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DEBT (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Line of Credit Facilities
The following table summarizes PG&E Corporation’s and the Utility’s outstanding borrowings and availability under their credit facilities at December 31, 2021:
(in millions)Termination
Date		Maximum Facility LimitLoans OutstandingLetters of Credit OutstandingFacility
Availability
Utility revolving credit facilityJune 2026$4,000 
(1)
$1,885 $692 $1,423 
Utility term loan credit facility
October 2022 (2)
1,441 
(2)
1,441 
(2)
— — 
Utility receivables securitization program (3)
September 20231,000 
(4)
974 — — 
(4)
PG&E Corporation revolving credit facilityJune 2024500 — — 500 
Total credit facilities$6,941 $4,300 $692 $1,923 
(1) Includes a $1.5 billion letter of credit sublimit.
(2 On February 8, 2022, the Utility amended the Utility Term Loan Credit Agreement to, among other things, extend the maturity date of the 18-Month Tranche Loans to January 1, 2023 for those lenders who consented to such extension; the 18-Month Tranche Loans of the non-consenting lenders in an amount equal to $142.5 million were paid in full as of February 8, 2022.
(3) On October 5, 2020, the Utility entered into an accounts receivable securitization program (the “Receivables Securitization Program”), providing for the sale of a portion of the Utility's accounts receivable to the SPV, a limited liability company wholly owned by the Utility. On September 15, 2021, the Receivables Securitization Program was amended and extended to September 15, 2023. For more information, see “Variable Interest Entities” in Note 3 above.
(4) The amount the Utility may borrow under the Receivables Securitization Program is limited to the lesser of the facility limit and the facility availability. The facility availability may vary based on the amount of accounts receivable that the Utility owns that are eligible for sale to the SPV and the portion of those accounts receivable that are sold to the SPV that are eligible for advances by the lenders under the Receivables Securitization Program. As of December 31, 2021, the Receivables Securitization Program had a maximum borrowing base of $974 million and was fully drawn.
Schedule of Long-term Debt
The following table summarizes PG&E Corporation’s and the Utility’s long-term debt:
Balance at
(in millions)Contractual Interest RatesDecember 31, 2021December 31, 2020
PG&E Corporation
Term Loan - Stated Maturity: 2025
variable rate (1)
$2,709 $2,709 
Senior Secured Notes due 20285.00%1,000 1,000 
Senior Secured Notes due 20305.25%1,000 1,000 
Less: current portion, net of debt issuance costs(26)— 
Unamortized discount, net of premium and debt issuance costs(90)(85)
Total PG&E Corporation Long-Term Debt4,593 4,624 
Utility
First Mortgage Bonds - Stated Maturity:
2022
variable rate (2)
500 500 
20221.75%2,500 2,500 
2023
1.37% - 4.25%
3,575 1,175 
2024
3.40% - 3.75%
800 800 
2025
3.45% - 3.50%
1,475 1,475 
2026
2.95% - 3.15%
2,551 2,551 
2027
2.10% - 3.30%
2,550 2,550 
2028
3.00% - 4.65%
1,975 1,175 
20304.55%3,100 3,100 
2031
2.50% - 3.25%
3,000 2,000 
2040
3.30% - 4.50%
2,951 2,951 
2041
4.20% - 4.50%
700 250 
2042
3.75% - 4.45%
750 750 
20434.60%375 375 
20444.75%675 675 
20454.30%600 600 
2046
4.00% - 4.25%
1,050 1,050 
20473.95%850 850 
2050
3.50% - 4.95%
5,025 5,025 
Less: current portion, net of debt issuance costs(2,996)— 
Unamortized discount, net of premium and debt issuance costs(190)(182)
Total Utility First Mortgage Bonds31,816 30,170 
Recovery Bonds
1.46% - 2.82%
860 — 
         Less: current portion(18)— 
Credit Facilities
Receivables securitization program - Stated Maturity: 2023
variable rate (3)
974 1,000 
18-month Term Loan - Stated Maturity: 2022
variable rate (4)
1,441 1,500 
Less: current portion(1,441)— 
Unamortized discount, net of premium and debt issuance costs— (6)
Total Utility Long-Term Debt33,632 32,664 
Total PG&E Corporation Consolidated Long-Term Debt$38,225 $37,288 
(1) At December 31, 2021 and 2020, the contractual LIBOR-based interest rate on the term loan was 3.50% and 5.50%, respectively.
(2) At December 31, 2021 and 2020, the contractual LIBOR-based interest rate on $500 million of the first mortgage bonds was 1.69% and 1.70%, respectively.
(3) At December 31, 2021 and 2020, the contractual LIBOR-based interest rate on the receivables securitization program was 1.30% and 1.57%, respectively.
(4) At December 31, 2021 and 2020, the contractual LIBOR-based interest rate on the term loan was 2.38% and 2.44%, respectively.
Schedule of Contractual Repayment Schedule
PG&E Corporation’s and the Utility’s combined stated long-term debt principal repayment amounts at December 31, 2021 are reflected in the table below:
       
(in millions, except interest rates)20222023202420252026ThereafterTotal
PG&E Corporation
Average fixed interest rate— %— %— %— %— %5.13 %5.13 %
Fixed rate obligations$— $— $— $— $— $2,000 $2,000 
Variable interest rate as of December 31, 20213.50 %3.50 %3.50 %3.50 %— %— %3.50 %
Variable rate obligations$28 $28 $28 $2,625 $— $— $2,709 
Utility
Average fixed interest rate1.75 %2.26 %3.60 %3.47 %3.10 %3.90 %3.49 %
Fixed rate obligations$2,500 $3,575 $800 $1,475 $2,551 $23,601 $34,502 
Variable interest rate as of December 31, 20212.20 %
various (1)
— %— %— %— %
various (1)
Variable rate obligations
$1,941 $974 $— $— $— $— $2,915 
Total consolidated debt$4,469 $4,577 $828 $4,100 $2,551 $25,601 $42,126 
(1) At December 31, 2021, the average interest rates for the Receivables Securitization Program, the first mortgage bonds due 2022 and the 18-month term loan were 1.30%, 1.69% and 2.38% respectively.