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FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2023

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
			At June 30, 2023
(in millions)			Level 1						Level 2						Level 3						Netting (1)						Total
Assets:
Short-term investments			$	723					$	—					$	—					$	—					$	723
Nuclear decommissioning trusts
Short-term investments			126						—						—						—						126
Global equity securities			2,035						—						—						—						2,035
Fixed-income securities			1,195						793						—						—						1,988
Assets measured at NAV			—						—						—						—						29
Total nuclear decommissioning trusts (2)			3,356						793						—						—						4,178
Customer credit trust
Short-term investments			7						—						—						—						7
Global equity securities			148						—						—						—						148
Fixed-income securities			85						236						—						—						321
Total customer credit trust			240						236						—						—						476
Price risk management instruments (Note 8)
Electricity			—						28						330						11						369
Gas			—						28						—						9						37
Total price risk management instruments			—						56						330						20						406
Rabbi trusts
Short-term investments			97						—						—						—						97
Global equity securities			5						—						—						—						5
Life insurance contracts			—						65						—						—						65
Total rabbi trusts			102						65						—						—						167
Long-term disability trust
Short-term investments			7						—						—						—						7
Assets measured at NAV			—						—						—						—						117
Total long-term disability trust			7						—						—						—						124
TOTAL ASSETS			$	4,428					$	1,150					$	330					$	20					$	6,074
Liabilities:
Price risk management instruments (Note 8)
Electricity			$	—					$	31					$	204					$	(26)					$	209
Gas			—						9						—						(2)						7
TOTAL LIABILITIES			$	—					$	40					$	204					$	(28)					$	216

(1) Includes the effect of the contractual ability to settle contracts under master netting agreements and cash collateral.

(2) Represents amount before deducting $654 million primarily related to deferred taxes on appreciation of investment value.

			Fair Value Measurements
			December 31, 2022
(in millions)			Level 1						Level 2						Level 3						Netting (1)						Total
Assets:
Short-term investments			$	658					$	—					$	—					$	—					$	658
Fixed-income securities			—						49						—						—						49
Nuclear decommissioning trusts
Short-term investments			117						—						—						—						117
Global equity securities			1,845						—						—						—						1,845
Fixed-income securities			1,094						791						—						—						1,885
Assets measured at NAV			—						—						—						—						25
Total nuclear decommissioning trusts (2)			3,056						791						—						—						3,872
Customer credit trust
Short-term investments			19						—						—						—						19
Global equity securities			218						—						—						—						218
Fixed-income securities			216						292						—						—						508
Total customer credit trust			453						292						—						—						745
Price risk management instruments (Note 8)
Electricity			—						94						432						40						566
Gas			—						604						—						327						931
Total price risk management instruments			—						698						432						367						1,497
Rabbi trusts
Short-term investments			25						—						—						—						25
Global equity securities			5						—						—						—						5
Fixed-income securities			—						69						—						—						69
Life insurance contracts			—						64						—						—						64
Total rabbi trusts			30						133						—						—						163
Long-term disability trust
Short-term investments			10						—						—						—						10
Assets measured at NAV			—						—						—						—						133
Total long-term disability trust			10						—						—						—						143
TOTAL ASSETS			$	4,207					$	1,963					$	432					$	367					$	7,127
Liabilities:
Price risk management instruments (Note 8)
Electricity			$	—					$	10					$	233					$	(20)					$	223
Gas			—						172						—						(166)						6
TOTAL LIABILITIES			$	—					$	182					$	233					$	(186)					$	229

(1) Includes the effect of the contractual ability to settle contracts under master netting agreements and cash collateral.

(2) Represents amount before deducting $575 million, primarily related to deferred taxes on appreciation of investment value.

Fair Value Measurement Inputs and Valuation Techniques

Fair Value at

(in millions)

At June 30, 2023

Valuation Technique

Unobservable Input

Fair Value Measurement

Assets

Liabilities

Range (1)/Weighted-Average Price (2)

Congestion revenue rights

$

272

$

121

Market approach

CRR auction prices

$ (145.09) - 843.59 / 0.92

Power purchase agreements

$

58

$

83

Discounted cash flow

Forward prices

$ (7.91) - 263.13 / 64.94

(1) Represents price per MWh.

(2) Unobservable inputs were weighted by the relative fair value of the instruments.

