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: February 25, 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) 973-1000 | |
(Registrant’s telephone number, including area code) | (Registrant’s 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
On February 25, 2022, Pacific Gas and Electric Company (the “Utility”), a subsidiary of PG&E Corporation, submitted supplemental testimony (the “Supplemental Testimony”) for its 2023 General Rate Case (“GRC”) application to reflect the Utility’s integrated wildfire mitigation strategy, including the Utility’s proposals for the initial phase of undergrounding 10,000 miles of electric distribution powerlines in high fire risk areas throughout the Utility’s service area, the Enhanced Powerline Safety Settings (“EPSS”) program, and its vegetation management program. The Supplemental Testimony amends the revenue requirement request in the Utility’s original 2023 GRC application, which was filed on June 30, 2021 (the “Original Application”).
The Utility’s updated revenue requirement request for the 2023 test year reduced its prior request from $15.46 billion to $15.34 billion. The following table compares the requested revenue requirement increase in the Supplemental Testimony with the requested revenue requirement increase in Original Application for the period of 2023 to 2026:
Requested revenue requirement increase: (in millions) | Supplemental Testimony | Original Application | Supplemental Testimony compared to Original Application | |||||||||
| 2023 | $ | 3,125 | $ | 3,560 | $ | (435) | ||||||
| 2024 | 1,018 | 930 | 88 | |||||||||
| 2025 | 755 | 590 | 165 | |||||||||
| 2026 | 561 | 381 | 180 | |||||||||
In the Supplemental Testimony, the Utility requested that the CPUC approve an additional $6.93 billion in undergrounding capital expenditures over the period of 2023 to 2026. The Supplemental Testimony also included a request for $572 million in expense over the period of 2023 to 2026 for the EPSS program, which was not included in the Original Application. Additionally, the Supplemental Testimony reduced the Original Application’s request for vegetation management program expenses by approximately $1.0 billion over the period of 2023 to 2026. The revised revenue requirement sought in the Supplemental Testimony excludes certain recorded costs for wildfire mitigation and gas safety work that the Utility intends to seek in a second track of this proceeding.
The following table compares the requested weighted-average rate base in the Supplemental Testimony with the requested weighted-average rate base in Original Application for the period of 2023 to 2026:
Requested rate base: (in millions) | Supplemental Testimony | Original Application | Supplemental Testimony compared to Original Application | |||||||||
| 2023 | $ | 49,179 | $ | 48,515 | $ | 664 | ||||||
| 2024 | 53,835 | 51,981 | 1,854 | |||||||||
| 2025 | 58,226 | 54,525 | 3,701 | |||||||||
| 2026 | 62,760 | 56,912 | 5,848 | |||||||||
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: February 25, 2022 | By: | /s/ CHRISTOPHER A. FOSTER | |
| Name: Christopher A. Foster | |||
| Title: Executive Vice President and Chief Financial Officer | |||
| PACIFIC GAS AND ELECTRIC COMPANY | |||
| Date: February 25, 2022 | By: | /s/ DAVID S. THOMASON | |
| Name: David S. Thomason | |||
| Title: Vice President, Chief Financial Officer and Controller | |||
0001004980 pcg:FirstPreferredStockCumulativeParValue25PerShare5NonredeemableMember 2021-12-06 2021-12-06