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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2023
Accounting Policies [Abstract] |
Summary of Revenues Disaggregated by Type of Customer | The following table presents the Utility’s revenues disaggregated by type of customer:
|  |  | Year Ended December 31,
(in millions) |  |  |  |  | 2023 |  | 2022 |  | 2021
Electric |  |  |  |  |  |  |  |  |
Revenue from contracts with customers |  |  |  |  |  |  |  |  |
Residential |  |  |  |  | $ | 6,041 |  |  | $ | 6,130 |  |  | $ | 6,089 |
Commercial |  |  |  |  | 5,643 |  |  | 5,416 |  |  | 5,042 |
Industrial |  |  |  |  | 1,784 |  |  | 1,626 |  |  | 1,493 |
Agricultural |  |  |  |  | 1,413 |  |  | 1,830 |  |  | 1,565 |
Public street and highway lighting |  |  |  |  | 83 |  |  | 77 |  |  | 73 |
Other, net (1) |  |  |  |  | 136 |  |  | (247) |  |  | (84) |
Total revenue from contracts with customers - electric |  |  |  |  | 15,100 |  |  | 14,832 |  |  | 14,178 |
Regulatory balancing accounts (2) |  |  |  |  | 2,324 |  |  | 228 |  |  | 953 |
Total electric operating revenue |  |  |  |  | $ | 17,424 |  |  | $ | 15,060 |  |  | $ | 15,131 |
Natural gas |  |  |  |  |  |  |  |  |
Revenue from contracts with customers |  |  |  |  |  |  |  |  |
Residential |  |  |  |  | $ | 3,686 |  |  | $ | 3,353 |  |  | $ | 2,759 |
Commercial |  |  |  |  | 1,052 |  |  | 1,005 |  |  | 713 |
Transportation service only |  |  |  |  | 1,603 |  |  | 1,534 |  |  | 1,346 |
Other, net (1) |  |  |  |  | (145) |  |  | 163 |  |  | 140 |
Total revenue from contracts with customers - gas |  |  |  |  | 6,196 |  |  | 6,055 |  |  | 4,958 |
Regulatory balancing accounts (2) |  |  |  |  | 808 |  |  | 565 |  |  | 553 |
Total natural gas operating revenue |  |  |  |  | 7,004 |  |  | 6,620 |  |  | 5,511 |
Total operating revenues |  |  |  |  | $ | 24,428 |  |  | $ | 21,680 |  |  | $ | 20,642 |
(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 revenues authorized to be billed or refunded to customers.
Schedule of Estimated Useful Lives and Balances of Utility's Property, Plant and Equipment | The Utility’s estimated service lives of its property, plant, and equipment were as follows:
| Estimated Service |  | Balance at December 31,
(in millions, except estimated service lives) | Lives (years) |  | 2023 |  | 2022
Electricity generating facilities (1) | 3 to 75 |  | $ | 11,423 |  |  | $ | 11,781 |
Electricity distribution facilities | 10 to 70 |  | 45,205 |  |  | 41,061 |
Electricity transmission facilities | 15 to 75 |  | 17,562 |  |  | 16,413 |
Natural gas distribution facilities | 20 to 60 |  | 16,324 |  |  | 15,366 |
Natural gas transmission and storage facilities | 5 to 70 |  | 10,496 |  |  | 9,859 |
General plant and other | 5 to 50 |  | 9,165 |  |  | 8,518 |
Financing lease |  |  | 787 |  |  | 18 |
Construction work in progress |  |  | 4,452 |  |  | 4,137 |
Total property, plant, and equipment |  |  | 115,414 |  |  | 107,153 |
Accumulated depreciation |  |  | (33,093) |  |  | (30,946) |
Net property, plant, and equipment (2) |  |  | $ | 82,321 |  |  | $ | 76,207 |
(1) Balance includes nuclear fuel inventories. Nuclear generating facilities have been authorized by the CPUC to be fully depreciated by December 31, 2025. Stored nuclear fuel inventory is stated at weighted-average cost. Nuclear fuel in the reactor is expensed as it is used based on the amount of energy output. See Note 15 below. (2) Includes $1.7 billion of fire risk mitigation-related property, plant, and equipment securitized in accordance with AB 1054.
Changes In Asset Retirement Obligations | The following table summarizes the changes in ARO liability during 2023 and 2022, including nuclear decommissioning obligations:
(in millions) | 2023 |  | 2022
ARO liability at beginning of year | $ | 5,912 |  |  | $ | 5,298 |
Liabilities incurred | — |  |  | 134 |
Revision in estimated cash flows | (585) |  |  | 325 |
Accretion | 253 |  |  | 213 |
Liabilities settled | (68) |  |  | (58) |
ARO liability at end of year | $ | 5,512 |  |  | $ | 5,912 |
Schedule Of Government Assistance | The following table provides a summary of where the DWR loan activity is presented in PG&E Corporation’s and the Utility’s Consolidated Financial Statements:
(in millions) | 2023 |  | 2022
Long-term debt: |  |  |
DWR Loan Outstanding at January 1 | $ | 312 |  |  | $ | — |
Proceeds received (1) | — |  |  | 350 |
Operating Expenses: |  |  |
Operating and maintenance expense - Performance-based disbursements | (124) |  |  | (38) |
Operating and maintenance expense - Loan forgiven | (90) |  |  | — |
Total deduction to Operating Expenses | (214) |  |  | (38) |
Long-term debt: |  |  |
DWR Loan Outstanding at December 31 | $ | 98 |  |  | $ | 312 |
(1) On January 11, 2024, the Utility received $233 million in disbursements from the DWR.
