals, investments to modernize gas and electric infrastructure, new energy
landscape, electric vehicles growth opportunities, 2018-2023 capital expenditures, 2018-2023 weighted average ratebase, capital expenditures and ratebase assumptions, 2018 Items Impacting Comparability, Tax Cuts and Jobs Act expected impact, 2018
Items Impacting Comparability Guidance, and 2018 general earnings sensitivities. It also includes 2018 assumptions regarding capital expenditures, authorized rate base, authorized cost of capital, and certain other factors. 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: • the impact of the Northern California wildfires,
including whether the Utility will be able to timely recover costs incurred in connection thereto in excess of the Utility’s currently authorized revenue requirements; the timing and outcome of the remaining wildfire investigations and the
extent to which the Utility will have liability associated with these fires; the timing and amount of insurance recoveries; and potential liabilities in connection with fines or penalties that could be imposed on the Utility if the CPUC or any other
law enforcement agency were to bring an enforcement action and determined that the Utility failed to comply with applicable laws and regulations; • the timing and outcome of the Butte fire litigation and of any proceeding to recover costs in
excess of insurance through regulatory mechanisms and the timing of such recovery; and whether additional investigations and proceedings in connection with the Butte fire will be opened and any additional fines or penalties imposed on the Utility;
• whether PG&E Corporation and the Utility are able to successfully challenge the application of the doctrine of inverse condemnation to investor-owned utilities; • whether the Utility will be able to obtain full recovery of its
significantly increased insurance premiums, and the timing of any such recovery; • whether the Utility can obtain wildfire insurance at a reasonable cost in the future, or at all, and whether insurance coverage is adequate for future losses or
claims; • the timing and outcome of any CPUC decision related to the Utility’s March 30, 2018 submissions in connection with the impact of the Tax Cuts and Jobs Act of 2017 on the Utility’s rate cases, and its implementation
plan; • the timing and outcomes of the 2019 GT&S rate case, 2020 GRC, FERC TO18, TO19, and TO20 rate cases, 2018 CEMA, WEMA, FHPMA, future cost of capital proceeding, and other ratemaking and regulatory proceedings; • the timing and
outcome of future regulatory and legislative developments in connection with SB 901, including the customer harm threshold in connection with the Northern California wildfires, and future wildfire reforms; • the ability of PG&E Corporation
and the Utility to access capital markets and other sources of financing in a timely manner on acceptable terms; • further credit ratings downgrades that could, among other things, result in higher borrowing costs, fewer financing options, and
additional collateral posting, especially if PG&E Corporation’s or the Utility’s credit ratings were to fall below investment grade; • the cost of the Utility’s community wildfire safety program, and the timing and outcome of
any proceeding to recover such cost through rates; • the timing and outcomes of phase two of the ex parte order instituting investigation (OII) and of the safety culture OII; • the Utility’s ability to efficiently manage capital
expenditures and its operating and maintenance expenses within the authorized levels of spending and timely recover its costs through rates, and the extent to which the Utility incurs unrecoverable costs that are higher than the forecasts of such
costs; • the outcome of the probation and the monitorship, the timing and outcomes of the debarment proceeding, the Safety and Enforcement Division’s (SED) unresolved enforcement matters relating to the Utility’s compliance with
natural gas-related laws and regulations, and other investigations that have been or may be commenced, and the ultimate amount of fines, penalties, and remedial and other costs that the Utility may incur as a result; and • the other factors
disclosed in PG&E Corporation and the Utility’s joint annual report on Form 10-K for the year ended December 31, 2017, their joint quarterly reports on Form 10-Q for the quarters ended March 31, 2018, June 30, 2018 and
September 30, 2018, respectively, and other reports filed with the SEC, which are available on PG&E Corporation’s website at www.pgecorp.com and on the SEC website at www.sec.gov. Information regarding 2018 Assumptions, 2018 Items
Impacting Comparability, 2018 Items Impacting Comparability Guidance, and 2018 General Earnings Sensitivities was issued on November 5, 2018. Unless otherwise indicated, the statements in this presentation are made as of this date and PG&E
Corporation undertakes no obligation to update information contained herein. This presentation was attached to PG&E Corporation’s Current Report on Form 8-K that was furnished to the SEC on November 5, 2018, and also is available on
PG&E Corporation’s website at www.pgecorp.com. 2
Leading the Way on Energy with a Strong Financial Foundation FOCUS ON OPERATIONAL EXCELLENCE • Relentless
focus on safety culture and performance • Continued reliability and operational improvements • Improving customer service through continuous innovation KEY ADVANTAGES • Constructive regulatory structure • One of the greenest
utilities in the country • California clean energy policies drive capital investment POSITIONED FOR CONTINUED GROWTH • Enhance Safety and Reliability • Enabling California’s clean energy economy • Focus on customer
affordability SUSTAINABLE LONG-TERM GROWTH ~$6-7B Planned annual capex investment 2018-2023 ~7-8.5% Estimated ratebase growth 2018-2023 See the Forward Looking Statements for factors that could cause actual results to differ materially from the
guidance presented and underlying assumptions. 3
Agenda Focus on Operational Excellence Key Advantages Positioning for the Future
PG&E System At a Glance 2017 Revenue Sources Gas Transmission & Storage General Rate ~7% Case ~43%
Pass- Electric Transmission through ~9% ~41% California Public Utilities Commission Federal Energy Regulatory Commission Key Highlights Employees ~23,000 Californians served ~16M Net income (2017) ~$1.7B Ratebase (2017) ~$34.4B Miles of
electric lines ~130,000 Miles of natural gas pipelines ~50,000 MW utility-owned generation ~7,700 GWh electricity generated and procured (2017) ~61,400 Carbon-free and renewable energy delivered ~80% 5
Comprehensive Program to Address Wildfire Risk Proposed Community Wildfire Safety Program (1) Increase
Enhanced Infrastructure Situational Operational Hardening Awareness Practices ~600 ~2,800 12’ HD Cameras miles of tree wire in radial vegetation providing coverage HFTD clearance for >90% of HFTD (2) ~1,300 ~80K 4’ weather stations
strengthened poles conductor to sky vegetation overhang clearing 24/7 ~7K ~25K Wildfire Safety line miles enhanced miles of system Operations Center vegetation management hardening in 10 years during peak season in 8 years ~$6B Program Spend through
2023 (1) (3) ($B) 1.5 1.0 0.5 - 2018 2019 2020 2021 2022 2023 CapEx Opex Multi-faceted program to systematically mitigate risk in targeted HFTD (2) Note: The Community Wildfire Safety Program was established after the 2017 wildfires
