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   <span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000; font-weight: bold;">UNITED STATES</span>
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   <span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</span>
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   <span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000; font-weight: bold;">Washington, D.C. 20549</span>
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  </div><div style="text-align: center;"> <span style="font-family: Times New Roman; font-size: 18.0pt; color: #000000; font-weight: bold;">FORM <ix:nonNumeric contextRef="c0" name="dei:DocumentType">8-K</ix:nonNumeric></span> </div><div>
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   <span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000; font-weight: bold;">CURRENT REPORT</span>
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   <span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000; font-weight: bold;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</span>
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  </div><div style="text-align: center;"> <span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000; font-weight: bold;">Date of Report: <ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-year-en" name="dei:DocumentPeriodEndDate">April 20, 2022</ix:nonNumeric></span> </div><div>
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   <span style="font-family: Times New Roman; font-size: 10.0pt;">(Date of earliest event reported)</span>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000; font-weight: bold;">Commission File Number</span></div>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000; font-weight: bold;">Exact Name of Registrant</span></div>
<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000; font-weight: bold;">as specified in its charter</span></div>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000; font-weight: bold;">State or Other Jurisdiction of Incorporation or Organization</span></div>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000; font-weight: bold;">IRS Employer Identification Number</span></div>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;"><ix:nonNumeric contextRef="c0" name="dei:EntityFileNumber">001-12609</ix:nonNumeric>&#160;</span></div>
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<div><ix:nonNumeric contextRef="c0" name="dei:EntityRegistrantName"><span style="font-family: Times New Roman; font-size: 10.0pt; text-transform: uppercase; color: #000000;">PG&amp;E Corporation</span></ix:nonNumeric><span style="font-family: Times New Roman; font-size: 10.0pt;">&#160;</span></div>
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<div style="font-size: 10pt;">&#160;</div>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;"><ix:nonNumeric contextRef="c0" format="ixt-sec:stateprovnameen" name="dei:EntityIncorporationStateCountryCode">California</ix:nonNumeric>&#160;</span></div>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;"><ix:nonNumeric contextRef="c0" name="dei:EntityTaxIdentificationNumber">94-3234914</ix:nonNumeric>&#160;</span></div>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;"><ix:nonNumeric contextRef="c1" name="dei:EntityFileNumber">001-02348</ix:nonNumeric>&#160;</span></div>
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<div><ix:nonNumeric contextRef="c1" name="dei:EntityRegistrantName"><span style="font-family: Times New Roman; font-size: 10.0pt; text-transform: uppercase; color: #000000;">Pacific Gas and Electric Company</span></ix:nonNumeric><span style="font-family: Times New Roman; font-size: 10.0pt;">&#160;</span></div>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;"><ix:nonNumeric contextRef="c1" format="ixt-sec:stateprovnameen" name="dei:EntityIncorporationStateCountryCode">California</ix:nonNumeric>&#160;</span></div>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;"><ix:nonNumeric contextRef="c1" name="dei:EntityTaxIdentificationNumber">94-0742640</ix:nonNumeric>&#160;</span></div>
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<div style="text-align: center;"><img alt="" src="image1.jpg" style="width: 195.05pt; height: 47.3pt;"/><span style="font-family: Times New Roman; font-size: 10.0pt;">&#160;</span></div>
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<div style="text-align: center;"><img alt="" src="image2.jpg" style="width: 159.05pt; height: 43.5pt;"/><span style="font-family: Times New Roman; font-size: 10.0pt;">&#160;</span></div>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000; font-weight: bold;"><ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine1">77 BEALE STREET</ix:nonNumeric>&#160;</span></div>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000; font-weight: bold;"><ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine1">77 BEALE STREET</ix:nonNumeric>&#160;</span></div>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000; font-weight: bold;"><ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine2">P.O. BOX 770000</ix:nonNumeric>&#160;</span></div>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000; font-weight: bold;"><ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine2">P.O. BOX 770000</ix:nonNumeric>&#160;</span></div>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000; font-weight: bold;"><ix:nonNumeric contextRef="c0" name="dei:EntityAddressCityOrTown">SAN FRANCISCO</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" format="ixt-sec:stateprovnameen" name="dei:EntityAddressStateOrProvince">California</ix:nonNumeric> <ix:nonNumeric