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FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets and liabilities measured at fair value on a recurring basis for PG&E Corporation and the Utility are summarized below.  Assets held in rabbi trusts are held by PG&E Corporation and not the Utility.
 Fair Value Measurements
 
 At March 31, 2023
(in millions)Level 1Level 2Level 3
Netting (1)
Total
Assets:     
Short-term investments$944 $— $— $— $944 
Nuclear decommissioning trusts
Short-term investments131 — — — 131 
Global equity securities1,960 — — — 1,960 
Fixed-income securities1,191 756 — — 1,947 
Assets measured at NAV— — — — 27 
Total nuclear decommissioning trusts (2)
3,282 756 — — 4,065 
Customer credit trust
Short-term investments8 — — — 8 
Global equity securities185 — — — 185 
Fixed-income securities129 280 — — 409 
Total customer credit trust
322 280 — — 602 
Price risk management instruments (Note 8)     
Electricity— 50 421 45 516 
Gas— 5 — 6 11 
Total price risk management instruments— 55 421 51 527 
Rabbi trusts     
Short-term investments96 — — — 96 
Global equity securities5 — — — 5 
Life insurance contracts— 65 — — 65 
Total rabbi trusts101 65 — — 166 
Long-term disability trust     
Short-term investments5 — — — 5 
Assets measured at NAV— — — — 129 
Total long-term disability trust5 — — — 134 
TOTAL ASSETS$4,654 $1,156 $421 $51 $6,438 
Liabilities:     
Price risk management instruments (Note 8)     
Electricity$— $15 $209 $(21)$203 
Gas— 6 — (2)4 
TOTAL LIABILITIES$— $21 $209 $(23)$207 
(1) Includes the effect of the contractual ability to settle contracts under master netting agreements and cash collateral.
(2) Represents amount before deducting $627 million primarily related to deferred taxes on appreciation of investment value. 
 Fair Value Measurements
 December 31, 2022
(in millions)Level 1Level 2Level 3
Netting (1)
Total
Assets:     
Short-term investments$658 $— $— $— $658 
Fixed-income securities— 49 — — 49 
Nuclear decommissioning trusts
Short-term investments117 — — — 117 
Global equity securities1,845 — — — 1,845 
Fixed-income securities1,094 791 — — 1,885 
Assets measured at NAV— — — — 25 
Total nuclear decommissioning trusts (2)
3,056 791 — — 3,872 
Customer credit trust
Short-term investments19 — — — 19 
Global equity securities218 — — — 218 
Fixed-income securities216 292 — — 508 
Total customer credit trust
453 292 — — 745 
Price risk management instruments (Note 11)    
Electricity— 94 432 40 566 
Gas— 604 — 327 931 
Total price risk management instruments— 698 432 367 1,497 
Rabbi trusts    
Short-term investments25 — — — 25 
Global equity securities5 — — — 5 
Fixed-income securities— 69 — — 69 
Life insurance contracts— 64 — — 64 
Total rabbi trusts30 133 — — 163 
Long-term disability trust    
Short-term investments10 — — — 10 
Assets measured at NAV— — — — 133 
Total long-term disability trust10 — — — 143 
TOTAL ASSETS$4,207 $1,963 $432 $367 $7,127 
Liabilities:    
Price risk management instruments (Note 11)    
Electricity$— $10 $233 $(20)$223 
Gas— 172 — (166)6 
TOTAL LIABILITIES$— $182 $233 $(186)$229 
(1) Includes the effect of the contractual ability to settle contracts under master netting agreements and cash collateral.
(2) Represents amount before deducting $575 million, primarily related to deferred taxes on appreciation of investment value.
Fair Value Measurement Inputs and Valuation Techniques
 Fair Value at   
(in millions)At March 31, 2023Valuation
Technique		Unobservable
Input		 
Fair Value MeasurementAssetsLiabilities
 Range (1)/Weighted-Average Price (2)
Congestion revenue rights$296 $137 Market approachCRR auction prices
$ (145.09) - 190.34 / 0.89
Power purchase agreements$125 $72 Discounted cash flowForward prices
$ (6.95) - 277.92 / 76.67
(1) Represents price per MWh.
(2) Unobservable inputs were weighted by the relative fair value of the instruments.

