SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31,
(in millions)	2026		2025
Electric
Revenue from contracts with customers
Residential	$	1,807	$	1,834
Commercial	1,592		1,506
Industrial	438		414
Agricultural	205		199
Public street and highway lighting	26		27
Other, net (1)	293		89
Total revenue from contracts with customers - electric	4,361		4,069
Regulatory balancing accounts (2)	606		66
Total electric operating revenue	$	4,967	$	4,135
Natural gas
Revenue from contracts with customers
Residential	$	1,480	$	1,709
Commercial	368		399
Transportation service only	490		546
Other, net (1)	(322)		(120)
Total revenue from contracts with customers - gas	2,016		2,534
Regulatory balancing accounts (2)	(102)		(686)
Total natural gas operating revenue	1,914		1,848
Total operating revenues	$	6,881	$	5,983

(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 alternative revenues authorized to be billed or refunded to customers.

Schedule Of Government Assistance

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

	Three Months Ended March 31,
(in millions)	2026		2025
Long-term debt:
Beginning Balance - DWR loan outstanding	$	738	$	886
Operating Expenses:
Operating and maintenance expense - Performance-based disbursements	—		(8)
Operating and maintenance expense - Loan forgiveness and other adjustments	(4)		(57)
Other current liabilities:
Change in performance-based disbursements deferred	—		(9)
Long-term debt:
Ending Balance - DWR loan outstanding	$	734	$	812

Schedule of Net Benefit Costs

The net periodic benefit costs reflected in PG&E Corporation’s Condensed Consolidated Financial Statements for the three months ended March 31, 2026 and 2025 were as follows:

	Pension Benefits				Other Benefits
	Three Months Ended March 31,
(in millions)	2026		2025		2026		2025
Service cost for benefits earned (1)	$	115	$	106	$	11	$	9
Interest cost	256		252		20		18
Expected return on plan assets	(307)		(263)		(39)		(37)
Amortization of prior service cost (credit)	(1)		(1)		1		1
Amortization of net actuarial loss (gain)	1		—		(4)		(6)
Net periodic benefit cost	64		94		(11)		(15)
Regulatory account transfer (2)	20		(10)		—		—
Total	$	84	$	84	$	(11)	$	(15)

(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.

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		Available-for-Sale Securities(2)		Total
(in millions, net of income tax)	Three Months Ended March 31, 2026
Beginning balance	$	(47)	$	19	$	8	$	(20)
Other comprehensive income before reclassification
Loss on investments (net of taxes of $0, $0 and $3, respectively)	—		—		(6)		(6)
Amounts reclassified from other comprehensive income: (1)
Amortization of net actuarial gain (net of taxes of $0, $1, and $0, respectively)	—		(2)		—		(2)
Regulatory account transfer (net of taxes of $0, $1, and $0, respectively)	—		2		—		2
Net current period other comprehensive (loss)	—		—		(6)		(6)
Ending balance	$	(47)	$	19	$	2	$	(26)

(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.

(2) Includes amounts related to the customer credit trust and self-insurance.

	Pension Benefits		Other Benefits		Available-for-Sale Securities(2)		Total
(in millions, net of income tax)	Three Months Ended March 31, 2025
Beginning balance	$	(35)	$	18	$	3	$	(14)
Other comprehensive income before reclassification
Gain on investments (net of taxes of $0, $0, and $2 respectively)	—		—		7		7
Amounts reclassified from other comprehensive income: (1)
Amortization of net actuarial gain (net of taxes of $0, $1, and $0, respectively)	—		(4)		—		(4)
Regulatory account transfer (net of taxes of $0, $1, and $0, respectively)	—		4		—		4
Net current period other comprehensive gain	—		—		7		7
Ending balance	$	(35)	$	18	$	10	$	(7)

(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.

(2) Includes amounts related to the customer credit trust and Pacific Energy Risk Solutions, LLC.