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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 2021
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
| September 30, 2021
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Netting (1) |  | Total
Assets: |  |  |  |  |  |  |  |  |
Short-term investments | $ | 411 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 411 |
Nuclear decommissioning trusts |  |  |  |  |  |  |  |  |
Short-term investments | 25 |  |  | — |  |  | — |  |  | — |  |  | 25 |
Global equity securities | 2,478 |  |  | — |  |  | — |  |  | — |  |  | 2,478 |
Fixed-income securities | 1,054 |  |  | 825 |  |  | — |  |  | — |  |  | 1,879 |
Assets measured at NAV | — |  |  | — |  |  | — |  |  | — |  |  | 28 |
Total nuclear decommissioning trusts (2) | 3,557 |  |  | 825 |  |  | — |  |  | — |  |  | 4,410 |
Price risk management instruments (Note 8) |  |  |  |  |  |  |  |  |
Electricity | — |  |  | 40 |  |  | 163 |  |  | 13 |  |  | 216 |
Gas | — |  |  | 70 |  |  | — |  |  | 77 |  |  | 147 |
Total price risk management instruments | — |  |  | 110 |  |  | 163 |  |  | 90 |  |  | 363 |
Rabbi trusts |  |  |  |  |  |  |  |  |
Fixed-income securities | — |  |  | 104 |  |  | — |  |  | — |  |  | 104 |
Life insurance contracts | — |  |  | 77 |  |  | — |  |  | — |  |  | 77 |
Total rabbi trusts | — |  |  | 181 |  |  | — |  |  | — |  |  | 181 |
Long-term disability trust |  |  |  |  |  |  |  |  |
Short-term investments | 6 |  |  | — |  |  | — |  |  | — |  |  | 6 |
Assets measured at NAV | — |  |  | — |  |  | — |  |  | — |  |  | 139 |
Total long-term disability trust | 6 |  |  | — |  |  | — |  |  | — |  |  | 145 |
TOTAL ASSETS | $ | 3,974 |  |  | $ | 1,116 |  |  | $ | 163 |  |  | $ | 90 |  |  | $ | 5,510 |
Liabilities: |  |  |  |  |  |  |  |  |
Price risk management instruments (Note 8) |  |  |  |  |  |  |  |  |
Electricity | — |  |  | 4 |  |  | 243 |  |  | (17) |  |  | 230 |
Gas | — |  |  | 12 |  |  | — |  |  | (5) |  |  | 7 |
TOTAL LIABILITIES | $ | — |  |  | $ | 16 |  |  | $ | 243 |  |  | $ | (22) |  |  | $ | 237 |
(1) Includes the effect of the contractual ability to settle contracts under master netting agreements and margin cash collateral. (2) Represents amount before deducting $740 million, primarily related to deferred taxes on appreciation of investment value.
| Fair Value Measurements
| December 31, 2020
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Netting (1) |  | Total
Assets: |  |  |  |  |  |  |  |  |
Short-term investments | $ | 470 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 470 |
Nuclear decommissioning trusts |  |  |  |  |  |  |  |  |
Short-term investments | 27 |  |  | — |  |  | — |  |  | — |  |  | 27 |
Global equity securities | 2,398 |  |  | — |  |  | — |  |  | — |  |  | 2,398 |
Fixed-income securities | 924 |  |  | 835 |  |  | — |  |  | — |  |  | 1,759 |
Assets measured at NAV | — |  |  | — |  |  | — |  |  | — |  |  | 25 |
Total nuclear decommissioning trusts (2) | 3,349 |  |  | 835 |  |  | — |  |  | — |  |  | 4,209 |
Price risk management instruments (Note 8) |  |  |  |  |  |  |  |  |
Electricity | — |  |  | 2 |  |  | 166 |  |  | 2 |  |  | 170 |
Gas | — |  |  | 1 |  |  | — |  |  | 113 |  |  | 114 |
Total price risk management instruments | — |  |  | 3 |  |  | 166 |  |  | 115 |  |  | 284 |
Rabbi trusts |  |  |  |  |  |  |  |  |
Fixed-income securities | — |  |  | 106 |  |  | — |  |  | — |  |  | 106 |
Life insurance contracts | — |  |  | 79 |  |  | — |  |  | — |  |  | 79 |
Total rabbi trusts | — |  |  | 185 |  |  | — |  |  | — |  |  | 185 |
Long-term disability trust |  |  |  |  |  |  |  |  |
Short-term investments | 9 |  |  | — |  |  | — |  |  | — |  |  | 9 |
Assets measured at NAV | — |  |  | — |  |  | — |  |  | — |  |  | 158 |
Total long-term disability trust | 9 |  |  | — |  |  | — |  |  | — |  |  | 167 |
TOTAL ASSETS | $ | 3,828 |  |  | $ | 1,023 |  |  | $ | 166 |  |  | $ | 115 |  |  | $ | 5,315 |
Liabilities: |  |  |  |  |  |  |  |  |
Price risk management instruments (Note 8) |  |  |  |  |  |  |  |  |
Electricity | — |  |  | 1 |  |  | 238 |  |  | (25) |  |  | 214 |
Gas | — |  |  | 3 |  |  | — |  |  | — |  |  | 3 |
TOTAL LIABILITIES | $ | — |  |  | $ | 4 |  |  | $ | 238 |  |  | $ | (25) |  |  | $ | 217 |
(1) Includes the effect of the contractual ability to settle contracts under master netting agreements and margin cash collateral. (2) Represents amount before deducting $671 million, primarily related to deferred taxes on appreciation of investment value.
Level 3 Measurements and Sensitivity Analysis |
|  | Fair Value at |  |  |  |  |  |
(in millions) |  | September 30, 2021 |  |  |  |  |  |
Fair Value Measurement |  | Assets |  | Liabilities |  | Valuation Technique |  | Unobservable Input |  | Range(1) /Weighted-Average Price (2)
Congestion revenue rights |  | $ | 135 |  |  | $ | 75 |  |  | Market approach |  | CRR auction prices |  | $(320.25) - $320.25 / 0.25
Power purchase agreements |  | $ | 28 |  |  | $ | 168 |  |  | Discounted cash flow |  | Forward prices |  | $(8.16) - $232.15 / 49.17
(1) Represents price per MWh. (2) Unobservable inputs were weighted by the relative fair value of the instruments.
|  | Fair Value at |  |  |  |  |  |
(in millions) |  | December 31, 2020 |  |  |  |  |  |
Fair Value Measurement |  | Assets |  | Liabilities |  | Valuation Technique |  | Unobservable Input |  | Range (1)/Weighted-Average Price (2)
Congestion revenue rights |  | $ | 153 |  |  | $ | 74 |  |  | Market approach |  | CRR auction prices |  | $(320.25) - $320.25 / 0.30
Power purchase agreements |  | $ | 13 |  |  | $ | 164 |  |  | Discounted cash flow |  | Forward prices |  | $12.56 - $148.30 / 35.52
(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 instruments for the three and nine months ended September 30, 2021 and 2020:
| Price Risk Management Instruments
(in millions) | 2021 |  | 2020
Asset (liability) balance as of July 1 | $ | (18) |  |  | $ | (66) |
Net realized and unrealized gains (losses): |  |  |
Included in regulatory assets and liabilities or balancing accounts (1) | (62) |  |  | (31) |
Asset (liability) balance as of September 30 | $ | (80) |  |  | $ | (97) |
(1) The costs related to price risk management activities are fully passed through to customers in 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) | 2021 |  | 2020
Asset balance as of January 1 | $ | (72) |  |  | $ | 5 |
Net realized and unrealized gains (losses): |  |  |
Included in regulatory assets and liabilities or balancing accounts (1) | (8) |  |  | (102) |
Asset (liability) balance as of September 30 | $ | (80) |  |  | $ | (97) |
(1) The costs related to price risk management activities are fully passed through to customers in 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, 2021 |  | At December 31, 2020
(in millions) | Carrying Amount |  | Level 2 Fair Value |  | Carrying Amount |  | Level 2 Fair Value
Debt (Note 5) |  |  |  |  |  |  |
PG&E Corporation | $ | 4,620 |  |  | $ | 4,714 |  |  | $ | 1,901 |  |  | $ | 2,175 |
Utility | 30,366 |  |  | 33,241 |  |  | 29,664 |  |  | 32,632 |
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, 2021 |  |  |  |  |  |  |
Nuclear decommissioning trusts |  |  |  |  |  |  |
Short-term investments | $ | 25 |  |  | $ | — |  |  | $ | — |  |  | $ | 25 |
Global equity securities | 500 |  |  | 2,013 |  |  | (7) |  |  | 2,506 |
Fixed-income securities | 1,785 |  |  | 105 |  |  | (11) |  |  | 1,879 |
Total (1) | $ | 2,310 |  |  | $ | 2,118 |  |  | $ | (18) |  |  | $ | 4,410 |
As of December 31, 2020 |  |  |  |  |  |  |
Nuclear decommissioning trusts |  |  |  |  |  |  |
Short-term investments | $ | 27 |  |  | $ | — |  |  | $ | — |  |  | $ | 27 |
Global equity securities | 543 |  |  | 1,881 |  |  | (1) |  |  | 2,423 |
Fixed-income securities | 1,610 |  |  | 152 |  |  | (3) |  |  | 1,759 |
Total (1) | $ | 2,180 |  |  | $ | 2,033 |  |  | $ | (4) |  |  | $ | 4,209 |
(1) Represents amounts before deducting $740 million and $671 million for the periods ended September 30, 2021 and December 31, 2020, respectively, primarily related to deferred taxes on appreciation of investment value.
Schedule of Maturities on Debt Instruments | The fair value of fixed-income securities by contractual maturity is as follows:
| As of
(in millions) | September 30, 2021
Less than 1 year | $ | 46 |
1–5 years | 500 |
5–10 years | 462 |
More than 10 years | 871 |
Total maturities of fixed-income securities | $ | 1,879 |
Schedule of Activity for Debt and Equity Securities | The following table provides a summary of activity for fixed income and equity securities:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Proceeds from sales and maturities of nuclear decommissioning trust investments | $ | 224 |  |  | $ | 890 |  |  | $ | 1,176 |  |  | $ | 1,144 |
Gross realized gains on securities | 21 |  |  | 51 |  |  | 150 |  |  | 59 |
Gross realized losses on securities | (2) |  |  | (22) |  |  | (18) |  |  | (34) |

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