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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

Assets And Liabilities Measured At Fair Value On A Recurring Basis

	Fair Value Measurements
	At March 31, 2014
(in millions)	Level 1		Level 2		Level 3		Netting ⁽¹⁾			Total
Assets:
Money market investments	$	46	$	-	$	-	$	-		$	46
Nuclear decommissioning trusts
Money market investments		31		-		-		-			31
U.S. equity securities		1,087		12		-		-			1,099
Non-U.S. equity securities		439		1		-		-			440
U.S. government and agency securities		741		166		-		-			907
Municipal securities		-		40		-		-			40
Other fixed-income securities		-		171		-		-			171
Total nuclear decommissioning trusts ⁽²⁾		2,298		390		-		-			2,688
Price risk management instruments
(Note 7)
Electricity		6		38		104		(5	)		143
Gas		-		9		-		-			9
Total price risk management instruments		6		47		104		(5)			152
Rabbi trusts
Fixed-income securities		-		40		-		-			40
Life insurance contracts		-		71		-		-			71
Total rabbi trusts		-		111		-		-			111
Long-term disability trust
Money market investments		6		-		-		-			6
U.S. equity securities		-		12		-		-			12
Non-U.S. equity securities		-		11		-		-			11
Fixed-income securities		-		120		-		-			120
Total long-term disability trust		6		143		-		-			149
Other investments		93		-		-		-			93
Total assets	$	2,449	$	691	$	104	$	(5)		$	3,239
Liabilities:
Price risk management instruments
(Note 7)
Electricity	$	12	$	49	$	126	$	(49	)	$	138
Gas		-		3		-		-			3
Total liabilities	$	12	$	52	$	126	$	(49)		$	141

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

⁽²⁾ Represents amount before deducting $337 million, primarily related to deferred taxes on appreciation of investment value.

	Fair Value Measurements
	At December 31, 2013
(in millions)	Level 1		Level 2		Level 3		Netting ⁽¹⁾			Total
Assets:
Money market investments	$	226	$	-	$	-	$	-		$	226
Nuclear decommissioning trusts
Money market investments		38		-		-		-			38
U.S. equity securities		1,046		11		-		-			1,057
Non-U.S. equity securities		457		-		-		-			457
U.S. government and agency securities		760		156		-		-			916
Municipal securities		-		25		-		-			25
Other fixed-income securities		-		162		-		-			162
Total nuclear decommissioning trusts ⁽²⁾		2,301		354		-		-			2,655
Price risk management instruments
(Note 7)
Electricity		2		27		107		3			139
Gas		-		5		-		(1	)		4
Total price risk management instruments		2		32		107		2			143
Rabbi trusts
Fixed-income securities		-		39		-		-			39
Life insurance contracts		-		70		-		-			70
Total rabbi trusts		-		109		-		-			109
Long-term disability trust
Money market investments		9		-		-		-			9
U.S. equity securities		-		14		-		-			14
Non-U.S. equity securities		-		12		-		-			12
Fixed-income securities		-		122		-		-			122
Total long-term disability trust		9		148		-		-			157
Other investments		84		-		-		-			84
Total assets	$	2,622	$	643	$	107	$	2		$	3,374
Liabilities:
Price risk management instruments
(Note 7)
Electricity	$	19	$	72	$	137	$	(84	)	$	144
Gas		1		3		-		(1	)		3
Total liabilities	$	20	$	75	$	137	$	(85)		$	147

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

⁽²⁾ Represents amount before deducting $313 million, primarily related to deferred taxes on appreciation of investment value.

Level 3 Measurements And Sensitivity Analysis

	Fair Value at
(in millions)	March 31, 2014
Fair Value Measurement	Assets		Liabilities		Valuation Technique	Unobservable Input	Range ⁽¹⁾
Congestion revenue rights	$	104	$	30	Market approach	CRR auction prices	$	(6.47) - 12.04
Power purchase agreements	$	-	$	96	Discounted cash flow	Forward prices	$	14.94 - 50.24

⁽¹⁾ Represents price per megawatt-hour

	Fair Value at
(in millions)	December 31, 2013
Fair Value Measurement	Assets		Liabilities		Valuation Technique	Unobservable Input	Range ⁽¹⁾
Congestion revenue rights	$	107	$	32	Market approach	CRR auction prices	$	(6.47) - 12.04
Power purchase agreements	$	-	$	105	Discounted cash flow	Forward prices	$	23.43 - 51.75

⁽¹⁾Represents price per megawatt-hour

Level 3 Reconciliation

	Price Risk Management Instruments
(in millions)	2014		2013
Liability balance as of January 1	$	(30)	$	(79)
Net realized and unrealized gains:
Included in regulatory assets and liabilities or balancing accounts ⁽¹⁾		8		4
Liability balance as of March 31	$	(22)	$	(75)

⁽¹⁾ The costs related to 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 March 31, 2014				At December 31, 2013
(in millions)	Carrying Amount		Level 2 Fair Value		Carrying Amount		Level 2 Fair Value
PG&E Corporation	$	349	$	347	$	350	$	354
Utility		12,693		14,055		12,334		13,444

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

				Total		Total
	Amortized			Unrealized		Unrealized			Total Fair
(in millions)	Cost			Gains		Losses			Value
As of March 31, 2014
Nuclear decommissioning trusts
Money market investments	$	31	$	-	$	-		$	31
Equity securities
U.S.		269		830		-			1,099
Non-U.S.		251		191		(2	)		440
Debt securities
U.S. government and agency securities		856		54		(3	)		907
Municipal securities		38		3		(1	)		40
Other fixed-income securities		171		1		(1	)		171
Total nuclear decommissioning trusts ⁽¹⁾		1,616		1,079		(7	)		2,688
Other investments		13		80		-			93
Total	$	1,629	$	1,159	$	(7)		$	2,781
As of December 31, 2013
Nuclear decommissioning trusts
Money market investments	$	38	$	-	$	-		$	38
Equity securities
U.S.		246		811		-			1,057
Non-U.S.		215		242		-			457
Debt securities
U.S. government and agency securities		870		51		(5	)		916
Municipal securities		24		2		(1	)		25
Other fixed-income securities		163		1		(2	)		162
Total nuclear decommissioning trusts ⁽¹⁾		1,556		1,107		(8	)		2,655
Other investments		13		71		-			84
Total	$	1,569	$	1,178	$	(8)		$	2,739

⁽¹⁾ Represents amounts before deducting $337 million and $313 million at March 31, 2014 and December 31, 2013, respectively, primarily related to deferred taxes on appreciation of investment value.

Schedule Of Maturities On Debt Instruments

	As of
(in millions)	March 31, 2014
Less than 1 year	$	36
1-5 years		499
5-10 years		228
More than 10 years		355
Total maturities of debt securities	$	1,118

Schedule Of Activity For Debt And Equity Securities

	Three Months Ended
	March 31, 2014			March 31, 2013
(in millions)
Proceeds from sales and maturities of nuclear decommissioning trust
investments	$	530		$	363
Gross realized gains on sales of securities held as available-for-sale		56			12
Gross realized losses on sales of securities held as available-for-sale		(1	)		(1	)

- 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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