XML 69 R41.htm IDEA: XBRL DOCUMENT
v3.25.0.1

REGULATORY ASSETS, LIABILITIES, AND BALANCING ACCOUNTS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Regulated Operations [Abstract] |
Long-Term Regulatory Assets | Noncurrent regulatory assets are comprised of the following:
| Balance at December 31, |  | Recovery Period
(in millions) | 2024 |  | 2023 |
Pension benefits (1) | $ | 673 |  |  | $ | 348 |  |  | Indefinitely
Environmental compliance costs | 1,172 |  |  | 1,218 |  |  | 32 years
Price risk management | 167 |  |  | 160 |  |  | up to 15.5 years
Catastrophic event memorandum account (2) | 742 |  |  | 1,074 |  |  | Various
Wildfire-related accounts (3) | 1,697 |  |  | 2,915 |  |  | 1 - 3 years
Deferred income taxes (4) | 4,771 |  |  | 3,543 |  |  | Various
Financing costs (5) | 216 |  |  | 196 |  |  | Various
SB 901 securitization (6) | 5,194 |  |  | 5,249 |  |  | 28 years
General rate case memorandum accounts (7) | 95 |  |  | 1,291 |  |  | Various
Other | 834 |  |  | 1,195 |  |  | Various
Total noncurrent regulatory assets | $ | 15,561 |  |  | $ | 17,189 |  |  |
(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) Includes costs of responding to catastrophic events that have been declared a disaster or state of emergency by competent federal or state authorities. As of December 31, 2024 and 2023, $1 million and $43 million in COVID-19 related costs were recorded to CEMA regulatory assets, respectively. Recovery of CEMA costs is subject to CPUC review and approval. (3) Represents costs associated with wildfire mitigation and prevention activities and includes the WEMA, FHPMA, FRMMA, WMPMA, WMBA, VMBA and MGMA. (4) Represents cumulative differences between amounts recognized for ratemaking purposes and expense recognized in accordance with GAAP. (5) Includes costs associated with long-term debt financing deemed recoverable under ASC 980, Regulated Operations more than twelve months from the current date. These costs and their amortization periods are reviewed and approved in the Utility’s cost of capital or other regulatory filings. (6) In connection with the SB 901 securitization, the CPUC authorized the issuance of recovery bonds to finance $7.5 billion of claims associated with the 2017 Northern California wildfires. The balance represents PG&E Wildfire Recovery Funding LLC’s right to recover $7.5 billion in wildfire claims costs associated with the 2017 Northern California wildfires, partially offset by the $2.0 billion in required upfront shareholder contributions to the customer credit trust, net of amortization since inception. The recovery bonds will be paid through fixed recovery charges, which are designed to recover the full scheduled principal amount of the recovery bonds along with any associated interest and financing costs. See Note 5 below. (7) The GRC memorandum accounts track the differences between the revenue requirements in effect on January 1, 2023 and the revenue requirements authorized by the CPUC in the 2023 GRC final decision in December 2023 to be collected over 24 months. The balance as of December 31, 2024 relates to revenue to be recognized related to gas transmission and storage capital expenditures incurred during the period from 2011 to 2014. This revenue is being recognized over 60 months, which began in August 2022.
Long-Term Regulatory Liabilities | Noncurrent regulatory liabilities are comprised of the following:
| Balance at December 31,
(in millions) | 2024 |  | 2023
Cost of removal obligations (1) | $ | 8,943 |  |  | $ | 8,191 |
Public purpose programs (2) | 1,112 |  |  | 1,238 |
Employee benefit plans (3) | 1,088 |  |  | 1,032 |
Transmission tower wireless licenses (4) | 306 |  |  | 384 |
SFGO sale (5) | 79 |  |  | 185 |
SB 901 securitization (6) | 6,295 |  |  | 6,628 |
Wildfire self-insurance (7) | 804 |  |  | 407 |
Other | 790 |  |  | 1,379 |
Total noncurrent regulatory liabilities | $ | 19,417 |  |  | $ | 19,444 |
(1) Represents the cumulative differences between the recorded costs to remove assets and amounts collected through rates for expected costs to remove assets. (2) 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. (3) Represents cumulative differences between incurred costs and amounts collected through rates for post-retirement medical, post-retirement life, and long-term disability plans. (4) Represents the portion of the net proceeds received from the sale of transmission tower wireless licenses that will be returned to customers through 2042. Of the $306 million, $273 million will be refunded to FERC-jurisdictional customers, and $33 million will be refunded to CPUC-jurisdictional customers. (5) Represents the noncurrent portion of the net gain on the sale of the SFGO, which is being distributed to customers over a five-year period that began in 2022. (6) In connection with the SB 901 securitization, the Utility is required to return up to $7.59 billion of certain shareholder tax benefits to customers via periodic bill credits over the life of the recovery bonds. The balance reflects qualifying shareholder tax benefits that PG&E Corporation is obligated to contribute to the customer credit trust, net of amortization since inception. See Note 5 below. (7) Represents amounts collected through rates designated for wildfire self-insurance. See Note 14 below.
