PG&E Corp 8-K, filed Sep 7, 2022
PG&E Corp (PCG)
8-K
2022-09-07
For: 2022-09-06
View Original
Added on
April 03, 2026
About this 8-K
PG&E Corp filed this 8-K on September 7, 2022, reporting on events of September 6, 2022.
Items reported
- Item 8.01: Other events
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)
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Commission File Number
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Exact Name of Registrant
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California
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(Address of principal executive offices) (Zip Code)
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(Registrant’s telephone number, including area code)
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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:
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Title of each class
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Trading Symbol(s)
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Name of each exchange
on which registered
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The
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The
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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.
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PG&E Corporation
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☐
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Pacific Gas and Electric Company
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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.
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(in millions)
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2023
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2024
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2025
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2026
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Amended Application Revenue Requirement Request
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15,339
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16,357
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17,113
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17,674
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Capital Escalation Update
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159
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369
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584
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785
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Expense Escalation Update
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641
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453
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332
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256
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Federal Tax Law and Guidance Updates
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35
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44
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55
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50
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Increase in Revenue Requirement Request
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835
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866
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971
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1,090
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Update Testimony Revenue Requirement Request
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16,175
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17,223
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18,083
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18,764
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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.
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(in millions)
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2023
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2024
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2025
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2026
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Amended Application
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Revenue Requirement Request |
15,339
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16,357
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17,113
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17,674
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| Year-Over-Year Increase in Revenue Requirement Request |
3,125
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1,018
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756
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561
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Update Testimony
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Revenue Requirement Request |
16,175
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17,223
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18,083
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18,764
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| Year-Over-Year Increase in Revenue Requirement Request |
3,961
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1,048
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860
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680
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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.
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($ million)
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2023
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2024
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2025
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2026
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Amended Application Rate Base Request
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49,179
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53,835
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58,226
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62,760
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Increase in Rate Base Request
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1,698
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2,972
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4,284
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5,396
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Update Testimony Rate Base Request
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50,876
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56,807
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62,510
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68,156
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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.
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PG&E CORPORATION
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Date: September 6, 2022
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By:
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/s/ CHRISTOPHER A. FOSTER
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Name: Christopher A. Foster
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Title: Executive Vice President and Chief Financial Officer
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PACIFIC GAS AND ELECTRIC COMPANY
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Date: September 6, 2022
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By:
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/s/ DAVID S. THOMASON
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Name: David S. Thomason
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Title: Vice President, Chief Financial Officer and Controller
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