to implement additional precautionary measures intended to reduce wildfire risks. (1) Program spend pending CPUC approval. Reflects plan from 2018 through 2023, except as otherwise specified. HD cameras and weather stations to be deployed by
2022. (2) Defined as Tier 2 and 3 high-fire threat districts. (3) Excludes forecasted base vegetation management and drought-related expense spend of ~$300 to $400 million annually. See the Forward Looking Statements for factors that could
cause actual results to differ materially from the guidance presented and underlying assumptions. 6
Significant Progress on Safety in Operations Strengthened Safety Culture and Procedures ? Investing billions of
dollars in gas and electric safety improvements ? Testing and replacing hundreds of miles of natural gas pipelines ? Installing emergency shut off valves ? Established a state-of-the-art gas safety operations center ? Opened three state-of-the-art
electric distribution control centers ? Installed self-healing “Smart Grid” technology able to command equipment remotely ? One of the only utilities globally to hold certifications for best-in-class operational standards Achievements in
Emergency Response and Safety Since 2010 (1) Improvement in electric ~50% emergency response time Improvement in gas emergency ~40% response time ~99% Reduction in gas leak backlog ~45% Reduction in gas dig-ins (1) Operational metrics as
of December 31, 2017 7
Innovative Approaches to Customer Service Customized Focused Communication Segmentation Channels Customer Focus
Customer Digitized Collaboration Experience Chartwell Customer Service Award - Gold 2017 and 2018 EEI National Key Accounts Award 2017 and 2018 ESource’s Excellence in Customer Experience Award Ranked #1 in ESource’s 2017 Website Benchmark
Study 8
Agenda Focus on Operational Excellence Key Advantages Positioning for the Future
Key Advantages 1 Constructive regulatory framework 2 One of the greenest utilities in the country 3 California
clean energy policies 4 Multiple capital investment drivers 10
Constructive Regulatory Framework California’s Constructive Regulatory Mechanisms ?Revenues decoupled from
sales ?Balancing accounts reduce cost volatility ?Forward-looking test year rate cases ?Risk-informed rate making ?Separate cost of capital proceeding 11
Sustainability Practices at the Forefront 2X More Carbon-Free and Renewable Energy Shaping California Model for
Energy Efficiency Than The U.S. Average 79% 38% PG&E U.S. Avg RPS GHG Free *Source: US Energy Information Administration PG&E Customers Lead the Nation in Clean Technology Adoption ~380,000 solar customers More than 180,000 electric Top 15
greenest publicly traded vehicles companies by Newsweek ~20% of all U.S. rooftop solar ~20% of all U.S. vehicles Ranked greenest energy company in the nation 12
PG&E is Critical to California’s Climate Goals California’s Climate Goals California GHG
Emissions and Targets Renewable Portfolio Standard Million metric tons CO2e 500 Assembly Bill 32: Reduce to 1990 levels by 2020 Industrial 2002 20% by 2017 400 Electricity Generation 2011 33% by 2020 300 Senate Bill 32: 40% below 1990 levels by 2030
Adopted Governor’s 200 Year 2015 50% by 2030 Executive Order: Transportation 80% below 1990 levels by 2050 Governor’s Executive 100 Order: Statewide carbon 2018 60% by 2030 Residential & Commercial neutrality by 2045
Agriculture & Forestry 0 2000 2010 2020 2030 2040 2050 PG&E is advancing California’s Climate Goals ~200MW ~2M ~100K Approved energy Clean vehicles on EV chargers installed storage projects in PG&E’s grid by 2030 by 2025
PG&E’s service territory See the Forward Looking Statements for factors that could cause actual results to differ materially from the guidance presented and underlying assumptions. 13
California Policies Drive Infrastructure Investment • Community Wildfire Safety Program Safety • Gas
investments (e.g., pipeline and replacement, in-line inspection capability) Reliability • Electric investments (e.g., substation upgrades, cable upgrades) • Generation asset upgrades Sustained Investments Enabling • Grid modernization
California’s • Renewable integration projects Clean Energy • Energy efficiency programs Economy • Energy storage options • Electric vehicle infrastructure • State infrastructure modernization (e.g., rail and water
projects) 14
Agenda Focus on Operational Excellence Key Advantages Positioning for the Future 15
Focus Areas for Growth 1 Enhance safety and reliability 2 Enable California clean energy economy 3 Ensure
customer affordability PG&E’s operating plan provides a strong foundation for future success 16
Continue to Upgrade Our Gas and Electric System % of Gas Secondary Over- % Electric Transmission % San
Francisco Transmission Pressure Protection SCADA Switches Substation Modernized System Piggable on Distribution Reg Modernized Stations 94% 67% 50% 100% 47% 48% 28% 22% 34% 23% <1% 0% 2017 2021 2026 2018 2020 2022 2018 2021 2025 2015 2018 2025
~7,000 miles of ~1,300 distribution ~1,400 automated 42 substations in San transmission pipe regulator stations switches Francisco Investments to systematically modernize infrastructure See the Forward Looking Statements for factors that could cause
actual results to differ materially from the guidance presented and underlying assumptions. 17 17
Grid Modernization Enables Clean Energy Economy We are making purposeful investments in the grid… Grid
Visibility & Grid Data Analytics Grid Management & Monitoring Control of DERs Substation and Circuit Overhead Conductor Grid Optimization & Capacity Upgrades and Transformer Automation Replacements … To meet our
customers’ changing needs and expectations Transportation Distributed Increasing Energy Electrification Generation Renewable Storage Portfolio Adding ~5,000 EVs to the Interconnecting ~5,000 50% RPS by 2026, and 60% Technology advancements grid
each month solar rooftops each month by 2030 and cost declines leading to greater opportunities 18
Pioneering the New Energy Landscape PG&E’s solutions to address CAISO-identified local reliability
concerns: Oakland Clean Energy Initiative Moss Landing Storage Project Distributed Energy Resources Integrated Grid Platform This initiative would be the first time a The proposed project will be the utility has proactively leveraged grid
world’s largest utility-owned modernization and local distributed transmission-connected energy clean energy resources as an storage system, which will cost-alternative to meet transmission-level effectively address local capacity reliability
needs. requirements. Innovative solutions improve system reliability and support CA clean energy goals See the Forward Looking Statements for factors that could cause actual results to differ materially from the guidance presented and underlying
assumptions. 19
Electric Vehicles Present Growth Opportunities ~2M Clean Vehicles on PG&E’s grid by 2030 Investment
Opportunities ~80% ~20% Contribution to Carbon Reduction Impact to Load ~10% ? ~ 1M homes The average EV consumes about Tailpipe emissions reduction in PG&E’s half the electricity of a typical home service territory each year EV investment
opportunity will help to achieve CA’s clean energy goals See the Forward Looking Statements for factors that could cause actual results to differ materially from the guidance presented and underlying assumptions. 20
Modernizing Rate Structures in a Changing Energy Landscape A Changing Landscape… Necessitates Regulatory
