REGULATORY ASSETS, LIABILITIES, AND BALANCING ACCOUNTS (Tables)

12 Months Ended

Dec. 31, 2025

Regulated Operations [Abstract]

Long-Term Regulatory Assets

Noncurrent regulatory assets are comprised of the following:

	Balance at December 31,				Recovery Period
(in millions)	2025		2024
Pension benefits (1)	$	400	$	673	Indefinitely
Environmental compliance costs	1,158		1,172		32 years
Price risk management	100		167		up to 15.5 years
Catastrophic event memorandum account (2)	666		742		Various
Wildfire-related accounts (3)	1,626		1,697		Various
Deferred income taxes (4)	6,157		4,771		Various
Financing costs (5)	202		216		Various
SB 901 securitization (6)	5,089		5,194		27 years
General rate case memorandum accounts (7)	—		95		Various
Other (8)	583		834		Various
Total noncurrent regulatory assets	$	15,981	$	15,561

(1) Payments into the pension and other benefits plans are based on annual contribution requirements. As these annual requirements continue indefinitely into the future, the Utility expects to continuously recover pension benefits.

(2) Includes costs of responding to catastrophic events that have been declared a disaster or state of emergency by competent federal or state authorities.

(3) Represents costs associated with wildfire mitigation and prevention activities and includes the WEMA, FRMMA, WMPMA, WMBA, VMBA and MGMA.

(4) Represents cumulative differences between amounts recognized for ratemaking purposes and expense recognized in accordance with GAAP.

(5) Includes costs associated with long-term debt financing deemed recoverable under ASC 980, Regulated Operations more than twelve months from the current date. These costs and their amortization periods are reviewed and approved in the Utility’s cost of capital or other regulatory filings.

(6) In connection with the SB 901 securitization, the CPUC authorized the issuance of recovery bonds to finance $7.5 billion of claims associated with the 2017 Northern California wildfires. The balance represents PG&E Wildfire Recovery Funding LLC’s right to recover $7.5 billion in wildfire claims costs associated with the 2017 Northern California wildfires, partially offset by the $2.0 billion in required upfront shareholder contributions to the customer credit trust, net of amortization since inception. The recovery bonds will be paid through fixed recovery charges, which are designed to recover the full scheduled principal amount of the recovery bonds along with any associated interest and financing costs. See Note 5 below.

(7) The GRC memorandum accounts track the differences between the revenue requirements in effect on January 1, 2023 and the revenue requirements authorized by the CPUC in the 2023 GRC final decision in December 2023 to be collected over 24 months. The balance as of December 31, 2024 included revenue to be recognized related to gas transmission and storage capital expenditures incurred during the period from 2011 to 2014. This revenue is being recognized over 60 months, which began in August 2022.

(8) The balance as of December 31, 2025 includes revenue to be recognized related to gas transmission and storage capital expenditures incurred during the period from 2011 to 2014.

Long-Term Regulatory Liabilities

Noncurrent regulatory liabilities are comprised of the following:

	Balance at December 31,
(in millions)	2025		2024
Cost of removal obligations (1)	$	9,488	$	8,943
Public purpose programs (2)	1,169		1,112
Employee benefit plans (3)	1,043		1,088
Transmission tower wireless licenses (4)	257		306
SFGO sale (5)	—		79
SB 901 securitization (6)	6,010		6,295
Wildfire self-insurance (7)	1,035		804
Other (8)	1,186		790
Total noncurrent regulatory liabilities	$	20,188	$	19,417

(1) Represents the cumulative differences between the recorded costs to remove assets and amounts collected through rates for expected costs to remove assets.

(2) Represents amounts received from customers designated for public purpose program costs expected to be incurred beyond the next 12 months, primarily related to energy efficiency programs.

(3) Represents cumulative differences between incurred costs and amounts collected through rates for post-retirement medical, post-retirement life, and long-term disability plans.

(4) Represents the portion of the net proceeds received from the sale of transmission tower wireless licenses that will be returned to customers through 2042.