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) for the year ended December 31, 2023 consisted of the following:
(in millions, net of income tax) | Pension Benefits |  | Other Benefits |  | Customer Credit Trust |  | Total
Beginning balance | $ | (12) |  |  | $ | 18 |  |  | $ | (6) |  |  | $ | — |
Other comprehensive income before reclassifications: |  |  |  |  |  |  |
Unrealized gain on investments (net of taxes of $0, $0 and $3, respectively) | — |  |  | — |  |  | 8 |  |  | 8 |
Unrecognized net actuarial gain (loss) (net of taxes of $76, $28 and $0, respectively) | (196) |  |  | 73 |  |  | — |  |  | (123) |
Regulatory account transfer (net of taxes of $70, $28 and $0, respectively) | 180 |  |  | (73) |  |  | — |  |  | 107 |
Amounts reclassified from other comprehensive income: |  |  |  |  |  |  |
Amortization of prior service cost (credit) (net of taxes of $1, $1 and $0, respectively) (1) | (3) |  |  | 2 |  |  | — |  |  | (1) |
Amortization of net actuarial (gain) loss (net of taxes of $0, $5 and $0, respectively) (1) | 1 |  |  | (14) |  |  | — |  |  | (13) |
Regulatory account transfer (net of taxes of $1, $4 and $0, respectively) (1) | 2 |  |  | 12 |  |  | — |  |  | 14 |
Net current period other comprehensive income (loss) | (16) |  |  | — |  |  | 8 |  |  | (8) |
Ending balance | $ | (28) |  |  | $ | 18 |  |  | $ | 2 |  |  | $ | (8) |
(1) These components are included in the computation of net periodic pension and other postretirement benefit costs. See Note 12 below for additional details. The changes, net of income tax, in PG&E Corporation’s accumulated other comprehensive income (loss) for the year ended December 31, 2022 consisted of the following:
(in millions, net of income tax) | Pension Benefits |  | Other Benefits |  | Customer Credit Trust |  | Total
Beginning balance | $ | (33) |  |  | $ | 18 |  |  | $ | — |  |  | $ | (15) |
Other comprehensive income before reclassifications: |  |  |  |  |  |  |
Unrealized loss on investments (net of taxes of $0, $0 and $3, respectively) | — |  |  | — |  |  | (6) |  |  | (6) |
Unrecognized net actuarial gain (loss) (net of taxes of $102, $99 and $0, respectively) | 263 |  |  | (255) |  |  | — |  |  | 8 |
Regulatory account transfer (net of taxes of $94, $99 and $0, respectively) | (242) |  |  | 255 |  |  | — |  |  | 13 |
Amounts reclassified from other comprehensive income: |  |  |  |  |  |  |
Amortization of prior service cost (credit) (net of taxes of $1, $2 and $0, respectively) (1) | (3) |  |  | 5 |  |  | — |  |  | 2 |
Amortization of net actuarial (gain) loss (net of taxes of $1, $11 and $0, respectively)(1) | 1 |  |  | (29) |  |  | — |  |  | (28) |
Regulatory account transfer (net of taxes of $0, $9 and $0, respectively) (1) | 2 |  |  | 24 |  |  | — |  |  | 26 |
Net current period other comprehensive income (loss) | 21 |  |  | — |  |  | (6) |  |  | 15 |
Ending balance | $ | (12) |  |  | $ | 18 |  |  | $ | (6) |  |  | $ | — |
(1) These components are included in the computation of net periodic pension and other postretirement benefit costs. See Note 12 below for additional details.
Schedule of Lease Expense | The following table shows the lease cost recognized for the fixed and variable component of the Utility’s lease obligations:
| Year Ended December 31,
(in millions) | 2023 |
Financing lease fixed cost: |  |
Amortization of ROU assets | $ | 115 |  |
Interest on lease liabilities | 27 |  |
Financing lease variable cost | 3 |  |
Total financing lease costs | $ | 145 |  |
The following table shows the lease cost recognized for the fixed and variable component of the Utility’s lease obligations:
| Year Ended December 31,
(in millions) | 2023 |  | 2022
Operating lease fixed cost | $ | 269 |  |  | $ | 500 |
Operating lease variable cost | 1,632 |  |  | 1,829 |
Total operating lease costs | $ | 1,901 |  |  | $ | 2,329 |
Schedule of Future Expected Operating Lease Payments | At December 31, 2023, the Utility’s future expected financing lease payments were as follows:
(in millions) | December 31, 2023
2024 | $ | 305 |
2025 | 531 |
2026 | 44 |
2027 | — |
2028 | — |
Total lease payments | 880 |
Less imputed interest | (67) |
Total | $ | 813 |
At December 31, 2023, the Utility’s future expected operating lease payments were as follows:
(in millions) | December 31, 2023
2024 | $ | 116 |
2025 | 115 |
2026 | 112 |
2027 | 110 |
2028 | 97 |
Thereafter | 256 |
Total lease payments | 806 |
Less imputed interest | (208) |
Total | $ | 598 |

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