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, 2023 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/ SUMEET SINGH
	Patricia K. Poppe		Sumeet Singh

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

Date:	February 21, 2024	Date:	February 21, 2024

			/s/ MARLENE M. SANTOS
			Marlene M. Santos

		By:	Executive Vice President and Chief Customer and Enterprise Solutions Officer

		Date:	February 21, 2024

			/s/ JASON M. GLICKMAN
			Jason M. Glickman

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

		Date:	February 21, 2024


Signature	Title	Date
A. Principal Executive Officers

/s/ PATRICIA K. POPPE	Chief Executive Officer	February 21, 2024
Patricia K. Poppe	(PG&E Corporation)



/s/ SUMEET SINGH	Executive Vice President, Operations and Chief Operating Officer	February 21, 2024
Sumeet Singh	(Pacific Gas and Electric Company)



/s/ MARLENE M. SANTOS	Executive Vice President and Chief Customer and Enterprise Solutions Officer	February 21, 2024
Marlene M. Santos	(Pacific Gas and Electric Company)



/s/ JASON M. GLICKMAN	Executive Vice President, Engineering, Planning, and Strategy	February 21, 2024
Jason M. Glickman	(Pacific Gas and Electric Company)


B. Principal Financial Officers
/s/ CAROLYN J. BURKE	Executive Vice President and Chief Financial Officer	February 21, 2024
Carolyn J. Burke	(PG&E Corporation)



/s/ STEPHANIE N. WILLIAMS	Vice President and Controller (PG&E Corporation)	February 21, 2024
Stephanie N. Williams	Vice President, Chief Financial Officer, and Controller (Pacific Gas and Electric Company)


C. Principal Accounting Officer
/s/ STEPHANIE N. WILLIAMS	Vice President and Controller (PG&E Corporation)	February 21, 2024
Stephanie N. Williams	Vice President, Chief Financial Officer, and Controller (Pacific Gas and Electric Company)


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

*	/s/ RAJAT BAHRI	Director	February 21, 2024
	Rajat Bahri



*	/s/ CHERYL F. CAMPBELL	Director	February 21, 2024
	Cheryl F. Campbell	Chair of the Board (Pacific Gas and Electric Company)



*	/s/ EDWARD G. CANNIZZARO	Director	February 21, 2024
	Edward G. Cannizzaro



*	/s/ KERRY W. COOPER	Director	February 21, 2024
	Kerry W. Cooper



*	/s/ JESSICA L. DENECOUR	Director	February 21, 2024
	Jessica L. Denecour



*	/s/ MARK E. FERGUSON III	Director	February 21, 2024
	Mark E. Ferguson III



*	/s/ ROBERT C. FLEXON	Director	February 21, 2024
	Robert C. Flexon	Chair of the Board (PG&E Corporation)



*	/s/ W. CRAIG FUGATE	Director	February 21, 2024
	W. Craig Fugate



*	/s/ ARNO L. HARRIS	Director	February 21, 2024
	Arno L. Harris



*	/s/ CARLOS M. HERNANDEZ	Director	February 21, 2024
	Carlos M. Hernandez



*	/s/ MICHAEL R. NIGGLI	Director	February 21, 2024
	Michael R. Niggli



*	/s/ PATRICIA K. POPPE	Director	February 21, 2024
	Patricia K. Poppe



*	/s/ WILLIAM L. SMITH	Director	February 21, 2024
	William L. Smith



*	/s/ BENJAMIN F. WILSON	Director	February 21, 2024
	Benjamin F. Wilson



*	/s/ SUMEET SINGH	Director (Pacific Gas and Electric Company)	February 21, 2024
	Sumeet Singh



*By:	/s/ JOHN R. SIMON	February 21, 2024
	John R. Simon, Attorney-in-Fact

PG&E CORPORATION

SCHEDULE I — CONSOLIDATED FINANCIAL INFORMATION OF PG&E CORPORATION (“PARENT”)

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME


	Years Ended December 31,
(in millions, except per share amounts)	2023		2022		2021
Administrative service revenue	$	154	$	109	$	118
Operating expenses	(165)		(193)		(124)
Interest income	13		3		—
Interest expense	(365)		(261)		(230)
Other income (expense)	(21)		(201)		(54)
Reorganization items, net	—		—		1
Equity in earnings of subsidiaries	2,530		2,154		137
Income (loss) before income taxes	2,146		1,611		(152)
Income tax benefit	(96)		(132)		(64)
Net Income (loss)	$	2,242	$	1,743	$	(88)
Other Comprehensive Income (Loss)
Pension and other postretirement benefit plans obligations (net of taxes of $6, $8, and $3, at respective dates)	$	(16)	$	21	$	7
Total other comprehensive income (loss)	(16)		21		7
Comprehensive Income (Loss)	$	2,226	$	1,764	$	(81)
Weighted Average Common Shares Outstanding, Basic (1)	2,064		2,235		2,463
Weighted Average Common Shares Outstanding, Diluted (1)	2,138		2,380		2,463
Net earnings (loss) per common share, basic	$	1.09	$	0.78	$	(0.05)
Net earnings (loss) per common share, diluted	$	1.05	$	0.73	$	(0.05)

(1) Includes 0 and 247,743,590 shares of common stock issued to ShareCo as of December 31, 2023 and 2022, respectively.

