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DEBT | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
DEBT | DEBT Credit Facilities and Term Loans The following table summarizes PG&E Corporation’s and the Utility’s outstanding borrowings and availability under their credit facilities as of September 30, 2025:
(in millions) | Termination Date |  | Maximum Facility Limit |  | Loans Outstanding |  | Letters of Credit Outstanding |  | Facility Availability |
Utility revolving credit facility | June 2030 |  | $ | 5,400 |  | (1) | $ | — |  |  | $ | (320) |  |  | $ | 5,080 |  |
Utility Receivables Securitization Program (2) | June 2027 |  | 1,750 |  | (3) | (1,750) |  |  | — |  |  | — |  | (3)
PG&E Corporation revolving credit facility | June 2028 |  | 650 |  |  | — |  |  | — |  |  | 650 |  |
Total credit facilities |  |  | $ | 7,800 |  |  | $ | (1,750) |  |  | $ | (320) |  |  | $ | 5,730 |  |
(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. 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. Utility On April 11, 2025, the Utility amended its existing $525 million term loan agreement to extend the maturity to April 10, 2026. The loan bears interest based on the Utility’s election of either (1) Term SOFR (plus a 0.10% credit spread adjustment) plus an applicable margin of 1.375% or (2) the alternative base rate plus an applicable margin of 0.375%. On June 23, 2025, the Utility amended its existing revolving credit agreement to, among other things, (i) extend the maturity date of such agreement to June 21, 2030, (ii) increase the aggregate commitments from $4.4 billion to $5.4 billion and (iii) modify both the interest rate pricing grid and commitment fee pricing grid. On June 26, 2025, the Utility and the SPV amended the existing $1.5 billion Receivables Securitization Program to, among other things, (i) extend the scheduled termination date from June 26, 2026 to June 25, 2027 and (ii) allow the Utility and the SPV to request an increase to the commitments by an additional aggregate amount of up to $250 million, subject to the satisfaction of certain terms and conditions. On September 24, 2025, the Utility entered into a Term Loan Credit Agreement, pursuant to which the lenders made available to the Utility term loans in the aggregate principal amount equal to $500 million (the “Term Loan”). The Term Loan bears interest based on the Utility’s election of either (1) Term SOFR plus an applicable margin of 1.250% or (2) the alternative base rate plus an applicable margin of 0.250%. The Utility borrowed the entire amount of the Term Loan on September 24, 2025. The Term Loan has a maturity date of September 23, 2026. PG&E Corporation On June 23, 2025, PG&E Corporation amended its existing revolving credit agreement to, among other things, (i) extend the maturity date of such agreement to June 22, 2028, (ii) increase the aggregate commitments from $500 million to $650 million and (iii) modify both the interest rate pricing grid and commitment fee pricing grid. Long-Term Debt Issuances and Redemptions Utility On February 24, 2025, the Utility completed the sale of (i) $1.0 billion aggregate principal amount of 5.700% First Mortgage Bonds due 2035 and (ii) $750 million aggregate principal amount of 6.150% First Mortgage Bonds due 2055. The Utility used the net proceeds of such issuances for (i) the repayment of all of its $600 million aggregate principal amount of 3.500% First Mortgage Bonds due June 15, 2025, and (ii) the repayment of all of its $450 million aggregate principal amount of 4.950% First Mortgage Bonds due June 8, 2025. The Utility used the remaining net proceeds from the offerings for general corporate purposes. On June 4, 2025, the Utility completed the sale of (i) $400 million aggregate principal amount of 5.000% First Mortgage Bonds due 2028, and (ii) $850 million aggregate principal amount of 6.000% First Mortgage Bonds due 2035. The Utility expects to use the net proceeds of such issuances for repayment of a portion of its $1.9 billion aggregate principal amount 3.15% First Mortgage Bonds due January 1, 2026. On October 2, 2025, the Utility completed the sale of (i) $400 million aggregate principal amount of 5.000% First Mortgage Bonds due 2028, (ii) $850 million aggregate principal amount of 5.050% First Mortgage Bonds due 2032, and (iii) $750 million aggregate principal amount of 6.100% First Mortgage Bonds due 2055. The Utility expects to use the net proceeds of such issuances for repayment of a portion of its $1.9 billion aggregate