XML 76 R48.htm IDEA: XBRL DOCUMENT
v3.25.0.1

FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
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 December 31, 2024
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Netting (1) |  | Total
Assets: |  |  |  |  |  |  |  |  |
Short-term investments | $ | 826 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 826 |
Pacific Energy Risk Solutions, LLC |  |  |  |  |  |  |  |  |
Short-term investments | 905 |  |  | — |  |  | — |  |  | — |  |  | 905 |
Total Pacific Energy Risk Solutions, LLC | 905 |  |  | — |  |  | — |  |  | — |  |  | 905 |
Nuclear decommissioning trusts |  |  |  |  |  |  |  |  |
Short-term investments | 53 |  |  | — |  |  | — |  |  | — |  |  | 53 |
Global equity securities | 2,228 |  |  | — |  |  | — |  |  | — |  |  | 2,228 |
Fixed-income securities | 1,250 |  |  | 1,027 |  |  | — |  |  | — |  |  | 2,277 |
Assets measured at NAV | — |  |  | — |  |  | — |  |  | — |  |  | 22 |
Total nuclear decommissioning trusts (2) | 3,531 |  |  | 1,027 |  |  | — |  |  | — |  |  | 4,580 |
Customer credit trust |  |  |  |  |  |  |  |  |
Short-term investments | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |
Global equity securities | 186 |  |  | — |  |  | — |  |  | — |  |  | 186 |
Fixed-income securities | 46 |  |  | 144 |  |  | — |  |  | — |  |  | 190 |
Total customer credit trust | 233 |  |  | 144 |  |  | — |  |  | — |  |  | 377 |
Price risk management instruments (Note 10) |  |  |  |  |  |  |  |  |
Electricity | — |  |  | 26 |  |  | 383 |  |  | (6) |  |  | 403 |
Gas | — |  |  | 10 |  |  | — |  |  | (10) |  |  | — |
Total price risk management instruments | — |  |  | 36 |  |  | 383 |  |  | (16) |  |  | 403 |
Rabbi trusts |  |  |  |  |  |  |  |  |
Short-term investments | 107 |  |  | — |  |  | — |  |  | — |  |  | 107 |
Global equity securities | 6 |  |  | — |  |  | — |  |  | — |  |  | 6 |
Life insurance contracts | — |  |  | 66 |  |  | — |  |  | — |  |  | 66 |
Total rabbi trusts | 113 |  |  | 66 |  |  | — |  |  | — |  |  | 179 |
Long-term disability trust |  |  |  |  |  |  |  |  |
Short-term investments | 4 |  |  | — |  |  | — |  |  | — |  |  | 4 |
Assets measured at NAV | — |  |  | — |  |  | — |  |  | — |  |  | 130 |
Total long-term disability trust | 4 |  |  | — |  |  | — |  |  | — |  |  | 134 |
TOTAL ASSETS | $ | 5,612 |  |  | $ | 1,273 |  |  | $ | 383 |  |  | $ | (16) |  |  | $ | 7,404 |
Liabilities: |  |  |  |  |  |  |  |  |
Price risk management instruments (Note 10) |  |  |  |  |  |  |  |  |
Electricity | $ | — |  |  | $ | 37 |  |  | $ | 248 |  |  | $ | (6) |  |  | $ | 279 |
Gas | — |  |  | 34 |  |  | — |  |  | (10) |  |  | 24 |
TOTAL LIABILITIES | $ | — |  |  | $ | 71 |  |  | $ | 248 |  |  | $ | (16) |  |  | $ | 303 |
(1) Includes the effect of the contractual ability to settle contracts under master netting agreements and cash collateral. (2) Represents amount before deducting $747 million primarily related to deferred taxes on appreciation of investment value.
