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Derivatives (Tables)

9 Months Ended

Sep. 30, 2013

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

At September 30, 2013, PG&E Corporation's and the Utility's outstanding derivative balances were as follows:

	Commodity Risk
	Gross Derivative								Total Derivative
(in millions)	Balance			Netting			Cash Collateral		Balance
Current assets - other	$	31		$	(12	)	$	19	$	38
Other noncurrent assets - other		66			(5	)		-		61
Current liabilities - other		(162	)		12			106		(44	)
Noncurrent liabilities - other		(149	)		5			23		(121	)
Total commodity risk	$	(214)		$	-		$	148	$	(66)

At December 31, 2012, PG&E Corporation's and the Utility's outstanding derivative balances were as follows:

	Commodity Risk
	Gross Derivative								Total Derivative
(in millions)	Balance			Netting			Cash Collateral		Balance
Current assets - other	$	48		$	(25	)	$	36	$	59
Other noncurrent assets - other		99			(11	)		-		88
Current liabilities - other		(255	)		25			115		(115	)
Noncurrent liabilities - other		(221	)		11			14		(196	)
Total commodity risk	$	(329)		$	-		$	165	$	(164)

Gains And Losses On Derivative Instruments

	Commodity Risk
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions)	2013			2012			2013			2012
Unrealized gain - regulatory assets and liabilities ⁽¹⁾	$	40		$	162		$	115		$	327
Realized loss - cost of electricity ⁽²⁾		(57	)		(108	)		(136	)		(383	)
Realized loss - cost of natural gas ⁽²⁾		(2	)		(5	)		(14	)		(32	)
Total commodity risk	$	(19)		$	49		$	(35)		$	(88)

⁽¹⁾ Unrealized gains and losses on commodity risk-related derivative instruments are recorded 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 passed through to customers in rates. Accordingly, net income was not impacted by realized amounts on these instruments.

Volumes Of Outstanding Derivative Contracts

At September 30, 2013, the volumes of PG&E Corporation's and the Utility's outstanding derivatives were as follows:

		Contract Volume ⁽¹⁾
			1 Year or	3 Years or
			Greater but	Greater but
		Less Than 1	Less Than 3	Less Than 5	5 Years or
Underlying Product	Instruments	Year	Years	Years	Greater ⁽²⁾
Natural Gas ⁽³⁾	Forwards and
(MMBtus ⁽⁴⁾)	Swaps	282,212,809	84,938,674	4,907,500	-
	Options	206,604,635	115,753,835	1,500,000	-
Electricity	Forwards and
(Megawatt-hours)	Swaps	2,537,023	2,396,080	2,008,046	1,685,781
	Options	95,158	239,233	239,015	24,350
	Congestion
	Revenue Rights	57,166,228	78,318,934	60,465,135	11,609,557

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

⁽²⁾ Derivatives in this category expire between 2018 and 2022.

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

⁽⁴⁾ Million British Thermal Units.

At December 31, 2012, the volumes of PG&E Corporation's and the Utility's outstanding derivatives were as follows:

		Contract Volume ⁽¹⁾
			1 Year or	3 Years or
			Greater but	Greater but
		Less Than 1	Less Than 3	Less Than 5	5 Years or
Underlying Product	Instruments	Year	Years	Years	Greater ⁽²⁾
Natural Gas ⁽³⁾	Forwards and
(MMBtus ⁽⁴⁾)	Swaps	329,466,510	98,628,398	5,490,000	-
	Options	221,587,431	216,279,767	10,050,000	-
Electricity	Forwards and
(Megawatt-hours)	Swaps	2,537,023	3,541,046	2,009,505	2,538,718
	Options	-	239,015	239,233	119,508
	Congestion
	Revenue Rights	74,198,690	74,187,803	74,240,147	25,699,804

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

⁽²⁾ Derivatives in this category expire between 2018 and 2022.

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

⁽⁴⁾ Million British Thermal Units.

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

	Balance at
	September 30,			December 31,
(in millions)	2013			2012
Derivatives in a liability position with credit risk-related
contingencies that are not fully collateralized	$	(133	)	$	(266	)
Related derivatives in an asset position		29			59
Collateral posting in the normal course of business related to
these derivatives		112			103
Net position of derivative contracts/additional collateral
posting requirements⁽¹⁾	$	8		$	(104)

⁽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.

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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