PG&E Corp (PCG) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that PG&E Corp surfaced in its latest filing.

• A restitution hearing in the Butte County District Attorney's Office investigation into the 2018 Camp fire is continued to April 24, 2026.April 24, 2026
• Recorded liability estimates for the 2019 Kincade fire, 2021 Dixie fire, and 2022 Mosquito fire exclude several categories of damages that are not reasonably estimable, and actual liabilities could exceed estimates.
• As of December 31, 2025, probable recoveries of $632 million for the 2021 Dixie fire and $61 million for the 2022 Mosquito fire are recorded through FERC TO rates or WEMA.December 31, 2025
• The City and County of San Francisco has submitted a petition with the CPUC seeking a valuation of the Utility’s electric assets in or serving San Francisco and has expressed an intent to acquire such assets.
• The CPUC denied San Diego Gas & Electric Company recovery of inverse condemnation costs in December 2017, and legal challenges to that denial were unsuccessful.December 2017
• The Inflation Reduction Act imposes a 15% corporate alternative minimum tax on adjusted financial statement income of corporations with average AFSI exceeding $1.0 billion over three years effective for tax years starting January 1, 2023, which may impact PG&E Corporation.January 1, 2023
• PG&E Corporation had $5.7 billion of outstanding indebtedness as of December 31, 2025, including $2.15 billion convertible senior secured notes due 2027, $1.5 billion Junior Subordinated Notes due 2055, $1.0 billion senior secured notes due 2028, and $1.0 billion senior secured notes due 2030.December 31, 2025
• The Utility had $55.3 billion of outstanding indebtedness as of December 31, 2025.December 31, 2025
• As of December 31, 2025, PG&E Corporation had $650 million additional borrowing capacity under the Corporation Revolving Credit Agreement and the Utility had $3.2 billion under the Utility Revolving Credit Agreement.December 31, 2025
• PG&E Corporation had outstanding preferred stock with aggregate liquidation preference of $1.6 billion and the Utility had $258 million as of December 31, 2025.December 31, 2025
• The Amended Articles impose ownership restrictions on transferability and ownership of PG&E Corporation capital stock to preserve net operating loss carryforwards of $38.3 billion federal and $34.1 billion California as of December 31, 2025.December 31, 2025
• A person or entity acquiring or accumulating 4.75% or more of combined value of outstanding Equity Securities may violate restrictions, and existing holders above that threshold cannot increase their proportionate interest.