Tue, Mar 25, 10:07 AM (36 days ago)
**PG&E Wildfire Recovery Funding LLC (PWRF) 2024 Annual Report Summary** **Company Overview:** PG&E Wildfire Recovery Funding LLC (PWRF), a wholly-owned subsidiary of Pacific Gas and Electric Company (PG&E), focuses on wildfire recovery funding. PWRF is not a publicly traded entity and does not have securities registered under Section 12(b) or 12(g) of the Exchange Act. **Financial Performance:** The report omits detailed financial statements, but key points include: - **Operating Expenses:** The primary expense is an annual independent manager fee of $3,000 paid to Citadel SPV. - **Financial Condition:** PWRF's financial condition is supported by its relationship with PG&E, which provides administrative, servicing, and other support. **Strategic Overview and Future Outlook:** PWRF's strategic focus is on managing and recovering from wildfire-related financial obligations. The future outlook is tied to PG&E's ability to manage wildfire risks and recover associated costs. **Risk Factors:** The report omits detailed risk factors but implies risks related to wildfire events, regulatory environment, and financial performance of PG&E. **Market Position:** PWRF does not have a market position as it does not have publicly traded securities. Its market relevance is derived from its relationship with PG&E. **Management and Governance:** Key managers include Margaret K. Becker (Manager and President), Monica Klemann (Manager, Treasurer, and Secretary), and Orlando Figueroa (Independent Manager). PWRF adheres to the codes of conduct and ethics of PG&E Corporation. **Changes and Amendments:** The report includes several exhibits related to legal agreements and compliance reports, indicating ongoing legal and financial management activities. Notably, there was a material instance of noncompliance reported by the Indenture Trustee for another series of similar securities, but it did not affect PWRF's servicing functions. **Conclusion:** PWRF's financial health and operational effectiveness are closely tied to PG&E's performance and management of wildfire-related risks. The entity's strategic focus remains on recovery funding, with minimal operational expenses and a strong governance framework.