contextRef="c0" name="dei:EntityAddressPostalZipCode">94177</ix:nonNumeric></span></div>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000; font-weight: bold;"><ix:nonNumeric contextRef="c1" name="dei:EntityAddressCityOrTown">SAN FRANCISCO</ix:nonNumeric>, <ix:nonNumeric contextRef="c1" format="ixt-sec:stateprovnameen" name="dei:EntityAddressStateOrProvince">California</ix:nonNumeric> <ix:nonNumeric contextRef="c1" name="dei:EntityAddressPostalZipCode">94177</ix:nonNumeric></span></div>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">(Address of principal executive offices) (Zip Code)</span></div>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">(Address of principal executive offices) (Zip Code)</span></div>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000; font-weight: bold;">(<ix:nonNumeric contextRef="c0" name="dei:CityAreaCode">415</ix:nonNumeric>) <ix:nonNumeric contextRef="c0" name="dei:LocalPhoneNumber">973-1000</ix:nonNumeric></span></div>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000; font-weight: bold;">(<ix:nonNumeric contextRef="c1" name="dei:CityAreaCode">415</ix:nonNumeric>) <ix:nonNumeric contextRef="c1" name="dei:LocalPhoneNumber">973-7000</ix:nonNumeric></span></div>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">(Registrant</span><span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000;">&#8217;</span><span style="font-family: Times New Roman; font-size: 10.0pt;">s telephone number, including area code)</span></div>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">(Registrant</span><span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000;">&#8217;</span><span style="font-family: Times New Roman; font-size: 10.0pt;">s telephone number, including area code)</span></div>
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   <span style="font-family: Times New Roman; font-size: 10.0pt;">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):</span>
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<td style="padding: 0; width: 483.85pt; padding-left: 3pt; padding-right: 3pt;">
<div><span style="font-family: Times New Roman; font-size: 10.0pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</span></div>
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<div><span style="font-family: Times New Roman; font-size: 10.0pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</span></div>
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<div><span style="font-family: Times New Roman; font-size: 10.0pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</span></div>
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<div><span style="font-family: Times New Roman; font-size: 10.0pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</span></div>
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   <span style="font-family: Times New Roman; font-size: 10.0pt;">Securities registered pursuant to Section 12(b) of the Act:</span>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000; font-weight: bold;">Title of each class</span></div>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000; font-weight: bold;">Trading Symbol(s)</span></div>
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<td style="padding: 0; width: 151.2pt; border-top: 1.5pt solid #000000; border-left: 1.5pt solid #000000; border-right: 1.5pt solid #000000; padding-left: 1.5pt; padding-right: 1.5pt; vertical-align: bottom;">
<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000; font-weight: bold;">Name of each exchange</span></div>
<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000; font-weight: bold;">on which registered</span></div>
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<div><span style="font-family: Times New Roman; font-size: 10.0pt;"><ix:nonNumeric contextRef="c2" name="dei:Security12bTitle">Common stock, no par value</ix:nonNumeric>&#160;</span></div>
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<td style="padding: 0; width: 75.6pt; border-top: 1.5pt solid #000000; border-left: 1.5pt solid #000000; padding-left: 1.5pt; vertical-align: bottom;">
<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;"><ix:nonNumeric contextRef="c2" name="dei:TradingSymbol">PCG</ix:nonNumeric>&#160;</span></div>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">The <ix:nonNumeric contextRef="c2" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">New York Stock Exchange</ix:nonNumeric>&#160;</span></div>
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<tr style="vertical-align: top;">
<td style="padding: 0; width: 277.2pt; border-top: 1.5pt solid #000000; border-left: 1.5pt solid #000000; padding-left: 1.5pt; vertical-align: bottom;">
<div><ix:nonNumeric contextRef="c3" name="dei:Security12bTitle"><span style="font-family: Times New Roman; font-size: 10.0pt;">Equity Units</span></ix:nonNumeric></div>
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<div style="text-align: center;"><ix:nonNumeric contextRef="c3" name="dei:TradingSymbol"><span style="font-family: Times New Roman; font-size: 10.0pt;">PCGU</span></ix:nonNumeric></div>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">The <ix:nonNumeric contextRef="c3" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">New York Stock Exchange</ix:nonNumeric>&#160;</span></div>
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<td style="padding: 0; width: 277.2pt; border-top: 1.5pt solid #000000; border-left: 1.5pt solid #000000; padding-left: 1.5pt; vertical-align: bottom;">
<div><span style="font-family: Times New Roman; font-size: 10.0pt;"><ix:nonNumeric contextRef="c4" name="dei:Security12bTitle">First preferred stock, cumulative, par value $25 per share, 5% series A redeemable</ix:nonNumeric>&#160;</span></div>
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<td style="padding: 0; width: 75.6pt; border-top: 1.5pt solid #000000; border-left: 1.5pt solid #000000; padding-left: 1.5pt; vertical-align: bottom;">
<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;"><ix:nonNumeric contextRef="c4" name="dei:TradingSymbol">PCG-PE</ix:nonNumeric>&#160;</span></div>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;"><ix:nonNumeric contextRef="c4" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">NYSE American LLC</ix:nonNumeric>&#160;</span></div>
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<td style="padding: 0; width: 277.2pt; border-top: 1.5pt solid #000000; border-left: 1.5pt solid #000000; padding-left: 1.5pt; vertical-align: bottom;">
<div><ix:nonNumeric contextRef="c5" name="dei:Security12bTitle"><span style="font-family: Times New Roman; font-size: 10.0pt;">First preferred stock, cumulative, par value $25 per share, 5% redeemable</span></ix:nonNumeric></div>
</td>
<td style="padding: 0; width: 75.6pt; border-top: 1.5pt solid #000000; border-left: 1.5pt solid #000000; padding-left: 1.5pt; vertical-align: bottom;">
<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;"><ix:nonNumeric contextRef="c5" name="dei:TradingSymbol">PCG-PD</ix:nonNumeric>&#160;</span></div>
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<td style="padding: 0; width: 151.2pt; border-top: 1.5pt solid #000000; border-left: 1.5pt solid #000000; border-right: 1.5pt solid #000000; padding-left: 1.5pt; padding-right: 1.5pt; vertical-align: bottom;">
<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;"><ix:nonNumeric contextRef="c5" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">NYSE American LLC</ix:nonNumeric>&#160;</span></div>
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<td style="padding: 0; width: 277.2pt; border-top: 1.5pt solid #000000; border-left: 1.5pt solid #000000; padding-left: 1.5pt; vertical-align: bottom;">
<div><ix:nonNumeric contextRef="c6" name="dei:Security12bTitle"><span style="font-family: Times New Roman; font-size: 10.0pt;">First preferred stock, cumulative, par value $25 per share, 4.80% redeemable</span></ix:nonNumeric></div>
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<td style="padding: 0; width: 75.6pt; border-top: 1.5pt solid #000000; border-left: 1.5pt solid #000000; padding-left: 1.5pt; vertical-align: bottom;">
<div style="text-align: center;"><ix:nonNumeric contextRef="c6" name="dei:TradingSymbol"><span style="font-family: Times New Roman; font-size: 10.0pt;">PCG-PG</span></ix:nonNumeric></div>
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<td style="padding: 0; width: 151.2pt; border-top: 1.5pt solid #000000; border-left: 1.5pt solid #000000; border-right: 1.5pt solid #000000; padding-left: 1.5pt; padding-right: 1.5pt; vertical-align: bottom;">
<div style="text-align: center;"><ix:nonNumeric contextRef="c6" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName"><span style="font-family: Times New Roman; font-size: 10.0pt;">NYSE American LLC</span></ix:nonNumeric></div>
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<div><ix:nonNumeric contextRef="c7" name="dei:Security12bTitle"><span style="font-family: Times New Roman; font-size: 10.0pt;">First preferred stock, cumulative, par value $25 per share, 4.50% redeemable</span></ix:nonNumeric></div>
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<td style="padding: 0; width: 75.6pt; border-top: 1.5pt solid #000000; border-left: 1.5pt solid #000000; padding-left: 1.5pt; vertical-align: bottom;">
<div style="text-align: center;"><ix:nonNumeric contextRef="c7" name="dei:TradingSymbol"><span style="font-family: Times New Roman; font-size: 10.0pt;">PCG-PH</span></ix:nonNumeric></div>
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<td style="padding: 0; width: 151.2pt; border-top: 1.5pt solid #000000; border-left: 1.5pt solid #000000; border-right: 1.5pt solid #000000; padding-left: 1.5pt; padding-right: 1.5pt; vertical-align: bottom;">
<div style="text-align: center;"><ix:nonNumeric contextRef="c7" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName"><span style="font-family: Times New Roman; font-size: 10.0pt;">NYSE American LLC</span></ix:nonNumeric></div>
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<td style="padding: 0; width: 277.2pt; border-top: 1.5pt solid #000000; border-left: 1.5pt solid #000000; padding-left: 1.5pt; vertical-align: bottom;">
<div><ix:nonNumeric contextRef="c8" name="dei:Security12bTitle"><span style="font-family: Times New Roman; font-size: 10.0pt;">First preferred stock, cumulative, par value $25 per share, 4.36% series A redeemable</span></ix:nonNumeric></div>
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<td style="padding: 0; width: 75.6pt; border-top: 1.5pt solid #000000; border-left: 1.5pt solid #000000; padding-left: 1.5pt; vertical-align: bottom;">
<div style="text-align: center;"><ix:nonNumeric contextRef="c8" name="dei:TradingSymbol"><span style="font-family: Times New Roman; font-size: 10.0pt;">PCG-PI</span></ix:nonNumeric></div>
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<td style="padding: 0; width: 151.2pt; border-top: 1.5pt solid #000000; border-left: 1.5pt solid #000000; border-right: 1.5pt solid #000000; padding-left: 1.5pt; padding-right: 1.5pt; vertical-align: bottom;">
<div style="text-align: center;"><ix:nonNumeric contextRef="c8" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName"><span style="font-family: Times New Roman; font-size: 10.0pt;">NYSE American LLC</span></ix:nonNumeric></div>
