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FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 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 September 30, 2024
(in millions)Level 1Level 2Level 3
Netting (1)
Total
Assets:     
Short-term investments
$459 $— $— $— $459 
Pacific Energy Risk Solutions, LLC
   Short-term investments761 — — — 761 
Total Pacific Energy Risk Solutions, LLC761 — — — 761 
Nuclear decommissioning trusts
Short-term investments42 — — — 42 
Global equity securities2,347 — — — 2,347 
Fixed-income securities1,306 1,017 — — 2,323 
Assets measured at NAV— — — — 22 
Total nuclear decommissioning trusts (2)
3,695 1,017 — — 4,734 
Customer credit trust
Short-term investments5 — — — 5 
Global equity securities223 — — — 223 
Fixed-income securities76 142 — — 218 
Total customer credit trust
304 142 — — 446 
Price risk management instruments (Note 8)
     
Electricity— 28 316 (3)341 
Gas— 12 — (5)7 
Total price risk management instruments— 40 316 (8)348 
Rabbi trusts     
Short-term investments106 — — — 106 
Global equity securities6 — — — 6 
Life insurance contracts— 66 — — 66 
Total rabbi trusts112 66 — — 178 
Long-term disability trust     
Short-term investments4 — — — 4 
Assets measured at NAV— — — — 121 
Total long-term disability trust4 — — — 125 
TOTAL ASSETS$5,335 $1,265 $316 $(8)$7,051 
Liabilities:     
Price risk management instruments (Note 8)
     
Electricity$— $93 $185 $(9)$269 
Gas— 14 — (8)6 
TOTAL LIABILITIES$— $107 $185 $(17)$275 
(1) Includes the effect of the contractual ability to settle contracts under master netting agreements and cash collateral.
(2) Represents amount before deducting $822 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   
(in millions)At September 30, 2024Valuation
Technique		Unobservable
Input		 
Fair Value MeasurementAssetsLiabilities
 Range (1)/Weighted-Average Price (2)
Congestion revenue rights$297 $108 Market approachCRR auction prices
$ (8,437.47) - 16,696.90 / 1.55
Power purchase agreements$19 $77 Discounted cash flowForward prices
$ (0.11) - 116.83 / 50.01
(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, 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 and nine months ended September 30, 2024 and 2023, respectively:
 Price Risk Management Instruments
(in millions)20242023
Asset balance as of July 1$126 $126 
Net realized and unrealized gains (losses):
Included in regulatory assets and liabilities or balancing accounts (1)
5 12 
Asset balance as of September 30$131 $138 
(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)20242023
Asset balance as of January 1$199 $199 
Net realized and unrealized losses:
Included in regulatory assets and liabilities or balancing accounts (1)
(68)(61)
Asset balance as of September 30$131 $138 
(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 September 30, 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)
$4,849 $5,364 $4,548 $4,695 
Utility37,916 35,634 35,909 32,866 
(1) As of September 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 September 30, 2024
    
Nuclear decommissioning trusts    
Short-term investments$42 $— $— $42 
Global equity securities367 2,009 (7)2,369 
Fixed-income securities2,295 79 (51)2,323 
Total (1)
$2,704 $2,088 $(58)$4,734 
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 $822 million and $717 million as of September 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)September 30, 2024
Less than 1 year$46 
1–5 years767 
5–10 years511 
More than 10 years999 
Total maturities of fixed-income securities$2,323 
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 September 30, 2024
Customer credit trust
Short-term investments$5 $— $— $5 
Global equity securities200 23 — 223 
Fixed-income securities216 3 (1)218 
Total
$421 $26 $(1)$446 
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
September 30,		Nine Months Ended
September 30,
(in millions)2024202320242023
Proceeds from sales and maturities of nuclear decommissioning trust investments$366 $475 $1,410 $1,226 
Gross realized gains on securities40 30 15172 
Gross realized losses on securities(11)(15)(41)(33)
The fair value of fixed-income securities by contractual maturity is as follows:
 As of
(in millions)September 30, 2024
Less than 1 year$— 
1–5 years59 
5–10 years45 
More than 10 years114 
Total maturities of fixed-income securities$218 
The following table provides a summary of activity for the fixed-income and equity securities:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2024202320242023
Proceeds from sales and maturities of customer credit trust investments$117 $151 $291 $455 
Gross realized gains on securities— 98 17
Gross realized losses on securities
— (6)(2)(16)