 Fair Value at   
(in millions)At December 31, 2022Valuation
Technique		Unobservable
Input		 
Fair Value MeasurementAssetsLiabilities
 Range (1)/Weighted-Average Price (2)
Congestion revenue rights$305 $138 Market approachCRR auction prices
$ (145.09) - 2,724.93 / 0.89
Power purchase agreements$127 $95 Discounted cash flowForward prices
$ (6.39) - 286.75 / 78.14
(1) Represents price per MWh.
(2) Unobservable inputs were weighted by the relative fair value of the instruments.
Level 3 Reconciliation
The following table presents the reconciliation for Level 3 price risk management instruments for the three months ended March 31, 2023 and 2022, respectively:
 Price Risk Management Instruments
(in millions)20232022
Asset (Liability) balance as of January 1$199 $(34)
Net realized and unrealized gains:
Included in regulatory assets and liabilities or balancing accounts (1)
13 10 
Asset (Liability) balance as of March 31$212 $(24)
(1) The costs related to price risk management activities are recovered through rates. Accordingly, unrealized gains and losses are deferred in regulatory liabilities and assets and net income is not impacted.
Carrying Amount and Fair Value of Financial Instruments The carrying amount and fair value of PG&E Corporation’s and the Utility’s long-term debt instruments were as follows (the table below excludes financial instruments with carrying values that approximate their fair values):
 At March 31, 2023At December 31, 2022
(in millions)Carrying AmountLevel 2 Fair Value
Carrying Amount
Level 2 Fair Value
Debt (Note 4)    
PG&E Corporation
$4,154 $4,538 $4,355 $4,490 
Utility33,593 30,305 32,847 27,666 
Schedule of Unrealized Gains (Losses) Related to Available-for-sale Investments
The following table provides a summary of equity securities and available-for-sale debt securities:
(in millions)Amortized
Cost		Total
Unrealized
Gains		Total
Unrealized
Losses		Total Fair
Value
As of March 31, 2023
    
Nuclear decommissioning trusts    
Short-term investments$131 $— $— $131 
Global equity securities407 1,589 (9)1,987 
Fixed-income securities2,006 29 (88)1,947 
Total (1)
$2,544 $1,618 $(97)$4,065 
As of December 31, 2022    
Nuclear decommissioning trusts    
Short-term investments$117 $— $— $117 
Global equity securities413 1,468 (11)1,870 
Fixed-income securities1,991 10 (116)1,885 
Total (1)
$2,521 $1,478 $(127)$3,872 
(1) Represents amounts before deducting $627 million and $575 million as of March 31, 2023 and December 31, 2022, respectively, primarily related to deferred taxes on appreciation of investment value.
Schedule of Available for Sale Securities Table The fair value of fixed-income securities by contractual maturity is as follows:
 As of
(in millions)March 31, 2023
Less than 1 year$39 
1–5 years635 
5–10 years450 
More than 10 years823 
Total maturities of fixed-income securities$1,947 
The following table provides a summary of equity securities and available-for-sale debt securities:
(in millions)Amortized
Cost		Total
Unrealized
Gains		Total
Unrealized
Losses		Total Fair
Value
As of March 31, 2023
Customer credit trust
Short-term investments$8 $— $— $8 
Global equity securities170 20 (5)185 
Fixed-income securities410 3 (4)409 
Total
$588 $23 $(9)$602 
As of December 31, 2022    
Customer credit trust    
Short-term investments$19 $— $— $19 
Global equity securities219 13 (14)218 
Fixed-income securities516 — (8)508 
Total
$754 $13 $(22)$745 
Schedule of Activity for Debt and Equity Securities
The following table provides a summary of activity for the fixed-income and equity securities:
Three Months Ended March 31,
(in millions)20232022
Proceeds from sales and maturities of nuclear decommissioning trust investments$277 $421 
Gross realized gains on securities5 56 
Gross realized losses on securities(8)(7)
The fair value of fixed-income securities by contractual maturity is as follows:
 As of
(in millions)March 31, 2023
Less than 1 year$— 
1–5 years128 
5–10 years95 
More than 10 years186 
Total maturities of fixed-income securities$409 

The following table provides a summary of activity for the fixed-income and equity securities:
Three Months Ended March 31,
(in millions)20232022
Proceeds from sales and maturities of customer credit trust investments$169 $— 
Gross realized gains on securities2 — 
Gross realized losses on securities
(5)—