| Fair Value Measurements
| December 31, 2023
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Netting (1) |  | Total
Assets: |  |  |  |  |  |  |  |  |
Short-term investments | $ | 203 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 203 |
Nuclear decommissioning trusts |  |  |  |  |  |  |  |  |
Short-term investments | 52 |  |  | — |  |  | — |  |  | — |  |  | 52 |
Global equity securities | 2,144 |  |  | — |  |  | — |  |  | — |  |  | 2,144 |
Fixed-income securities | 1,168 |  |  | 909 |  |  | — |  |  | — |  |  | 2,077 |
Assets measured at NAV | — |  |  | — |  |  | — |  |  | — |  |  | 18 |
Total nuclear decommissioning trusts (2) | 3,364 |  |  | 909 |  |  | — |  |  | — |  |  | 4,291 |
Customer credit trust |  |  |  |  |  |  |  |  |
Short-term investments | 49 |  |  | — |  |  | — |  |  | — |  |  | 49 |
Global equity securities | 71 |  |  | — |  |  | — |  |  | — |  |  | 71 |
Fixed-income securities | 29 |  |  | 84 |  |  | — |  |  | — |  |  | 113 |
Total customer credit trust | 149 |  |  | 84 |  |  | — |  |  | — |  |  | 233 |
Price risk management instruments (Note 10) |  |  |  |  |  |  |  |  |
Electricity | — |  |  | 7 |  |  | 404 |  |  | (1) |  |  | 410 |
Gas | — |  |  | 3 |  |  | — |  |  | 43 |  |  | 46 |
Total price risk management instruments | — |  |  | 10 |  |  | 404 |  |  | 42 |  |  | 456 |
Rabbi trusts |  |  |  |  |  |  |  |  |
Short-term investments | 102 |  |  | — |  |  | — |  |  | — |  |  | 102 |
Global equity securities | 5 |  |  | — |  |  | — |  |  | — |  |  | 5 |
Life insurance contracts | — |  |  | 65 |  |  | — |  |  | — |  |  | 65 |
Total rabbi trusts | 107 |  |  | 65 |  |  | — |  |  | — |  |  | 172 |
Long-term disability trust |  |  |  |  |  |  |  |  |
Short-term investments | 7 |  |  | — |  |  | — |  |  | — |  |  | 7 |
Assets measured at NAV | — |  |  | — |  |  | — |  |  | — |  |  | 139 |
Total long-term disability trust | 7 |  |  | — |  |  | — |  |  | — |  |  | 146 |
TOTAL ASSETS | $ | 3,830 |  |  | $ | 1,068 |  |  | $ | 404 |  |  | $ | 42 |  |  | $ | 5,501 |
Liabilities: |  |  |  |  |  |  |  |  |
Price risk management instruments (Note 10) |  |  |  |  |  |  |  |  |
Electricity | $ | — |  |  | $ | 43 |  |  | $ | 213 |  |  | $ | (6) |  |  | $ | 250 |
Gas | — |  |  | 76 |  |  | — |  |  | (48) |  |  | 28 |
TOTAL LIABILITIES | $ | — |  |  | $ | 119 |  |  | $ | 213 |  |  | $ | (54) |  |  | $ | 278 |
(1) Includes the effect of the contractual ability to settle contracts under master netting agreements and cash collateral. (2) Represents amount before deducting $717 million, primarily related to deferred taxes on appreciation of investment value.
Fair Value Measurement Inputs and Valuation Techniques |
|  | Fair Value |  |  |  |  |  |
(in millions) |  | At December 31, 2024 |  | Valuation Technique |  | Unobservable Input |  |
Fair Value Measurement |  | Assets |  | Liabilities |  |  |  | Range (1)/Weighted-Average Price (2)
Congestion revenue rights |  | $ | 366 |  |  | $ | 121 |  |  | Market approach |  | CRR auction prices |  | $ (951) - 50,044 / 2
Power purchase agreements |  | $ | 17 |  |  | $ | 127 |  |  | Discounted cash flow |  | Forward prices |  | $ 0 - 126 / 47
(1) Represents price per MWh. (2) Unobservable inputs were weighted by the relative fair value of the instruments.
|  | Fair Value |  |  |  |  |  |
(in millions) |  | At December 31, 2023 |  | Valuation Technique |  | Unobservable Input |  |
Fair Value Measurement |  | Assets |  | Liabilities |  |  |  | Range (1)/Weighted-Average Price (2)
Congestion revenue rights |  | $ | 357 |  |  | $ | 134 |  |  | Market approach |  | CRR auction prices |  | $ (924) - 16,697 / 1
Power purchase agreements |  | $ | 47 |  |  | $ | 79 |  |  | Discounted cash flow |  | Forward prices |  | $ 1 - 190 / 60
(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 years ended December 31, 2024 and 2023, respectively:
| Price Risk Management Instruments
(in millions) | 2024 |  | 2023
Asset balance as of January 1 | $ | 191 |  |  | $ | 199 |
Net realized and unrealized gains (losses): |  |  |
Included in regulatory assets and liabilities or balancing accounts (1) | (64) |  |  | (8) |
Asset balance as of December 31 | $ | 127 |  |  | $ | 191 |
(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 December 31, 2024 |  | At December 31, 2023
(in millions) | Carrying Amount |  | Level 2 Fair Value |  | Carrying Amount |  | Level 2 Fair Value
Debt (Note 4) |  |  |  |  |  |  |
PG&E Corporation (1) | $ | 5,358 |  |  | $ | 5,829 |  |  | $ | 4,548 |  |  | $ | 4,695 |
Utility | 37,812 |  |  | 34,532 |  |  | 35,909 |  |  | 32,866 |
(1) As of December 31, 2024, the net carrying amount and the estimated fair value (Level 2) of the Convertible Notes were $2.1 billion and $2.2 billion, respectively.
