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Press Release and Selected Exhibits Presentation and Complete Earnings Exhibits

OAKLAND, Calif. — PG&E Corporation (NYSE: PCG) recorded full-year income available for common shareholders of $1,800 million, or $0.84 per diluted share, and fourth-quarter 2022 income available for common shareholders of $513 million, or $0.24 per diluted share, as reported in accordance with generally accepted accounting principles (GAAP). This compares with losses attributable to common shareholders of $(102) million, or $(0.05) per diluted share, for the full year of 2021 and income available for common shareholders of $472 million, or $0.22 per diluted share, for the fourth quarter of 2021.

GAAP results were primarily driven by unrecoverable interest expense and other earnings factors, including allowance for funds used during construction equity, incentive revenues, tax benefits, and cost savings, net of below-the-line costs. Results are also driven by costs related to the amortization of the Wildfire Fund asset and accretion of the related Wildfire Fund liability, wildfire-related costs, investigation remedies, PG&E Corporation's and Pacific Gas and Electric Company's (Utility) reorganization cases under Chapter 11 of the U.S. Bankruptcy Code (Chapter 11), and strategic repositioning costs, partially offset by Fire Victim Trust tax benefit net of securitization and prior period net regulatory impact.

"PG&E delivered results right on target in 2022, and consistent with our focus on reducing physical and financial risk, building a climate-resilient energy system, and earning the trust of our customers, our regulators, and everyone we work with," said Patti Poppe, CEO of PG&E Corporation. "These focus areas remain true for 2023 as we work to achieve our Triple Bottom Line of serving people, the planet, and California's prosperity."

Non-GAAP Core Earnings

PG&E Corporation's non-GAAP core earnings, which exclude non-core items, were $2,343 million, or $1.10 per diluted share, for the full year of 2022, compared with $2,138 million, or $1.08 per diluted share (or $1.00 on a fully diluted basis), during the same period in 2021. For the fourth quarter of 2022, non-GAAP core earnings were $560 million, or $0.26 per diluted share, compared with $596 million, or $0.28 per diluted share, during the same period in 2021.

The decrease in quarter-over-quarter non-GAAP core earnings per diluted share was primarily driven by redeployment and other miscellaneous items, offset by cost reductions and growth in rate base earnings.

Non-core items, which management does not consider representative of ongoing earnings, totaled $543 million after tax, or $0.25 per diluted share, for the year and $47 million after tax, or $0.02 per diluted share, in the fourth quarter of 2022, compared with $2.2 billion after tax, or $1.13 per diluted share, and $124 million after tax, or $0.06 per diluted share, respectively, for the same periods in 2021.

PG&E Corporation uses "non-GAAP core earnings," which is a non-GAAP financial measure, in order to provide a measure that allows investors to compare the underlying financial performance of the business from one period to another, exclusive of non-core items. See the accompanying tables for a reconciliation of non-GAAP core earnings to consolidated earnings (loss) attributable to common shareholders.

2023 Guidance

PG&E Corporation is updating 2023 GAAP earnings guidance in the range of $0.98 to $1.13 per diluted share. Factors driving GAAP earnings include costs related to unrecoverable interest expense of $370 million to $430 million after tax and other earnings factors, including allowance for funds used during construction equity, incentive revenues, tax benefits, and cost savings, net of below-the-line costs. Additional factors include the amortization of the Wildfire Fund asset and accretion of the related Wildfire Fund liability, investigation remedies, wildfire-related costs, and PG&E Corporation's and the Utility's reorganization cases under Chapter 11, partially offset by Fire Victim Trust tax benefits and prior period net regulatory impact.

The guidance range for projected 2023 non-GAAP core earnings is reaffirmed at $1.19 to $1.23 per diluted share. The guidance range for non-core items, which management does not consider representative of ongoing earnings, is updated to $210 million to $440 million after tax.

Guidance is based on various assumptions and forecasts, including those relating to authorized revenues, future expenses, capital expenditures, rate base, equity issuances, and certain other factors.

Supplemental Financial Information

In addition to the financial information accompanying this release, presentation slides have been furnished to the Securities and Exchange Commission (SEC) and are available on PG&E Corporation's website at: http://investor.pgecorp.com/financials/quarterly-earnings-reports/default.aspx.

Earnings Conference Call

PG&E Corporation will also hold a conference call on February 23, 2023, at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time) to discuss its full year and fourth quarter 2022 results. The public can access the conference call through a simultaneous webcast. The link is provided below and will also be available from the PG&E Corporation website.

What: Fourth Quarter and Full Year 2022 Earnings Call

When: Thursday, February 23, 2023 at 11:00 a.m. Eastern Time

Where: http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx

A replay of the conference call will be archived at http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx.

Alternatively, a toll-free replay of the conference call may be accessed shortly after the live call through March 2, 2023, by dialing (800)770-2030. International callers may dial (647)362-9199. For both domestic and international callers, the confirmation code 64421 will be required to access the replay.

Public Dissemination of Certain Information

PG&E Corporation and the Utility routinely provide links to the Utility's principal regulatory proceedings with the California Public Utilities Commission and the Federal Energy Regulatory Commission at http://investor.pgecorp.com, under the "Regulatory Filings" tab, so that such filings are available to investors upon filing with the relevant agency. PG&E Corporation and the Utility also routinely post, or provide direct links to, presentations, documents, and other information that may be of interest to investors, including regarding dividends, at http://investor.pgecorp.com, under the "Wildfire and Safety Updates," "News & Events: Events & Presentations," and "Shareholders: Dividend Information" tabs, respectively, in order to publicly disseminate such information. It is possible that any of these filings or information included therein could be deemed to be material information.

About PG&E Corporation

PG&E Corporation (NYSE: PCG) is a holding company headquartered in Oakland, California. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. For more information, visit http://www.pgecorp.com.

Forward-Looking Statements

This news release 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 earnings guidance and equity financing requirements for 2023 and 2024. 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 factors disclosed in PG&E Corporation and the Utility's joint annual report on Form 10-K for the year ended December 31, 2022 and other reports filed with the 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.