(5) Represents the noncurrent portion of the net gain on the sale of the SFGO, which is being distributed to customers over a five-year period that began in 2022.

(6) In connection with the SB 901 securitization, the Utility is required to return up to $7.59 billion of certain shareholder tax benefits to customers via periodic bill credits over the life of the recovery bonds. The balance reflects qualifying shareholder tax benefits that PG&E Corporation is obligated to contribute to the customer credit trust, net of amortization. See Note 5 below.

(7) Represents amounts collected through rates designated for wildfire self-insurance, plus earnings on investments and less operating expenses of wildfire self-insurance. Balance at December 31, 2025 includes amounts collected through both CPUC and FERC rates. Balance at December 31, 2024 includes only amounts collected through CPUC rates. See Note 14 below.

(8) Includes amounts collected through FERC rates designated for wildfire self-insurance at December 31, 2024. See Note 14 below.

Current Regulatory Balancing Accounts Receivable

Current regulatory balancing accounts receivable and payable are comprised of the following:

	Receivable Balance at December 31,
(in millions)	2025		2024
Electric distribution (1)	$	1,465	$	1,591
Electric transmission (2)	122		117
Gas distribution and transmission (3)	142		387
Energy procurement (4)	2,711		1,066
Public purpose programs (5)	151		162
Wildfire-related accounts (6)	84		979
Insurance premium costs (7)	—		38
Residential uncollectibles balancing accounts (8)	278		260
Catastrophic event memorandum account (9)	181		500
General rate case memorandum accounts (10)	—		1,113
Other	1,166		1,014
Total regulatory balancing accounts receivable	$	6,300	$	7,227

Current Regulatory Balancing Accounts Payable

	Payable Balance at December 31,
(in millions)	2025		2024
Electric transmission (2)	$	37	$	883
Gas distribution and transmission (3)	78		72
Energy procurement (4)	1,502		329
Public purpose programs (5)	472		882
SFGO sale	83		93
Wildfire-related accounts (6)	338		337
Nuclear decommissioning adjustment mechanism (11)	1		23
Other	608		550
Total regulatory balancing accounts payable	$	3,119	$	3,169

(1) The electric distribution accounts track the collection of revenue requirements approved in the GRC and other proceedings.

(2) The electric transmission accounts track recovery of costs related to the transmission of electricity approved in FERC TO rate cases.

(3) The gas distribution and transmission accounts track the collection of revenue requirements approved in the GRC and other proceedings.

(4) Energy procurement balancing accounts track recovery of costs related to the procurement of electricity and other revenue requirements approved by the CPUC for recovery in procurement-related balancing accounts, including any environmental compliance-related activities.

(5) The Public purpose programs balancing accounts are primarily used to record and recover authorized revenue requirements for CPUC-mandated programs such as energy efficiency.

(6) The wildfire-related accounts track costs associated with wildfire mitigation and prevention activities and includes the FHPMA, WMPMA, WMBA and VMBA.

(7) The insurance premium costs accounts track the current portion of incremental excess liability insurance costs recorded to the Risk Transfer Balancing Account, as authorized in the 2023 GRC.

(8) The RUBA tracks costs associated with customer protections, including higher uncollectible costs related to limits on electric and gas service disconnections for residential customers.

(9) The CEMA tracks costs associated with responding to catastrophic events that have been declared a disaster or state of emergency by competent federal or state authorities which were approved for cost recovery in the 2020 WMCE final decision, 2021 WMCE final decision, 2022 WMCE final decision, and 2023 WMCE final decision.

(10) The GRC memorandum accounts track the difference between the revenue requirements in effect on January 1, 2023 and the revenue requirements authorized by the CPUC in the 2023 GRC final decision in December 2023.

(11) The Nuclear decommissioning adjustment mechanism account tracks the collection of revenue requirements associated with the decommissioning of the Utility’s nuclear facilities which were approved in the 2021 NDCTP final decision.