Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Assets And Liabilities Measured At Fair Value On A Recurring Basis

	Fair Value Measurements
	At December 31, 2015
(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total
Assets:
Money market investments	$	64	$	-	$	-	$	-	$	64
Nuclear decommissioning trusts
Money market investments		36		-		-		-		36
Global equity securities		1,520		13		-		-		1,533
Fixed-income securities		694		521		-		-		1,215
Total nuclear decommissioning trusts (2)		2,250		534		-		-		2,784
Price risk management instruments
(Note 9)
Electricity		-		9		259		18		286
Gas		-		1		-		1		2
Total price risk management
instruments		-		10		259		19		288
Rabbi trusts
Fixed-income securities		-		57		-		-		57
Life insurance contracts		-		70		-		-		70
Total rabbi trusts		-		127		-		-		127
Long-term disability trust
Money market investments		7		-		-		-		7
Global equity securities		-		26		-		-		26
Fixed-income securities		-		132		-		-		132
Total long-term disability trust		7		158		-		-		165
Total assets	$	2,321	$	829	$	259	$	19	$	3,428
Liabilities:
Price risk management instruments
(Note 9)
Electricity	$	69	$	1	$	170	$	(70)	$	170
Gas		-		2		-		(1)		1
Total liabilities	$	69	$	3	$	170	$	(71)	$	171

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

(2) Represents amount before deducting $314 million, primarily related to deferred taxes on appreciation of investment value.

	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.

Sensitivity Analysis

	Fair Value at
(in millions)	At December 31, 2015				Valuation	Unobservable
Fair Value Measurement	Assets		Liabilities		Technique	Input	Range (1)
Congestion revenue rights	$	259	$	63	Market approach	CRR auction prices	$	(161.36) - 8.76
Power purchase agreements	$	-	$	107	Discounted cash flow	Forward prices	$	15.08 - 37.27

Represents price per megawatt-hour

	Fair Value at
(in millions)	At December 31, 2014				Valuation	Unobservable
Fair Value Measurement	Assets		Liabilities		Technique	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

Level 3 Reconciliation

	Price Risk Management Instruments
(in millions)	2015		2014
Asset (liability) balance as of January 1	$	69		$	(30)
Net realized and unrealized gains:
Included in regulatory assets and liabilities or balancing accounts (1)		20			99
Asset (liability) balance as of December 31	$	89		$	69

(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,
	2015					2014
(in millions)	Carrying Amount		Level 2 Fair Value		Carrying Amount			Level 2 Fair Value
Debt (Note 4)
PG&E Corporation	$	350	$	354	$		350	$	352
Utility		14,918		16,422			13,778		15,851

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, 2015
Nuclear decommissioning trusts
Money market investments	$	36	$	-	$	-	$	36
Global equity securities		508		1,034		(9)		1,533
Fixed-income securities		1,165		58		(8)		1,215
Total (1)	$	1,709	$	1,092	$	(17)	$	2,784
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

(1) Represents amounts before deducting $314 million and $324 million at December 31, 2015 and 2014, respectively, primarily related to deferred taxes on appreciation of investment value.

Schedule Of Long Term Debt Repayments

	As of
(in millions)	December 31, 2015
Less than 1 year	$	18
1–5 years		470
5–10 years		273
More than 10 years		454
Total maturities of debt securities	$	1,215

Schedule Of Activity For Debt And Equity Securities

	2015		2014		2013
(in millions)
Proceeds from sales and maturities of nuclear decommissioning trust
investments	$	1,268	$	1,336	$	1,619
Gross realized gains on sales of securities held as available-for-sale		55		118		94
Gross realized losses on sales of securities held as available-for-sale		(37)		(12)		(13)