Current Regulatory Balancing Accounts Receivable | Current regulatory balancing accounts receivable and payable are comprised of the following:
| Receivable Balance at December 31,
(in millions) | 2024 |  | 2023
Electric distribution (1) | $ | 1,591 |  |  | $ | 1,092 |
Electric transmission (2) | 117 |  |  | 99 |
Gas distribution and transmission (3) | 387 |  |  | 144 |
Energy procurement (4) | 1,066 |  |  | 1,002 |
Public purpose programs (5) | 162 |  |  | 137 |
Wildfire-related accounts (6) | 979 |  |  | 568 |
Insurance premium costs (7) | 38 |  |  | 227 |
Residential uncollectibles balancing accounts (8) | 260 |  |  | 507 |
Catastrophic event memorandum account (9) | 500 |  |  | 413 |
General rate case memorandum accounts (10) | 1,113 |  |  | 1,097 |
Other | 1,014 |  |  | 374 |
Total regulatory balancing accounts receivable | $ | 7,227 |  |  | $ | 5,660 |
Current Regulatory Balancing Accounts Payable |
| Payable Balance at December 31,
(in millions) | 2024 |  | 2023
Electric transmission (2) | $ | 883 |  |  | $ | 200 |
Gas distribution and transmission (3) | 72 |  |  | 224 |
Energy procurement (4) | 329 |  |  | 77 |
Public purpose programs (5) | 882 |  |  | 299 |
SFGO sale | 93 |  |  | 79 |
Wildfire-related accounts (6) | 337 |  |  | 125 |
Nuclear decommissioning adjustment mechanism (11) | 23 |  |  | 216 |
Other | 550 |  |  | 449 |
Total regulatory balancing accounts payable | $ | 3,169 |  |  | $ | 1,669 |
(1) The electric distribution accounts track the collection of revenue requirements approved in the GRC and other proceedings. (2) The electric transmission accounts track recovery of costs related to the transmission of electricity approved in FERC TO rate cases. (3) The gas distribution and transmission accounts track the collection of revenue requirements approved in the GRC and other proceedings. (4) Energy procurement balancing accounts track recovery of costs related to the procurement of electricity and other revenue requirements approved by the CPUC for recovery in procurement-related balancing accounts, including any environmental compliance-related activities. (5) The Public purpose programs balancing accounts are primarily used to record and recover authorized revenue requirements for CPUC-mandated programs such as energy efficiency. (6) The wildfire-related accounts track costs associated with wildfire mitigation and prevention activities and includes the FHPMA, WMPMA, WMBA and VMBA. (7) The insurance premium costs accounts track the current portion of incremental excess liability insurance costs recorded to the Risk Transfer Balancing Account, as authorized in the 2023 GRC. (8) The RUBA tracks costs associated with customer protections, including higher uncollectible costs related to a moratorium on electric and gas service disconnections for residential customers. The RUBA balance decreased from December 31, 2023 to December 31, 2024 mainly due to a decrease in under-collections from residential customers in 2024, which are expected to be recovered in 2025. (9) The CEMA tracks costs associated with responding to catastrophic events that have been declared a disaster or state of emergency by competent federal or state authorities which were approved for cost recovery in the 2020 WMCE final decision, 2021 WMCE final decision, and final decision on the 2023 WMCE interim rate relief. (10) The GRC memorandum accounts track the difference between the revenue requirements in effect on January 1, 2023 and the revenue requirements authorized by the CPUC in the 2023 GRC final decision in December 2023. (11) The Nuclear decommissioning adjustment mechanism account tracks the collection of revenue requirements associated with the decommissioning of the Utility’s nuclear facilities which were approved in the 2021 NDCTP final decision.

X
- References No definition available. + Details
Name: | pcg_ScheduleOfCurrentRegulatoryBalancingAccountsPayableTableTextBlock
Namespace Prefix: | pcg_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The amount for the individual regulatory balancing accounts as itemized in a table of regulatory balancing accounts as of the end of the period. + References No definition available. + Details
Name: | pcg_ScheduleOfCurrentRegulatoryBalancingAccountsReceivableTableTextBlock
Namespace Prefix: | pcg_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule Of Long Term Regulatory Assets + References No definition available. + Details
Name: | pcg_ScheduleOfLongTermRegulatoryAssetsTableTextBlock
Namespace Prefix: | pcg_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule Of Long Term Regulatory Liabilities + References No definition available. + Details
Name: | pcg_ScheduleOfLongTermRegulatoryLiabilitiesTableTextBlock
Namespace Prefix: | pcg_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RegulatedOperationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration