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FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended
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Jun. 30, 2025
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, 2025
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Netting (1) |  | Total
Assets: |  |  |  |  |  |  |  |  |
Short-term investments | $ | 338 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 338 |
Pacific Energy Risk Solutions, LLC |  |  |  |  |  |  |  |  |
Short-term investments | 979 |  |  | — |  |  | — |  |  | — |  |  | 979 |
Total Pacific Energy Risk Solutions, LLC | 979 |  |  | — |  |  | — |  |  | — |  |  | 979 |
Nuclear decommissioning trusts |  |  |  |  |  |  |  |  |
Short-term investments | 46 |  |  | — |  |  | — |  |  | — |  |  | 46 |
Global equity securities | 2,433 |  |  | — |  |  | — |  |  | — |  |  | 2,433 |
Fixed-income securities | 1,277 |  |  | 1,051 |  |  | — |  |  | — |  |  | 2,328 |
Assets measured at NAV | — |  |  | — |  |  | — |  |  | — |  |  | 24 |
Total nuclear decommissioning trusts (2) | 3,756 |  |  | 1,051 |  |  | — |  |  | — |  |  | 4,831 |
Customer credit trust |  |  |  |  |  |  |  |  |
Short-term investments | 16 |  |  | — |  |  | — |  |  | — |  |  | 16 |
Global equity securities | 473 |  |  | — |  |  | — |  |  | — |  |  | 473 |
Fixed-income securities | 88 |  |  | 358 |  |  | — |  |  | — |  |  | 446 |
Total customer credit trust | 577 |  |  | 358 |  |  | — |  |  | — |  |  | 935 |
Price risk management instruments (Note 8) |  |  |  |  |  |  |  |  |
Electricity | — |  |  | 48 |  |  | 312 |  |  | 3 |  |  | 363 |
Gas | — |  |  | 25 |  |  | — |  |  | (2) |  |  | 23 |
Total price risk management instruments | — |  |  | 73 |  |  | 312 |  |  | 1 |  |  | 386 |
Rabbi trusts |  |  |  |  |  |  |  |  |
Short-term investments | 112 |  |  | — |  |  | — |  |  | — |  |  | 112 |
Global equity securities | 4 |  |  | — |  |  | — |  |  | — |  |  | 4 |
Life insurance contracts | — |  |  | 66 |  |  | — |  |  | — |  |  | 66 |
Total rabbi trusts | 116 |  |  | 66 |  |  | — |  |  | — |  |  | 182 |
Long-term disability trust |  |  |  |  |  |  |  |  |
Short-term investments | 4 |  |  | — |  |  | — |  |  | — |  |  | 4 |
Assets measured at NAV | — |  |  | — |  |  | — |  |  | — |  |  | 129 |
Total long-term disability trust | 4 |  |  | — |  |  | — |  |  | — |  |  | 133 |
TOTAL ASSETS | $ | 5,770 |  |  | $ | 1,548 |  |  | $ | 312 |  |  | $ | 1 |  |  | $ | 7,784 |
Liabilities: |  |  |  |  |  |  |  |  |
Price risk management instruments (Note 8) |  |  |  |  |  |  |  |  |
Electricity | $ | — |  |  | $ | 24 |  |  | $ | 176 |  |  | $ | (5) |  |  | $ | 195 |
Gas | — |  |  | 9 |  |  | — |  |  | (6) |  |  | 3 |
TOTAL LIABILITIES | $ | — |  |  | $ | 33 |  |  | $ | 176 |  |  | $ | (11) |  |  | $ | 198 |
(1) Includes the effect of the contractual ability to settle contracts under master netting agreements and cash collateral. (2) Represents amount before deducting $809 million primarily related to deferred taxes on appreciation of investment value.
| 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 8) |  |  |  |  |  |  |  |  |
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 8) |  |  |  |  |  |  |  |  |
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 Measurement Inputs and Valuation Techniques |
|  | Fair Value (in millions) |  |  |  |  |  |
|  | At June 30, 2025 |  | Valuation Technique |  | Unobservable Input |  |
Fair Value Measurement |  | Assets |  | Liabilities |  |  |  | Range (1)/Weighted-Average Price (2)
Congestion revenue rights |  | $ | 257 |  |  | $ | 100 |  |  | Market approach |  | CRR auction prices |  | $ (57) - 54 / 2
Power purchase agreements |  | $ | 55 |  |  | $ | 76 |  |  | Discounted cash flow |  | Forward prices |  | $ 16 - 110 / 62
(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, 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.
