PCG PG&E Corporation

Issuer Free Writing Prospectus dated June 18, 2020

Filed Pursuant to Rule 433

Registration No. 333-236629-01

(Supplementing the Preliminary Prospectus Supplement dated

June 15, 2020 to the Prospectus dated June 9, 2020)

PRICING TERM SHEET

PG&E Corporation

June 18, 2020

$1,000,000,000 5.000% Senior Secured Notes due 2028 (the “2028 Notes”)

$1,000,000,000 5.250% Senior Secured Notes due 2030 (the “2030 Notes” and, together with the 2028 Notes, the “Notes”)

The information in this pricing term sheet relates to PG&E Corporation’s offering of Notes in the series listed above and should be read together with the preliminary prospectus supplement dated June 15, 2020 (the “Preliminary Prospectus Supplement”) relating to such offering and the accompanying prospectus dated June 9, 2020, including the documents incorporated by reference therein, each filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, included in the Registration Statement No. 333-236629-01 (as supplemented by such Preliminary Prospectus Supplement, the “Preliminary Prospectus”). The information in this pricing term sheet supplements the Preliminary Prospectus and supersedes the information in the Preliminary Prospectus to the extent inconsistent with the information in the Preliminary Prospectus.

The aggregate principal amount of Notes to be issued in this offering has decreased from $3,750,000,000 to $2,000,000,000, which represents a decrease of $1,750,000,000 from the aggregate principal amount of Notes set forth in the Preliminary Prospectus. As a result of such decrease, the New HoldCo Term Loan Facility (as defined in the Preliminary Prospectus) will be increased by $1,750,000,000 to an aggregate of $2,750,000,000. Corresponding changes will be made where applicable throughout the Preliminary Prospectus. Other information (including financial information) presented or incorporated by reference in the Preliminary Prospectus is deemed to have changed to the extent affected by the changes described herein.

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It is expected that delivery of the Notes will be made against payment thereof on or about June 23, 2020, which will be the third business day following the date of the pricing of the Notes (such settlement being referred to as “T+3”). Under Rule 15c6-1 under the Exchange Act, trades in the secondary market are generally required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade Notes prior to the second business day preceding the date of delivery of the Notes will be required, by virtue of the fact that the Notes will initially settle in T+3, to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to trade the Notes prior to the second business day preceding the date of delivery of the Notes should consult their own advisors.

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The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering.

You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting J.P. Morgan Securities LLC, collect at 1-212-834-4533 Barclays Capital Inc. at 1-888-603-5847 or Barclaysprospectus@broadridge.com, BofA Securities, Inc. at 1-800-294-1322 or dg.prospectus_requests@bofa.com, Citigroup Global Markets Inc. at 1-800-831-9146 or Goldman Sachs & Co. LLC at 1-866-471-2526.

ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.

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