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<td style="padding: 0; width: 277.2pt; border-top: 1.5pt solid #000000; border-left: 1.5pt solid #000000; padding-left: 1.5pt; vertical-align: bottom;">
<div><ix:nonNumeric contextRef="c9" name="dei:Security12bTitle"><span style="font-family: Times New Roman; font-size: 10.0pt;">First preferred stock, cumulative, par value $25 per share, 6% nonredeemable</span></ix:nonNumeric></div>
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<td style="padding: 0; width: 75.6pt; border-top: 1.5pt solid #000000; border-left: 1.5pt solid #000000; padding-left: 1.5pt; vertical-align: bottom;">
<div style="text-align: center;"><ix:nonNumeric contextRef="c9" name="dei:TradingSymbol"><span style="font-family: Times New Roman; font-size: 10.0pt;">PCG-PA</span></ix:nonNumeric></div>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;"><ix:nonNumeric contextRef="c9" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">NYSE American LLC</ix:nonNumeric>&#160;</span></div>
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<td style="padding: 0; width: 277.2pt; border-top: 1.5pt solid #000000; border-left: 1.5pt solid #000000; padding-left: 1.5pt; vertical-align: bottom;">
<div><ix:nonNumeric contextRef="c10" name="dei:Security12bTitle"><span style="font-family: Times New Roman; font-size: 10.0pt;">First preferred stock, cumulative, par value $25 per share, 5.50% nonredeemable</span></ix:nonNumeric></div>
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<td style="padding: 0; width: 75.6pt; border-top: 1.5pt solid #000000; border-left: 1.5pt solid #000000; padding-left: 1.5pt; vertical-align: bottom;">
<div style="text-align: center;"><ix:nonNumeric contextRef="c10" name="dei:TradingSymbol"><span style="font-family: Times New Roman; font-size: 10.0pt;">PCG-PB</span></ix:nonNumeric></div>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;"><ix:nonNumeric contextRef="c10" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">NYSE American LLC</ix:nonNumeric>&#160;</span></div>
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<td style="padding: 0; width: 277.2pt; border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000; border-left: 1.5pt solid #000000; padding-left: 1.5pt; vertical-align: bottom;">
<div><ix:nonNumeric contextRef="c11" name="dei:Security12bTitle"><span style="font-family: Times New Roman; font-size: 10.0pt;">First preferred stock, cumulative, par value $25 per share, 5% nonredeemable</span></ix:nonNumeric></div>
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<td style="padding: 0; width: 75.6pt; border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000; border-left: 1.5pt solid #000000; padding-left: 1.5pt; vertical-align: bottom;">
<div style="text-align: center;"><ix:nonNumeric contextRef="c11" name="dei:TradingSymbol"><span style="font-family: Times New Roman; font-size: 10.0pt;">PCG-PC</span></ix:nonNumeric></div>
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<td style="padding: 0; width: 151.2pt; padding-left: 1.5pt; padding-right: 1.5pt; vertical-align: bottom; border: 1.5pt solid #000000;">
<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;"><ix:nonNumeric contextRef="c11" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">NYSE American LLC</ix:nonNumeric>&#160;</span></div>
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   <span style="font-family: Times New Roman; font-size: 10.0pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (</span><span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000;">&#167;</span><span style="font-family: Times New Roman; font-size: 10.0pt;">230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (</span><span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000;">&#167;</span><span style="font-family: Times New Roman; font-size: 10.0pt;">240.12b-2 of this chapter).</span>
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  </div><table style="border-spacing: 0px; border-collapse: collapse; margin-left: 3pt;"> <tr style="vertical-align: top;"> <td style="padding: 0; width: 120.95pt; padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;"> <div> <span style="font-family: Times New Roman; font-size: 10.0pt;">Emerging growth company</span> </div> </td> <td style="padding: 0; width: 100.8pt; padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;"> <div> <span style="font-family: Times New Roman; font-size: 10.0pt;">PG&amp;E Corporation</span> </div> </td> <td style="padding: 0; width: 282.25pt; padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;"> <div> <ix:nonNumeric contextRef="c0" format="ixt-sec:boolballotbox" name="dei:EntityEmergingGrowthCompany"><span style="font-family: Segoe UI Symbol; font-size: 10.0pt; color: #000000;">&#9744;</span></ix:nonNumeric><span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000;">&#160;</span> </div> </td> </tr> <tr style="vertical-align: top;"> <td style="padding: 0; width: 120.95pt; padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;"> <div> <span style="font-family: Times New Roman; font-size: 10.0pt;">Emerging growth company</span> </div> </td> <td style="padding: 0; width: 100.8pt; padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;"> <div> <span style="font-family: Times New Roman; font-size: 10.0pt;">Pacific Gas and Electric Company</span> </div> </td> <td style="padding: 0; width: 282.25pt; padding-left: 3pt; padding-right: 3pt; vertical-align: bottom;"> <div> <ix:nonNumeric contextRef="c1" format="ixt-sec:boolballotbox" name="dei:EntityEmergingGrowthCompany"><span style="font-family: Segoe UI Symbol; font-size: 10.0pt; color: #000000;">&#9744;</span></ix:nonNumeric><span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000;">&#160;</span> </div> </td> </tr> </table><div>
