FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis for PG&E Corporation and the Utility are summarized below. Assets held in rabbi trusts are held by PG&E Corporation and not the Utility.

	Fair Value Measurements
	September 30, 2021
(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total
Assets:
Short-term investments	$	411	$	—	$	—	$	—	$	411
Nuclear decommissioning trusts
Short-term investments	25		—		—		—		25
Global equity securities	2,478		—		—		—		2,478
Fixed-income securities	1,054		825		—		—		1,879
Assets measured at NAV	—		—		—		—		28
Total nuclear decommissioning trusts (2)	3,557		825		—		—		4,410
Price risk management instruments (Note 8)
Electricity	—		40		163		13		216
Gas	—		70		—		77		147
Total price risk management instruments	—		110		163		90		363
Rabbi trusts
Fixed-income securities	—		104		—		—		104
Life insurance contracts	—		77		—		—		77
Total rabbi trusts	—		181		—		—		181
Long-term disability trust
Short-term investments	6		—		—		—		6
Assets measured at NAV	—		—		—		—		139
Total long-term disability trust	6		—		—		—		145
TOTAL ASSETS	$	3,974	$	1,116	$	163	$	90	$	5,510
Liabilities:
Price risk management instruments (Note 8)
Electricity	—		4		243		(17)		230
Gas	—		12		—		(5)		7
TOTAL LIABILITIES	$	—	$	16	$	243	$	(22)	$	237

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

(2) Represents amount before deducting $740 million, primarily related to deferred taxes on appreciation of investment value.

	Fair Value Measurements
	December 31, 2020
(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total
Assets:
Short-term investments	$	470	$	—	$	—	$	—	$	470
Nuclear decommissioning trusts
Short-term investments	27		—		—		—		27
Global equity securities	2,398		—		—		—		2,398
Fixed-income securities	924		835		—		—		1,759
Assets measured at NAV	—		—		—		—		25
Total nuclear decommissioning trusts (2)	3,349		835		—		—		4,209
Price risk management instruments (Note 8)
Electricity	—		2		166		2		170
Gas	—		1		—		113		114
Total price risk management instruments	—		3		166		115		284
Rabbi trusts
Fixed-income securities	—		106		—		—		106
Life insurance contracts	—		79		—		—		79
Total rabbi trusts	—		185		—		—		185
Long-term disability trust
Short-term investments	9		—		—		—		9
Assets measured at NAV	—		—		—		—		158
Total long-term disability trust	9		—		—		—		167
TOTAL ASSETS	$	3,828	$	1,023	$	166	$	115	$	5,315
Liabilities:
Price risk management instruments (Note 8)
Electricity	—		1		238		(25)		214
Gas	—		3		—		—		3
TOTAL LIABILITIES	$	—	$	4	$	238	$	(25)	$	217

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

(2) Represents amount before deducting $671 million, primarily related to deferred taxes on appreciation of investment value.

Level 3 Measurements and Sensitivity Analysis

	Fair Value at
(in millions)	September 30, 2021
Fair Value Measurement	Assets		Liabilities		Valuation Technique	Unobservable Input	Range(1) /Weighted-Average Price (2)
Congestion revenue rights	$	135	$	75	Market approach	CRR auction prices	$(320.25) - $320.25 / 0.25
Power purchase agreements	$	28	$	168	Discounted cash flow	Forward prices	$(8.16) - $232.15 / 49.17

(1) Represents price per MWh.

(2) Unobservable inputs were weighted by the relative fair value of the instruments.

	Fair Value at
(in millions)	December 31, 2020
Fair Value Measurement	Assets		Liabilities		Valuation Technique	Unobservable Input	Range (1)/Weighted-Average Price (2)
Congestion revenue rights	$	153	$	74	Market approach	CRR auction prices	$(320.25) - $320.25 / 0.30
Power purchase agreements	$	13	$	164	Discounted cash flow	Forward prices	$12.56 - $148.30 / 35.52

(1) Represents price per MWh.

(2) Unobservable inputs were weighted by the relative fair value of the instruments.

Level 3 Reconciliation

The following table presents the reconciliation for Level 3 instruments for the three and nine months ended September 30, 2021 and 2020:

	Price Risk Management Instruments
(in millions)	2021		2020
Asset (liability) balance as of July 1	$	(18)	$	(66)
Net realized and unrealized gains (losses):
Included in regulatory assets and liabilities or balancing accounts (1)	(62)		(31)
Asset (liability) balance as of September 30	$	(80)	$	(97)

(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.

	Price Risk Management Instruments
(in millions)	2021		2020
Asset balance as of January 1	$	(72)	$	5
Net realized and unrealized gains (losses):
Included in regulatory assets and liabilities or balancing accounts (1)	(8)		(102)
Asset (liability) balance as of September 30	$	(80)	$	(97)

(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

The carrying amount and fair value of PG&E Corporation’s and the Utility’s long-term debt instruments were as follows (the table below excludes financial instruments with carrying values that approximate their fair values):

	At September 30, 2021				At December 31, 2020
(in millions)	Carrying Amount		Level 2 Fair Value		Carrying Amount		Level 2 Fair Value
Debt (Note 5)
PG&E Corporation	$	4,620	$	4,714	$	1,901	$	2,175
Utility	30,366		33,241		29,664		32,632

Schedule of Unrealized Gains (Losses) Related to Available-For-Sale Investments

The following table provides a summary of equity securities and available-for-sale debt securities:

(in millions)	Amortized Cost		Total Unrealized Gains		Total Unrealized Losses		Total Fair Value
As of September 30, 2021
Nuclear decommissioning trusts
Short-term investments	$	25	$	—	$	—	$	25
Global equity securities	500		2,013		(7)		2,506
Fixed-income securities	1,785		105		(11)		1,879
Total (1)	$	2,310	$	2,118	$	(18)	$	4,410
As of December 31, 2020
Nuclear decommissioning trusts
Short-term investments	$	27	$	—	$	—	$	27
Global equity securities	543		1,881		(1)		2,423
Fixed-income securities	1,610		152		(3)		1,759
Total (1)	$	2,180	$	2,033	$	(4)	$	4,209

(1) Represents amounts before deducting $740 million and $671 million for the periods ended September 30, 2021 and December 31, 2020, respectively, primarily related to deferred taxes on appreciation of investment value.

Schedule of Maturities on Debt Instruments

The fair value of fixed-income securities by contractual maturity is as follows:

	As of
(in millions)	September 30, 2021
Less than 1 year	$	46
1–5 years	500
5–10 years	462
More than 10 years	871
Total maturities of fixed-income securities	$	1,879

Schedule of Activity for Debt and Equity Securities

The following table provides a summary of activity for fixed income and equity securities:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2021		2020		2021		2020
Proceeds from sales and maturities of nuclear decommissioning trust investments	$	224	$	890	$	1,176	$	1,144
Gross realized gains on securities	21		51		150		59
Gross realized losses on securities	(2)		(22)		(18)		(34)