SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Summary of Revenues Disaggregated by Type of Customer

The following table presents the Utility’s revenues disaggregated by type of customer:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Electric
Revenue from contracts with customers
Residential	$	2,572	$	2,052	$	5,887	$	4,745
Commercial	2,301		1,818		5,461		4,245
Industrial	707		579		1,561		1,307
Agricultural	802		628		1,421		1,097
Public street and highway lighting	26		22		78		61
Other, net (1)	(557)		459		362		381
Total revenue from contracts with customers - electric	5,851		5,558		14,770		11,836
Regulatory balancing accounts (2)	(1,313)		(1,051)		(1,722)		642
Total electric operating revenue	$	4,538	$	4,507	$	13,048	$	12,478
Natural gas
Revenue from contracts with customers
Residential	$	412	$	326	$	2,142	$	2,900
Commercial	163		120		723		822
Transportation service only	408		364		1,307		1,206
Other, net (1)	44		21		(158)		(389)
Total revenue from contracts with customers - gas	1,027		831		4,014		4,539
Regulatory balancing accounts (2)	376		550		726		370
Total natural gas operating revenue	1,403		1,381		4,740		4,909
Total operating revenues	$	5,941	$	5,888	$	17,788	$	17,387

(1) This activity is primarily related to the change in unbilled revenue and amounts subject to refund, partially offset by other miscellaneous revenue items.

(2) These amounts represent revenues authorized to be billed or refunded to customers.

Schedule Of Government Assistance

The following table provides a summary of where the DWR loan activity is presented in PG&E Corporation’s and the Utility’s Condensed Consolidated Financial Statements:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Long-term debt:
Beginning Balance - DWR loan outstanding	$	651	$	245	$	98	$	312
Proceeds received	380		—		980		—
Operating Expenses:
Operating and maintenance expense - Performance-based disbursements	(21)		(50)		(60)		(102)
Operating and maintenance expense - Loan forgiveness and other adjustments	—		—		12		—
Other current liabilities:
Change in performance-based disbursements deferred	(14)		15		(34)		—
Long-term debt:
Ending Balance - DWR loan outstanding	$	996	$	210	$	996	$	210

Schedule of Net Benefit Costs

The net periodic benefit costs reflected in PG&E Corporation’s Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2024 and 2023 were as follows:

	Pension Benefits				Other Benefits
	Three Months Ended September 30,
(in millions)	2024		2023		2024		2023
Service cost for benefits earned (1)	$	99	$	94	$	10	$	10
Interest cost	229		228		17		18
Expected return on plan assets	(254)		(245)		(35)		(33)
Amortization of prior service (credit)	—		(1)		1		1
Amortization of net actuarial (gain) loss	—		1		(6)		(5)
Net periodic benefit cost	74		77		(13)		(9)
Regulatory account transfer (2)	(10)		6		—		—
Total	$	64	$	83	$	(13)	$	(9)

(1) A portion of service costs is capitalized pursuant to GAAP.

(2) The Utility recorded these amounts to a regulatory account since they are probable of recovery or refund through rates in future periods.

	Pension Benefits				Other Benefits
	Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Service cost for benefits earned (1)	$	297	$	284	$	31	$	29
Interest cost	687		685		53		55
Expected return on plan assets	(761)		(736)		(105)		(99)
Amortization of prior service cost (credit)	(2)		(3)		2		2
Amortization of net actuarial (gain) loss	1		1		(17)		(14)
Net periodic benefit cost	222		231		(36)		(27)
Regulatory account transfer (2)	(29)		19		—		—
Total	$	193	$	250	$	(36)	$	(27)

(1) A portion of service costs is capitalized pursuant to GAAP.

(2) The Utility recorded these amounts to a regulatory account since they are probable of recovery from, or refund to, customers in future rates.

Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income

The changes, net of income tax, in PG&E Corporation’s accumulated other comprehensive income (loss) consisted of the following:

	Pension Benefits		Other Benefits		Customer Credit Trust		Total
(in millions, net of income tax)	Three Months Ended September 30, 2024
Beginning balance	$	(28)	$	18	$	1	$	(9)
Other comprehensive income before reclassification
Gain on investments (net of taxes of $0, $0 and $2, respectively)	—		—		4		4
Amounts reclassified from other comprehensive income: (1)
Amortization of prior service cost (net of taxes of $1, $1, and $0, respectively)	(1)		1		—		—
Amortization of net actuarial gain (net of taxes of $0, $2, and $0, respectively)	1		(5)		—		(4)
Regulatory account transfer (net of taxes of $0, $1, and $0, respectively)	—		4		—		4
Net current period other comprehensive gain	—		—		4		4
Ending balance	$	(28)	$	18	$	5	$	(5)

(1) These components are included in the computation of net periodic pension and other post-retirement benefit costs.  See the “Pension and Other Post-Retirement Benefits” table above for additional details.

	Pension Benefits		Other Benefits		Customer Credit Trust		Total
(in millions, net of income tax)	Three Months Ended September 30, 2023
Beginning balance	$	(12)	$	18	$	(1)	$	5
Other comprehensive income before reclassification
Loss on investments (net of taxes of $0, $0 and $0, respectively)	—		—		(2)		(2)
Amounts reclassified from other comprehensive income: (1)
Amortization of prior service cost (net of taxes of $0, $1, and $0, respectively)	(1)		—		—		(1)
Amortization of net actuarial gain (net of taxes of $0, $2, and $0, respectively)	1		(3)		—		(2)
Regulatory account transfer (net of taxes of $0, $1, and $0, respectively)	—		3		—		3
Net current period other comprehensive loss	—		—		(2)		(2)
Ending balance	$	(12)	$	18	$	(3)	$	3

(1) These components are included in the computation of net periodic pension and other post-retirement benefit costs.  See the “Pension and Other Post-Retirement Benefits” table above for additional details.

	Pension Benefits		Other Benefits		Customer Credit Trust		Total
(in millions, net of income tax)	Nine Months Ended September 30, 2024
Beginning balance	$	(28)	$	18	$	2	$	(8)
Other comprehensive income before reclassification
Gain on investments (net of taxes of $0, $0, and $1, respectively)	—		—		3		3
Amounts reclassified from other comprehensive income: (1)
Amortization of prior service cost (net of taxes of $1, $1, and $0, respectively)	(2)		2		—		—
Amortization of net actuarial gain (net of taxes of $0, $5, and $0, respectively)	1		(13)		—		(12)
Regulatory account transfer (net of taxes of $0, $4, and $0, respectively)	1		11		—		12
Net current period other comprehensive gain	—		—		3		3
Ending balance	$	(28)	$	18	$	5	$	(5)

(1) These components are included in the computation of net periodic pension and other post-retirement benefit costs.  See the “Pension and Other Post-Retirement Benefits” table above for additional details.

	Pension Benefits		Other Benefits		Customer Credit Trust		Total
(in millions, net of income tax)	Nine Months Ended September 30, 2023
Beginning balance	$	(12)	$	18	$	(6)	$	—
Other comprehensive income before reclassification
Gain on investments (net of taxes of $0, $0, and $2, respectively)	—		—		3		3
Amounts reclassified from other comprehensive income: (1)
Amortization of prior service cost (net of taxes of $1, $1, and $0, respectively)	(2)		1		—		(1)
Amortization of net actuarial gain (net of taxes of $0, $4, and $0, respectively)	1		(10)		—		(9)
Regulatory account transfer (net of taxes of $1, $3, and $0, respectively)	1		9		—		10
Net current period other comprehensive gain	—		—		3		3
Ending balance	$	(12)	$	18	$	(3)	$	3

(1) These components are included in the computation of net periodic pension and other post-retirement benefit costs.  See the “Pension and Other Post-Retirement Benefits” table above for additional details.