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FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 30, 2025
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, 2025
(in millions)Level 1Level 2Level 3
Netting (1)
Total
Assets:     
Short-term investments
$285 $— $— $— $285 
Self-insurance investments
   Short-term investments1,092 — — — 1,092 
Total Self-insurance investments (2)
1,092 — — — 1,092 
Nuclear decommissioning trusts
Short-term investments34 — — — 34 
Global equity securities2,492 — — — 2,492 
Fixed-income securities1,376 1,122 — — 2,498 
Assets measured at NAV— — — — 26 
Total nuclear decommissioning trusts (3)
3,902 1,122 — — 5,050 
Customer credit trust
Short-term investments8 — — — 8 
Global equity securities450 — — — 450 
Fixed-income securities98 346 — — 444 
Total customer credit trust
556 346 — — 902 
Price risk management instruments (Note 8)
     
Electricity— 12 321 (7)326 
Gas— 16 — (12)4 
Total price risk management instruments— 28 321 (19)330 
Rabbi trusts     
Short-term investments114 — — — 114 
Global equity securities4 — — — 4 
Life insurance contracts— 65 — — 65 
Total rabbi trusts118 65 — — 183 
Long-term disability trust     
Short-term investments3 — — — 3 
Assets measured at NAV— — — — 112 
Total long-term disability trust3 — — — 115 
TOTAL ASSETS$5,956 $1,561 $321 $(19)$7,957 
Liabilities:     
Price risk management instruments (Note 8)
     
Electricity$— $68 $185 $(9)$244 
Gas— 20 — (13)7 
TOTAL LIABILITIES$— $88 $185 $(22)$251 
(1) Includes the effect of the contractual ability to settle contracts under master netting agreements and cash collateral.
(2) Includes $1 billion and $76 million held in Pacific Energy Risk Solutions, LLC and Pacific Casualty Insurance Company, LLC, respectively.
(3) Represents amount before deducting $860 million primarily related to deferred taxes on appreciation of investment value.
 Fair Value Measurements
 
At December 31, 2024
(in millions)Level 1Level 2Level 3
Netting (1)
Total
Assets:     
Short-term investments$826 $— $— $— $826 
Pacific Energy Risk Solutions, LLC
  Short-term investments905 — — — 905 
Total Pacific Energy Risk Solutions, LLC905 — — — 905 
Nuclear decommissioning trusts
Short-term investments53 — — — 53 
Global equity securities2,228 — — — 2,228 
Fixed-income securities1,250 1,027 — — 2,277 
Assets measured at NAV— — — 22 
Total nuclear decommissioning trusts (2)
3,531 1,027 — — 4,580 
Customer credit trust
Short-term investments1 — — — 1 
Global equity securities186 — — — 186 
Fixed-income securities46 144 — — 190 
Total customer credit trust
233 144 — — 377 
Price risk management instruments (Note 8)
    
Electricity— 26 383 (6)403 
Gas— 10 — (10)— 
Total price risk management instruments— 36 383 (16)403 
Rabbi trusts    
Short-term investments107 — — — 107 
Global equity securities6 — — — 6 
Life insurance contracts— 66 — — 66 
Total rabbi trusts113 66 — — 179 
Long-term disability trust    
Short-term investments4 — — — 4 
Assets measured at NAV— — — — 130 
Total long-term disability trust4 — — — 134 
TOTAL ASSETS$5,612 $1,273 $383 $(16)$7,404 
Liabilities:    
Price risk management instruments (Note 8)
    
Electricity$— $37 $248 $(6)$279 
Gas— 34 — (10)24 
TOTAL LIABILITIES$— $71 $248 $(16)$303 
(1) Includes the effect of the contractual ability to settle contracts under master netting agreements and cash collateral.
(2) Represents amount before deducting $747 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, 2025Valuation
Technique		Unobservable
Input		 
Fair Value MeasurementAssetsLiabilities
 Range (1)/Weighted-Average Price (2)
Congestion revenue rights$278 $97 Market approachCRR auction prices
$ (55) - 54 / 2
Power purchase agreements$43 $88 Discounted cash flowForward prices
$ 16 - 107 / 55
(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, 2024Valuation
Technique		Unobservable
Input		 
Fair Value MeasurementAssetsLiabilities
 Range (1)/Weighted-Average Price (2)
Congestion revenue rights$366 $121 Market approachCRR auction prices
$ (951) - 50,044 / 2
Power purchase agreements$17 $127 Discounted cash flowForward prices
$ 0 - 126 / 47
(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, 2025 and 2024, respectively:

 Price Risk Management Instruments
(in millions)20252024
Asset balance as of July 1$136 $126 
Net realized and unrealized gains (losses):
Included in regulatory assets and liabilities or balancing accounts (1)
— 5 
Asset balance as of September 30$136 $131 
(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)20252024
Asset balance as of January 1$199 $199 
Net realized and unrealized gains (losses):
Included in regulatory assets and liabilities or balancing accounts (1)
(63)(68)
Asset balance as of September 30$136 $131 
(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, 2025
At December 31, 2024
(in millions)Carrying AmountLevel 2 Fair Value
Carrying Amount
Level 2 Fair Value
Debt (Note 4)    
PG&E Corporation (1)
$5,363 $5,697 $5,358 $5,829 
Utility38,151 35,565 37,812 34,532 
(1) As of September 30, 2025, 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, 2025
    
Nuclear decommissioning trusts    
Short-term investments$34 $— $— $34 
Global equity securities382 2,142 (6)2,518 
Fixed-income securities2,495 52 (49)2,498 
Total (1)
$2,911 $2,194 $(55)$5,050 
As of December 31, 2024    
Nuclear decommissioning trusts    
Short-term investments$54 $— $(1)$53 
Global equity securities353 1,907 (10)2,250 
Fixed-income securities2,341 20 (84)2,277 
Total (1)
$2,748 $1,927 $(95)$4,580 
(1) Represents amounts before deducting $860 million and $747 million as of September 30, 2025 and December 31, 2024, 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, 2025
Less than 1 year$124 
1–5 years726 
5–10 years594 
More than 10 years1,054 
Total maturities of fixed-income securities$2,498 
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, 2025
Customer credit trust
Short-term investments$8 $— $— $8 
Global equity securities344 109 (3)450 
Fixed-income securities440 5 (1)444 
Total
$792 $114 $(4)$902 
As of December 31, 2024    
Customer credit trust    
Short-term investments$1 $— $— $1 
Global equity securities161 28 (3)186 
Fixed-income securities193 1 (4)190 
Total
$355 $29 $(7)$377 
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)2025202420252024
Proceeds from sales and maturities of nuclear decommissioning trust investments$586 $366 $1,365 $1,410 
Gross realized gains on securities124 40 130151 
Gross realized losses on securities(4)(11)(21)(41)
The fair value of fixed-income securities by contractual maturity is as follows:
 As of
(in millions)September 30, 2025
Less than 1 year$1 
1–5 years132 
5–10 years49 
More than 10 years262 
Total maturities of fixed-income securities$444 
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)2025202420252024
Proceeds from sales and maturities of customer credit trust investments$114 $117 $310 $291 
Gross realized gains on securities7 — 128
Gross realized losses on securities
(3)— (14)(2)