PG&E CORPORATION

SCHEDULE I — CONSOLIDATED FINANCIAL INFORMATION OF PG&E CORPORATION (“PARENT”) – (Continued)

CONSOLIDATED BALANCE SHEETS


	Balance at December 31,
(in millions)	2023		2022
ASSETS
Current Assets
Cash and cash equivalents	$	192	$	125
Restricted cash	3		—
Advances to affiliates	24		46
Income taxes receivable	2		10
Other current assets	1		12
Total current assets	222		193
Noncurrent Assets
Investments in subsidiaries	36,804		33,021
Other investments	167		160
Deferred income taxes	539		423
Total noncurrent assets	37,510		33,604
Total Assets	$	37,732	$	33,797
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Long-term debt, classified as current	—		27
Accounts payable – other	58		88
Income taxes payable	1		—
Other current liabilities	363		369
Total current liabilities	422		484
Noncurrent Liabilities
Long-term debt	4,599		4,588
Other noncurrent liabilities	141		134
Total noncurrent liabilities	4,740		4,722
Common Shareholders’ Equity
Common stock	37,906		36,132
Reinvested earnings	(5,322)		(7,542)
Accumulated other comprehensive income (loss)	(14)		1
Total common shareholders’ equity	32,570		28,591
Total Liabilities and Shareholders’ Equity	$	37,732	$	33,797

PG&E CORPORATION

SCHEDULE I – CONSOLIDATED FINANCIAL INFORMATION OF PG&E CORPORATION (“PARENT”) – (Continued)

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)


	Year ended December 31,
	2023		2022		2021
Cash Flows from Operating Activities:
Net income (loss)	$	2,242	$	1,743	$	(88)
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation amortization	4		95		51
Equity in earnings of subsidiaries	(2,530)		(2,160)		(139)
Deferred income taxes and tax credits, net	(116)		(126)		(60)
Reorganization items, net	—		—		(32)
Current income taxes receivable/payable	9		—		2
Other	40		339		81
Net cash used in operating activities	(351)		(109)		(185)
Cash Flows From Investing Activities:
Investment in subsidiaries	(1,290)		(994)		—
Dividends received from subsidiaries (1)	1,775		1,275		—
Net cash provided by investing activities	485		281		—
Cash Flows From Financing Activities:




Proceeds from issuance of convertible notes, net of discount and issuance costs of $27, $0, and $0 at respective dates	2,123		—		—
Repayment of long-term debt	—		(28)		(28)
Proceeds from (repayments of) intercompany note from the Utility	—		(145)		145
Repayments under term loan credit facilities	(2,181)		—		—

Other	(6)		—		(29)
Net cash provided by (used in) financing activities	(64)		(173)		88
Net change in cash, cash equivalents, and restricted cash	70		(1)		(97)
Cash, cash equivalents, and restricted cash at January 1	125		126		223
Cash, cash equivalents, and restricted cash at December 31	$	195	$	125	$	126
Less: Restricted cash and restricted cash equivalents	(3)		—		—
Cash and cash equivalents at December 31	$	192	$	125	$	126

Supplemental disclosures of cash flow information
Cash received (paid) for:
Interest, net of amounts capitalized	$	(309)	$	(233)	$	(207)
Income taxes, net	—		—		1
Supplemental disclosures of noncash investing and financing activities


Changes to PG&E Corporation common stock and treasury stock in connection with the Share Exchange and Tax Matters Agreement	$	(2,517)	$	(2,337)	$	4,854
Common stock dividends declared but not yet paid	21		—		—

(1) Because of its nature as a holding company, PG&E Corporation classifies dividends received from subsidiaries as an investing cash flow.

PG&E CORPORATION

SCHEDULE II – CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS

For the Years Ended December 31, 2023, 2022, and 2021


(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:
2023:
Allowance for uncollectible accounts (1)	$	166	$	624	$	—	$	345	$	445
2022:
Allowance for uncollectible accounts (1)	$	171	$	146	$	—	$	151	$	166
2021:
Allowance for uncollectible accounts (1)	$	146	$	136	$	—	$	111	$	171

(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, 2023, 2022, and 2021


(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:
2023:
Allowance for uncollectible accounts (1)	$	166	$	624	$	—	$	345	$	445
2022:
Allowance for uncollectible accounts (1)	$	171	$	146	$	—	$	151	$	166
2021:
Allowance for uncollectible accounts (1)	$	146	$	136	$	—	$	111	$	171

(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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