principal amount 3.15% First Mortgage Bonds due January 1, 2026. The Utility expects to use the remaining net proceeds from the offerings for general corporate purposes. Convertible Notes On December 4, 2023, PG&E Corporation completed the sale of $2.15 billion aggregate principal amount of 4.25% Convertible Senior Secured Notes due December 1, 2027 (the “Convertible Notes”). As of September 30, 2025 and December 31, 2024, the Condensed Consolidated Financial Statements reflected the net carrying amount of the Convertible Notes of $2.14 billion and $2.13 billion, respectively, with unamortized debt issuance costs of $15 million and $20 million, respectively, included in Long-term debt. For the three and nine months ended September 30, 2025, the Condensed Consolidated Statements of Income reflected the total interest expense of approximately $23 million and $69 million, respectively. For the three and nine months ended September 30, 2024, the total interest expense recorded was immaterial to the Condensed Consolidated Statements of Income. For more information about the Convertible Notes, see Note 4 of the Notes to the Consolidated Financial Statements in Item 8 of the 2024 Form 10-K. As of September 30, 2025, none of the conditions allowing holders of the Convertible Notes to convert had been met. SB 901 SECURITIZATION AND CUSTOMER CREDIT TRUST Pursuant to the financing order for the SB 901 securitization transactions, the Utility sold its right to receive revenues from the SB 901 Recovery Property to PG&E Wildfire Recovery Funding LLC, which, in turn, issued the recovery bonds secured by separate fixed recovery charges and separate SB 901 Recovery Property. The fixed recovery charges are designed to recover the full scheduled principal amount of the applicable series of recovery bonds along with any associated interest and financing costs. The fixed recovery charges and customer credits are presented on a net basis in Operating revenues in the Condensed Consolidated Statements of Income and had no net impact on Operating revenues for the nine months ended September 30, 2025 and 2024. Upon issuance of senior secured recovery bonds in May 2022 (“inception”), the Utility recorded a $5.5 billion SB 901 securitization regulatory asset reflecting PG&E Wildfire Recovery Funding LLC’s right to recover $7.5 billion in wildfire claims costs associated with the 2017 Northern California wildfires, partially offset by the $2.0 billion in required upfront shareholder contributions to the customer credit trust. As of September 30, 2025, the Utility had made all required upfront contributions. The Utility also recorded a $5.54 billion SB 901 securitization regulatory liability at inception, which represents certain shareholder tax benefits the Utility had previously recognized that will be returned to customers. As tax benefits are monetized, contributions will be made to the customer credit trust, up to $7.59 billion. The Utility expects to amortize the SB 901 securitization regulatory asset and liability over the life of the recovery bonds, with such amortization reflected in Operating and maintenance expense in the Condensed Consolidated Statements of Income. During the three and nine months ended September 30, 2025, the Utility recorded $87 million and $226 million for amortization of the regulatory asset and liability, respectively, in the Condensed Consolidated Statements of Income. During the three and nine months ended September 30, 2024, the Utility recorded $80 million and $241 million for amortization of the regulatory asset and liability, respectively, in the Condensed Consolidated Statements of Income. The following tables illustrate the changes in the SB 901 securitization’s impact on the Utility’s regulatory assets and liabilities:
| SB 901 securitization regulatory asset
(in millions) | 2025 |  | 2024
Balance at January 1 | $ | 5,194 |  |  | $ | 5,249 |
Amortization | (77) |  |  | (48) |
Balance at September 30 | $ | 5,117 |  |  | $ | 5,201 |
| SB 901 securitization regulatory liability |
(in millions) | 2025 |  | 2024 |
Balance at January 1 | $ | (6,295) |  |  | $ | (6,628) |  |
Amortization | 303 |  | 289 |
Additions(1) | (111) |  |  | (53) |  |
Balance at September 30 | $ | (6,103) |  |  | $ | (6,392) |  |
(1) Includes $76 million and $20 million of returns on investments in the customer credit trust expected to be credited to customers for the nine months ended September 30, 2025 and 2024, respectively.

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