Reform Element Status Est. Decision Power Charge Indifference 2018 Final Electric Vehicles Complete Adjustment Decision Intermittent home power usage Time of Use Open 2019 Net Energy Pending TBD Distributed Energy Community Choice Metering 3.0
Resources Aggregation Customers are engaging with Departing customers seeking the grid in new ways with new alternative clean energy technologies providers Rate structure should reflect grid use, not energy delivery 21
Robust Cap Ex Supports Strong Returns Capital Expenditures ($ in B) 2018-2023 ~$0.2B ~$7B $6.5B ~$6.4B ~$1.0B
~$0.1B ~$5.7B CWSP (2) $~700M Other GRC $~300M 2018 2019 Currently Incremental Incremental Incremental Authorized Authorized GRC Request GT&S Request TO Request Plus Requested CapEx CapEx Range of ~$5.7B to ~$7B annually from 2020-2023
General Rate Case (1) Gas Transmission & Storage Electric Transmission Owner Range (1) General Rate Case spend includes transportation electrification. (2) Community Wildfire Safety Program (CWSP) proposed spend See the
Forward Looking Statements for factors that could cause actual results to differ materially from the guidance presented and underlying assumptions. 22
Ratebase Supports Strong Returns 2018-2023 Weighted Average Ratebase ($ in B) (1) ~7 – 8.5% CAGR
~$52.0-56.0B ~$47.0-49.0B ~$49.5-52.5B ~$44.5-45.5B ~$40.5B $36.8B 2018 2019 (3) 2020 2021 2022 2023 General Rate Case (2) Gas Transmission & Storage Electric Transmission Owner Range (1) Weighted average ratebase reflects
the estimated impacts from the Tax Cuts and Jobs Act. (2) General Rate Case spend includes transportation electrification. (3) Includes $400M for 2011-2014 spend subject to audit added in 2019. See the Forward Looking Statements for
factors that could cause actual results to differ materially from the guidance presented and underlying assumptions. 23
Cap Ex and Ratebase Assumptions Base Case Assumptions 2020 2021 2022 2023 General Rate Case L 2017 GRC Decision
H 2020 GRC Filing (including CWSP) (1) Gas Transmission & Storage L 2015 GT&S Phase 2 Decision H 2019 GT&S Filing Transmission Owner L TO17 Settlement H TO20 Filing Light-Duty EV Infrastructure L&H EV Phase 1 EV Phase 2
SB350 L&H SB350 Approved Pending and future filings Potential Future Updates • 2020 and 2023 GRC rate cases • 2019 and 2022 Gas Transmission & Storage rate cases • 2018, 2019, 2020 and future Transmission Owner rate cases
• Future transportation electrification • State infrastructure modernization (e.g., rail and water projects) • Future storage opportunities (1) Represents Community Wildfire Safety Program (CWSP) system hardening at proposed
spending levels. See the Forward Looking Statements for factors that could cause actual results to differ materially from the guidance presented and underlying assumptions. 24
Appendices
Table of Contents Appendix 1: Q3 2018 Earnings Results and 2018 Assumptions and Slides 27 – 30 IIC
Guidance Appendix 2: Supplemental Material on Tax Reform Slide 31 Appendix 3: Q3 2018 Supplemental Earnings Materials Slides 32 – 42 Appendix 4: Leadership Bios Slides 43 – 49 Appendix 5: Timeline of Selected Regulatory Cases Slide 50
Appendix 6: Credit Metrics and Ratings Slide 51 26
A P P E N D I X 1 – Q 3 2 0 1 8 E A R N I N G S R E S U L T S A N D 2 0 1 8 A S S U M P T I O N S A N D I
I C G U I D A N C E Q3 2018 Earnings Results Q3 2018 Earnings Earnings EPS EPS (millions) (millions) Earnings on a GAAP basis $ 564 $ 1.09 $ 22 $ 0.04 Items Impacting Comparability Northern California wildfire-related costs, net of insurance 31 0.06
1,639 3.17 Pipeline-related expenses 9 0.02 25 0.05 Butte fire-related costs, net of insurance 6 0.01 17 0.03 Reduction in gas-related capital disallowances (27) (0.05) (27) (0.05) 2017 insurance premiums cost recoveries - -
(23) (0.05) Earnings from Operations $ 582 $ 1.13 $ 1,652 $ 3.19 Items Impacting Comparability (millions, pre-tax) Q3 2018 Northern California wildfire-related costs, net of insurance $ 43 $ 2,275 Pipeline-related expenses 13 35 Butte
fire-related costs, net of insurance 9 24 Reduction in gas-related capital disallowances (38) (38) 2017 insurance premiums cost recoveries - (32) Amounts may not sum due to rounding. Non-GAAP Earnings from Operations is not calculated
in accordance with GAAP and excludes items impacting comparability. See Appendix 3, Exhibit A for a reconciliation of Earnings per Share (“EPS”) on a GAAP basis to Non-GAAP Earnings from Operations and Exhibit G for the use of non-GAAP
financial measures. 27
A P P E N D I X 1 – Q 3 2 0 1 8 E A R N I N G S R E S U L T S A N D 2 0 1 8 A S S U M P T I O N S A N D I
I C G U I D A N C E Q3 2018: Quarter over Quarter Comparison Earnings per Share from Operations $1.40 $0.06 $0.02 $0.01 ($0.06) $1.20 ($0.01) ($0.01) $1.00 $0.80 $0.60 $1.12 $1.13 $0.40 $0.20 $0.00 Q3 2017 Growth in Timing of Taxes Insurance Timing
of 2017 Decrease in Miscellaneous Q3 2018 EPS from Rate Base Premium Operational Spend Authorized Return EPS from Operations Earnings Cost Recoveries on Equity Operations Non-GAAP Earnings from Operations is not calculated in accordance with GAAP
and excludes items impacting comparability. See Appendix 3, Exhibit A for a reconciliation of Earnings per Share (“EPS”) on a GAAP basis to Non-GAAP Earnings from Operations and Exhibit G for the use of non-GAAP financial measures. 28
A P P E N D I X 1 – Q 3 2 0 1 8 E A R N I N G S R E S U L T S A N D 2 0 1 8 A S S U M P T I O N S A N D I
I C G U I D A N C E 2018 Assumptions as of November 5, 2018 Capital Expenditures Authorized Ratebase (weighted average) ($ millions) ($ billions) 2018 2018 General Rate Case 4,200 General Rate Case 25.9 Gas Transmission and Storage 1,000 Gas
Transmission and Storage 3.8 Transmission Owner 19 1,300 Transmission Owner 7.1 Total Cap Ex $6.5 billion Total Ratebase $36.8 billion Authorized Cost of Capital* Other Factors Affecting Earnings from Operations + Incentive revenues, efficiencies
and other benefits Return on Equity: 10.25% - GT&S amounts not requested Equity Ratio: 52% - Ex parte settlement GT&S revenue adjustment - Insurance premiums, net of regulatory cost recovery *CPUC authorized - Incremental wildfire risk
mitigation costs CWIP earnings: offset by below-the-line costs See the Forward Looking Statements for factors that could cause actual results to differ materially from the guidance presented and underlying assumptions. 29
A P P E N D I X 1 – Q 2 2 0 1 8 E A R N I N G S R E S U L T S A N D 2 0 1 8 A S S U M P T I O N S A N D I
I C G U I D A N C E 2018 Items Impacting Comparability as of November 5, 2018 ($ millions, pre-tax) Pipeline-related expenses (1) 40 - 50 Butte fire-related costs, net of insurance (2) 35 - 245 Northern California wildfire-related
costs, net of insurance (3) ~2,290 - ~2,300 Reduction in gas-related capital disallowances (4) (38) 2017 insurance premium cost recoveries (5) (32) Estimated 2018 Items Impacting Comparability Guidance Total ~$2,295 - ~2,525
(1) Cost of rights-of-way program expected to range from $455 million to $465 million through 2018. (2) Butte fire-related costs, net of insurance, reflects legal costs and estimated third-party claims associated with the Butte fire, net
of contractor insurance recoveries. (3) Northern California wildfire-related costs, net of insurance, reflects estimated third-party claims, legal and other costs, and Utility clean-up and repair costs associated with the Northern California
wildfires, net of probable insurance recoveries. (4) Reduction in gas-related capital disallowances reflects a reduction in the previously recorded charge for capital costs that the Utility anticipated would be disallowed based on previous gas
