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PG&E Files Joint Chapter 11 Plan of Reorganization

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Plan Positions the Company to Meet Commitment to Compensate
Victims, Continue Making Changes to Improve Operations

PG&E Corporation and Pacific Gas and Electric Company (together "PG&E")
today filed a joint Chapter 11 Plan of Reorganization (the "Plan") in
the United States Bankruptcy Court for the Northern District of
California (the "Bankruptcy Court"). This Plan is another step in a
multi-step process as PG&E works to compensate wildfire victims and
emerge from Chapter 11 while continuing to improve safety and
operational performance for its customers. The Plan will be updated as
developments require.

"Under the Plan we filed today, we will meet our commitment to fairly
compensate wildfire victims and we will emerge from Chapter 11
financially sound and able to continue meeting California's clean energy
goals," said Bill Johnson, PG&E Corporation's Chief Executive Officer
and President. "Throughout this process, we remain focused on the
guiding principles of safely and reliably delivering energy to our
customers, further reducing the risk of wildfires, and continuing to
support the state's clean energy goals. I am confident that we can, and
will, provide better service to our customers and communities, and our
Plan of Reorganization is another step in this process."

As contemplated by the Plan, PG&E is on track to achieve confirmation of
the Plan in advance of the June 30, 2020, deadline set forth in Assembly
Bill 1054 for participation in the newly-established state wildfire
fund. The Plan filed today proposes a rate-neutral framework that fairly
compensates wildfire victims and other stakeholders, prioritizes the
interests of our customers and communities, and meets PG&E's legal
obligations. It is comprised of, among other things, the following:

  • Compensation of wildfire victims and certain limited public entities
    from a trust funded for their benefit in an amount to be determined by
    the Bankruptcy Court not to exceed $8.4 billion;
  • Compensation of insurance subrogation claimants from a trust funded
    for their benefit in an amount to be determined by the Bankruptcy
    Court not to exceed $8.5 billion;
  • Payment of $1 billion in full settlement of the claims of certain
    public entities relating to the wildfires, as previously announced;
  • Payment in full, with interest, of all prepetition funded debt
    obligations, all prepetition trade claims and employee-related claims;
  • Assumption of all power purchase agreements and community choice
    aggregation servicing agreements;
  • Assumption of all pension obligations, other employee obligations, and
    collective bargaining agreements with labor;
  • Future participation in the state wildfire fund established by
    Assembly Bill 1054; and
  • Satisfaction of the requirements of Assembly Bill 1054.

PG&E's Chapter 11 emergence financing is expected to include a
substantial equity financing component, which could include a rights
offering to existing shareholders or one or more offerings in the
capital markets. PG&E intends to work with financial institutions over
the next several weeks to obtain up to $14 billion of total equity
financing commitments. All proceeds of the equity commitments will be
used to pay wildfire victims and help fund PG&E's contributions to the
state wildfire fund.

The Plan filed today is subject to confirmation by the Bankruptcy Court
in accordance with the provisions of the Bankruptcy Code, and to the
occurrence of the effective date in accordance with the conditions set
forth in the Plan.

PG&E's Plan of Reorganization is available here.

Public Dissemination of Certain Information

PG&E Corporation and Pacific Gas and Electric Company (the "Utility")
routinely provide links to the Utility's principal regulatory
proceedings with the CPUC and the Federal Energy Regulatory Commission
(FERC) 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 at http://investor.pgecorp.com,
under the "Chapter 11," "Wildfire Updates" and "News & Events: Events &
Presentations" 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 San
Francisco. 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. Each
of PG&E Corporation and the Utility is a separate entity, with distinct
creditors and claimants, and is subject to separate laws, rules and
regulations. For more information, visit http://www.pgecorp.com.

Forward-Looking Statements

This press release contains forward-looking statements that are not
historical facts, including statements about the beliefs, expectations,
estimates, future plans and strategies of the Corporation and the
Utility, including but not limited to their bankruptcy emergence plan
and related financings. 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, including the
possibility that the conditions to emergence in the Plan or to funding
under equity financing commitments will not be satisfied. 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 the
Corporation's and the Utility's Annual Report on Form 10-K for the year
ended December 31, 2018, their Quarterly Reports on Form 10-Q for the
quarters ended March 31, 2019 and June 30, 2019, and their subsequent
reports filed with the Securities and Exchange Commission. Additional
factors include, but are not limited to, those associated with the
Chapter 11 cases of the Corporation and the Utility that commenced on
January 29, 2019. The 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.

No Securities Offering

This is not an offering of securities and securities may not be offered
or sold absent registration or an applicable exemption from the
registration requirements.

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