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   <span style="font-family: Times New Roman; font-size: 10.0pt;">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.</span>
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      <span style="font-family: Times New Roman; font-size: 10.0pt;">PG&amp;E Corporation</span>
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      <span style="font-family: Times New Roman; font-size: 10.0pt;">Pacific Gas and Electric Company</span>
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   <span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000; font-weight: bold;">Item 8.01 Other Events. </span>
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   <span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000; font-weight: bold;">2023 Cost of Capital Proceeding </span>
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   <span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000;">On April 20, 2022, Pacific Gas and Electric Company (the &#8220;Utility&#8221;), a subsidiary of PG&amp;E Corporation, filed an application with the California Public Utilities Commission (the &#8220;CPUC&#8221;), requesting that the CPUC authorize the Utility's cost of capital for its electric generation, electric distribution, natural gas distribution, and natural gas transmission and storage rate base beginning on January 1, 2023 (the &#8220;2023 cost of capital application&#8221;).</span>
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   <span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000;">In its 2023 cost of capital application, the Utility requested that the CPUC approve the Utility&#8217;s proposed ratemaking capital structure (i.e., the relative weightings of common equity, preferred equity, and debt for ratemaking), return on equity, cost of preferred stock, and cost of debt. The Utility proposed to adopt a rate of return on equity of 11% for test year 2023 and to retain the existing capital structure, which would result in a $226.2 million total increase above currently adopted electric generation, electric distribution, natural gas distribution, and natural gas transmission and storage revenue requirements. The estimated revenue increase is based on the 2022 adopted electric generation, electric distribution, natural gas distribution, and natural gas transmission and storage rate base and does not reflect projected infrastructure investments beyond 2022. </span>
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   <span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000;">The following table compares the currently authorized capital structure and rates of return with those requested in the Utility&#8217;s application for 2023. The Utility&#8217;s authorized rates of return for 2022 are currently subject to a separate cost of capital proceeding:&#160;</span>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt; font-weight: bold;">2022 Currently Authorized</span></div>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt; font-weight: bold;">2023 Requested</span></div>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">Cost</span></div>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">Capital&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Structure</span></div>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">Weighted&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Cost</span></div>
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<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">Cost</span></div>
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<td style="padding: 0px 5.4pt; width: 68.15pt; border-bottom: 1pt solid black; vertical-align: bottom;">
<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">Capital&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Structure</span></div>
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<td style="padding: 0px 5.4pt; width: 68.2pt; border-bottom: 1pt solid black; vertical-align: bottom;">
<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">Weighted&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Cost</span></div>
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<div><span style="font-family: Times New Roman; font-size: 10.0pt; font-weight: bold;">Common Equity&#160;</span></div>
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<td style="padding: 0; width: 68.15pt; border-top: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt; background-color: #deeaf6;">
<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">10.25%</span></div>
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<td style="padding: 0; width: 68.15pt; border-top: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt; background-color: #deeaf6;">
<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">52.00%</span></div>
</td>
<td style="padding: 0; width: 68.2pt; border-top: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt; background-color: #deeaf6;">
<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">5.33%</span></div>
</td>
<td style="padding: 0; width: 68.15pt; border-top: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt; background-color: #deeaf6;">
<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">11.00%</span></div>
</td>
<td style="padding: 0; width: 68.15pt; border-top: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt; background-color: #deeaf6;">
<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">52.00%</span></div>
</td>
<td style="padding: 0; width: 68.2pt; border-top: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt; background-color: #deeaf6;">
