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FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2024
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, 2024
(in millions)Level 1Level 2Level 3
Netting (1)
Total
Assets:     
Short-term investments (2)
$567 $— $— $— $567 
Nuclear decommissioning trusts
Short-term investments37 — — — 37 
Global equity securities2,283 — — — 2,283 
Fixed-income securities1,135 993 — — 2,128 
Assets measured at NAV— — — — 20 
Total nuclear decommissioning trusts (3)
3,455 993 — — 4,468 
Customer credit trust
Short-term investments351 — — — 351 
Global equity securities47 — — — 47 
Fixed-income securities21 88 — — 109 
Total customer credit trust
419 88 — — 507 
Price risk management instruments (Note 8)
     
Electricity— 15 385 — 400 
Gas— 10 — (1)9 
Total price risk management instruments— 25 385 (1)409 
Rabbi trusts     
Short-term investments103 — — — 103 
Global equity securities5 — — — 5 
Life insurance contracts— 65 — — 65 
Total rabbi trusts108 65 — — 173 
Long-term disability trust     
Short-term investments7 — — — 7 
Assets measured at NAV— — — — 131 
Total long-term disability trust7 — — — 138 
TOTAL ASSETS$4,556 $1,171 $385 $(1)$6,262 
Liabilities:     
Price risk management instruments (Note 8)
     
Electricity$— $49 $240 $(6)$283 
Gas— 3 — (2)1 
TOTAL LIABILITIES$— $52 $240 $(8)$284 
(1) Includes the effect of the contractual ability to settle contracts under master netting agreements and cash collateral.
(2) Includes $438 million in money market funds to be used for the administration of wildfire liability self-insurance. For more information see “Self-insurance” in Note 10 below.
(3) Represents amount before deducting $757 million primarily related to deferred taxes on appreciation of investment value.
 Fair Value Measurements
 December 31, 2023
(in millions)Level 1Level 2Level 3
Netting (1)
Total
Assets:     
Short-term investments$203 $— $— $— $203 
Nuclear decommissioning trusts
Short-term investments52 — — — 52 
Global equity securities2,144 — — — 2,144 
Fixed-income securities1,168 909 — — 2,077 
Assets measured at NAV— — — — 18 
Total nuclear decommissioning trusts (2)
3,364 909 — — 4,291 
Customer credit trust
Short-term investments49 — — — 49 
Global equity securities71 — — — 71 
Fixed-income securities29 84 — — 113 
Total customer credit trust
149 84 — — 233 
Price risk management instruments (Note 8)
    
Electricity— 7 404 (1)410 
Gas— 3 — 43 46 
Total price risk management instruments— 10 404 42 456 
Rabbi trusts    
Short-term investments102 — — — 102 
Global equity securities5 — — — 5 
Life insurance contracts— 65 — — 65 
Total rabbi trusts107 65 — — 172 
Long-term disability trust    
Short-term investments7 — — — 7 
Assets measured at NAV— — — — 139 
Total long-term disability trust7 — — — 146 
TOTAL ASSETS$3,830 $1,068 $404 $42 $5,501 
Liabilities:    
Price risk management instruments (Note 8)
    
Electricity$— $43 $213 $(6)$250 
Gas— 76 — (48)28 
TOTAL LIABILITIES$— $119 $213 $(54)$278 
(1) Includes the effect of the contractual ability to settle contracts under master netting agreements and cash collateral.
(2) Represents amount before deducting $717 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, 2024Valuation
Technique		Unobservable
Input		 
Fair Value MeasurementAssetsLiabilities
 Range (1)/Weighted-Average Price (2)
Congestion revenue rights$356 $145 Market approachCRR auction prices
$ (3,804.15) - 16,696.90 / 1.44
Power purchase agreements$29 $95 Discounted cash flowForward prices
$ 0.77 - 154.60 / 54.02
(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, 2023Valuation
Technique		Unobservable
Input		 
Fair Value MeasurementAssetsLiabilities
 Range (1)/Weighted-Average Price (2)
Congestion revenue rights$357 $134 Market approachCRR auction prices
$ (923.72) - 16,696.90 / 1.43
Power purchase agreements$47 $79 Discounted cash flowForward prices
$ 0.86 - 189.80 / 60.03
(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, 2024 and 2023, respectively:
 Price Risk Management Instruments
(in millions)20242023
Asset balance as of January 1$191 $199 
Net realized and unrealized gains (losses):
Included in regulatory assets and liabilities or balancing accounts (1)
(46)13 
Asset balance as of March 31$145 $212 
(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, 2024
At December 31, 2023
(in millions)Carrying AmountLevel 2 Fair Value
Carrying Amount
Level 2 Fair Value
Debt (Note 4)    
PG&E Corporation (1)
$4,343 $4,587 $4,548 $4,695 
Utility38,359 35,576 35,909 32,866 
(1) As of March 31, 2024, the net carrying amount and the estimated fair value (Level 2) of the Convertible Notes were $2.1 billion and $2.2 billion, respectively.
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, 2024
    
Nuclear decommissioning trusts    
Short-term investments$37 $— $— $37 
Global equity securities378 1,937 (12)2,303 
Fixed-income securities2,184 34 (90)2,128 
Total (1)
$2,599 $1,971 $(102)$4,468 
As of December 31, 2023    
Nuclear decommissioning trusts    
Short-term investments$52 $— $— $52 
Global equity securities381 1,792 (11)2,162 
Fixed-income securities2,103 60 (86)2,077 
Total (1)
$2,536 $1,852 $(97)$4,291 
(1) Represents amounts before deducting $757 million and $717 million as of March 31, 2024 and December 31, 2023, 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, 2024
Less than 1 year$28 
1–5 years694 
5–10 years435 
More than 10 years971 
Total maturities of fixed-income securities$2,128 
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, 2024
Customer credit trust
Short-term investments$351 $— $— $351 
Global equity securities34 14 (1)47 
Fixed-income securities109 1 (1)109 
Total
$494 $15 $(2)$507 
As of December 31, 2023    
Customer credit trust    
Short-term investments$49 $— $— $49 
Global equity securities56 16 (1)71 
Fixed-income securities111 2 — 113 
Total
$216 $18 $(1)$233 
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)20242023
Proceeds from sales and maturities of nuclear decommissioning trust investments$457 $277 
Gross realized gains on securities41 5 
Gross realized losses on securities(11)(8)
The fair value of fixed-income securities by contractual maturity is as follows:
 As of
(in millions)March 31, 2024
Less than 1 year$— 
1–5 years15 
5–10 years29 
More than 10 years65 
Total maturities of fixed-income securities$109 
The following table provides a summary of activity for the fixed-income and equity securities:
Three Months Ended March 31,
(in millions)20242023
Proceeds from sales and maturities of customer credit trust investments$81 $169 
Gross realized gains on securities8 2
Gross realized losses on securities
(1)(5)