SB 901 SECURITIZATION AND CUSTOMER CREDIT TRUST

3 Months Ended

Mar. 31, 2026

SB 901 SECURITIZATION AND CUSTOMER CREDIT TRUST

DEBT

Credit Facilities

The following table summarizes PG&E Corporation’s and the Utility’s outstanding borrowings and availability under their credit facilities as of March 31, 2026:


(in millions)	Termination Date	Maximum Facility Limit			Loans Outstanding		Letters of Credit Outstanding		Facility Availability
Utility revolving credit facility	June 2030	$	5,400	(1)	$	(575)	$	(291)	$	4,534
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		$	(2,325)	$	(291)	$	5,184

(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.

Long-Term Debt Issuances and Redemptions

Utility

On February 20, 2026, the Utility completed the sale of (i) $400 million aggregate principal amount of 6.100% First Mortgage Bonds due 2029, (ii) $1.0 billion aggregate principal amount of 5.200% First Mortgage Bonds due 2036 and (iii) $800 million aggregate principal amount of 6.000% First Mortgage Bonds due 2056. The Utility used the net proceeds of such issuances for repayment of $600 million aggregate principal amount of 2.95% First Mortgage Bonds due March 1, 2026. The Utility used the remaining net proceeds from the offerings for general corporate purposes.

PG&E Corporation

On February 19, 2026, PG&E Corporation completed the sale of $1.0 billion aggregate principal amount of 6.850% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056. These notes initially bear interest at the rate of 6.850% per annum, and beginning September 15, 2031 and every five year anniversary thereafter, the interest rate will be reset to an amount that is equal to the five-year U.S. Treasury rate plus 3.225% (but not below 6.850%). PG&E Corporation used the net proceeds for general corporate purposes, including repayment of indebtedness.

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 both March 31, 2026 and December 31, 2025, the Condensed Consolidated Financial Statements reflected the net carrying amount of the Convertible Notes of $2.14 billion, with unamortized debt issuance costs of $11 million and $13 million, respectively, included in Long-term debt. For both the three months ended March 31, 2026 and 2025, the Condensed Consolidated Statements of Income reflected the total interest expense of approximately $23 million.

For more information about the Convertible Notes, see Note 4 of the Notes to the Consolidated Financial Statements in Item 8 of the 2025 Form 10-K. As of March 31, 2026, 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 customer credit trust (see Note 9 below) funds a customer credit to ratepayers, designed to equal the recovery bond principal, interest, and financing costs over the life of the recovery bonds to offset the fixed recovery charge. 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 three months ended March 31, 2026 and 2025.

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 March 31, 2026, 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 months ended March 31, 2026, the Utility recorded $82 million for amortization of the regulatory asset and liability in the Condensed Consolidated Statements of Income. During the three months ended March 31, 2025, the Utility recorded $74 million for amortization of the regulatory asset and liability 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)	2026		2025
Balance at January 1	$	5,089	$	5,194
Amortization	(31)		(19)
Balance at March 31	$	5,058	$	5,175


	SB 901 securitization regulatory liability
(in millions)	2026		2025
Balance at January 1	$	(6,010)	$	(6,295)
Amortization	113		93
Additions(1)	(1)		(1)
Balance at March 31	$	(5,898)	$	(6,203)

(1) Includes $1 million of returns on investments in the customer credit trust expected to be credited to customers for each of the three months ended March 31, 2026 and 2025.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

PG&E Corp 10-Q