<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">5.72%</span></div>
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<td style="padding: 0; width: 94.5pt; padding-left: 5.4pt; padding-right: 5.4pt;">
<div><span style="font-family: Times New Roman; font-size: 10.0pt; font-weight: bold;">Preferred Stock&#160;</span></div>
</td>
<td style="padding: 0; width: 68.15pt; padding-left: 5.4pt; padding-right: 5.4pt;">
<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">5.52%</span></div>
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<td style="padding: 0; width: 68.15pt; padding-left: 5.4pt; padding-right: 5.4pt;">
<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">00.50%</span></div>
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<td style="padding: 0; width: 68.2pt; padding-left: 5.4pt; padding-right: 5.4pt;">
<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">0.03%</span></div>
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<td style="padding: 0; width: 68.15pt; padding-left: 5.4pt; padding-right: 5.4pt;">
<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">5.52%</span></div>
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<td style="padding: 0; width: 68.15pt; padding-left: 5.4pt; padding-right: 5.4pt;">
<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">00.50%</span></div>
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<td style="padding: 0; width: 68.2pt; padding-left: 5.4pt; padding-right: 5.4pt;">
<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">0.03%</span></div>
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<td style="padding: 0; width: 94.5pt; padding-left: 5.4pt; padding-right: 5.4pt; background-color: #deeaf6;">
<div><span style="font-family: Times New Roman; font-size: 10.0pt; font-weight: bold;">Long-term Debt&#160;</span></div>
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<td style="padding: 0; width: 68.15pt; padding-left: 5.4pt; padding-right: 5.4pt; background-color: #deeaf6;">
<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">4.17%</span></div>
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<td style="padding: 0; width: 68.15pt; padding-left: 5.4pt; padding-right: 5.4pt; background-color: #deeaf6;">
<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">47.50%</span></div>
</td>
<td style="padding: 0; width: 68.2pt; padding-left: 5.4pt; padding-right: 5.4pt; background-color: #deeaf6;">
<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">1.98%</span></div>
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<td style="padding: 0; width: 68.15pt; padding-left: 5.4pt; padding-right: 5.4pt; background-color: #deeaf6;">
<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">4.27%</span></div>
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<td style="padding: 0; width: 68.15pt; padding-left: 5.4pt; padding-right: 5.4pt; background-color: #deeaf6;">
<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">47.50%</span></div>
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<td style="padding: 0; width: 68.2pt; padding-left: 5.4pt; padding-right: 5.4pt; background-color: #deeaf6;">
<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">2.03%</span></div>
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<div><span style="font-family: Times New Roman; font-size: 10.0pt; font-weight: bold;">Weighted Average Cost of Capital&#160;</span></div>
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<td style="padding: 0; width: 68.15pt; padding-left: 5.4pt; padding-right: 5.4pt;">
<div style="text-align: center; font-size: 10pt;">&#160;</div>
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<td style="padding: 0; width: 68.15pt; padding-left: 5.4pt; padding-right: 5.4pt;">
<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">100%</span></div>
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<td style="padding: 0; width: 68.2pt; padding-left: 5.4pt; padding-right: 5.4pt;">
<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">7.34%</span></div>
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<td style="padding: 0; width: 68.15pt; padding-left: 5.4pt; padding-right: 5.4pt;">
<div style="text-align: center; font-size: 10pt;">&#160;</div>
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<td style="padding: 0; width: 68.15pt; padding-left: 5.4pt; padding-right: 5.4pt;">
<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">100%</span></div>
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<td style="padding: 0; width: 68.2pt; padding-left: 5.4pt; padding-right: 5.4pt;">
<div style="text-align: center;"><span style="font-family: Times New Roman; font-size: 10.0pt;">7.78%</span></div>
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   <span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000;">For 2023, the Utility expects that the proposed cost of capital, if adopted, would result in revenue requirement increases of approximately $138 million for electric generation and distribution and $53 million for gas distribution operations, assuming 2022 authorized rate base amounts from the 2020 General Rate Case (&#8220;GRC&#8221;) decision.&#160;&#160;The revenues for the gas transmission and storage operations would increase by approximately $35 million, assuming 2022 authorized rate base amounts from the 2019 Gas Transmission and Storage Rate Case decision.&#160;&#160;However, if the CPUC subsequently approves different electric and gas rate base amounts for the Utility in its 2023 GRC, which is currently pending before the CPUC, the revenue requirement changes resulting from the Utility&#8217;s requested rates of return may differ from the amounts reflected in this cost of capital application for the period beyond 2022.</span>
