Item 16. FORM 10-K SUMMARY

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Item 16. FORM 10-K SUMMARY

None.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrants have duly caused this Annual Report on Form 10-K for the year ended December 31, 2021 to be signed on their behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrants and in the capacities and on the dates indicated.


	PG&E CORPORATION		PACIFIC GAS AND ELECTRIC COMPANY
	(Registrant)		(Registrant)

	/s/ PATRICIA K. POPPE		/s/ ADAM L. WRIGHT
	Patricia K. Poppe		Adam L. Wright

By:	Chief Executive Officer	By:	Executive Vice President, Operations and Chief Operating Officer

Date:	February 10, 2022	Date:	February 10, 2022

			/s/ MARLENE M. SANTOS
			Marlene M. Santos

		By:	Executive Vice President and Chief Customer Officer

		Date:	February 10, 2022

			/s/ JASON M. GLICKMAN
			Jason M. Glickman

		By:	Executive Vice President, Engineering, Planning, and Strategy

		Date:	February 10, 2022


Signature	Title	Date
A. Principal Executive Officers

/s/ PATRICIA K. POPPE	Chief Executive Officer	February 10, 2022
Patricia K. Poppe	(PG&E Corporation)



/s/ ADAM L. WRIGHT	Executive Vice President, Operations and Chief Operating Officer	February 10, 2022
Adam L. Wright	(Pacific Gas and Electric Company)



/s/ MARLENE M. SANTOS	Executive Vice President and Chief Customer Officer	February 10, 2022
Marlene M. Santos	(Pacific Gas and Electric Company)



/s/ JASON M. GLICKMAN	Executive Vice President, Engineering, Planning, and Strategy	February 10, 2022
Jason M. Glickman	(Pacific Gas and Electric Company)


B. Principal Financial Officers
/s/ CHRISTOPHER A. FOSTER	Executive Vice President and Chief Financial Officer	February 10, 2022
Christopher A. Foster	(PG&E Corporation)



/s/ DAVID S. THOMASON	Vice President, Chief Financial Officer, and	February 10, 2022
David S. Thomason	Controller (Pacific Gas and Electric Company)


C. Principal Accounting Officer
/s/ DAVID S. THOMASON	Vice President, Chief Financial Officer, and	February 10, 2022
David S. Thomason	Controller (Pacific Gas and Electric Company)


	C. Directors (PG&E Corporation and Pacific Gas and Electric Company, unless otherwise noted)

*	/s/ RAJAT BAHRI	Director	February 10, 2022
	Rajat Bahri



*	/s/ CHERYL F. CAMPBELL	Director	February 10, 2022
	Cheryl F. Campbell



*	/s/ KERRY W. COOPER	Director	February 10, 2022
	Kerry W. Cooper



*	/s/ JESSICA L. DENECOUR	Director	February 10, 2022
	Jessica L. Denecour



*	/s/ MARK E. FERGUSON III	Director	February 10, 2022
	Mark E. Ferguson III



*	/s/ ROBERT C. FLEXON	Director	February 10, 2022
	Robert C. Flexon	Chair of the Board (PG&E Corporation)



*	/s/ W. CRAIG FUGATE	Director	February 10, 2022
	W. Craig Fugate



*	/s/ ARNO L. HARRIS	Director	February 10, 2022
	Arno L. Harris



*	/s/ MICHAEL R. NIGGLI	Director	February 10, 2022
	Michael R. Niggli



*	/s/ PATRICIA K. POPPE	Director	February 10, 2022
	Patricia K. Poppe



*	/s/ DEAN L. SEAVERS	Director	February 10, 2022
	Dean L. Seavers	Chair of the Board (Pacific Gas and Electric Company)



*	/s/ WILLIAM L. SMITH	Director	February 10, 2022
	William L. Smith



*	/s/ BENJAMIN F. WILSON	Director	February 10, 2022
	Benjamin F. Wilson



*	/s/ ADAM L. WRIGHT	Director (Pacific Gas and Electric Company)	February 10, 2022
	Adam L. Wright



*By:	/s/ JOHN R. SIMON	February 10, 2022
	John R. Simon, Attorney-in-Fact

PG&E CORPORATION

SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF PARENT

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME


	Years Ended December 31,
(in millions, except per share amounts)	2021		2020		2019
Administrative service revenue	$	118	$	127	$	138
Operating expenses	(124)		(103)		(114)
Interest income	—		—		1
Interest expense	(230)		(149)		(21)
Other income (expense)	(54)		13		10
Reorganization items, net	1		(1,649)		(26)
Equity in earnings of subsidiaries	137		411		(7,622)
Loss before income taxes	(152)		(1,350)		(7,634)
Income tax provision (benefit)	(64)		(46)		8
Net loss	$	(88)	$	(1,304)	$	(7,642)
Other Comprehensive Income (Loss)
Pension and other postretirement benefit plans obligations (net of taxes of $3, $7, and $0, at respective dates)	$	7	$	(17)	$	(1)
Total other comprehensive income (loss)	7		(17)		(1)
Comprehensive Loss	$	(81)	$	(1,321)	$	(7,643)
Weighted Average Common Shares Outstanding, Basic (1)	2,463		1,257		528
Weighted Average Common Shares Outstanding, Diluted (1)	2,463		1,257		528
Net loss per common share, basic	$	(0.05)	$	(1.05)	$	(14.50)
Net loss per common share, diluted	$	(0.05)	$	(1.05)	$	(14.50)

(1) Includes 477,743,590 shares of common stock issued to ShareCo.

