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 25, 2022

(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

77 BEALE STREET	77 BEALE STREET
P.O. BOX 770000	P.O. BOX 770000
SAN FRANCISCO, California 94177	SAN FRANCISCO, California 94177
(Address of principal executive offices) (Zip Code)	(Address of principal executive offices) (Zip Code)
(415) 973-1000	(415) 973-1000
(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
Equity Units	PCGU	The New York Stock Exchange
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, 5% redeemable	PCG-PD	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% series A redeemable	PCG-PI	NYSE American LLC
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

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 8.01 Other Events

On February 25, 2022, Pacific Gas and Electric Company (the “Utility”), a subsidiary of PG&E Corporation, submitted supplemental testimony (the “Supplemental Testimony”) for its 2023 General Rate Case (“GRC”) application to reflect the Utility’s integrated wildfire mitigation strategy, including the Utility’s proposals for the initial phase of undergrounding 10,000 miles of electric distribution powerlines in high fire risk areas throughout the Utility’s service area, the Enhanced Powerline Safety Settings (“EPSS”) program, and its vegetation management program. The Supplemental Testimony amends the revenue requirement request in the Utility’s original 2023 GRC application, which was filed on June 30, 2021 (the “Original Application”).

The Utility’s updated revenue requirement request for the 2023 test year reduced its prior request from $15.46 billion to $15.34 billion. The following table compares the requested revenue requirement increase in the Supplemental Testimony with the requested revenue requirement increase in Original Application for the period of 2023 to 2026:

Requested revenue requirement increase: (in millions)	Supplemental Testimony		Original Application		Supplemental Testimony compared to Original Application
2023	$	3,125	$	3,560	$	(435)
2024		1,018		930		88
2025		755		590		165
2026		561		381		180

In the Supplemental Testimony, the Utility requested that the CPUC approve an additional $6.93 billion in undergrounding capital expenditures over the period of 2023 to 2026. The Supplemental Testimony also included a request for $572 million in expense over the period of 2023 to 2026 for the EPSS program, which was not included in the Original Application. Additionally, the Supplemental Testimony reduced the Original Application’s request for vegetation management program expenses by approximately $1.0 billion over the period of 2023 to 2026. The revised revenue requirement sought in the Supplemental Testimony excludes certain recorded costs for wildfire mitigation and gas safety work that the Utility intends to seek in a second track of this proceeding.

The following table compares the requested weighted-average rate base in the Supplemental Testimony with the requested weighted-average rate base in Original Application for the period of 2023 to 2026:

Requested rate base: (in millions)	Supplemental Testimony		Original Application		Supplemental Testimony compared to Original Application
2023	$	49,179	$	48,515	$	664
2024		53,835		51,981		1,854
2025		58,226		54,525		3,701
2026		62,760		56,912		5,848

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
Date: February 25, 2022	By:	/s/ CHRISTOPHER A. FOSTER
		Name: Christopher A. Foster
		Title: Executive Vice President and Chief Financial Officer

	PACIFIC GAS AND ELECTRIC COMPANY
Date: February 25, 2022	By:	/s/ DAVID S. THOMASON
		Name: David S. Thomason
		Title: Vice President, Chief Financial Officer and Controller

XML

Document And Entity Information	Dec. 06, 2021
Document Information Line Items
Entity Registrant Name	PG&E Corporation
Document Type	8-K
Amendment Flag	false
Entity Central Index Key	0001004980
Document Period End Date	Feb. 25, 2022
Entity Emerging Growth Company	false
Entity File Number	001-12609
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	94-3234914
Entity Address, Address Line One	77 BEALE STREET
Entity Address, Address Line Two	P.O. BOX 770000
Entity Address, City or Town	SAN FRANCISCO
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94177
City Area Code	415
Local Phone Number	973-1000
Pre-commencement Issuer Tender Offer	false
Pre-commencement Tender Offer	false
Soliciting Material	false
Written Communications	false
Common Stock, no par value
Document Information Line Items
Trading Symbol	PCG
Title of 12(b) Security	Common stock, no par value
Security Exchange Name	NYSE
Equity Units
Document Information Line Items
Trading Symbol	PCGU
Title of 12(b) Security	Equity Units
Security Exchange Name	NYSE
First preferred stock, cumulative, par value $25 per share, 5% series A redeemable
Document Information Line Items
Trading Symbol	PCG-PE
Title of 12(b) Security	First preferred stock, cumulative, par value $25 per share, 5% series A redeemable
Security Exchange Name	NYSEAMER
First preferred stock, cumulative, par value $25 per share, 5% redeemable
Document Information Line Items
Trading Symbol	PCG-PD
Title of 12(b) Security	First preferred stock, cumulative, par value $25 per share, 5% redeemable
Security Exchange Name	NYSEAMER
First preferred stock, cumulative, par value $25 per share, 4.80% redeemable
Document Information Line Items
Trading Symbol	PCG-PG
Title of 12(b) Security	First preferred stock, cumulative, par value $25 per share, 4.80% redeemable
Security Exchange Name	NYSEAMER
First preferred stock, cumulative, par value $25 per share, 4.50% redeemable
Document Information Line Items
Trading Symbol	PCG-PH
Title of 12(b) Security	First preferred stock, cumulative, par value $25 per share, 4.50% redeemable
Security Exchange Name	NYSEAMER
First preferred stock, cumulative, par value $25 per share, 4.36% series A redeemable
Document Information Line Items
Trading Symbol	PCG-PI
Title of 12(b) Security	First preferred stock, cumulative, par value $25 per share, 4.36% series A redeemable
Security Exchange Name	NYSEAMER
First preferred stock, cumulative, par value $25 per share, 6% nonredeemable
Document Information Line Items
Trading Symbol	PCG-PA
Title of 12(b) Security	First preferred stock, cumulative, par value $25 per share, 6% nonredeemable
Security Exchange Name	NYSEAMER
First preferred stock, cumulative, par value $25 per share, 5.50% nonredeemable
Document Information Line Items
Trading Symbol	PCG-PB
Title of 12(b) Security	First preferred stock, cumulative, par value $25 per share, 5.50% nonredeemable
Security Exchange Name	NYSEAMER
First preferred stock, cumulative, par value $25 per share, 5% nonredeemable
Document Information Line Items
Trading Symbol	PCG-PC
Title of 12(b) Security	First preferred stock, cumulative, par value $25 per share, 5% nonredeemable
Security Exchange Name	NYSEAMER
Pacific Gas and Electric Company
Document Information Line Items
Entity Registrant Name	Pacific Gas and Electric Company
Entity Central Index Key	0000075488
Entity Emerging Growth Company	false
Entity File Number	001-02348
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	94-0742640
Entity Address, Address Line One	77 BEALE STREET
Entity Address, Address Line Two	P.O. BOX 770000
Entity Address, City or Town	SAN FRANCISCO
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94177
City Area Code	415
Local Phone Number	973-1000