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  </div><div style="text-indent: 36pt;"><a id="_Hlk100931179"></a><span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000;">The Utility also requested that the CPUC approve an upward adjustment above the three-month commercial paper rate for interest on the Utility&#8217;s balancing and memorandum accounts to reflect the Utility&#8217;s actual cost of short-term debt. The Utility requested that the adjustment be set on an annual basis effective January 1 of each year based on the average difference between the three-month commercial paper rate and the Utility&#8217;s actual cost of short-term debt over the preceding twelve-month period from November through October. The Utility included an illustrative calculation using March 2021 to February 2022 showing an illustrative adjustment of 153 basis points, which would result in an estimated $69.3 million increase in recovery of short-term financing costs associated with its balancing and memorandum account balances for the last two calendar years. The actual revenue requirement impact of the short-term debt proposal would differ depending on the final adjustment set each year and the recorded balances in the balancing and memorandum accounts.</span></div><div>
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   <span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000;">The Utility is unable to predict the timing and outcome of this proceeding.</span>
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   <span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000; font-weight: bold;">Cautionary Statement Concerning Forward-Looking Statements</span>
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  </div><div style="text-indent: 36pt;">
   <span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000;">This current report on Form 8-K contains forward-looking statements that are not historical facts, including statements about the beliefs, expectations, estimates, future plans and strategies of PG&amp;E Corporation and the Utility, including but not limited to the 2023 cost of capital application.&#160;&#160;These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties.&#160;&#160;In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include whether the CPUC grants the 2023 cost of capital application and the other factors disclosed in PG&amp;E Corporation and the Utility&#8217;s joint annual report on Form 10-K for the year ended December 31, 2021 and other reports filed with the Securities and Exchange Commission (&#8220;SEC&#8221;), which are available on PG&amp;E Corporation's website at www.pgecorp.com and on the SEC website at www.sec.gov.&#160;&#160;PG&amp;E Corporation and the Utility undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.</span>
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   <span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000; font-weight: bold;">SIGNATURES</span>
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   <span style="font-family: Times New Roman; font-size: 10.0pt;">&#160;</span>
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   <span style="font-family: Times New Roman; font-size: 10.0pt;">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.</span>
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      <span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000; font-weight: bold;">PG&amp;E CORPORATION</span>
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      <span style="font-family: Times New Roman; font-size: 10.0pt;">Date: April 20, 2022</span>
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      <span style="font-family: Times New Roman; font-size: 10.0pt;">By: </span>
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     <div>
      <span style="font-family: Times New Roman; font-size: 10.0pt;">/s/ CHRISTOPHER A. FOSTER</span>
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      <span style="font-family: Times New Roman; font-size: 10.0pt;">Name: Christopher A. Foster</span>
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      <span style="font-family: Times New Roman; font-size: 10.0pt;">Title: Executive Vice President and Chief Financial Officer</span>
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      <span style="font-family: Times New Roman; font-size: 10.0pt; color: #000000; font-weight: bold;">PACIFIC GAS AND ELECTRIC COMPANY</span>
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      <span style="font-family: Times New Roman; font-size: 10.0pt;">Date: April 20, 2022</span>
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      <span style="font-family: Times New Roman; font-size: 10.0pt;">By: </span>
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      <span style="font-family: Times New Roman; font-size: 10.0pt;">/s/ DAVID S. THOMASON</span>
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      <span style="font-family: Times New Roman; font-size: 10.0pt;">Name: David S. Thomason</span>
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      <span style="font-family: Times New Roman; font-size: 10.0pt;">Title: Vice President, Chief Financial Officer and Controller</span>
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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:
April 20, 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
)
973-7000
(Registrant
'
s telephone number, including area code)
(Registrant
'
s 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.
