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DEBT (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Line of Credit Facilities | The following table summarizes PG&E Corporation’s and the Utility’s outstanding borrowings and availability under their credit facilities at December 31, 2023:
(in millions) | Termination Date |  | Maximum Facility Limit |  | Loans Outstanding |  | Letters of Credit Outstanding |  | Facility Availability |
Utility revolving credit facility | June 2028 |  | $ | 4,400 |  | (1) | $ | (1,750) |  |  | $ | (652) |  |  | $ | 1,998 |  |
Utility Receivables Securitization Program (2) | June 2025 |  | 1,499 |  | (3) | (1,499) |  |  | — |  |  | — |  | (3)
PG&E Corporation revolving credit facility | June 2026 |  | 500 |  |  | — |  |  | — |  |  | 500 |  |
Total credit facilities |  |  | $ | 6,399 |  |  | $ | (3,249) |  |  | $ | (652) |  |  | $ | 2,498 |  |
(1) Includes a $2.0 billion letter of credit sublimit. (2) For more information on the Receivables Securitization Program, see “Variable Interest Entities” in Note 2 above. (3) The amount the Utility may borrow under the Receivables Securitization Program is limited to the lesser of the facility limit and the facility availability. The facility limit fluctuates between $1.25 billion and $1.5 billion depending on the periods set forth in the transaction documents. Further, the facility availability may vary based on the amount of accounts receivable that the Utility owns that are eligible for sale to the SPV and the portion of those accounts receivable that are sold to the SPV that are eligible for advances by the lenders under the Receivables Securitization Program.
Schedule of Long-term Debt | The following table summarizes PG&E Corporation’s and the Utility’s long-term debt:
|  |  | Balance at |
(in millions) | Contractual Interest Rates |  | December 31, 2023 |  | December 31, 2022 |
PG&E Corporation |  |  |  |  |  |
Term Loan - Stated Maturity: 2027 (1) | variable rate (2) |  | $ | 500 |  |  | $ | 2,681 |  |
Convertible Notes due 2027 | 4.25% |  | 2,150 |  |  | — |  |
Senior Secured Notes due 2028 | 5.00% |  | 1,000 |  |  | 1,000 |  |
Senior Secured Notes due 2030 | 5.25% |  | 1,000 |  |  | 1,000 |  |
Less: current portion, net of unamortized discount and debt issuance costs |  |  | — |  |  | (28) |  |
Unamortized discount and debt issuance costs, net |  |  | (51) |  |  | (66) |  |
Total PG&E Corporation Long-Term Debt |  |  | 4,599 |  |  | 4,587 |  |
Utility |  |  |  |  |  |
First Mortgage Bonds - Stated Maturity: |  |  |  |  |  |
2023 | 1.70% - 4.25% |  | — |  |  | 2,075 |  |
2024 | 3.40% - 3.75% |  | 800 |  |  | 1,800 |  |
2025 | 3.45% - 4.95% |  | 1,925 |  |  | 1,925 |  |
2026 | 2.95% - 3.15% |  | 2,551 |  |  | 2,551 |  |
2027 | 2.10% - 5.45% |  | 3,000 |  |  | 3,000 |  |
2028 | 3.00% - 4.65% |  | 1,975 |  |  | 1,975 |  |
2029 | 4.20% - 6.10% |  | 1,250 |  |  | 400 |  |
2030 | 4.55% |  | 3,100 |  |  | 3,100 |  |
2031 | 2.50% - 3.25% |  | 3,000 |  |  | 3,000 |  |
2032 | 4.40% - 5.90% |  | 1,050 |  |  | 1,050 |  |
2033 | 6.15% - 6.40% |  | 1,900 |  |  | — |  |
2034 | 6.95% |  | 800 |  |  | — |  |
2040 | 3.30% - 4.50% |  | 2,951 |  |  | 2,951 |  |
2041 | 4.20% - 4.50% |  | 700 |  |  | 700 |  |
2042 | 3.75% - 4.45% |  | 750 |  |  | 750 |  |
2043 | 4.60% |  | 375 |  |  | 375 |  |
2044 | 4.75% |  | 675 |  |  | 675 |  |
2045 | 4.30% |  | 600 |  |  | 600 |  |
2046 | 4.00% - 4.25% |  | 1,050 |  |  | 1,050 |  |
2047 | 3.95% |  | 850 |  |  | 850 |  |
2050 | 3.50% - 4.95% |  | 5,025 |  |  | 5,025 |  |
2052 | 5.25% |  | 550 |  |  | 550 |  |
2053 | 6.70% - 6.75% |  | 2,000 |  |  | — |  |
Less: current portion, net of unamortized discount and debt issuance costs |  |  | (800) |  |  | (2,072) |  |
Unamortized discount, premium and debt issuance costs, net |  |  | (246) |  |  | (195) |  |
Total Utility First Mortgage Bonds |  |  | 35,831 |  |  | 32,135 |  |
Recovery Bonds (3) |  |  | 9,124 |  |  | 9,292 |  |
Less: current portion |  |  | (176) |  |  | (168) |  |
DWR Loan (4) |  |  | 98 |  |  | 312 |  |
Credit Facilities |  |  |  |  |  |
Receivables Securitization Program - Stated Maturity: 2025 | variable rate (5) |  | 1,499 |  |  | 1,184 |  |
2-Year Term Loan - Stated Maturity: 2024 | variable rate (6) |  | 400 |  |  | 400 |  |
Less: current portion |  |  | (400) |  |  | — |  |
Total Utility Long-Term Debt |  |  | 46,376 |  |  | 43,155 |  |
Total PG&E Corporation Consolidated Long-Term Debt |  |  | $ | 50,975 |  |  | $ | 47,742 |  |
(1) On December 8, 2023, PG&E Corporation amended its existing term loan agreement to, among other things, extend the maturity date from June 23, 2025 to June 23, 2027. (2) At December 31, 2023, the contractual London Interbank Offered Rate (“LIBOR”)-based interest rate on the term loan was 7.85% and at December 31, 2022, the contractual Secured Overnight Financing Rate (“SOFR”)-based interest rate on the term loan was 7.44%. (3) The amount includes bonds related to AB 1054 and SB 901 securitization transactions. For AB 1054 interest rates, see the 2021 Form 10-K and 2022 Form 10-K. For SB 901 interest rates, see the 2022 Form 10-K. (4) The Utility is not required to pay interest on the DWR loan, see Note 2 - Government Assistance. (5) At December 31, 2023 and 2022, the contractual SOFR-based interest rate on the Receivables Securitization Program was 6.75% and 5.10%, respectively. (6) At December 31, 2023 and 2022, the contractual SOFR-based interest rate on the term loan was 6.60% and 5.71%, respectively.
Schedule Of Long Term Debt Repayments | PG&E Corporation’s and the Utility’s combined stated long-term debt principal repayment amounts at December 31, 2023 are reflected in the table below:
(in millions, except interest rates) | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter |  | Total
PG&E Corporation |  |  |  |  |  |  |  |  |  |  |  |  |
Average fixed interest rate | — | % |  | — | % |  | — | % |  | 4.25 | % |  | 5.00 | % |  | 5.25 | % |  | 4.67 | %
Fixed rate obligations | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,150 |  |  | $ | 1,000 |  |  | $ | 1,000 |  |  | $ | 4,150 |
Variable interest rate as of December 31, 2023 | — | % |  | — | % |  | — | % |  | 7.85 | % |  | — | % |  | — | % |  | 7.85 | %
Variable rate obligations | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 500 |  |  | $ | — |  |  | $ | — |  |  | $ | 500 |
Utility (1) |  |  |  |  |  |  |  |  |  |  |  |  |
Average fixed interest rate | 3.60 | % |  | 3.82 | % |  | 3.10 | % |  | 3.22 | % |  | 3.58 | % |  | 4.66 | % |  | 4.31 | %
Fixed rate obligations | $ | 800 |  |  | $ | 1,925 |  |  | $ | 2,551 |  |  | $ | 3,000 |  |  | $ | 1,975 |  |  | $ | 26,626 |  |  | $ | 36,877 |
Variable interest rate as of December 31, 2023 | 6.60 | % |  | 6.75 | % |  | — | % |  | — | % |  | — | % |  | — | % |  | 6.72 | %
Variable rate obligations | $ | 400 |  |  | $ | 1,499 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,899 |
Recovery Bonds (2) |  |  |  |  |  |  |  |  |  |  |  |  |
AB 1054 obligations | $ | 46 |  |  | $ | 48 |  |  | $ | 50 |  |  | $ | 51 |  |  | $ | 53 |  |  | $ | 1,539 |  |  | $ | 1,787 |
SB 901 obligations | 130 |  |  | 135 |  |  | 141 |  |  | 146 |  |  | 152 |  |  | 6,634 |  |  | 7,338 |
Total consolidated debt | $ | 1,376 |  |  | $ | 3,607 |  |  | $ | 2,742 |  |  | $ | 5,847 |  |  | $ | 3,180 |  |  | $ | 35,799 |  |  | $ | 52,551 |
(1) The balance excludes DWR loan, see Note 2 - Government Assistance. (2) Recovery bonds were issued by, and are repayment obligations of, consolidated VIEs. For AB 1054 interest rates, see the 2021 Form 10-K and 2022 Form 10-K. For SB 901 interest rates, see the 2022 Form 10-K.

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