transmission rate case decisions. (5) 2017 insurance premium cost recoveries includes insurance premium costs incurred in 2017, above amounts included in authorized revenue requirements, that are probable of recovery as a result of the
CPUC’s June 2018 decision authorizing a WEMA. See the Forward Looking Statements for factors that could cause actual results to differ materially from the guidance presented and underlying assumptions. See Appendix 3, Exhibit E for PG&E
Corporation’s 2018 Items Impacting Comparability Guidance and Exhibit G for Use of Non-GAAP Financial Measures. 30
A P P E N D I X 2 – S U P P L E M E N T A L M A T E R I A L O N T A X R E F O R M Tax Cuts and Jobs Act
Expected Impact Annual reduction in customer revenue driven ~$450M Lower Customer Bills by lower corporate tax rate annual revenue reduction 2021 Faster net operating loss amortization and (1) Cash Tax Payments or later ~1 year acceleration of
federal tax payments estimated year federal tax payments begin Higher ratebase growth and increased earnings primarily driven by elimination of ~$800M Ratebase Growth bonus depreciation; $300M in 2018 and an incremental ratebase additional $500M in
2019 in 2019 Higher financing needs driven by incremental ~$400M Financing Needs ratebase growth; additional equity needs of incremental equity ~$400M through 2019 needs through 2019 Tax Cuts and Jobs Act results in lower customer bills and higher
ratebase growth Tax reform implementation is subject to CPUC and FERC approval. (1) Timing will be dependent on claims payments associated with the Northern California wildfires. See the Forward Looking Statements for factors that could cause
actual results to differ materially from the guidance presented and underlying assumptions. 31
A P P E N D I X 3 – Q 3 2 0 1 8 S U P P L E M E N T A L E A R N I N G S M A T E R I A L S Table of
Contents - 2018 Supplemental Earnings Materials Exhibit A: Reconciliation of PG&E Corporation’s Consolidated Income Available Slides 33 – 34 for Common Shareholders in Accordance with Generally Accepted Accounting Principles
(“GAAP”) to Non-GAAP Earnings from Operations Exhibit B: Key Drivers of PG&E Corporation’s Non-GAAP Earnings per Slide 35 Common Share (“EPS”) from Operations Exhibit C: Operational Performance Metrics Slides 36 –
37 Exhibit D: Sales and Sources Summary Slide 38 Exhibit E: PG&E Corporation’s 2018 Items Impacting Comparability Guidance Slides 39 – 40 Exhibit F: 2018 General Earnings Sensitivities Slide 41 Exhibit G: Use of Non-GAAP Financial
Measures Slide 42 32
A P P E N D I X 3 – Q 3 2 0 1 8 S U P P L E M E N T A L E A R N I N G S M A T E R I A L S Exhibit A:
Reconciliation of PG&E Corporation’s Consolidated Income Available for Common Shareholders in Accordance with Generally Accepted Accounting Principles (“GAAP”) to Non-GAAP Earnings from Operations (Page 1 of 2) Third Quarter and
Year to Date, 2018 vs. 2017 Three Months Ended Nine Months Ended (in millions, except per share amounts) September 30, September 30, Earnings per Earnings per Earnings Common Share Earnings Common Share (Diluted) (Diluted) (in millions,
except per share amounts) 2018 2017 2018 2017 2018 2017 2018 2017 PG&E Corporation’s Earnings on a GAAP basis $ 564 $ 550 $ 1.09 $ 1.07 $ 22 $ 1,532 $ 0.04 $ 2.98 Items Impacting Comparability: (1) Northern California wildfire-related
costs, net of insurance (2) 31 — 0.06 — 1,639 — 3.17 —Pipeline-related expenses (3) 9 12 0.02 0.02 25 45 0.05 0.09 Butte fire-related costs, net of insurance (4) 6 42 0.01 0.08 17 27 0.03 0.05 Reduction in
gas-related capital disallowances (5) (27) — (0.05) — (27) — (0.05) — 2017 insurance premium cost recoveries (6) — — — — (23) — (0.05) — Fines and penalties (7) —
11 — 0.02 — 47 — 0.09 Diablo Canyon settlement-related disallowance (8) — — — — — 32 — 0.06 Legal and regulatory-related expenses (9) — 1 — — — 5 — 0.01 GT&S revenue
timing impact (10) — — — — — (88) — (0.17) Net benefit from derivative litigation settlement (11) (38) (0.07) (38) (0.07) PG&E Corporation’s Non- GAAP Earnings from Operations
(12) $ 582 $ 578 $ 1.13 $ 1.12 $ 1,652 $ 1,562 $ 3.19 $ 3.04 All presented in the table above are tax adjusted at PG&E Corporation’s statutory tax rate of 27.98 percent for 2018 and 40.75 percent for 2017, except for certain fines and
penalties in 2017. Amounts may not sum due to rounding. (1) “Items impacting comparability” represent items that management does not consider part of the normal course of operations and affect comparability of financial results
between periods. See Exhibit G: Use of Non-GAAP Financial Measures. (2) The Utility incurred costs, net of insurance, of $43 million (before the tax impact of $12 million) and $2.3 billion (before the tax impact of $637 million) during the
three and nine months ended September 30, 2018, respectively, associated with the Northern California wildfires. This includes accrued charges of $2.5 billion (before the tax impact of $700 million) during the nine months ended
September 30, 2018, related to estimated third-party claims in connection with 14 of the Northern California wildfires. The Utility also recorded $53 million (before the tax impact of $15 million) and $120 million (before the tax impact of $34
million) during the three and nine months ended September 30, 2018, respectively for legal and other costs. In addition, the Utility incurred costs of $40 million (before the tax impact of $11 million) during the nine months ended
September 30, 2018 for Utility clean-up and repair costs. These costs were partially offset by $10 million (before the tax impact of $3 million) and $385 million (before the tax impact of $108 million) recorded during the three and nine months
ended September 30, 2018, respectively, for probable insurance recoveries. Three Months Ended Nine Months Ended (in millions, pre-tax) September 30, 2018 September 30, 2018 Third-party claims $ — $ 2,500 Legal and other costs 53
120 Utility clean-up and repair costs — 40 Insurance recoveries (10) (385) Northern California wildfire-related costs, net of insurance $ 43 $ 2,275 (3) The Utility incurred costs of $13 million (before the tax impact of $4
million) and $35 million (before the tax impact of $10 million) during the three and nine months ended September 30, 2018, respectively, for pipeline-related expenses incurred in connection with the multi-year effort to identify and remove
encroachments from transmission pipeline rights-of-way. 33
A P P E N D I X 3 – Q 3 2 0 1 8 S U P P L E M E N T A L E A R N I N G S M A T E R I A L S Exhibit A:
Reconciliation of PG&E Corporation’s Consolidated Income Available for Common Shareholders in Accordance with Generally Accepted Accounting Principles (“GAAP”) to Non-GAAP Earnings from Operations (Page 2 of 2) (4) The
Utility incurred costs, net of insurance, of $9 million (before the tax impact of $3 million) and $24 million (before the tax impact of $7 million) during the three and nine months ended September 30, 2018, respectively, associated with legal
costs for the Butte fire. These costs were partially offset by $7 million (before the tax impact of $2 million) recorded during the nine months ended September 30, 2018 for contractor insurance recoveries. Three Months Ended Nine Months Ended
(in millions, pre-tax) September 30, 2018 September 30, 2018 Legal costs $ 9 $ 31 Insurance recoveries — (7) Butte fire-related costs, net of insurance $ 9 $ 24 (5) The Utility reduced the estimated disallowance for
