Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2017

Assets And Liabilities Measured At Fair Value On A Recurring Basis

	Fair Value Measurements
	At December 31, 2017
(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total
Assets:
Short-term investments	$	385	$	-	$	-	$	-	$	385
Nuclear decommissioning trusts
Short-term investments		23		-		-		-		23
Global equity securities		1,967		-		-		-		1,967
Fixed-income securities		733		562		-		-		1,295
Assets measured at NAV		-		-		-		-		18
Total nuclear decommissioning trusts (2)		2,723		562		-		-		3,303
Price risk management instruments
(Note 9)
Electricity		-		3		129		6		138
Gas		-		1		-		-		1
Total price risk management		-		4		129		6		139
instruments
Rabbi trusts
Fixed-income securities		-		72		-		-		72
Life insurance contracts		-		71		-		-		71
Total rabbi trusts		-		143		-		-		143
Long-term disability trust
Short-term investments		8		-		-		-		8
Assets measured at NAV		-		-		-		-		167
Total long-term disability trust		8		-		-		-		175
TOTAL ASSETS	$	3,116	$	709	$	129	$	6	$	4,145
Liabilities:
Price risk management instruments
(Note 9)
Electricity	$	10	$	15	$	87	$	(25)	$	87
Gas		-		1		-		-		1
TOTAL LIABILITIES	$	10	$	16	$	87	$	(25)	$	88

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

(2) Represents amount before deducting $440 million, primarily related to deferred taxes on appreciation of investment value.

	Fair Value Measurements
	At December 31, 2016
(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total
Assets:
Short-term investments	$	105	$	-	$	-	$	-	$	105
Nuclear decommissioning trusts
Short-term investments		9		-		-		-		9
Global equity securities		1,724		-		-		-		1,724
Fixed-income securities		665		527		-		-		1,192
Assets measured at NAV		-		-		-		-		14
Total nuclear decommissioning trusts (2)		2,398		527		-		-		2,939
Price risk management instruments
(Note 9)
Electricity		30		18		181		(18)		211
Gas		-		11		-		-		11
Total price risk management
instruments		30		29		181		(18)		222
Rabbi trusts
Fixed-income securities		-		61		-		-		61
Life insurance contracts		-		70		-		-		70
Total rabbi trusts		-		131		-		-		131
Long-term disability trust
Short-term investments		8		-		-		-		8
Assets measured at NAV		-		-		-		-		170
Total long-term disability trust		8		-		-		-		178
TOTAL ASSETS	$	2,541	$	687	$	181	$	(18)	$	3,575
Liabilities:
Price risk management instruments
(Note 9)
Electricity	$	9	$	12	$	126	$	(21)	$	126
Gas		-		2		-		(1)		1
TOTAL LIABILITIES	$	9	$	14	$	126	$	(22)	$	127

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

(2) Represents amount before deducting $333 million, primarily related to deferred taxes on appreciation of investment value.

Sensitivity Analysis

	Fair Value at
(in millions)	At December 31, 2017						Valuation		Unobservable
Fair Value Measurement	Assets		Liabilities			Technique		Input		Range (1)
Congestion revenue rights	$	129		$	24		Market approach		CRR auction prices		$	(16.03) - 11.99
Power purchase agreements	$	-		$	63		Discounted cash flow		Forward prices		$	18.81 - 38.80

Represents price per megawatt-hour

	Fair Value at
(in millions)	At December 31, 2016				Valuation	Unobservable
Fair Value Measurement	Assets		Liabilities		Technique	Input	Range (1)
Congestion revenue rights	$	181	$	35	Market approach	CRR auction prices	$	(11.88) - 6.93
Power purchase agreements	$	-	$	91	Discounted cash flow	Forward prices	$	18.07 - 38.80

(1) Represents price per megawatt-hour

Level 3 Reconciliation

	Price Risk Management Instruments
(in millions)	2017			2016
Asset (liability) balance as of January 1	$	55	$		89
Net realized and unrealized gains:
Included in regulatory assets and liabilities or balancing accounts (1)		(13)			(34)
Asset (liability) balance as of December 31	$	42	$		55

(1) The costs related to price risk management activities are fully passed through to customers in 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

	At December 31,
	2017					2016
(in millions)	Carrying Amount		Level 2 Fair Value		Carrying Amount			Level 2 Fair Value
Debt (Note 4)
PG&E Corporation	$	350	$	350	$		348	$	352
Utility		17,090		19,128			15,813		17,790

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, 2017
Nuclear decommissioning trusts
Short-term investments	$	23	$	-	$	-	$	23
Global equity securities		524		1,463		(2)		1,985
Fixed-income securities		1,252		51		(8)		1,295
Total (1)	$	1,799	$	1,514	$	(10)	$	3,303
As of December 31, 2016
Nuclear decommissioning trusts
Short-term investments	$	9	$	-	$	-	$	9
Global equity securities		584		1,157		(3)		1,738
Fixed-income securities		1,156		48		(12)		1,192
Total (1)	$	1,749	$	1,205	$	(15)	$	2,939

(1) Represents amounts before deducting $440 million and $333 million at December 31, 2017 and 2016, respectively, primarily related to deferred taxes on appreciation of investment value.

Schedule Of Long Term Debt Repayments

	As of
(in millions)	December 31, 2017
Less than 1 year	$	41
1–5 years		414
5–10 years		352
More than 10 years		488
Total maturities of fixed-income securities	$	1,295

Schedule Of Activity For Debt And Equity Securities

	2017		2016		2015
(in millions)
Proceeds from sales and maturities of nuclear decommissioning
investments	$	1,291	$	1,295	$	1,268
Gross realized gains on securities held as available-for-sale		53		18		55
Gross realized losses on securities held as available-for-sale		(11)		(26)		(37)