Fair Value at

(in millions)

At December 31, 2022

Valuation Technique

Unobservable Input

Fair Value Measurement

Assets

Liabilities

Range (1)/Weighted-Average Price (2)

Congestion revenue rights

$

305

$

138

Market approach

CRR auction prices

$ (145.09) - 2,724.93 / 0.89

Power purchase agreements

$

127

$

95

Discounted cash flow

Forward prices

$ (6.39) - 286.75 / 78.14

(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 price risk management instruments for the three and six months ended June 30, 2023 and 2022, respectively:

			Price Risk Management Instruments
(in millions)			2023						2022
Asset (Liability) balance as of April 1			$	212					$	(24)
Net realized and unrealized gains (losses):
Included in regulatory assets and liabilities or balancing accounts (1)			(86)						35
Asset balance as of June 30			$	126					$	11

(1) The costs related to price risk management activities are recovered through 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)			2023						2022
Asset (Liability) balance as of January 1			$	199					$	(34)
Net realized and unrealized gains (losses):
Included in regulatory assets and liabilities or balancing accounts (1)			(73)						45
Asset balance as of June 30			$	126					$	11

(1) The costs related to price risk management activities are recovered through 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 June 30, 2023												At December 31, 2022
(in millions)			Carrying Amount						Level 2 Fair Value						Carrying Amount						Level 2 Fair Value
Debt (Note 4)
PG&E Corporation			$	4,430					$	4,489					$	4,355					$	4,490
Utility			35,625						30,473						32,847						27,666

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 June 30, 2023
Nuclear decommissioning trusts
Short-term investments			$	126					$	—					$	—					$	126
Global equity securities			391						1,684						(11)						2,064
Fixed-income securities			2,083						14						(109)						1,988
Total (1)			$	2,600					$	1,698					$	(120)					$	4,178
As of December 31, 2022
Nuclear decommissioning trusts
Short-term investments			$	117					$	—					$	—					$	117
Global equity securities			413						1,468						(11)						1,870
Fixed-income securities			1,991						10						(116)						1,885
Total (1)			$	2,521					$	1,478					$	(127)					$	3,872

(1) Represents amounts before deducting $654 million and $575 million as of June 30, 2023 and December 31, 2022, respectively, primarily related to deferred taxes on appreciation of investment value.

Schedule of Available for Sale Securities Table

The fair value of fixed-income securities by contractual maturity is as follows:

			As of
(in millions)			June 30, 2023
Less than 1 year			$	22
1–5 years			627
5–10 years			497
More than 10 years			842
Total maturities of fixed-income securities			$	1,988

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 June 30, 2023
Customer credit trust
Short-term investments			$	7					$	—					$	—					$	7
Global equity securities			129						23						(4)						148
Fixed-income securities			323						—						(2)						321
Total			$	459					$	23					$	(6)					$	476
As of December 31, 2022
Customer credit trust
Short-term investments			$	19					$	—					$	—					$	19
Global equity securities			219						13						(14)						218
Fixed-income securities			516						—						(8)						508
Total			$	754					$	13					$	(22)					$	745

Schedule of Activity for Debt and Equity Securities

The following table provides a summary of activity for the fixed-income and equity securities:

			Three Months Ended June 30,												Six Months Ended June 30,
(in millions)			2023						2022						2023						2022
Proceeds from sales and maturities of nuclear decommissioning trust investments			$	474					$	948					$	751					$	1,369
Gross realized gains on securities			37						81						42						137
Gross realized losses on securities			(10)						(58)						(18)						(65)

The fair value of fixed-income securities by contractual maturity is as follows:

			As of
(in millions)			June 30, 2023
Less than 1 year			$	—
1–5 years			88
5–10 years			80
More than 10 years			153
Total maturities of fixed-income securities			$	321

The following table provides a summary of activity for the fixed-income and equity securities:

			Three Months Ended June 30,												Six Months Ended June 30,
(in millions)			2023						2022						2023						2022
Proceeds from sales and maturities of customer credit trust investments			$	135					$	—					$	304					$	—
Gross realized gains on securities			6						1						8						1
Gross realized losses on securities (1)			(5)						(8)						(10)						(8)

(1) Includes $4.3 million of impaired debt securities which were written down to their respective fair values during the three and six months ended June 30, 2023.

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