Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2015

Assets And Liabilities Measured At Fair Value On A Recurring Basis

	Fair Value Measurements
	At June 30, 2015
(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total
Assets:
Money market investments	$	109	$	-	$	-	$	-	$	109
Nuclear decommissioning trusts
Money market investments		32		-		-		-		32
Global equity securities		1,587		13		-		-		1,600
Fixed-income securities		681		541		-		-		1,222
Total nuclear decommissioning trusts (2)		2,300		554		-		-		2,854
Price risk management instruments
(Note 7)
Electricity		1		8		212		6		227
Gas		1		4		-		-		5
Total price risk management instruments		2		12		212		6		232
Rabbi trusts
Fixed-income securities		-		42		-		-		42
Life insurance contracts		-		72		-		-		72
Total rabbi trusts		-		114		-		-		114
Long-term disability trust
Money market investments		4		-		-		-		4
Global equity securities		-		22		-		-		22
Fixed-income securities		-		117		-		-		117
Total long-term disability trust		4		139		-		-		143
Total assets	$	2,415	$	819	$	212	$	6	$	3,452
Liabilities:
Price risk management instruments
(Note 7)
Electricity	$	47	$	4	$	164	$	(51)	$	164
Gas		-		2		-		-		2
Total liabilities	$	47	$	6	$	164	$	(51)	$	166

(1) Includes the effect of the contractual ability to settle contracts under master netting agreements and margin cash collateral.

(2) Represents amount before deducting $350 million, primarily related to deferred taxes on appreciation of investment value.

	Fair Value Measurements
	At December 31, 2014
(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total
Assets:
Money market investments	$	94	$	-	$	-	$	-	$	94
Nuclear decommissioning trusts
Money market investments		17		-		-		-		17
Global equity securities		1,585		13		-		-		1,598
Fixed-income securities		741		389		-		-		1,130
Total nuclear decommissioning trusts (2)		2,343		402		-		-		2,745
Price risk management instruments
(Note 9 in the 2014 Form 10-K)
Electricity		-		17		232		2		251
Gas		1		1		-		-		2
Total price risk management instruments		1		18		232		2		253
Rabbi trusts
Fixed-income securities		-		42		-		-		42
Life insurance contracts		-		72		-		-		72
Total rabbi trusts		-		114		-		-		114
Long-term disability trust
Money market investments		7		-		-		-		7
Global equity securities		-		25		-		-		25
Fixed-income securities		-		128		-		-		128
Total long-term disability trust		7		153		-		-		160
Other investments		33		-		-		-		33
Total assets	$	2,478	$	687	$	232	$	2	$	3,399
Liabilities:
Price risk management instruments
(Note 9 in the 2014 Form 10-K)
Electricity	$	47	$	5	$	163	$	(52)	$	163
Gas		-		3		-		-		3
Total liabilities	$	47	$	8	$	163	$	(52)	$	166

(1) Includes the effect of the contractual ability to settle contracts under master netting agreements and margin cash collateral.

(2) Represents amount before deducting $324 million, primarily related to deferred taxes on appreciation of investment value.

Level 3 Measurements And Sensitivity Analysis

	Fair Value at
(in millions)	At June 30, 2015				Valuation	Unobservable
Fair Value Measurement	Assets		Liabilities		Technique	Input	Range (1)
Congestion revenue rights	$	212	$	62	Market approach	CRR auction prices	$	(47.09) - 8.17
Power purchase agreements	$	-	$	102	Discounted cash flow	Forward prices	$	22.04 - 57.00

(1) Represents price per megawatt-hour

	Fair Value at
(in millions)	At December 31, 2014				Valuation	Unobservable
Fair Value Measurement	Assets		Liabilities		Technique	Input	Range (1)
Congestion revenue rights	$	232	$	63	Market approach	CRR auction prices	$	(15.97) - 8.17
Power purchase agreements	$	-	$	100	Discounted cash flow	Forward prices	$	16.04 - 56.21

(1) Represents price per megawatt-hour

Level 3 Reconciliation

	Price Risk Management Instruments
(in millions)	2015		2014
Asset (liability) balance as of April 1	$	42	$	(22)
Net realized and unrealized gains:
Included in regulatory assets and liabilities or balancing accounts (1)		6		11
Asset (liability) balance as of June 30	$	48	$	(11)

(1) The costs related to price risk management activities are recoverable through customer rates, therefore, balancing account revenue is recorded for amounts settled and purchased and there is no impact to net income. Unrealized gains and losses are deferred in regulatory liabilities and assets.

	Price Risk Management Instruments
(in millions)	2015		2014
Asset (liability) balance as of January 1	$	69	$	(30)
Net realized and unrealized gains:
Included in regulatory assets and liabilities or balancing accounts (1)		(21)		19
Asset (liability) balance as of June 30	$	48	$	(11)

(1) The costs related to price risk management activities are recoverable through customer rates, therefore, balancing account revenue is recorded for amounts settled and purchased and there is no impact to net income. Unrealized gains and losses are deferred in regulatory liabilities and assets.

Carrying Amount And Fair Value Of Financial Instruments

	At June 30, 2015				At December 31, 2014
(in millions)	Carrying Amount		Level 2 Fair Value		Carrying Amount		Level 2 Fair Value
PG&E Corporation	$	350	$	351	$	350	$	352
Utility		14,272		15,715		13,778		15,851

Schedule Of Unrealized Gains (Losses) Related To Available-For-Sale Investments

				Total		Total
	Amortized			Unrealized		Unrealized		Total Fair
(in millions)	Cost			Gains		Losses		Value
As of June 30, 2015
Nuclear decommissioning trusts
Money market investments	$	32	$	-	$	-	$	32
Global Equity securities		516		1,091		(7)		1,600
Fixed Income securities		1,169		60		(7)		1,222
Total (1)	$	1,717	$	1,151	$	(14)	$	2,854
As of December 31, 2014
Nuclear decommissioning trusts
Money market investments	$	17	$	-	$	-	$	17
Global Equity securities		520		1,087		(9)		1,598
Fixed-income securities		1,059		75		(4)		1,130
Total nuclear decommissioning trusts (1)		1,596		1,162		(13)		2,745
Other investments		5		28		-		33
Total	$	1,601	$	1,190	$	(13)	$	2,778

(1) Represents amounts before deducting $350 million and $324 million at June 30,2015 and December 31, 2014, respectively, primarily related to deferred taxes on appreciation of investment value.

Schedule Of Maturities On Debt Instruments

	As of
(in millions)	June 30, 2015
Less than 1 year	$	19
1–5 years		458
5–10 years		277
More than 10 years		468
Total maturities of debt securities	$	1,222

Schedule Of Activity For Debt And Equity Securities

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2015		2014			2015		2014
(in millions)
Proceeds from sales and maturities of nuclear decommissioning
trust investments	$	362		347			779		877
Gross realized gains on securities held as available-for-sale		12		28			47		84
Gross realized losses on securities held as available-for-sale		(10)		(2)			(13)		(3)