Derivatives (Tables)

3 Months Ended

Mar. 31, 2012

Derivatives [Abstract]

Volumes Of Outstanding Derivative Contracts

		Contract Volume (1)
Underlying Product	Instruments	Less Than 1 Year		Greater Than 1 Year but Less Than 3 Years		Greater Than 3 Years but Less Than 5 Years		Greater Than 5 Years (2)
Natural Gas (3) (MMBtus (4))	Forwards and Swaps		439,441,427		166,878,481		4,280,000		-
	Options		231,380,020		280,200,000		-		-
Electricity (Megawatt-hours)	Forwards and Swaps		4,141,223		4,696,221		2,009,505		3,421,832
	Options		1,248,000		140,510		239,233		218,013
	Congestion Revenue Rights		75,532,338		73,123,024		73,190,271		54,209,541

⁽¹⁾  Amounts shown reflect the total gross derivative volumes by commodity type that are expected to settle in each time period.

⁽²⁾  Derivatives in this category expire between 2017 and 2022.

⁽³⁾ Amounts shown are for the combined positions of the electric fuels and core gas portfolios.

⁽⁴⁾ Million British Thermal Units.

Outstanding Derivative Balances

	Gross  Derivative Balance			Netting			Cash Collateral		Total  Derivative Balance
(in millions)	Commodity Risk (PG&E Corporation and the Utility)
Current assets – other		$ 42			$ (27	)		$ 97		$ 112
Other noncurrent assets – other		96			(43	)		-		53
Current liabilities – other		(515	)		27			318		(170	)
Noncurrent liabilities – other		(397	)		43			101		(253	)
Total commodity risk		$ (774	)		$ -			$ 516		$ (258	)

At December 31, 2011, PG&E Corporation's and the Utility's outstanding derivative balances were as follows:

		$0000.0			$0000.0			$0000.0		$0000.0
	Gross  Derivative Balance			Netting			Cash Collateral		Total  Derivative Balance
(in millions)	Commodity Risk (PG&E Corporation and the Utility)
Current assets – other		$ 54			$ (39	)		$ 103		$ 118
Other noncurrent assets – other		113			(59	)		-		54
Current liabilities – other		(489	)		39			274		(176	)
Noncurrent liabilities – other		(398	)		59			101		(238	)
Total commodity risk		$ (720	)		$ -			$ 478		$ (242	)

Gains And Losses On Derivative Instruments

	Commodity Risk (PG&E  Corporation and Utility)
	Three months ended March 31,
(in millions)	2012			2011
Unrealized (loss) gain – regulatory assets and liabilities (1)		$ (54	)		$ 137
Realized loss – cost of electricity (2)		(151	)		(136	)
Realized loss – cost of natural gas (2)		(22	)		(55	)
Total commodity risk instruments		$ (227	)		$ (54	)

⁽¹⁾ Unrealized gains and losses on derivatives are deferred to regulatory assets or liabilities, rather than being recorded to the Condensed Consolidated Statements of Income. These amounts exclude the impact of cash collateral postings.

⁽²⁾ These amounts are fully recovered from customers in rates. Accordingly, net income was not impacted by realized amounts on these instruments.

Additional Cash Collateral The Utility Would Be Required To Post If Its Credit Risk-Related Contingency Features Were Triggered

(in millions)
Derivatives in a liability position with credit risk-related contingencies that are not fully collateralized	$ (134	)
Related derivatives in an asset position	2
Collateral posting in the normal course of business related to these derivatives	33
Net position of derivative contracts/additional collateral posting requirements (1)	$ (99	)

⁽¹⁾ This calculation excludes the impact of closed but unpaid positions, as their settlement is not impacted by any of the Utility's credit risk-related contingencies.