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 December 31, 2024 |  |  |  |  |  |  |
Nuclear decommissioning trusts |  |  |  |  |  |  |
Short-term investments | $ | 54 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 53 |
Global equity securities | 353 |  |  | 1,907 |  |  | (10) |  |  | 2,250 |
Fixed-income securities | 2,341 |  |  | 20 |  |  | (84) |  |  | 2,277 |
Total (1) | $ | 2,748 |  |  | $ | 1,927 |  |  | $ | (95) |  |  | $ | 4,580 |
As of December 31, 2023 |  |  |  |  |  |  |
Nuclear decommissioning trusts |  |  |  |  |  |  |
Short-term investments | $ | 52 |  |  | $ | — |  |  | $ | — |  |  | $ | 52 |
Global equity securities | 381 |  |  | 1,792 |  |  | (11) |  |  | 2,162 |
Fixed-income securities | 2,103 |  |  | 60 |  |  | (86) |  |  | 2,077 |
Total (1) | $ | 2,536 |  |  | $ | 1,852 |  |  | $ | (97) |  |  | $ | 4,291 |
(1) Represents amounts before deducting $747 million and $717 million as of December 31, 2024 and December 31, 2023, 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) | December 31, 2024
Less than 1 year | $ | 35 |
1–5 years | 742 |
5–10 years | 517 |
More than 10 years | 983 |
Total maturities of fixed-income securities | $ | 2,277 |
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 December 31, 2024 |  |  |  |  |  |  |
Customer credit trust |  |  |  |  |  |  |
Short-term investments | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |
Global equity securities | 161 |  |  | 28 |  |  | (3) |  |  | 186 |
Fixed-income securities | 193 |  |  | 1 |  |  | (4) |  |  | 190 |
Total | $ | 355 |  |  | $ | 29 |  |  | $ | (7) |  |  | $ | 377 |
As of December 31, 2023 |  |  |  |  |  |  |
Customer credit trust |  |  |  |  |  |  |
Short-term investments | $ | 49 |  |  | $ | — |  |  | $ | — |  |  | $ | 49 |
Global equity securities | 56 |  |  | 16 |  |  | (1) |  |  | 71 |
Fixed-income securities | 111 |  |  | 2 |  |  | — |  |  | 113 |
Total | $ | 216 |  |  | $ | 18 |  |  | $ | (1) |  |  | $ | 233 |
Schedule of Activity for Debt and Equity Securities | The following table provides a summary of activity for the fixed-income and equity securities:
(in millions) | 2024 |  | 2023 |  | 2022
Proceeds from sales and maturities of nuclear decommissioning trust investments | $ | 1,980 |  |  | $ | 2,235 |  |  | $ | 3,316 |
Gross realized gains on securities | 255 |  |  | 80 |  |  | 2 |
Gross realized losses on securities | (63) |  |  | (74) |  |  | (3) |
The fair value of fixed-income securities by contractual maturity is as follows:
| As of
(in millions) | December 31, 2024
Less than 1 year | $ | — |
1–5 years | 44 |
5–10 years | 36 |
More than 10 years | 110 |
Total maturities of fixed-income securities | $ | 190 |
The following table provides a summary of activity for the fixed-income and equity securities:
(in millions) | 2024 |  | 2023 |  | 2022
Proceeds from sales and maturities of customer credit trust investments | $ | 398 |  |  | $ | 556 |  |  | $ | 250 |
Gross realized gains on securities | 10 |  |  | 23 |  | 10 |
Gross realized losses on securities (1) | (8) |  |  | (19) |  |  | (41) |
(1) Includes $0 million and $4 million of impaired debt securities which were written down to their respective fair values during the years ended December 31, 2024 and 2023, respectively.

X
- Definition Schedule Of Available For Sale Securities Table [Text Block] + References No definition available. + Details
Name: | pcg_ScheduleOfAvailableForSaleSecuritiesTableTableTextBlock
Namespace Prefix: | pcg_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Carrying amount and fair value of financial instruments Text Block + References No definition available. + Details
Name: | pcg_ScheduleOfCarryingAmountAndFairValueOfFinancialInstrumentsTableTextBlock
Namespace Prefix: | pcg_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Unrealized Gains Losses Related To Available For Sale Investments + References No definition available. + Details
Name: | pcg_ScheduleOfUnrealizedGainsLossesRelatedToAvailableForSaleInvestmentsTableTextBlock
Namespace Prefix: | pcg_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of activity for debt and equity securities + References No definition available. + Details
Name: | pcg_SummaryOfActivityForAvailableForSaleSecuritiesTableTextBlock
Namespace Prefix: | pcg_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration