Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Assets And Liabilities Measured At Fair Value On A Recurring Basis

	Fair Value Measurements
	At March 31, 2015
(in millions)	Level 1			Level 2			Level 3			Netting (1)			Total
Assets:
Money market investments	$	96	$		-	$		-	$		-	$		96
Nuclear decommissioning trusts
Money market investments		29			-			-			-			29
Global equity securities		1,619			13			-			-			1,632
Fixed-income securities		673			539			-			-			1,212
Total nuclear decommissioning trusts (2)		2,321			552			-			-			2,873
Price risk management instruments
(Note 7)
Electricity		-			7			230			9			246
Gas		2			1			-			-			3
Total price risk management instruments		2			8			230			9			249
Rabbi trusts
Fixed-income securities		-			42			-			-			42
Life insurance contracts		-			74			-			-			74
Total rabbi trusts		-			116			-			-			116
Long-term disability trust
Money market investments		4			-			-			-			4
Global equity securities		-			24			-			-			24
Fixed-income securities		-			123			-			-			123
Total long-term disability trust		4			147			-			-			151
Total assets	$	2,423	$		823	$		230	$		9	$		3,485
Liabilities:
Price risk management instruments
(Note 7)
Electricity	$	59	$		11	$		188	$		(70)	$		188
Gas		-			1			-			-			1
Total liabilities	$	59	$		12	$		188	$		(70)	$		189

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

(2) Represents amount before deducting $347 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.

Level 3 Measurements And Sensitivity Analysis

	Fair Value at
(in millions)	March 31, 2015				Valuation	Unobservable
Fair Value Measurement	Assets		Liabilities		Technique	Input	Range (1)
Congestion revenue rights	$	230	$	64	Market approach	CRR auction prices	$	(15.97) - 8.17
Power purchase agreements	$	-	$	124	Discounted cash flow	Forward prices	$	15.56 - 47.26

(1) Represents price per megawatt-hour

	Fair Value at
(in millions)	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)		(27)		8
Asset (liability) balance as of March 31	$	42	$	(22)

(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 March 31, 2015				At December 31, 2014
(in millions)	Carrying Amount		Level 2 Fair Value			Carrying Amount		Level 2 Fair Value
PG&E Corporation	$	350	$	354		$	350	$	352
Utility		13,779		16,324			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 March 31, 2015
Nuclear decommissioning trusts
Money market investments	$	29	$	-	$	-	$	29
Global Equity securities		536		1,109		(13)		1,632
Fixed Income securities		1,133		82		(3)		1,212
Total nuclear decommissioning trusts (1)		1,698		1,191		(16)		2,873
Total	$	1,698	$	1,191	$	(16)	$	2,873
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 $347 million and $324 million at March 31, 2015 and December 31, 2014, respectively, primarily related to deferred taxes on appreciation of investment value.

Schedule Of Maturities On Debt Instruments

	As of
(in millions)	March 31, 2015
Less than 1 year	$	25
1–5 years		450
5–10 years		257
More than 10 years		480
Total maturities of debt securities	$	1,212

Schedule Of Activity For Debt And Equity Securities

	Three Months Ended
	March 31, 2015		March 31, 2014
(in millions)
Proceeds from sales and maturities of nuclear decommissioning trust
investments	$	417	$	530
Gross realized gains on sales of securities held as available-for-sale		35		56
Gross realized losses on sales of securities held as available-for-sale		(3)		(1)

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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