Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

Assets And Liabilities Measured At Fair Value On A Recurring Basis

	Fair Value Measurements
	At December 31, 2016
(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total
Assets:
Short-term investments	$	105	$	-	$	-	$	-	$	105
Nuclear decommissioning trusts
Short-term investments		9		-		-		-		9
Global equity securities		1,724		-		-		-		1,724
Fixed-income securities		665		527		-		-		1,192
Assets measured at NAV		-		-		-		-		14
Total nuclear decommissioning trusts (2)		2,398		527		-		-		2,939
Price risk management instruments
(Note 9)
Electricity		30		18		181		(18)		211
Gas		-		11		-		-		11
Total price risk management		30		29		181		(18)		222
instruments
Rabbi trusts
Fixed-income securities		-		61		-		-		61
Life insurance contracts		-		70		-		-		70
Total rabbi trusts		-		131		-		-		131
Long-term disability trust
Short-term investments		8		-		-		-		8
Assets measured at NAV		-		-		-		-		170
Total long-term disability trust		8		-		-		-		178
TOTAL ASSETS	$	2,541	$	687	$	181	$	(18)	$	3,575
Liabilities:
Price risk management instruments
(Note 9)
Electricity	$	9	$	12	$	126	$	(21)	$	126
Gas		-		2		-		(1)		1
TOTAL LIABILITIES	$	9	$	14	$	126	$	(22)	$	127

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

(2) Represents amount before deducting $333 million, primarily related to deferred taxes on appreciation of investment value.

	Fair Value Measurements
	At December 31, 2015
(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total
Assets:
Short-term investments	$	64	$	-	$	-	$	-	$	64
Nuclear decommissioning trusts
Short-term investments		36		-		-		-		36
Global equity securities		1,520		-		-		-		1,520
Fixed-income securities		694		521		-		-		1,215
Assets measured at NAV		-		-		-		-		13
Total nuclear decommissioning trusts (2)		2,250		521		-		-		2,784
Price risk management instruments
(Note 9)
Electricity		-		9		259		18		286
Gas		-		1		-		1		2
Total price risk management
instruments		-		10		259		19		288
Rabbi trusts
Fixed-income securities		-		57		-		-		57
Life insurance contracts		-		70		-		-		70
Total rabbi trusts		-		127		-		-		127
Long-term disability trust
Short-term investments		7		-		-		-		7
Assets measured at NAV		-		-		-		-		158
Total long-term disability trust		7		-		-		-		165
TOTAL ASSETS	$	2,321	$	658	$	259	$	19	$	3,428
Liabilities:
Price risk management instruments
(Note 9)
Electricity	$	69	$	1	$	170	$	(70)	$	170
Gas		-		2		-		(1)		1
TOTAL LIABILITIES	$	69	$	3	$	170	$	(71)	$	171

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

(2) Represents amount before deducting $314 million, primarily related to deferred taxes on appreciation of investment value.

Sensitivity Analysis

	Fair Value at
(in millions)	At December 31, 2016					Valuation		Unobservable
Fair Value Measurement	Assets		Liabilities		Technique		Input		Range (1)
Congestion revenue rights	$	181	$	35	Market approach		CRR auction prices		$	(11.88) - 6.93
Power purchase agreements	$	-	$	91	Discounted cash flow		Forward prices		$	18.07 - 38.80

Represents price per megawatt-hour

	Fair Value at
(in millions)	At December 31, 2015					Valuation		Unobservable
Fair Value Measurement	Assets		Liabilities		Technique		Input		Range (1)
Congestion revenue rights	$	259	$	63	Market approach		CRR auction prices		$	(161.36) - 8.76
Power purchase agreements	$	-	$	107	Discounted cash flow		Forward prices		$	15.08 - 37.27

(1) Represents price per megawatt-hour

Level 3 Reconciliation

	Price Risk Management Instruments
(in millions)	2016			2015
Asset (liability) balance as of January 1	$	89	$		69
Net realized and unrealized gains:
Included in regulatory assets and liabilities or balancing accounts (1)		(34)			20
Asset (liability) balance as of December 31	$	55	$		89

(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 December 31,
	2016					2015
(in millions)	Carrying Amount		Level 2 Fair Value		Carrying Amount			Level 2 Fair Value
Debt (Note 4)
PG&E Corporation	$	348	$	352	$		348	$	354
Utility		15,813		17,790			14,818		16,422

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 December 31, 2016
Nuclear decommissioning trusts
Short-term investments	$	9	$	-	$	-	$	9
Global equity securities		584		1,157		(3)		1,738
Fixed-income securities		1,156		48		(12)		1,192
Total (1)	$	1,749	$	1,205	$	(15)	$	2,939
As of December 31, 2015
Nuclear decommissioning trusts
Short-term investments	$	36	$	-	$	-	$	36
Global equity securities		508		1,034		(9)		1,533
Fixed-income securities		1,165		58		(8)		1,215
Total (1)	$	1,709	$	1,092	$	(17)	$	2,784

(1) Represents amounts before deducting $333 million and $314 million at December 31, 2016 and 2015, respectively, primarily related to deferred taxes on appreciation of investment value.

Schedule Of Long Term Debt Repayments

	As of
(in millions)	December 31, 2016
Less than 1 year	$	13
1–5 years		419
5–10 years		255
More than 10 years		505
Total maturities of fixed-income securities	$	1,192

Schedule Of Activity For Debt And Equity Securities

	2016		2015		2014
(in millions)
Proceeds from sales and maturities of nuclear decommissioning
investments	$	1,295	$	1,268	$	1,336
Gross realized gains on securities held as available-for-sale		18		55		118
Gross realized losses on securities held as available-for-sale		(26)		(37)		(12)