PG&E : First Quarter 2024 Earnings Presentation

Forward-Looking Statements

This presentation contains statements regarding PG&E Corporation's and Pacific Gas and Electric Company's (the "Utility") future performance, including expectations, objectives, and forecasts about operating results (including 2024 non-GAAP core earnings), equity needs, rate base growth, capital expenditures, cash flow, cost savings, customer bills, wildfire risk mitigation, future dividends, and regulatory developments. These statements and other statements that are not purely historical constitute forward-looking statements that are necessarily subject to various risks and uncertainties.

Actual results may differ materially from those described in forward-looking statements. PG&E Corporation and the Utility are not able to predict all the factors that may affect future results. Factors that could cause actual results to differ materially include, but are not limited to, risks and uncertainties associated with:

• wildfires that have occurred or may occur in the Utility's service area, including the extent of the Utility's liability in connection with the 2019 Kincade fire, the 2020 Zogg fire, the 2021 Dixie fire, the 2022 Mosquito fire, and future wildfires;
• the Utility's ability to recover wildfire-related costs, including costs for the 2021 Dixie fire, from the Wildfire Fund (including the Utility's maintenance of a valid safety certificate and whether the Wildfire
  Fund has sufficient remaining funds) and through the WEMA and FERC TO rate cases;
• the Utility's implementation of its wildfire mitigation programs, including PSPS, EPSS, situational awareness and response, the undergrounding initiative, and the programs' effectiveness;
• the Utility's ability to safely and reliably operate, maintain, construct, and decommission its facilities;
• changes in the electric power and natural gas industries driven by technological advancements and a decarbonized economy;
• a cyber incident, cybersecurity breach, or physical attack;
• severe weather events, extended drought, and climate change, particularly their impact on the likelihood and severity of wildfires;
• the impact of legislative and regulatory developments, including those regarding wildfires, the environment, California's clean energy goals, the nuclear industry, extended operations at Diablo Canyon nuclear power plant, regulation of utilities' transactions with their affiliates, municipalization, privacy, and taxes;
• the timing and outcome of FERC and CPUC proceedings, including regarding ratemaking, cost recovery, the application to transfer non-nuclear generation assets, and other matters;
• the outcome of self-reports, investigations, or other enforcement actions;
• PG&E Corporation and the Utility's substantial indebtedness, which may adversely affect their financial health and limit their operating flexibility;
• the ability of PG&E Corporation and the Utility to finance through securitization up to $1.385 billion of remaining fire risk mitigation capital expenditures that were or will be incurred by the Utility;
• the timing and outcome of PG&E Corporation's and the Utility's litigation, including securities class action claims and wildfire-related litigation;
• the Utility's ability to manage its costs effectively, timely recover costs through rates, and achieve projected savings and the extent of excess unrecoverable costs;
• the tax treatment of certain assets and liabilities, including whether PG&E Corporation or the Utility undergoes an "ownership change" that limits certain tax attributes;
• the impact of growing distributed and renewable generation resources, and changing customer demand for its natural gas and electric services; and
• the other factors disclosed in PG&E Corporation's and the Utility's joint Annual Report on Form 10-K for the year ended December 31, 2023, their joint Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (the "Form 10-Q"), and other reports filed with the SEC, which are available on PG&E Corporation's website at www.pgecorp.com and on the SEC's website at www.sec.gov.

Undefined, capitalized terms have the meanings set forth in the Form 10-Q. Unless otherwise indicated, the statements in this presentation are made as of April 25, 2024. PG&E Corporation and the Utility undertake no obligation to update information contained herein. This presentation was attached to PG&E Corporation's and the Utility's joint Current Report on Form 8-K that was furnished to the SEC on April 25, 2024 and is also available on PG&E Corporation's website at www.pgecorp.com.

2

Physical Risk Mitigations…

GRC Authorizes Substantial Investments…

Electric Reliability & Capacity

• Replacing 66,000 overhead poles
• Inspecting 2 million poles
• Replacing and/or maintaining 178,000 units of overhead and underground distribution line equipment
• Replacing 960 overhead transformers for capacity increases
• Maintenance on 93,000 units of substation equipment

Gas System Improvements

• Replacing 163 miles of distribution pipeline
• Inspecting 343 miles of transmission pipeline
• Strength-testing43 miles of gas transmission pipeline

Wildfire Mitigation & System Hardening

• Installing 10,500 units of equipment for wildfire mitigation
• Undergrounding 1,230 miles in high fire risk areas

…That Deliver Lasting Value For Customers 8