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Derivatives (Tables)

3 Months Ended

Mar. 31, 2014

Volumes Of Outstanding Derivative Contracts

At March 31, 2014, the volumes of PG&E Corporation's and the Utility's outstanding derivatives were as follows:

		Contract Volume ⁽¹⁾
			1 Year or	3 Years or
			Greater but	Greater but
		Less Than 1	Less Than 3	Less Than 5	5 Years or
Underlying Product	Instruments	Year	Years	Years	Greater ⁽²⁾
Natural Gas ⁽³⁾	Forwards and
(MMBtus ⁽⁴⁾)	Swaps	243,602,622	76,235,312	7,640,000	-
	Options	140,209,906	62,803,770	2,550,000	-
Electricity	Forwards and
(Megawatt-hours)	Swaps	2,132,784	1,956,498	1,871,208	1,394,250
	Congestion
	Revenue Rights	65,730,617	83,761,019	57,617,664	27,407,793

⁽¹⁾Amounts shown reflect the total gross derivative volumes by commodity type that are expected to settle in each period.

⁽²⁾Derivatives in this category expire between 2019 and 2023.

⁽³⁾ Amounts shown are for the combined positions of the electric fuels and core gas portfolios.

⁽⁴⁾Million British Thermal Units.

At December 31, 2013, the volumes of PG&E Corporation's and the Utility's outstanding derivatives were as follows:

		Contract Volume ⁽¹⁾
			1 Year or	3 Years or
			Greater but	Greater but
		Less Than 1	Less Than 3	Less Than 5	5 Years or
Underlying Product	Instruments	Year	Years	Years	Greater ⁽²⁾
Natural Gas ⁽³⁾	Forwards and
(MMBtus ⁽⁴⁾)	Swaps	243,213,288	79,735,000	8,892,500	-
	Options	169,123,208	87,689,708	3,450,000	-
Electricity	Forwards and
(Megawatt-hours)	Swaps	2,537,023	2,009,505	2,008,046	1,534,695
	Congestion
	Revenue Rights	73,510,440	83,747,782	63,718,517	29,945,852

⁽¹⁾ Amounts shown reflect the total gross derivative volumes by commodity type that are expected to settle in each period.

⁽²⁾ Derivatives in this category expire between 2019 and 2022.

⁽³⁾ Amounts shown are for the combined positions of the electric fuels and core gas portfolios.

⁽⁴⁾ Million British Thermal Units.

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

At March 31, 2014, PG&E Corporation's and the Utility's outstanding derivative balances were as follows:

	Commodity Risk
	Gross Derivative								Total Derivative
(in millions)	Balance			Netting			Cash Collateral		Balance
Current assets - other	$	65		$	(11	)	$	10	$	64
Other noncurrent assets - other		92			(4	)		-		88
Current liabilities - other		(90	)		11			34		(45	)
Noncurrent liabilities - other		(100	)		4			-		(96	)
Total commodity risk	$	(33)		$	-		$	44	$	11

At December 31, 2013, PG&E Corporation's and the Utility's outstanding derivative balances were as follows:

	Commodity Risk
	Gross Derivative								Total Derivative
(in millions)	Balance			Netting			Cash Collateral		Balance
Current assets - other	$	42		$	(10	)	$	16	$	48
Other noncurrent assets - other		99			(4	)		-		95
Current liabilities - other		(122	)		10			69		(43	)
Noncurrent liabilities - other		(110	)		4			2		(104	)
Total commodity risk	$	(91)		$	-		$	87	$	(4)

Gains And Losses On Derivative Instruments

	Commodity Risk
	Three Months Ended March 31,
(in millions)	2014			2013
Net unrealized gain - regulatory assets and liabilities ⁽¹⁾	$	58		$	98
Realized loss - cost of electricity ⁽²⁾		(18	)		(48	)
Realized loss - cost of natural gas ⁽²⁾		-			(8	)
Total commodity risk	$	40		$	42

⁽¹⁾ Unrealized gains and losses on commodity risk-related derivative instruments are recorded to regulatory liabilities or assets, respectively, rather than being recorded to the Condensed Consolidated Statements of Income. These amounts exclude the impact of cash collateral postings.

⁽²⁾ These amounts are fully passed through to customers in rates. Accordingly, net income was not impacted by realized amounts on these instruments.

Additional Cash Collateral The Utility Would Be Required To Post If Its Credit Risk-Related Contingency Features Were Triggered

	Balance at
	March 31,			December 31,
(in millions)	2014			2013
Derivatives in a liability position with credit risk-related
contingencies that are not fully collateralized	$	(63	)	$	(79	)
Related derivatives in an asset position		6			4
Collateral posting in the normal course of business related to
these derivatives		44			65
Net position of derivative contracts/additional collateral
posting requirements⁽¹⁾	$	(13)		$	(10)

⁽¹⁾ This calculation excludes the impact of closed but unpaid positions, as their settlement is not impacted by any of the Utility's credit risk-related contingencies.