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REGULATORY ASSETS, LIABILITIES, AND BALANCING ACCOUNTS (Tables) | 6 Months Ended
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Jun. 30, 2019
Regulated Operations [Abstract] |
Long-Term Regulatory Assets | Long-term regulatory assets are comprised of the following:
| Asset Balance at
(in millions) | June 30, 2019 |  | December 31, 2018
Pension benefits (1) | $ | 1,928 |  |  | $ | 1,947 |
Environmental compliance costs | 997 |  |  | 1,013 |
Utility retained generation (2) | 251 |  |  | 274 |
Price risk management | 67 |  |  | 90 |
Unamortized loss, net of gain, on reacquired debt (3) | 230 |  |  | 76 |
Catastrophic event memorandum account (4) | 918 |  |  | 790 |
Wildfire expense memorandum account (5) | 127 |  |  | 94 |
Fire hazard prevention memorandum account (6) | 291 |  |  | 263 |
Fire risk mitigation memorandum account (7) | 154 |  |  | — |
Other | 386 |  |  | 417 |
Total long-term regulatory assets | $ | 5,349 |  |  | $ | 4,964 |
(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) In connection with the settlement agreement entered into among PG&E Corporation, the Utility, and the CPUC in 2003 to resolve the Utility’s 2001 proceeding under Chapter 11, the CPUC authorized the Utility to recover $1.2 billion of costs related to the Utility’s retained generation assets. The individual components of these regulatory assets are being amortized over the respective lives of the underlying generation facilities, consistent with the period over which the related revenues are recognized. (3) Includes the accelerated amortization of premiums and debt issuance costs on pre-petition debt. (4) Includes costs of responding to catastrophic events that have been declared a disaster or state of emergency by competent federal or state authorities. Recovery of CEMA costs are subject to CPUC review and approval. (5) Includes specific incremental wildfire liability costs the CPUC approved for tracking in June 2018. Recovery of WEMA costs are subject to CPUC review and approval. (6) Includes costs associated with the implementation of regulations and requirements adopted to protect the public from potential fire hazards associated with overhead power line facilities and nearby aerial communication facilities that have not been previously authorized in another proceeding. Recovery of FHPMA costs are subject to CPUC review and approval. (7) Includes costs associated with the 2019 Wildfire Safety Plan. Recovery of FHPMA costs are subject to CPUC review and approval.
Long-Term Regulatory Liabilities | Long-term regulatory liabilities are comprised of the following:
| Liability Balance at
(in millions) | June 30, 2019 |  | December 31, 2018
Cost of removal obligations (1) | $ | 6,233 |  |  | $ | 5,981 |
Deferred income taxes (2) | 4 |  |  | 283 |
Recoveries in excess of AROs (3) | 472 |  |  | 356 |
Public purpose programs (4) | 785 |  |  | 674 |
Employee benefit plans (5) | 423 |  |  | 421 |
Other | 1,121 |  |  | 824 |
Total long-term regulatory liabilities | $ | 9,038 |  |  | $ | 8,539 |
(1) Represents the cumulative differences between the recorded costs to remove assets and amounts collected in rates for expected costs to remove assets. (2) Represents the net of amounts owed to customers for deferred taxes collected at higher rates before the Tax Act and amounts owed to the Utility for reversal of deferred taxes subject to flow-through treatment. (3) Represents the cumulative differences between ARO expenses and amounts collected in rates. Decommissioning costs related to the Utility’s nuclear facilities are recovered through rates and are placed in nuclear decommissioning trusts. This regulatory liability also represents the deferral of realized and unrealized gains and losses on these nuclear decommissioning trust investments. (See Note 9 below.) (4) 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. (5) Represents cumulative differences between incurred costs and amounts collected in rates for Post-Retirement Medical, Post-Retirement Life and Long Term Disability Plans.
Regulatory Balancing Accounts Receivable | Current regulatory balancing accounts receivable and payable are comprised of the following:
| Receivable Balance at
(in millions) | June 30, 2019 |  | December 31, 2018
Electric distribution | $ | 465 |  |  | $ | 160 |
Electric transmission | 91 |  |  | 128 |
Utility generation | 92 |  |  | 79 |
Gas distribution and transmission | 173 |  |  | 462 |
Energy procurement | 654 |  |  | 168 |
Public purpose programs | 97 |  |  | 111 |
Other | 312 |  |  | 327 |
Total regulatory balancing accounts receivable | $ | 1,884 |  |  | $ | 1,435 |
Regulatory Balancing Accounts Payable |
| Payable Balance at
(in millions) | June 30, 2019 |  | December 31, 2018
Electric transmission | 135 |  |  | 134 |
Gas distribution and transmission | 6 |  |  | 9 |
Energy procurement | 308 |  |  | 59 |
Public purpose programs | 610 |  |  | 587 |
Other | 311 |  |  | 287 |
Total regulatory balancing accounts payable | $ | 1,370 |  |  | $ | 1,076 |

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