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 1Level 2Level 3
Netting (1)
Total
Assets:     
Short-term investments
$826 $— $— $— $826 
Pacific Energy Risk Solutions, LLC
   Short-term investments905 — — — 905 
Total Pacific Energy Risk Solutions, LLC905 — — — 905 
Nuclear decommissioning trusts
Short-term investments53 — — — 53 
Global equity securities2,228 — — — 2,228 
Fixed-income securities1,250 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 investments1 — — — 1 
Global equity securities186 — — — 186 
Fixed-income securities46 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 investments107 — — — 107 
Global equity securities6 — — — 6 
Life insurance contracts— 66 — — 66 
Total rabbi trusts113 66 — — 179 
Long-term disability trust     
Short-term investments4 — — — 4 
Assets measured at NAV— — — — 130 
Total long-term disability trust4 — — — 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 1Level 2Level 3
Netting (1)
Total
Assets:     
Short-term investments$203 $— $— $— $203 
Nuclear decommissioning trusts
Short-term investments52 — — — 52 
Global equity securities2,144 — — — 2,144 
Fixed-income securities1,168 909 — — 2,077 
Assets measured at NAV— — — — 18 
Total nuclear decommissioning trusts (2)
3,364 909 — — 4,291 
Customer credit trust
Short-term investments49 — — — 49 
Global equity securities71 — — — 71 
Fixed-income securities29 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 investments102 — — — 102 
Global equity securities5 — — — 5 
Life insurance contracts— 65 — — 65 
Total rabbi trusts107 65 — — 172 
Long-term disability trust    
Short-term investments7 — — — 7 
Assets measured at NAV— — — — 139 
Total long-term disability trust7 — — — 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, 2024Valuation
Technique		Unobservable
Input		 
Fair Value MeasurementAssetsLiabilities
 Range (1)/Weighted-Average Price (2)
Congestion revenue rights$366 $121 Market approachCRR auction prices
$ (951) - 50,044 / 2
Power purchase agreements$17 $127 Discounted cash flowForward 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, 2023Valuation
Technique		Unobservable
Input		 
Fair Value MeasurementAssetsLiabilities
 Range (1)/Weighted-Average Price (2)
Congestion revenue rights$357 $134 Market approachCRR auction prices
$ (924) - 16,697 / 1
Power purchase agreements$47 $79 Discounted cash flowForward 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)20242023
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 AmountLevel 2 Fair Value
Carrying Amount
Level 2 Fair Value
Debt (Note 4)    
PG&E Corporation (1)
$5,358 $5,829 $4,548 $4,695 
Utility37,812 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 securities353 1,907 (10)2,250 
Fixed-income securities2,341 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 securities381 1,792 (11)2,162 
Fixed-income securities2,103 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 years742 
5–10 years517 
More than 10 years983 
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 securities161 28 (3)186 
Fixed-income securities193 1 (4)190 
Total
$355 $29 $(7)$377 
As of December 31, 2023    
Customer credit trust    
Short-term investments$49 $— $— $49 
Global equity securities56 16 (1)71 
Fixed-income securities111 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)202420232022
Proceeds from sales and maturities of nuclear decommissioning trust investments$1,980 $2,235 $3,316 
Gross realized gains on securities255 80 2 
Gross realized losses on securities(63)(74)(3)
The fair value of fixed-income securities by contractual maturity is as follows:
 As of
(in millions)December 31, 2024
Less than 1 year$— 
1–5 years44 
5–10 years36 
More than 10 years110 
Total maturities of fixed-income securities$190 
The following table provides a summary of activity for the fixed-income and equity securities:
(in millions)202420232022
Proceeds from sales and maturities of customer credit trust investments$398 $556 $250 
Gross realized gains on securities10 2310 
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.