UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 
FORM 8-K
 
 
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
 
 
Date of Report: September 6, 2022
(Date of earliest event reported)
 
 
 
Commission File Number
 
Exact Name of Registrant
as specified in its charter
 
State or Other Jurisdiction of Incorporation or Organization
 
IRS Employer Identification Number
001-12609 
 
PG&E Corporation 
 
California 
 
94-3234914 
001-02348 
 
Pacific Gas and Electric Company 
 
California 
 
94-0742640 
 
 
 
 
77 BEALE STREET 
 
77 BEALE STREET 
P.O. BOX 770000 
 
P.O. BOX 770000 
SAN FRANCISCO, California 94177
 
SAN FRANCISCO, California 94177
(Address of principal executive offices) (Zip Code)
 
(Address of principal executive offices) (Zip Code)
(415) 973-1000
 
(415) 973-7000
(Registrants telephone number, including area code)
 
(Registrants telephone number, including area code)
 
 
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange
on which registered
Common stock, no par value 
PCG 
The New York Stock Exchange 
Equity Units
PCGU
The New York Stock Exchange 
First preferred stock, cumulative, par value $25 per share, 5% series A redeemable 
PCG-PE 
NYSE American LLC 
First preferred stock, cumulative, par value $25 per share, 5% redeemable
PCG-PD 
NYSE American LLC 
First preferred stock, cumulative, par value $25 per share, 4.80% redeemable
PCG-PG
NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 4.50% redeemable
PCG-PH
NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 4.36% series A redeemable
PCG-PI
NYSE American LLC
First preferred stock, cumulative, par value $25 per share, 6% nonredeemable
PCG-PA
NYSE American LLC 
First preferred stock, cumulative, par value $25 per share, 5.50% nonredeemable
PCG-PB
NYSE American LLC 
First preferred stock, cumulative, par value $25 per share, 5% nonredeemable
PCG-PC
NYSE American LLC 
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company
PG&E Corporation
 
Emerging growth company
Pacific Gas and Electric Company
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 
PG&E Corporation
Pacific Gas and Electric Company
 
 
 
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 Request
15,339
16,357
17,113
17,674
Year-Over-Year Increase in Revenue Requirement Request
3,125
1,018
756
561
Update Testimony
Revenue Requirement Request
16,175
17,223
18,083
18,764
Year-Over-Year Increase in Revenue Requirement Request
3,961
1,048
860
680
 
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.
 
 

 

 
 
 

 

 

 
 

 

 
 
SIGNATURES
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.
 
 
 
PG&E CORPORATION
 
 
 
 
 
 
 
 
 
Date: September 6, 2022
By:
/s/ CHRISTOPHER A. FOSTER
 
 
 
Name: Christopher A. Foster
 
 
 
Title: Executive Vice President and Chief Financial Officer
 
 
 
 
 
 
 
 
PACIFIC GAS AND ELECTRIC COMPANY
 
 
 
 
 
Date: September 6, 2022
By:
/s/ DAVID S. THOMASON
 
 
 
Name: David S. Thomason
 
 
 
Title: Vice President, Chief Financial Officer and Controller
 
 
 
 
 
 
 
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