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Pacific Gas Electric Co (75488) SEC Filing 8-K Material Event for the period ending Friday, February 25, 2022

Pacific Gas Electric Co

CIK: 75488
 
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
(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
 
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
 
 
 
 
 
 
 
 
 
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CIK: 75488
Form Type: 8-K Corporate News
Accession Number: 0001308179-22-000024
Submitted to the SEC: Fri Feb 25 2022 7:07:25 PM EST
Accepted by the SEC: Mon Feb 28 2022
Period: Friday, February 25, 2022
Industry: Electric And Other Services Combined
Events:
  1. Other Events

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