gas-related capital costs that were expected to exceed authorized amounts by $38 million (before the tax impact of $11 million) during the three and nine months ended September 30, 2018. The Utility had previously recorded $85 million (before
the tax impact of $35 million) in 2016 for probable capital disallowances in the 2015 Gas Transmission and Storage (“GT&S”) rate case. From 2012 through 2014, the Utility had recorded cumulative charges of $665 million (before the tax
impact of $271 million) for disallowed Pipeline Safety Enhancement Plan- (“PSEP”) related capital expenditures. (6) As a result of the California Public Utilities Commission’s (“CPUC”) June 2018 decision authorizing a
Wildfire Expense Memorandum Account (“WEMA”), the Utility recorded $32 million (before the tax impact of $9 million) during the nine months ended September 30, 2018 for probable cost recoveries of insurance premiums incurred in 2017
above amounts included in authorized revenue requirements. (7) The Utility incurred costs of $11 million (not tax deductible) and $71 million (before the tax impact of $24 million) during the nine months ended September 30, 2017,
respectively, for fines and penalties. This included disallowed expenses of $32 million (before the tax impact of $13 million) during the nine months ended September 30, 2017, associated with safety-related cost disallowances imposed by the
CPUC in its April 9, 2015 decision (“San Bruno Penalty Decision”) in the gas transmission pipeline investigations. The Utility also recorded $15 million (before the tax impact of $6 million) during the nine months ended
September 30, 2017, for disallowances imposed by the CPUC in its final phase two decision of the 2015 GT&S rate case for prohibited ex parte communications. In addition, the Utility recorded $11 million (not tax deductible) and $24 million
(before the tax impact of $5 million) during the nine months ended September 30, 2017, for financial remedies in connection with the settlement filed with the CPUC on March 28, 2017, related to the order instituting investigation into
compliance with ex parte communication rules. (8) The Utility recorded a disallowance of $47 million (before the tax impact of $15 million) during the nine months ended September 30, 2017, comprised of cancelled projects of $24 million
(before the tax impact of $6 million) and disallowed license renewal costs of $23 million (before the tax impact of $9 million), as a result of the settlement agreement submitted to the CPUC in connection with the Utility’s joint proposal to
retire the Diablo Canyon Power Plant. (9) The Utility incurred costs of $2 million (before the tax impact of $1 million) and $9 million (before the tax impact of $4 million) during the three and nine months ended September 30, 2017,
respectively, for legal and regulatory related expenses incurred in connection with various enforcement, regulatory, and litigation activities regarding natural gas matters and regulatory communications. (10) The Utility recorded revenues of
$150 million (before the tax impact of $62 million) during the nine months ended September 30, 2017 in excess of the 2017 authorized revenue requirement, which included the final component of under-collected revenues retroactive to
January 1, 2015, as a result of the CPUC’s final phase two decision in the 2015 GT&S rate case. (11) PG&E Corporation recorded proceeds from insurance, net of plaintiff payments, of $65 million (before the tax impact of $27
million) during the three and nine months ended September 30, 2017, associated with the settlement agreement in connection with the San Bruno shareholder derivative litigation that was approved by the Superior Court of California, County of San
Mateo, on July 18, 2017. This included $90 million (before the tax impact of $37 million) during the three and nine months ended September 30, 2017, for proceeds from insurance, partially offset by $25 million (before the tax impact of $10
million) during the three and nine months ended September 30, 2017, for plaintiff legal fees paid in connection with the settlement. (12) “Non-GAAP earnings from operations” is a non-GAAP financial measure. See Exhibit G: Use of
Non-GAAP Financial Measures. 34
A P P E N D I X 3 – Q 3 2 0 1 8 S U P P L E M E N T A L E A R N I N G S M A T E R I A L S Exhibit B: Key
Drivers of PG&E Corporation’s Non-GAAP Earnings per Common Share (“EPS”) from Operations Third Quarter and Year to Date (“YTD”), 2018 vs. 2017 Third Quarter 2018 vs. 2017 YTD 2018 vs. 2017 (in millions, except per share
amounts) Earnings per Earnings per Common Common Share Share Earnings (Diluted) Earnings (Diluted) 2017 Non- GAAP Earnings from Operations (1) $ 578 $ 1.12 $ 1,562 $ 3.04 Growth in rate base earnings 32 0.06 97 0.18 Timing of taxes (2) 12
0.02 13 0.02 Insurance premium cost recoveries (3) 6 0.01 33 0.06 Resolution of regulatory items (4) — — 29 0.06 Timing and duration of nuclear refueling outages — — 12 0.02 Timing of 2017 operational spend
(5) (31) (0.06) (31) (0.06) Decrease in authorized return on equity (6) (7) (0.01) (21) (0.03) Tax impact of stock compensation (7) — — (44) (0.08) Increase in shares outstanding — — —
(0.02) Miscellaneous (8) (0.01) 2 — 2018 Non-GAAP Earnings from Operations (1) $ 582 $ 1.13 $ 1,652 $ 3.19 All amounts presented in the table above are tax adjusted at PG&E Corporation’s statutory tax rate of 27.98 percent
for 2018 and 40.75 percent for 2017, except for the tax impact of stock compensation. See Footnote 7 below. Amounts may not sum due to rounding. (1) See Exhibit A for a reconciliation of EPS on a GAAP basis to non-GAAP EPS from Operations.
(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.
(3) Represents insurance premium costs incurred during the three and nine months ended September 30, 2018, above amounts included in authorized revenue requirements, that are probable of recovery as a result of the CPUC’s June 2018
decision authorizing a WEMA. (4) Represents the impact of various regulatory outcomes during the nine months ended September 30, 2018. (5) Represents the timing of operational expense spending during the three and nine months ended
September 30, 2018, as compared to the same period in 2017. (6) Represents the decrease in return on equity from 10.40 percent in 2017 to 10.25 percent in 2018 as a result of the 2017 CPUC final decision approving an additional extension
to the original 2013 Cost of Capital decision. (7) Represents the impact of income taxes related to share-based compensation awards under the Long-Term Incentive Plan that vested during the nine months ended September 30, 2018, as compared
to the same period in 2017. 35
A P P E N D I X 3 – Q 3 2 0 1 8 S U P P L E M E N T A L E A R N I N G S M A T E R I A L S Exhibit C:
Operational Performance Metrics Meets YTD 2018 Performance Results YTD Actual 2018 Target Target (1) Safety Nuclear Operations Diablo Canyon Power Plant (DCPP) Reliability and Safety DCPP Unit 1 Score 96.8 96.4 P DCPP Unit 2 Score 90.0 87.6 P
Electric Operations Public Safety Index 1.9 1.0 P Gas and Electric Operations Asset Records Duration Index 1.4 1.0 P Gas Operations Gas In-Line Inspection and Upgrade Index 0.9 1.0 -Gas Dig-ins Reduction 1.63 1.84 P Employee Safety Serious Injuries
and Fatalities Corrective Actions Index 1.6 1.0 P Safe Driving Rate See note (2) 6.5 See note (2) Customer Customer Satisfaction Score 77.7 75.2 P Customer Connection Cycle Time 5 10 P Financial Non-GAAP Earnings from Operations $1,652 See