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, 2025 and 2024, respectively:
| Price Risk Management Instruments
(in millions) | 2025 |  | 2024
Asset balance as of April 1 | $ | 126 |  |  | $ | 145 |
Net realized and unrealized gains (losses): |  |  |
Included in regulatory assets and liabilities or balancing accounts (1) | 10 |  |  | 13 |
Asset balance as of June 30 | $ | 136 |  |  | $ | 158 |
(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) | 2025 |  | 2024
Asset balance as of January 1 | $ | 127 |  |  | $ | 191 |
Net realized and unrealized gains (losses): |  |  |
Included in regulatory assets and liabilities or balancing accounts (1) | 9 |  |  | (33) |
Asset balance as of June 30 | $ | 136 |  |  | $ | 158 |
(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, 2025 |  | At December 31, 2024
(in millions) | Carrying Amount |  | Level 2 Fair Value |  | Carrying Amount |  | Level 2 Fair Value
Debt (Note 4) |  |  |  |  |  |  |
PG&E Corporation (1) | $ | 5,352 |  |  | $ | 5,490 |  |  | $ | 5,358 |  |  | $ | 5,829 |
Utility | 38,162 |  |  | 34,319 |  |  | 37,812 |  |  | 34,532 |
(1) As of June 30, 2025, the net carrying amount and the estimated fair value (Level 2) of the Convertible Notes was $2.1 billion.
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, 2025 |  |  |  |  |  |  |
Nuclear decommissioning trusts |  |  |  |  |  |  |
Short-term investments | $ | 46 |  |  | $ | — |  |  | $ | — |  |  | $ | 46 |
Global equity securities | 372 |  |  | 2,091 |  |  | (6) |  |  | 2,457 |
Fixed-income securities | 2,341 |  |  | 44 |  |  | (57) |  |  | 2,328 |
Total (1) | $ | 2,759 |  |  | $ | 2,135 |  |  | $ | (63) |  |  | $ | 4,831 |
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 |
(1) Represents amounts before deducting $809 million and $747 million as of June 30, 2025 and December 31, 2024, 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, 2025
Less than 1 year | $ | 13 |
1–5 years | 780 |
5–10 years | 556 |
More than 10 years | 979 |
Total maturities of fixed-income securities | $ | 2,328 |
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, 2025 |  |  |  |  |  |  |
Customer credit trust |  |  |  |  |  |  |
Short-term investments | $ | 16 |  |  | $ | — |  |  | $ | — |  |  | $ | 16 |
Global equity securities | 397 |  |  | 80 |  |  | (4) |  |  | 473 |
Fixed-income securities | 444 |  |  | 4 |  |  | (2) |  |  | 446 |
Total | $ | 857 |  |  | $ | 84 |  |  | $ | (6) |  |  | $ | 935 |
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 |
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) | 2025 |  | 2024 |  | 2025 |  | 2024 |
Proceeds from sales and maturities of nuclear decommissioning trust investments | $ | 501 |  |  | $ | 587 |  |  | $ | 779 |  |  | $ | 1,044 |  |
Gross realized gains on securities | 4 |  |  | 70 |  |  | 6 |  | 111 |  |
Gross realized losses on securities | (11) |  |  | (19) |  |  | (17) |  |  | (30) |  |
The fair value of fixed-income securities by contractual maturity is as follows:
| As of
(in millions) | June 30, 2025
Less than 1 year | $ | — |
1–5 years | 116 |
5–10 years | 63 |
More than 10 years | 267 |
Total maturities of fixed-income securities | $ | 446 |
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) | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Proceeds from sales and maturities of customer credit trust investments | $ | 97 |  |  | $ | 93 |  |  | $ | 196 |  |  | $ | 174 |  |  |
Gross realized gains on securities | 2 |  |  | — |  |  | 5 |  | 8 |  |
Gross realized losses on securities | (8) |  |  | (1) |  |  | (11) |  |  | (2) |  |  |

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