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DEBT (Tables) | 12 Months Ended
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Dec. 31, 2024
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 as of December 31, 2024:
(in millions) | Termination Date |  | Maximum Facility Limit |  | Loans Outstanding |  | Letters of Credit Outstanding |  | Facility Availability |
Utility revolving credit facility | June 2029 | (1) | $ | 4,400 |  | (2) | $ | — |  |  | $ | (633) |  |  | $ | 3,767 |  |
Utility Receivables Securitization Program (3) | June 2026 |  | 1,500 |  | (4) | — |  |  | — |  |  | 1,500 |  | (4)
PG&E Corporation revolving credit facility | June 2027 |  | 500 |  |  | — |  |  | — |  |  | 500 |  |
Total credit facilities |  |  | $ | 6,400 |  |  | $ | — |  |  | $ | (633) |  |  | $ | 5,767 |  |
(1) On July 25, 2024, the Utility amended its existing revolving credit agreement to extend the maturity date for commitments representing $4.196 billion in the aggregate from June 22, 2028 to June 22, 2029 (subject to a one-year extension at the option of the Utility). The remaining $204 million of commitments will mature on June 22, 2028. (2) Includes a $2.0 billion letter of credit sublimit. (3) For more information on the Receivables Securitization Program, see “Variable Interest Entities” in Note 2 above. (4) The amount the Utility may borrow under the Receivables Securitization Program is limited to the lesser of the facility limit and the facility availability. 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, 2024 |  | December 31, 2023 |
PG&E Corporation |  |  |  |  |  |
Term Loan | 7.85% |  | $ | — |  |  | $ | 500 |  |
Convertible Notes due 2027 | 4.25% |  | 2,150 |  |  | 2,150 |  |
Senior Secured Notes due 2028 | 5.00% |  | 1,000 |  |  | 1,000 |  |
Senior Secured Notes due 2030 | 5.25% |  | 1,000 |  |  | 1,000 |  |
Junior Subordinated Notes due 2055 | 7.38% |  | 1,500 |  |  | — |  |
Unamortized discount, premium and debt issuance costs, net |  |  | (39) |  |  | (51) |  |
Total PG&E Corporation Long-Term Debt |  |  | 5,611 |  |  | 4,599 |  |
Utility |  |  |  |  |  |
First Mortgage Bonds - Stated Maturity: |  |  |  |  |  |
2024 | 3.40% - 3.75% |  | — |  |  | 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% |  | 2,100 |  |  | 1,250 |  |
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 |  |  | 1,900 |  |
2034 | 5.80% - 6.95% |  | 1,900 |  |  | 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% |  | 2,300 |  |  | 2,000 |  |
2054 | 5.90% |  | 750 |  |  | — |  |
Less: current portion, net of unamortized discount and debt issuance costs |  |  | (1,924) |  |  | (800) |  |
Unamortized discount, premium and debt issuance costs, net |  |  | (226) |  |  | (246) |  |
Total Utility First Mortgage Bonds |  |  | 36,927 |  |  | 35,831 |  |
Recovery Bonds (1) |  |  | 10,367 |  |  | 9,124 |  |
Less: current portion |  |  | (222) |  |  | (176) |  |
DWR Loan (2) |  |  | 886 |  |  | 98 |  |
Credit Facilities |  |  |  |  |  |
Receivables Securitization Program | 6.75% |  | — |  |  | 1,499 |  |
2-Year Term Loan | 6.60% |  | — |  |  | 400 |  |
Less: current portion |  |  | — |  |  | (400) |  |
Total Utility Long-Term Debt |  |  | 47,958 |  |  | 46,376 |  |
Total PG&E Corporation Consolidated Long-Term Debt |  |  | $ | 53,569 |  |  | $ | 50,975 |  |
(1) The amount includes bonds related to AB 1054 and SB 901 securitization transactions. For AB 1054 interest rates, see the 2021 Form 10-K, the 2022 Form 10-K, and “AB 1054 Securitization” above. For SB 901 interest rates, see the 2022 Form 10-K. (2) The Utility is not required to pay interest on the DWR loan, see Note 2 - Government Assistance.
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, 2024 are reflected in the table below:
(in millions, except interest rates) | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter |  | Total
PG&E Corporation |  |  |  |  |  |  |  |  |  |  |  |  |
Average fixed interest rate | — | % |  | — | % |  | 4.25 | % |  | 5.00 | % |  | — | % |  | 6.53 | % |  | 5.39 | %
Fixed rate obligations | $ | — |  |  | $ | — |  |  | $ | 2,150 |  |  | $ | 1,000 |  |  | $ | — |  |  | $ | 2,500 |  |  | $ | 5,650 |
Utility (1) |  |  |  |  |  |  |  |  |  |  |  |  |
Average fixed interest rate | 3.82 | % |  | 3.10 | % |  | 3.22 | % |  | 3.58 | % |  | 5.52 | % |  | 4.72 | % |  | 4.44 | %
Fixed rate obligations | $ | 1,925 |  |  | $ | 2,551 |  |  | $ | 3,000 |  |  | $ | 1,975 |  |  | $ | 2,100 |  |  | $ | 27,526 |  |  | $ | 39,077 |
Recovery Bonds (2) |  |  |  |  |  |  |  |  |  |  |  |  |
AB 1054 obligations | $ | 88 |  |  | $ | 81 |  |  | $ | 84 |  |  | $ | 88 |  |  | $ | 91 |  |  | $ | 2,728 |  |  | $ | 3,160 |
SB 901 obligations | 135 |  |  | 140 |  |  | 146 |  |  | 152 |  |  | 159 |  |  | 6,475 |  |  | 7,207 |
Total consolidated debt | $ | 2,148 |  |  | $ | 2,772 |  |  | $ | 5,380 |  |  | $ | 3,215 |  |  | $ | 2,350 |  |  | $ | 39,229 |  |  | $ | 55,094 |
(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, the 2022 Form 10-K, and “AB 1054 Securitization” above. For SB 901 interest rates, see the 2022 Form 10-K.

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