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REGULATORY ASSETS, LIABILITIES, AND BALANCING ACCOUNTS
 6 Months Ended
Jun. 30, 2025
Regulated Operations [Abstract]  
REGULATORY ASSETS, LIABILITIES, AND BALANCING ACCOUNTS REGULATORY ASSETS, LIABILITIES, AND BALANCING ACCOUNTS
Regulatory Assets

Noncurrent regulatory assets are comprised of the following:
 Balance at
(in millions)June 30, 2025December 31, 2024
Pension benefits
$682 $673 
Environmental compliance costs1,109 1,172 
Price risk management104 167 
Catastrophic event memorandum account
762 742 
Wildfire-related accounts
1,721 1,697 
Deferred income taxes5,242 4,771 
Financing costs209 216 
SB 901 securitization
5,139 5,194 
General rate case memorandum accounts
78 95 
Other807 834 
Total noncurrent regulatory assets$15,853 $15,561 
Regulatory Liabilities

Noncurrent regulatory liabilities are comprised of the following:
 Balance at
(in millions)June 30, 2025December 31, 2024
Cost of removal obligations
$9,265 $8,943 
Public purpose programs
1,192 1,112 
Employee benefit plans
1,098 1,088 
Transmission tower wireless licenses
282 306 
SFGO sale
40 79 
SB 901 securitization
6,145 6,295 
Wildfire self-insurance
807 804 
Other1,042 790 
Total noncurrent regulatory liabilities
$19,871 $19,417 
Regulatory Balancing Accounts

Current regulatory balancing accounts receivable and payable are comprised of the following:
Balance at
(in millions)June 30, 2025December 31, 2024
Electric distribution
$1,705 $1,591 
Electric transmission
113 117 
Gas distribution and transmission
119 387 
Energy procurement
1,285 1,066 
Public purpose programs
207 162 
Wildfire-related accounts
640 979 
Insurance premium costs
— 38 
Residential uncollectibles balancing accounts
146 260 
Catastrophic event memorandum account
265 500 
General rate case memorandum accounts
557 1,113 
Other620 1,014 
Total regulatory balancing accounts receivable$5,657 $7,227 

Balance at
(in millions)June 30, 2025December 31, 2024
Electric transmission
$477 $883 
Gas distribution and transmission
61 72 
Energy procurement
520 329 
Public purpose programs
563 882 
SFGO sale42 93 
Wildfire-related accounts
291 337 
Nuclear decommissioning adjustment mechanism
10 23 
Other552 550 
Total regulatory balancing accounts payable$2,516 $3,169 

For more information, see Note 3 of the Notes to the Consolidated Financial Statements in Item 8 of the 2024 Form 10-K.