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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2012

Assets And Liabilities Measured At Fair Value On A Recurring Basis

	Fair Value Measurements
	At December 31, 2012
(in millions)	Level 1		Level 2		Level 3		Netting ⁽¹⁾		Total
Assets:
Money market investments	$	209	$	-	$	-	$	-	$	209
Nuclear decommissioning trusts
Money market investments		21		-		-		-		21
U.S. equity securities		940		9		-		-		949
Non-U.S. equity securities		379		-		-		-		379
U.S. government and agency securities		681		139		-		-		820
Municipal securities		-		59		-		-		59
Other fixed-income securities		-		173		-		-		173
Total nuclear decommissioning trusts ⁽²⁾		2,021		380		-		-		2,401
Price risk management instruments
(Note 10)
Electricity		1		60		80		6		147
Gas		-		5		1		(6)		-
Total price risk management instruments		1		65		81		-		147
Rabbi trusts
Fixed-income securities		-		30		-		-		30
Life insurance contracts		-		72		-		-		72
Total rabbi trusts		-		102		-		-		102
Long-term disability trust
Money market investments		10		-		-		-		10
U.S. equity securities		-		14		-		-		14
Non-U.S. equity securities		-		11		-		-		11
Fixed-income securities		-		136		-		-		136
Total long-term disability trust		10		161		-		-		171
Total assets	$	2,241	$	708	$	81	$	-	$	3,030
Liabilities:
Price risk management instruments
(Note 10)
Electricity	$	155	$	144	$	160	$	(156)	$	303
Gas		8		9		-		(9)		8
Total liabilities	$	163	$	153	$	160	$	(165)	$	311

⁽¹⁾ Includes the effect of the contractual ability to settle contracts under master netting agreements and margin cash collateral.

⁽²⁾ Excludes $240 million at December 31, 2012 primarily related to deferred taxes on appreciation of investment value.

	Fair Value Measurements
	At December 31, 2011
(in millions)	Level 1		Level 2		Level 3		Netting ⁽¹⁾		Total
Assets:
Money market investments	$	206	$	-	$	-	$	-	$	206
Nuclear decommissioning trusts
Money market investments		24		-		-		-		24
U.S. equity securities		841		8		-		-		849
Non-U.S. equity securities		323		-		-		-		323
U.S. government and agency securities		720		156		-		-		876
Municipal securities		-		58		-		-		58
Other fixed-income securities		-		99		-		-		99
Total nuclear decommissioning trusts ⁽²⁾		1,908		321		-		-		2,229
Price risk management instruments
(Note 10)
Electricity		-		92		69		8		169
Gas		-		6		-		(3)		3
Total price risk management instruments		-		98		69		5		172
Rabbi trusts
Fixed-income securities		-		25		-		-		25
Life insurance contracts		-		67		-		-		67
Total rabbi trusts		-		92		-		-		92
Long-term disability trust
Money market investments		13		-		-		-		13
U.S. equity securities		-		15		-		-		15
Non-U.S. equity securities		-		9		-		-		9
Fixed-income securities		-		145		-		-		145
Total long-term disability trust		13		169		-		-		182
Total assets	$	2,127	$	680	$	69	$	5	$	2,881
Liabilities:
Price risk management instruments
(Note 10)
Electricity	$	411	$	289	$	143	$	(441)	$	402
Gas		31		13		-		(32)		12
Total liabilities	$	442	$	302	$	143	$	(473)	$	414

⁽¹⁾ Includes the effect of the contractual ability to settle contracts under master netting agreements and margin cash collateral.

⁽²⁾ Excludes $188 million at December 31, 2011 primarily related to deferred taxes on appreciation of investment value.

Sensitivity Analysis

	Fair Value at
(in millions)	31-Dec-12
Fair Value Measurement	Assets		Liabilities		Valuation Technique	Unobservable Input	Range ⁽¹⁾
Congestion revenue rights	$	80	$	16	Market approach	CRR auction prices	$	(9.04) - 55.15
Power purchase agreements	$	-	$	145	Discounted cash flow	Forward prices	$	8.59 - 62.90

Level 3 Reconciliation

	Price Risk Management Instruments
(in millions)	2012		2011
Liability balance as of January 1	$	(74)	$	(399)
Realized and unrealized gains (losses):
Included in regulatory assets and liabilities or balancing accounts ⁽¹⁾		(5)		122
Transfers out of Level 3		-		203
Liability balance as of December 31	$	(79)	$	(74)

⁽¹⁾ Price risk management activities are recoverable through customer rates, therefore, balancing account revenue is recorded for amounts settled and purchased and there is no impact to net income. Unrealized gains and losses are deferred in regulatory liabilities and assets

Carrying Amount And Fair Value Of Financial Instruments

	At December 31,
	2012				2011
(in millions)	Carrying Amount		Level 2 Fair Value		Carrying Amount		Level 2 Fair Value
Debt (Note 4)
PG&E Corporation	$	349	$	371	$	349	$	380
Utility		11,645		13,946		10,545		12,543
Energy recovery bonds (Note 5)		-		-		423		433

Schedule Of Unrealized Gains (Losses) Related To Available-For-Sale Investments

				Total		Total
	Amortized			Unrealized		Unrealized		Total Fair
(in millions)	Cost			Gains		Losses		Value ⁽¹⁾
As of December, 2012
Money market investments	$	21	$	-	$	-	$	21
Equity securities
U.S.		331		618		-		949
Non-U.S.		199		181		(1)		379
Debt securities
U.S. government and agency
securities		723		97		-		820
Municipal securities		56		4		(1)		59
Other fixed-income securities		168		5		-		173
Total	$	1,498	$	905	$	(2)	$	2,401
As of December 31, 2011
Money market investments	$	24	$	-	$	-	$	24
Equity securities
U.S.		334		518		(3)		849
Non-U.S.		194		131		(2)		323
Debt securities
U.S. government and agency securities		774		102		-		876
Municipal securities		56		2		-		58
Other fixed-income securities		96		3		-		99
Total	$	1,478	$	756	$	(5)	$	2,229

⁽¹⁾ Excludes $240 million and $188 million at December 31, 2012 and December 31, 2011, respectively, primarily related to deferred taxes on appreciation of investment value.

Schedule Of Long Term Debt Repayments

(in millions)	As of December 31, 2012
Less than 1 year	$	5
1-5 years		456
5-10 years		218
More than 10 years		373
Total maturities of debt securities	$	1,052

Schedule Of Activity For Debt And Equity Securities

	2012		2011		2010
(in millions)
Proceeds from sales and maturities of nuclear decommissioning trust
investments	$	1,133	$	1,928	$	1,405
Gross realized gains on sales of securities held as available-for-sale		19		43		42
Gross realized losses on sales of securities held as available-for-sale		(17)		(30)		(11)

- 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.

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