note (1) See note (1) See following page for definitions of the operational performance metrics. The operational performance goals set under the PG&E Corporation 2018 Short-Term Incentive Plan (“STIP”) are based on the same
operational metrics and targets. (1) The 2018 target for non-GAAP earnings from operations is not publicly reported. (2) Safe Driving Rate results will be reported on an annual basis. 36
A P P E N D I X 3 – Q 3 2 0 1 8 S U P P L E M E N T A L E A R N I N G S M A T E R I A L S Definitions of
2018 Operational Performance Metrics from Exhibit C Safety Public and employee safety are measured in four areas: Nuclear Operations Safety, Electric Operations Safety, Gas Operations Safety, and Employee Safety. The safety of the Utility’s
nuclear power operations, DCPP Unit 1 and Unit 2, is based on 11 performance indicators for nuclear power generation, including unit capability, on-line reliability, safety system unavailability, radiation exposure, and safety accident rate, as
reported to the Institute of Nuclear Power Operations. The safety of the Utility’s electric and gas operations is represented by: • Public Safety Index - Measure consisting of a weighted index of three electric programs that evaluate the
effectiveness of compliance activities in the Fire Index Areas: (1) Vegetation Non-Exempt Pole Clearing (25%), (2) Routine Line Vegetation Management (50%), and (3) Tree Mortality Mitigation Program (25%). • Gas and Electric
Asset Records Duration Indices (equally weighed) - Measure consisting of a weighted index tracking the average number of days to complete the as-built process in the system of record for electric and gas capital and expense jobs from the time
construction is completed in the field or released to operations: (1) Gas: Transmission (30%), (2) Gas: Station (5%), (3) Gas: Distribution (15%), (4) Electric: Transmission Line (12.5%), (5) Electric: Substation
(12.5%) and (6) Electric: Distribution (25%). • Gas In-Line Inspections and Upgrades Index - Index measuring the Utility’s ability to complete planned in-line inspections and pipeline retrofit projects. • Gas Dig-Ins
Reduction - Number of third-party dig-ins to the Utility’s gas assets per 1,000 Underground Service Alert tickets. A dig-in refers to any damage (impact or exposure) that result in a repair or replacement of an underground facility as a result
of an excavation. The safety of the Utility’s employees is represented by: • Serious Injuries and Fatalities (SIF) Corrective Action Index - Index measuring (1) percentage of SIF corrective actions completed on time, and
(2) quality of corrective actions as measured against an externally derived framework. • Safe Driving Rate - Measure tracking the total number of alerts for hard braking and hard acceleration per thousand miles driven in company vehicles
equipped with in-vehicle performance monitors. Customer Customer satisfaction and service cycle time are measured by: • Customer Satisfaction Score - Overall satisfaction of customers with the products and services offered by the Utility, as
measured through an ongoing survey. • Customer Connection Cycle Time - Measure tracking the 12-month average design and construction cycle time for electric residential disconnect/reconnect work requested by the Utility’s customers and
performed through Express Connections (the Utility’s new customer gateway), measured in business days. Financial Non-GAAP Earnings from Operations (shown in millions of dollars) represents the non-GAAP financial measure calculated as income
available for common shareholders less items impacting comparability. “Items impacting comparability” represent items that management does not consider part of the normal course of operations and affect comparability of financial results
between periods. 37
A P P E N D I X 3 – Q 3 2 0 1 8 S U P P L E M E N T A L E A R N I N G S M A T E R I A L S Exhibit D:
Pacific Gas and Electric Company Sales and Sources Summary Third Quarter and Year to Date, 2018 vs. 2017 Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Sales from Energy Deliveries (in millions
kWh) 23,054 24,160 60,578 62,914 Total Electric Customers at September 30 5,428,318 5,381,043 Total Gas Sales (in Bcf) 219 183 620 560 Total Gas Customers at September 30 4,498,612 4,465,259 Sources of Electric Energy (in millions kWh)
Total Utility Generation 9,319 9,410 24,056 25,239 Total Purchased Power 4,658 9,189 18,101 25,905 Total Electric Energy Delivered (1) 23,054 24,160 60,578 62,914 Diablo Canyon Performance Overall Capacity Factor (including refuelings) 100%
100% 92% 88% Refueling Outage Period None None 2/11/18 - 3/22/18 4/23/17-6/23/17 Refueling Outage Duration during the Period (days) None None 39 61 (1) Includes other sources of electric energy totaling 9,077 million kWh and
5,561 million kWh for the three months ended September 30, 2018 and 2017, respectively, and 18,421 million kWh and 11,770 million kWh for the nine months ended September 30, 2018 and 2017, respectively. Please see the 2017
Annual Report on Form 10-K for additional information about operating statistics. 38
A P P E N D I X 3 – Q 3 2 0 1 8 S U P P L E M E N T A L E A R N I N G S M A T E R I A L S Exhibit E:
PG&E Corporation’s 2018 Items Impacting Comparability (“IIC”) Guidance as of November 5, 2018 (Page 1 of 2) 2018 IIC Guidance (in millions, after-tax) Low High Estimated Items Impacting Comparability:
(1) Pipeline-related expenses (2) $ 36 $ 29 Butte fire-related costs, net of insurance (3) 176 25 Northern California wildfire-related costs, net of insurance (4) ~1,656 ~1,649 Reduction in gas-related capital disallowances
(5) (27) (27) 2017 insurance premium cost recoveries (6) (23) (23) Estimated IIC Guidance $ ~1,818 $ ~1,653 All amounts presented in the table above are tax adjusted at PG&E Corporation’s statutory tax rate of
27.98 percent. (1) “Items impacting comparability” represent items that management does not consider part of the normal course of operations and affect comparability of financial results between periods. See Exhibit G: Use of Non-GAAP
Financial Measures. (2) “Pipeline-related expenses” includes costs to identify and remove encroachments from transmission pipeline rights-of-way. The pre-tax range of estimated costs is shown below. The offsetting tax impact for the
low and high IIC guidance range is $14 million and $11 million, respectively. 2018 Low IIC High IIC (in millions, pre-tax) guidance range guidance range Pipeline-related expenses $ 50 $ 40 (3) “Butte fire-related costs, net of
insurance” refers to legal costs and estimated third-party claims associated with the Butte fire, net of contractor insurance recoveries. The pre-tax range of estimated costs shown below includes $7 million of contractor insurance recoveries.
Based on the cumulative charges recorded through 2017 of $1.1 billion, the cumulative range for third-party claims is $1.1 billion to $1.3 billion. The total offsetting tax impact for the low and high IIC guidance range is $69 million and $10
million, respectively. 2018 Low IIC High IIC (in millions, pre-tax) guidance range guidance range Legal costs, net of insurance $ 45 $ 35 Third-party claims 200 — Butte fire-related costs, net of insurance $ 245 $ 35 (4) “Northern
California wildfire-related costs, net of insurance” refers to estimated third-party claims, Utility clean-up and repair costs, and legal and other costs associated with the Northern California wildfires, net of probable insurance recoveries.
The pre-tax range of estimated costs shown below includes accrued charges through September 30, 2018 for estimated third-party claims in connection with 14 of the Northern California wildfires. Guidance reflects the low end of the estimated
range of costs related to such third-party claims. The Utility is currently unable to estimate the high end of the range of costs related to third-party claims. The insurance recoveries estimate is based on an accounting assessment, but the actual
timing and amount of insurance recoveries may vary. The total offsetting tax impact for the low and high IIC guidance range is $644 million and $641 million, respectively. 2018 Low IIC High IIC (in millions, pre-tax) guidance range guidance range
Third-party claims $ 2,500 $ 2,500 Legal and other costs 160 150 Utility clean-up and repair costs 40 40 Insurance recoveries ~(400) ~(400) Northern California wildfire-related costs, net of insurance $ ~2,300 $ ~2,290 39
A P P E N D I X 3 – Q 3 2 0 1 8 S U P P L E M E N T A L E A R N I N G S M A T E R I A L S Exhibit E:
PG&E Corporation’s 2018 Items Impacting Comparability (“IIC”) Guidance as of November 5, 2018 (Page 2 of 2) (5) “Reduction in in gas-related capital disallowances” reflects the reduction to estimated
disallowances for gas-related costs expected to exceed authorized amounts in the 2015 GT&S rate case and the Utility’s PSEP. The total offsetting tax impact for the low and high IIC guidance range is $11 million. 2018 Low IIC High IIC (in
millions, pre-tax) guidance range guidance range Reduction in gas-related capital disallowances $ (38) $ (38) (6) “2017 insurance premium cost recoveries” insurance premium costs incurred in 2017, above amounts included in
authorized revenue requirements, that are probable of recovery as a result of the CPUC’s June 2018 decision authorizing a WEMA. The total offsetting tax impact for the low and high IIC guidance range is $9 million. 2018 Low IIC High IIC (in
millions, pre-tax) guidance range guidance range 2017 insurance premium cost recoveries $ (32) $ (32) Actual financial results for 2018 may differ materially from the guidance provided. For a discussion of the factors that may affect
future results, see the Forward-Looking Statements. 40
A P P E N D I X 3 – Q 3 2 0 1 8 S U P P L E M E N T A L E A R N I N G S M A T E R I A L S Exhibit F: 2018
General Earnings Sensitivities as of November 5, 2018 PG&E Corporation and Pacific Gas and Electric Company Estimated 2018 Earnings Variable Description of Change Impact Rate base +/- $100 million change in allowed rate base +/- $5 million
Return on equity (ROE) +/- 0.1% change in allowed ROE +/- $19 million Share count +/- 1% change in average shares +/- $0.04 per share +/- $7 million change in at-risk revenue (pre-tax), including Revenues Electric Transmission and Gas Transmission
and Storage +/- $0.01 per share These general earnings sensitivities with respect to factors that may affect 2018 earnings are forward-looking statements that are based on various assumptions. Actual results may differ materially. For a discussion
of the factors that may affect future results, see the Forward-Looking Statements. 41
A P P E N D I X 3 – Q 3 2 0 1 8 S U P P L E M E N T A L E A R N I N G S M A T E R I A L S Exhibit G: Use
of Non-GAAP Financial Measures PG&E Corporation and Pacific Gas and Electric Company: Use of Non-GAAP Financial Measures PG&E Corporation discloses historical financial results and provides guidance based on “non-GAAP earnings from
operations” 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 items impacting comparability. “Non-GAAP earnings from
operations” is a non-GAAP financial measure and is calculated as income available for common shareholders less items impacting comparability. “Items impacting comparability” represent items that management does not consider part of
the normal course of operations and affect comparability of financial results between periods, including Northern California wildfire- and Butte fire-related costs, net of insurance, pipeline-related expenses, reduction in gas-related capital
disallowances, 2017 insurance premium cost recoveries, fines and penalties, Diablo Canyon settlement-related disallowance, legal and regulatory-related expenses, GT&S revenue timing impact, and net benefit from derivative litigation settlement.
PG&E Corporation uses non-GAAP earnings from operations 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 believes that non-GAAP earnings from operations provide additional insight into the underlying trends of the business, allowing for a better comparison against historical results and expectations for
future performance. Non-GAAP earnings from operations are not a substitute or alternative for GAAP measures such as consolidated income available for common shareholders and may not be comparable to similarly titled measures used by other companies.
42
A P P E N D I X 4 – L E A D E R S H I P B I O S Geisha J. Williams Geisha J. Williams Chief Executive
Officer (CEO) and President PG&E Corporation Geisha J. Williams was elected CEO and President of PG&E Corporation, effective March 1, 2017. Williams has more than three decades of experience in the utility industry. Under Williams’
leadership, PG&E is responsible for providing safe, reliable, affordable and clean energy to 16 million people in northern and central California. In her prior role as President, Electric, Williams led PG&E’s electric business,
including transmission, distribution, power generation, nuclear operations, energy procurement and customer care. During her tenure at PG&E, the company has become a leader in renewables integration, grid modernization and smart grid
technologies, while also achieving the highest percentage of clean energy deliveries in PG&E’s history at nearly 80% greenhouse gas free sources and the best electric reliability in company history. Williams came to PG&E from Florida
Power and Light Company (FPL), where she was Vice President of Power Systems, Electric Distribution. Prior to that, she served as FPL’s Vice President of Distribution Operations, and held a variety of positions of increasing responsibility in
FPL’s customer service, marketing, external affairs and electric operations departments. In addition to serving on the PG&E Corporation Board of Directors, Williams is a director at the Edison Electric Institute (EEI) and the Institute of
Nuclear Power Operations (INPO). At EEI, she also serves on the Executive Committee and is the CEO co-Chair of the Customer Energy Solutions Policy Committee. In addition, she is on the board of the Center for Energy Workforce Development (CEWD), on
the Advisory Board for the Morgan Stanley Institute for Sustainable Investing and a trustee of the California Academy of Sciences. Williams is also trustee of the University of Miami, where she earned her bachelor’s degree in engineering. She
also holds a master’s degree in business administration from Nova Southeastern University. 43
A P P E N D I X 4 – L E A D E R S H I P B I O S Jason P. Wells Jason P. Wells Senior Vice President and
Chief Financial Officer PG&E Corporation Jason P. Wells is Senior Vice President and Chief Financial Officer for PG&E Corporation. Wells oversees the financial activities of the company including accounting, treasury, tax, risk, business and
financial planning, and investor relations. Wells began his career at PricewaterhouseCoopers, LLC, where he was most recently a senior manager. In 2007, Wells joined PG&E as the Director of technical accounting and was promoted to Senior
Director and Assistant Controller of corporate accounting in 2008. In 2011, Wells became Vice President, Finance. He assumed his current position on January 2016. He earned his bachelor’s and master’s degrees in accounting from the
University of Florida. Wells is a Certified Public Accountant in the state of Florida. He currently serves as the Treasurer and on the board of Habitat for Humanity Greater San Francisco. 44
A P P E N D I X 4 – L E A D E R S H I P B I O S John R. Simon John R. Simon Executive Vice President and
General Counsel PG&E Corporation John R. Simon serves as Executive Vice President & General Counsel for San-Francisco-based PG&E Corporation. In his role, he oversees Law; Land and Environmental Management; and Enterprise Records
Information Management. He has held his current role since March 1, 2017. John joined PG&E in 2007 and has held several senior roles within the company including Executive Vice President, Corporate Services and Human Resources and Senior
Vice President, Human Resources. Before joining PG&E, John worked for TeleTech Holdings, Inc., a global provider of customer care technology and services, where he held leadership roles in legal and human resources including Executive Vice
President, Global Human Capital. John holds a bachelor’s degree from Colorado College and a law degree from Georgetown University. Following law school and a judicial clerkship with United States District Judge William Skretny, he litigated
commercial cases in state and federal courts, first with Proskauer Rose in Washington, D.C., and later with Hallenbeck Lascell, in Rochester, New York. John is an active member of the Bar of New York, registered as in house counsel in California,
