FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2024
(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total
Assets:
Short-term investments (2)	$	1,235	$	—	$	—	$	—	$	1,235
Nuclear decommissioning trusts
Short-term investments	38		—		—		—		38
Global equity securities	2,248		—		—		—		2,248
Fixed-income securities	1,185		1,015		—		—		2,200
Assets measured at NAV	—		—		—		—		20
Total nuclear decommissioning trusts (3)	3,471		1,015		—		—		4,506
Customer credit trust
Short-term investments	348		—		—		—		348
Global equity securities	49		—		—		—		49
Fixed-income securities	21		87		—		—		108
Total customer credit trust	418		87		—		—		505
Price risk management instruments (Note 8)
Electricity	—		28		351		2		381
Gas	—		17		—		11		28
Total price risk management instruments	—		45		351		13		409
Rabbi trusts
Short-term investments	105		—		—		—		105
Global equity securities	5		—		—		—		5
Life insurance contracts	—		66		—		—		66
Total rabbi trusts	110		66		—		—		176
Long-term disability trust
Short-term investments	5		—		—		—		5
Assets measured at NAV	—		—		—		—		133
Total long-term disability trust	5		—		—		—		138
TOTAL ASSETS	$	5,239	$	1,213	$	351	$	13	$	6,969
Liabilities:
Price risk management instruments (Note 8)
Electricity	$	—	$	107	$	193	$	(4)	$	296
Gas	—		9		—		(5)		4
TOTAL LIABILITIES	$	—	$	116	$	193	$	(9)	$	300

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

(2) Includes $608 million in money market funds to be used for the administration of wildfire liability self-insurance. These assets are held by Pacific Energy Risk Solutions, LLC, a wholly-owned subsidiary of the Utility and captive insurance company. For more information see “Self-insurance” in Note 10 below.

(3) Represents amount before deducting $766 million primarily related to deferred taxes on appreciation of investment value.

	Fair Value Measurements
	December 31, 2023
(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total
Assets:
Short-term investments	$	203	$	—	$	—	$	—	$	203
Nuclear decommissioning trusts
Short-term investments	52		—		—		—		52
Global equity securities	2,144		—		—		—		2,144
Fixed-income securities	1,168		909		—		—		2,077
Assets measured at NAV	—		—		—		—		18
Total nuclear decommissioning trusts (2)	3,364		909		—		—		4,291
Customer credit trust
Short-term investments	49		—		—		—		49
Global equity securities	71		—		—		—		71
Fixed-income securities	29		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 investments	102		—		—		—		102
Global equity securities	5		—		—		—		5
Life insurance contracts	—		65		—		—		65
Total rabbi trusts	107		65		—		—		172
Long-term disability trust
Short-term investments	7		—		—		—		7
Assets measured at NAV	—		—		—		—		139
Total long-term disability trust	7		—		—		—		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
(in millions)	At June 30, 2024				Valuation Technique	Unobservable Input
Fair Value Measurement	Assets		Liabilities				Range (1)/Weighted-Average Price (2)
Congestion revenue rights	$	327	$	117	Market approach	CRR auction prices	$ (17,980.60) - 17,974.20 / 1.57
Power purchase agreements	$	24	$	76	Discounted cash flow	Forward prices	$ 0.27 - 140.45 / 54.93

(1) Represents price per MWh.

(2) Unobservable inputs were weighted by the relative fair value of the instruments.

	Fair Value
(in millions)	At December 31, 2023				Valuation Technique	Unobservable Input
Fair Value Measurement	Assets		Liabilities				Range (1)/Weighted-Average Price (2)
Congestion revenue rights	$	357	$	134	Market approach	CRR auction prices	$ (923.72) - 16,696.90 / 1.43
Power purchase agreements	$	47	$	79	Discounted cash flow	Forward 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 and six months ended June 30, 2024 and 2023, respectively:

	Price Risk Management Instruments
(in millions)	2024		2023
Asset balance as of April 1	$	145	$	212
Net realized and unrealized gains (losses):
Included in regulatory assets and liabilities or balancing accounts (1)	13		(86)
Asset balance as of June 30	$	158	$	126

(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.

	Price Risk Management Instruments
(in millions)	2024		2023
Asset balance as of January 1	$	191	$	199
Net realized and unrealized losses:
Included in regulatory assets and liabilities or balancing accounts (1)	(33)		(73)
Asset balance as of June 30	$	158	$	126

(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 June 30, 2024				At December 31, 2023
(in millions)	Carrying Amount		Level 2 Fair Value		Carrying Amount		Level 2 Fair Value
Debt (Note 4)
PG&E Corporation (1)	$	4,356	$	4,088	$	4,548	$	4,695
Utility	37,700		33,588		35,909		32,866

(1) As of June 30, 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 June 30, 2024
Nuclear decommissioning trusts
Short-term investments	$	38	$	—	$	—	$	38
Global equity securities	361		1,918		(11)		2,268
Fixed-income securities	2,259		28		(87)		2,200
Total (1)	$	2,658	$	1,946	$	(98)	$	4,506
As of December 31, 2023
Nuclear decommissioning trusts
Short-term investments	$	52	$	—	$	—	$	52
Global equity securities	381		1,792		(11)		2,162
Fixed-income securities	2,103		60		(86)		2,077
Total (1)	$	2,536	$	1,852	$	(97)	$	4,291

(1) Represents amounts before deducting $766 million and $717 million as of June 30, 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)	June 30, 2024
Less than 1 year	$	9
1–5 years	713
5–10 years	516
More than 10 years	962
Total maturities of fixed-income securities	$	2,200

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 June 30, 2024
Customer credit trust
Short-term investments	$	348	$	—	$	—	$	348
Global equity securities	35		15		(1)		49
Fixed-income securities	109		—		(1)		108
Total	$	492	$	15	$	(2)	$	505
As of December 31, 2023
Customer credit trust
Short-term investments	$	49	$	—	$	—	$	49
Global equity securities	56		16		(1)		71
Fixed-income securities	111		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 June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Proceeds from sales and maturities of nuclear decommissioning trust investments	$	587	$	474	$	1,044	$	751
Gross realized gains on securities	70		37		111		42
Gross realized losses on securities	(19)		(10)		(30)		(18)

The fair value of fixed-income securities by contractual maturity is as follows:

	As of
(in millions)	June 30, 2024
Less than 1 year	$	—
1–5 years	16
5–10 years	27
More than 10 years	65
Total maturities of fixed-income securities	$	108

The following table provides a summary of activity for the fixed-income and equity securities:

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Proceeds from sales and maturities of customer credit trust investments	$	93	$	135	$	174	$	304
Gross realized gains on securities	—		6		8		8
Gross realized losses on securities	(1)		(5)		(2)		(10)