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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Assets And Liabilities Measured At Fair Value On A Recurring Basis

	Fair Value Measurements
	At December 31, 2014
(in millions)	Level 1		Level 2		Level 3		Netting ⁽¹⁾			Total
Assets:
Money market investments	$	94	$	-	$	-	$	-		$	94
Nuclear decommissioning trusts
Money market investments		17		-		-		-			17
Global equity securities		1,585		13		-		-			1,598
Fixed-income securities		741		389		-		-			1,130
Total nuclear decommissioning trusts ⁽²⁾		2,343		402		-		-			2,745
Price risk management instruments
(Note 9)
Electricity		-		17		232		2			251
Gas		1		1		-		-			2
Total price risk management instruments		1		18		232		2			253
Rabbi trusts
Fixed-income securities		-		42		-		-			42
Life insurance contracts		-		72		-		-			72
Total rabbi trusts		-		114		-		-			114
Long-term disability trust
Money market investments		7		-		-		-			7
Global equity securities		-		25		-		-			25
Fixed-income securities		-		128		-		-			128
Total long-term disability trust		7		153		-		-			160
Other investments		33		-		-		-			33
Total assets	$	2,478	$	687	$	232	$	2		$	3,399
Liabilities:
Price risk management instruments
(Note 9)
Electricity	$	47	$	5	$	163	$	(52	)	$	163
Gas		-		3		-		-			3
Total liabilities	$	47	$	8	$	163	$	(52)		$	166

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

⁽²⁾ Represents amount before deducting $324 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 9)
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 9)
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.

Sensitivity Analysis

	Fair Value at
(in millions)	December 31, 2014
Fair Value Measurement	Assets		Liabilities		Valuation Technique	Unobservable Input	Range ⁽¹⁾
Congestion revenue rights	$	232	$	63	Market approach	CRR auction prices	$	(15.97) - 8.17
Power purchase agreements	$	-	$	100	Discounted cash flow	Forward prices	$	16.04 - 56.21

⁽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)
Realized and unrealized gains:
Included in regulatory assets and liabilities or balancing accounts ⁽¹⁾		99		49
Asset (liability) balance as of December 31	$	69	$	(30)

⁽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 December 31,
	2014				2013
(in millions)	Carrying Amount		Level 2 Fair Value		Carrying Amount		Level 2 Fair Value
Debt (Note 4)
PG&E Corporation	$	350	$	352	$	350	$	354
Utility		13,778		15,851		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 December 31, 2014
Nuclear decommissioning trusts
Money market investments	$	17	$	-	$	-		$	17
Global equity securities		520		1,087		(9	)		1,598
Fixed-income securities		1,059		75		(4	)		1,130
Total nuclear decommissioning trusts ⁽¹⁾		1,596		1,162		(13	)		2,745
Other investments		5		28		-			33
Total	$	1,601	$	1,190	$	(13)		$	2,778
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⁾	$	1,569	$	1,178	$	(8)		$	2,739

⁽¹⁾ Represents amounts before deducting $324 million and $313 million at December 31, 2014 and 2013, respectively, primarily related to deferred taxes on appreciation of investment value.

Schedule Of Long Term Debt Repayments

	As of
(in millions)	December 31, 2014
Less than 1 year	$	17
1-5 years		466
5-10 years		263
More than 10 years		384
Total maturities of debt securities	$	1,130

Schedule Of Activity For Debt And Equity Securities

	2014			2013			2012
(in millions)
Proceeds from sales and maturities of nuclear decommissioning trust
investments	$	1,336		$	1,619		$	1,133
Gross realized gains on sales of securities held as available-for-sale		118			94			19
Gross realized losses on sales of securities held as available-for-sale		(12	)		(13	)		(17	)

- 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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