and inactive member of the Bars of Illinois and Washington, D.C. He serves on the Board of Trustees of the Marine Mammal Center in Sausalito and the California Minority Counsel Program in Sausalito and California Minority Counsel Program in San
Francisco. 45
A P P E N D I X 4 – L E A D E R S H I P B I O S Steven E. Malnight Steven (Steve) E. Malnight Senior Vice
President, Energy Supply and Policy Pacific Gas and Electric Company Steve Malnight is Senior Vice President, Energy Supply and Policy, of Pacific Gas and Electric Company. In this role, Malnight leads a team of dynamic and experienced professionals
who develop and implement the company’s energy strategy and policy through innovative solutions, partnership integration and public advocacy at the national, state and local level. In developing and implementing the company’s strategy and
policy, Malnight oversees federal, state and local government affairs, corporate sustainability, and community relations, along with PG&E’s energy procurement organization. In addition, under the company’s interim organizational
structure, he has responsibility for generation, customer care, real estate and IT. Malnight held several key executive positions at Pacific Gas and Electric Company before his current assignment. Most recently, he served as Senior Vice President,
Strategy and Policy, for PG&E Corporation and Pacific Gas and Electric Company. He previously served as Senior Vice President, Regulatory Affairs, where he oversaw PG&E’s regulatory policy efforts at the national and state levels,
including interaction with the California Public Utilities Commission (CPUC), the California Energy Commission (CEC) and the Federal Energy Regulatory Commission (FERC). Malnight also served as Vice President, Customer Energy Solutions; Vice
President, Integrated Demand Side Management; and Vice President, Renewable Energy. Before being named an officer at Pacific Gas and Electric Company, Malnight served in the PG&E Corporation Chairman’s office as Special Assistant to the
Chairman, and he held management positions in customer strategy and corporate finance, where he led the company’s budgeting and planning process. He joined PG&E Corporation in 2002. Malnight holds a bachelor’s degree in chemical
engineering from the University of Notre Dame and a master’s degree in business administration from the Tuck School of Business at Dartmouth. He has completed the Reactor Technology Course for Utility Executives at the Massachusetts Institute
of Technology. Malnight is also active in national policy and community engagement. He serves on the board of the Smart Electric Power Alliance, a nationwide organization that supports utility participation in solar activities. He also serves on the
Rebuild Northbay Foundation board and the board of Veloz, a non-profit that focuses on accelerating the shift to electric cars. 46
A P P E N D I X 4 – L E A D E R S H I P B I O S Patrick M. Hogan Patrick M. Hogan Senior Vice President of
Electric Operations Pacific Gas and Electric Company Patrick M. Hogan is Senior Vice President of Electric Operations at Pacific Gas and Electric Company. Hogan oversees PG&E’s electric transmission and distribution system, which delivers
safe and reliable energy to more than 16 million people throughout Northern and Central California. In addition to his electric responsibilities, Hogan has enterprise-wide responsibility for PG&E’s Transportation Services organization,
managing over 14,000 vehicles and pieces of equipment. Prior to his promotion to Senior Vice President of Electric Operations in 2016, Hogan served as Vice President of Electric Strategy & Asset Management where he oversaw the
company’s electric transmission and distribution assets. Hogan also led the development and deployment of technology into PG&E’s electric system. Before joining PG&E in 2013, Hogan held leadership and officer roles in transmission,
distribution, operations, engineering and asset management at British Columbia Hydro, National Grid, and KeySpan. Originally from New York, Hogan holds a bachelor’s and master’s degree in electrical engineering from Manhattan College and a
master’s degree in business administration from Hofstra University. His community involvement includes serving on the board of the San Francisco Ballet, and he currently resides in San Francisco. 47
A P P E N D I X 4 – L E A D E R S H I P B I O S Jesus Soto Jr. Jesus Soto Jr. Senior Vice President, Gas
Operations Pacific Gas and Electric Company Jesus Soto Jr. is the Senior Vice President of Gas Operations for Pacific Gas and Electric Company. Soto is responsible for overseeing the Aviation Services, Supply Chain and Cyber and Physical Security of
PG&E’s facilities. He is also responsible for overseeing and executing the day-to-day operations of the second largest natural gas system in the United States. PG&E’s natural gas system provides safe, reliable, affordable and clean
natural gas service to 16 million people in northern and central California. Soto is passionate about public and employee safety. Through Soto’s leadership, PG&E became the first utility in the United States to earn several notable
third-party certifications around pipeline safety and asset management, including the ISO 55001:2014 and PAS 55-1:2008 international certifications for the company’s enhancements in gas asset management; meet the rigor of the industry standard
on pipeline safety management system from the American Petroleum Institute Recommended Practice (API RP) 1173; and certified to the chemical industry’s RC14001: 2013 and ISO 14001:2004 management system standard. Soto has also led
PG&E’s Gas Operations organization to develop state-of-the-art technologies aimed at enhancing pipeline safety and reliability, including leak detection technology that is 1,000 times more sensitive than conventional leak detection tools.
Soto’s commitment to safety has led to a significant reduction in the time it takes PG&E to respond to gas odor calls achieving top decile industry performance. Before joining PG&E in May 2012, Soto served as Vice President of
Operations Services for El Paso Corporation’s Pipeline Group in Houston, TX. He led the technical services and support functions for pipeline operations and oversaw measurement, compression, reservoir and pipeline systems and Department of
Transportation compliance. He was also responsible for risk and integrity management, public awareness and emergency response. Prior to that, Soto was Vice President of Engineering and Construction, leading the engineering and construction programs
for ANR Pipeline, El Paso Natural Gas, Colorado Interstate Gas, Southern Natural Gas and Tennessee Gas Pipeline for onshore and offshore facilities. Soto holds a Bachelor of Science in civil engineering from the University of Texas at El Paso, a
master’s degree in civil engineering from Texas A&M University, and a Master of Business Administration degree from the University of Phoenix. He currently serves as Vice Chair of the Common Ground Alliance’s board of directors. He
also serves as a member of the board of directors of the American Gas Association and Interstate Natural Gas Association of America. 48
A P P E N D I X 4 – L E A D E R S H I P B I O S David S. Thomason David S. Thomason Vice President and
Controller PG&E Corporation Vice President, Chief Financial Officer and Controller Pacific Gas and Electric Company David S. Thomason is Vice President and Controller of PG&E Corporation, as well as Vice President, Chief Financial Officer
and Controller of Pacific Gas and Electric Company. Thomason joined PG&E in 2001 as a senior accounting analyst after starting his career with Arthur Andersen in Portland. During his 17 years at PG&E, he has held a multitude of roles,
growing as a leader and gaining additional responsibilities with each new position. Functional areas he has overseen include corporate accounting, SEC reporting, tax, revenue forecasting, and financial planning and analysis. Thomason received a
Master’s degree in Business Administration from the University of California, Berkeley, and a Bachelor’s degree in Accounting from the University of Oregon, Eugene. He holds registrations as a Certified Public Accountant in the states of
California and Oregon. He currently serves on the board of the San Francisco Zoological Society and is a member of the Edison Electric Institute Executive Accounting Committee. 49
A P P E N D I X 5 Timeline of Key Regulatory Cases 2018 2019 2020 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Expected 2020 GRC
Decision Expected Filing Decision 2019 GT&S Expected Core Rate Decision Expected TO18 Cases TO20 Filed 10/1 Decision Expected Expected Cost of Capital Decision Expected Filing Short Term Decision Filed 10/9 Debt Expected Financing Customer Harm
Initiate Decision Expected Threshold Filing Wildfire- Wildfire Expected Decision Related Mitigation Plan Filing Expected Note: The rate case timelines outlined above reflect expected filing and decision time frames; actual timing may differ. 50
A P P E N D I X 6 Credit Metrics and Ratings Fitch Moody’s S&P Pacific Gas and Electric Company Senior
Unsecured Debt BBB+ Baa1 BBB Short-term Debt F3 P-2 A-2 Outlook Negative Negative Negative PG&E Corporation Senior Unsecured Debt BBB Baa2 BBB-Short-term Debt F3 P-2 A-2 Outlook Negative Negative Negative 51