PG&E CORPORATION

SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF PARENT – (Continued)

CONDENSED BALANCE SHEETS


	Balance at December 31,
(in millions)	2021		2020
ASSETS
Current Assets
Cash and cash equivalents	$	126	$	223
Advances to affiliates	21		48
Income taxes receivable	10		12
Other current assets	12		13
Total current assets	169		296
Noncurrent Assets
Equipment	2		2
Accumulated depreciation	(2)		(2)
Net equipment	—		—
Investments in subsidiaries	30,232		25,244
Other investments	181		186
Operating lease right of use asset	—		3
Deferred income taxes	297		237
Total noncurrent assets	30,710		25,670
Total Assets	$	30,879	$	25,966
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Long-term debt, classified as current	27		28
Accounts payable – other	200		49
Operating lease liabilities	—		3
Other current liabilities	69		72
Total current liabilities	296		152
Noncurrent Liabilities
Debtor-in-possession financing	4,592		4,624
Operating lease liabilities	—		—
Other noncurrent liabilities	168		191
Total noncurrent liabilities	4,760		4,815
Common Shareholders’ Equity
Common stock	35,129		30,224
Reinvested earnings	(9,286)		(9,198)
Accumulated other comprehensive loss	(20)		(27)
Total common shareholders’ equity	25,823		20,999
Total Liabilities and Shareholders’ Equity	$	30,879	$	25,966

PG&E CORPORATION

SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT – (Continued)

CONDENSED STATEMENTS OF CASH FLOWS

(in millions)


	Year ended December 31,
	2021		2020		2019
Cash Flows from Operating Activities:
Net loss	$	(88)	$	(1,304)	$	(7,642)
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation amortization	51		28		43
Equity in earnings (loss) of subsidiaries	(139)		(412)		7,622
Deferred income taxes and tax credits-net	(60)		(50)		—
Reorganization items, net (Note 2)	(32)		1,548		11
Current income taxes receivable/payable	2		—		6
Liabilities subject to compromise	—		12		28
Other	81		97		(62)
Net cash provided by (used in) operating activities	(185)		(81)		6
Cash Flows From Investing Activities:
Investment in subsidiaries	—		(12,986)		—
Net cash used in investing activities	—		(12,986)		—
Cash Flows From Financing Activities:
Debtor-in-possession credit facility debt issuance costs	—		—		(16)
Bridge facility financing fees	—		(40)		—



Proceeds from issuance of long-term debt	—		4,660		—
Repayment of long-term debt	(28)		(664)		—
Intercompany note from the Utility	145		—		—
Common stock issued	—		7,582		85
Equity Units issued	—		1,304		—
Other	(29)		—		—
Net cash provided by financing activities	88		12,842		69
Net change in cash and cash equivalents	(97)		(225)		75
Cash and cash equivalents at January 1	223		448		373
Cash and cash equivalents at December 31	$	126	$	223	$	448
Supplemental disclosures of cash flow information
Cash received (paid) for:
Interest, net of amounts capitalized	$	(207)	$	(105)	$	(3)
Income taxes, net	1		—		—
Supplemental disclosures of noncash investing and financing activities
Operating lease liabilities arising from obtaining ROU assets	$	—	$	—	$	9
Common stock issued in satisfaction of liabilities	—		8,276		—
Increase to PG&E Corporation common stock and treasury stock in connection with the Share Exchange and Tax Matters Agreement	4,854		—		—

PG&E CORPORATION

SCHEDULE II – CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS

For the Years Ended December 31, 2021, 2020, and 2019


(in millions)			Additions
Description	Balance at Beginning of Period		Charged to Costs and Expenses		Charged to Other Accounts		Deductions (2)		Balance at End of Period
Valuation and qualifying accounts deducted from assets:
2021:
Allowance for uncollectible accounts (1)	$	146	$	136	$	—	$	111	$	171
2020:
Allowance for uncollectible accounts (1)	$	43	$	138	$	—	$	35	$	146
2019:
Allowance for uncollectible accounts (1)	$	56	$	—	$	—	$	13	$	43

(1) Allowance for uncollectible accounts is deducted from “Accounts receivable - Customers.”

(2) Deductions consist principally of write-offs, net of collections of receivables previously written off.

PACIFIC GAS AND ELECTRIC COMPANY

SCHEDULE II – CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS

For the Years Ended December 31, 2021, 2020, and 2019


(in millions)			Additions
Description	Balance at Beginning of Period		Charged to Costs and Expenses		Charged to Other Accounts		Deductions (2)		Balance at End of Period
Valuation and qualifying accounts deducted from assets:
2021:
Allowance for uncollectible accounts (1)	$	146	$	136	$	—	$	111	$	171
2020:
Allowance for uncollectible accounts (1)	$	43	$	138	$	—	$	35	$	146
2019:
Allowance for uncollectible accounts (1)	$	56	$	—	$	—	$	13	$	43

(1) Allowance for uncollectible accounts is deducted from “Accounts receivable - Customers.”

(2) Deductions consist principally of write-offs, net of collections of receivables previously written off.

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