The Utility continues to incur substantial expenditures in connection with wildfire mitigation initiatives, including enhanced powerline safety settings, vegetation management, and system hardening, which are expected to reduce the risk of catastrophic wildfires.

The Utility is seeking financing through the Energy Infrastructure Reinvestment category of the DOE's Clean Energy Financing Program to help fund California's clean energy transition.

The Utility entered into an agreement with Citizens Energy Corporation to lease transmission assets, with potential total investment by Citizens of up to $1.0 billion and the Utility receiving upfront payments as prepaid rent, subject to regulatory approvals.

The Utility continually reviews and identifies instances of noncompliance with legal and regulatory requirements related to its wildfire mitigation efforts and intends to update the CPUC and the OEIS as its review progresses.

The Utility has set a goal to increase its capital investments to meet safety and climate goals, while also achieving operating cost savings by improving planning and execution of work and waste elimination through the Lean operating system.

The Utility plans to achieve operating cost savings by improving the planning and execution of its work through increased efficiencies, including waste elimination through the Lean operating system.

The financial condition of PG&E Corporation and the Utility may be materially affected by the costs and effectiveness of wildfire mitigation initiatives, the extent of damages from wildfires, and the ability to mitigate financial impacts with insurance, the Wildfire Fund, and regulatory recovery.

The Utility is subject to legal and regulatory requirements related to its wildfire mitigation efforts and could face fines, penalties, enforcement action, or other adverse legal or regulatory consequences for late inspections or other noncompliance.

The Utility's credit rating remains below investment grade, which impacts the cost and availability of short-term borrowings and may require the Utility to increase its collateral postings.

The Utility faces the impact of reductions in customer demand for electricity and natural gas, driven by customer self-generation, customer departures to community choice aggregators, and legislative mandates to reduce the use of natural gas.

Under cost-of-service ratemaking, a utility's earnings depend on its ability to manage costs within the amounts authorized for recovery in its ratemaking proceedings.

The Utility has set a goal to increase its capital investments to meet safety and climate goals, while also achieving operating cost savings.

The Utility's operating and maintenance expenses decreased by $458 million, or 15%, in the three months ended September 30, 2024, compared to the same period in 2023, primarily due to previously deferred expenses authorized in the 2021 and 2022 WMCE decisions.

The Utility plans to achieve operating cost savings by improving the planning and execution of its work through increased efficiencies, including waste elimination through the Lean operating system.

PG&E Corporation and the Utility also work to minimize financing costs by identifying and executing on opportunities to efficiently finance the business, which depends on capital market conditions.

The Utility's wildfire mitigation efforts have benefited in recent years from improved ignition response and situational awareness tools like weather stations and risk modeling.

The Utility will undertake an initiative to transition to electronic records for specified patrols and inspections of distribution facilities, at an approximate cost of $40 million over five years.

The Utility continues to implement system hardening, including undergrounding, as part of its wildfire mitigation efforts.

The Utility generally issues first mortgage bonds and secured debt to meet its long-term debt funding requirements and completed several issuances during the quarter.

The Utility used the net proceeds from debt issuances to repay borrowings outstanding under its revolving credit facility and bridge term loan credit agreement.

PG&E Corporation used the net proceeds from the sale of $1.0 billion aggregate principal amount of 7.375% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 to prepay in full all loans outstanding under its existing term loan agreement.

The Utility is seeking financing through the Energy Infrastructure Reinvestment category of the DOE's Clean Energy Financing Program to help fund California's clean energy transition.

The Utility continues to incur substantial expenditures in connection with wildfire mitigation initiatives, including enhanced powerline safety settings, vegetation management, and system hardening, which are expected to reduce the risk of catastrophic wildfires.

The Utility is focused on safely, reliably, and efficiently constructing, maintaining, operating, protecting, and decommissioning its facilities, and providing electricity and natural gas services safely and reliably.

The Utility faces the impact of reductions in customer demand for electricity and natural gas, driven by customer self-generation, customer departures to community choice aggregators, and legislative mandates to reduce the use of natural gas.

The Utility is subject to substantial regulation by the CPUC, the FERC, the OEIS, the NRC, and other federal and state regulatory agencies, and the resolutions of proceedings may materially affect the financial condition.

The Utility is impacted by severe weather events and other natural disasters, including wildfires, storms, floods, and earthquakes, which can cause unplanned outages, reduce generating output, and disrupt service.