2023 Cost of Capital Proceeding
On April 20, 2022, Pacific Gas and Electric Company (the "Utility"), a subsidiary of PG&E Corporation, filed an application with the California Public Utilities Commission (the "CPUC"), requesting that the CPUC authorize the Utility's cost of capital for its electric generation, electric distribution, natural gas distribution, and natural gas transmission and storage rate base beginning on January 1, 2023 (the "2023 cost of capital application").
In its 2023 cost of capital application, the Utility requested that the CPUC approve the Utility's proposed ratemaking capital structure (i.e., the relative weightings of common equity, preferred equity, and debt for ratemaking), return on equity, cost of preferred stock, and cost of debt. The Utility proposed to adopt a rate of return on equity of 11% for test year 2023 and to retain the existing capital structure, which would result in a $226.2 million total increase above currently adopted electric generation, electric distribution, natural gas distribution, and natural gas transmission and storage revenue requirements. The estimated revenue increase is based on the 2022 adopted electric generation, electric distribution, natural gas distribution, and natural gas transmission and storage rate base and does not reflect projected infrastructure investments beyond 2022.
The following table compares the currently authorized capital structure and rates of return with those requested in the Utility's application for 2023. The Utility's authorized rates of return for 2022 are currently subject to a separate cost of capital proceeding:
2022 Currently Authorized
2023 Requested
Cost
Capital
Structure
Weighted
Cost
Cost
Capital
Structure
Weighted
Cost
Common Equity
10.25%
52.00%
5.33%
11.00%
52.00%
5.72%
Preferred Stock
5.52%
00.50%
0.03%
5.52%
00.50%
0.03%
Long-term Debt
4.17%
47.50%
1.98%
4.27%
47.50%
2.03%
Weighted Average Cost of Capital
100%
7.34%
100%
7.78%
For 2023, the Utility expects that the proposed cost of capital, if adopted, would result in revenue requirement increases of approximately $138 million for electric generation and distribution and $53 million for gas distribution operations, assuming 2022 authorized rate base amounts from the 2020 General Rate Case ("GRC") decision.  The revenues for the gas transmission and storage operations would increase by approximately $35 million, assuming 2022 authorized rate base amounts from the 2019 Gas Transmission and Storage Rate Case decision.  However, if the CPUC subsequently approves different electric and gas rate base amounts for the Utility in its 2023 GRC, which is currently pending before the CPUC, the revenue requirement changes resulting from the Utility's requested rates of return may differ from the amounts reflected in this cost of capital application for the period beyond 2022.
The Utility also requested that the CPUC approve an upward adjustment above the three-month commercial paper rate for interest on the Utility's balancing and memorandum accounts to reflect the Utility's actual cost of short-term debt. The Utility requested that the adjustment be set on an annual basis effective January 1 of each year based on the average difference between the three-month commercial paper rate and the Utility's actual cost of short-term debt over the preceding twelve-month period from November through October. The Utility included an illustrative calculation using March 2021 to February 2022 showing an illustrative adjustment of 153 basis points, which would result in an estimated $69.3 million increase in recovery of short-term financing costs associated with its balancing and memorandum account balances for the last two calendar years. The actual revenue requirement impact of the short-term debt proposal would differ depending on the final adjustment set each year and the recorded balances in the balancing and memorandum accounts.
The Utility is unable to predict the timing and outcome of this proceeding.
Cautionary Statement Concerning Forward-Looking Statements
This current report on Form 8-K contains forward-looking statements that are not historical facts, including statements about the beliefs, expectations, estimates, future plans and strategies of PG&E Corporation and the Utility, including but not limited to the 2023 cost of capital application.  These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties.  In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include whether the CPUC grants the 2023 cost of capital application and the other factors disclosed in PG&E Corporation and the Utility's joint annual report on Form 10-K for the year ended December 31, 2021 and other reports filed with the Securities and Exchange Commission ("SEC"), which are available on PG&E Corporation's website at www.pgecorp.com and on the SEC website at www.sec.gov.  PG&E Corporation and the Utility undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.
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: April 20, 2022
By:
/s/ CHRISTOPHER A. FOSTER
Name: Christopher A. Foster
Title: Executive Vice President and Chief Financial Officer
PACIFIC GAS AND ELECTRIC COMPANY
Date: April 20, 2022
By:
/s/ DAVID S. THOMASON
Name: David S. Thomason
Title: Vice President, Chief Financial Officer and Controller