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    PG&E CORP FILES (8-K) Disclosing Other Events


    September 7, 2022 - Edgar Glimpses

     

      Item 8.01 Other Events.

      2023 GRC Update Testimony

      On September 6, 2022, Pacific Gas and Electric Company (the "Utility"), a subsidiary of PG&E Corporation, submitted testimony updating the revenue requirement request in its 2023 General Rate Case ("GRC") proceeding (the "Update Testimony"). As permitted by the California Public Utilities Commission's rate case plan, the Update Testimony reflects updates for escalation rates and federal tax law and guidance since the filing of the Utility's original 2023 GRC application in June 2021.

      The table below shows the drivers for the increases from the revenue requirement requests in the March 10, 2022 amended GRC application (the "Amended Application") as compared to the Update Testimony for each of the 2023 test year and 2024, 2025, and 2026 attrition years.

       (in millions) 2023 2024 2025 2026 

      Amended Application Revenue Requirement Request 15,339 16,357 17,113 17,674 Capital Escalation Update

       159 369 584 785 Expense Escalation Update 641 453 332 256 Federal Tax Law and Guidance Updates 35 44 55 50 Increase in Revenue Requirement Request 835 866 971 1,090 

      Update Testimony Revenue Requirement Request 16,175 17,223 18,083 18,764

      The table below shows the increase in revenue requirement requests relative to the prior year, for each of the 2023 test year and 2024, 2025, and 2026 attrition years, as reflected in the Amended Application and the Update Testimony, except that the revenue requirement request for 2023 is compared to the adopted 2022 revenue requirement.

       (in millions) 2023 2024 2025 2026 

      Amended Application Revenue Requirement 15,339 16,357 17,113 17,674

       Request Year-Over-Year Increase in Revenue 3,125 1,018 756 561 Requirement Request Update Testimony Revenue Requirement 16,175 17,223 18,083 18,764 Request Year-Over-Year Increase in Revenue 3,961 1,048 860 680 Requirement Request 

      The table below compares the rate base requests in the Amended Application and the Update Testimony for each of the 2023 test year and 2024, 2025, and 2026 attrition years.

       ($ million) 2023 2024 2025 2026 

      Amended Application Rate Base Request 49,179 53,835 58,226 62,760 Increase in Rate Base Request 1,698 2,972 4,284 5,396 Update Testimony Rate Base Request 50,876 56,807 62,510 68,156

      Amounts may not sum due to rounding.

      Risk Factors

      With this Current Report on Form 8-K, PG&E Corporation and the Utility supplement the risk factors set forth in Item 1A of their joint Annual Report on Form 10-K for the year ended December 31, 2021, with the following risk factor, which should be read in conjunction with the risk factors set forth in the Annual Report on Form 10-K and the joint Quarterly Report on Form 10-Q for the quarter ended June 30, 2022.

      Inflation may negatively impact PG&E Corporation's and the Utility's financial conditions, results of operations, liquidity, and cash flows.

      PG&E Corporation and the Utility have observed that prices for equipment, materials, supplies, employee labor, contractor services, and variable-rate debt have increased. Long-term inflationary pressures may result in such prices continuing to increase more quickly than expected. Increases in inflation raises costs for labor, materials and services, and PG&E Corporation and the Utility may be unable to secure these resources on economically acceptable terms or offset such costs with increased revenues, operating efficiencies, or cost savings, which may adversely impact PG&E Corporation's and the Utility's financial condition, results of operation, liquidity, and cash flows.

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