Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

Assets And Liabilities Measured At Fair Value On A Recurring Basis

	Fair Value Measurements
	At March 31, 2017
(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total
Assets:
Short-term investments	$	104	$	-	$	-	$	-	$	104
Nuclear decommissioning trusts
Short-term investments		8		-		-		-		8
Global equity securities		1,762		-		-		-		1,762
Fixed-income securities		721		553		-		-		1,274
Assets measured at NAV		-		-		-		-		15
Total nuclear decommissioning trusts (2)		2,491		553		-		-		3,059
Price risk management instruments
(Note 7)
Electricity		13		12		166		(6)		185
Gas		1		5		-		2		8
Total price risk management
instruments		14		17		166		(4)		193
Rabbi trusts
Fixed-income securities		-		62		-		-		62
Life insurance contracts		-		70		-		-		70
Total rabbi trusts		-		132		-		-		132
Long-term disability trust
Short-term investments		5		-		-		-		5
Assets measured at NAV		-		-		-		-		163
Total long-term disability trust		5		-		-		-		168
TOTAL ASSETS	$	2,614	$	702	$	166	$	(4)	$	3,656
Liabilities:
Price risk management instruments
(Note 7)
Electricity	$	14	$	21	$	117	$	(36)	$	116
Gas		-		1		-		-		1
TOTAL LIABILITIES	$	14	$	22	$	117	$	(36)	$	117

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

(2) Represents amount before deducting $358 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 in the 2016 Form 10-K)
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 in the 2016 Form 10-K)
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.

Level 3 Measurements And Sensitivity Analysis

	Fair Value at
(in millions)	At March 31, 2017					Valuation		Unobservable
Fair Value Measurement	Assets		Liabilities			Technique		Input		Range (1)
Congestion revenue rights	$	166	$	30	Market approach		CRR auction prices		$		(11.88) - 11.14
Power purchase agreements	$	-	$	87	Discounted cash flow		Forward prices		$		18.07 - 38.80

(1) 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

The following table presents the reconciliation for Level 3 price risk management instruments for the three months ended March 31, 2017 and 2016:

	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)		(6)			(14)
Asset (liability) balance as of March 31	$	49		$	75

(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 March 31, 2017				At December 31, 2016
(in millions)	Carrying Amount		Level 2 Fair Value		Carrying Amount		Level 2 Fair Value
PG&E Corporation	$	348	$	352	$	348	$	352
Utility		16,405		18,407		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 March 31, 2017
Nuclear decommissioning trusts
Short-term investments	$	8	$	-	$	-	$	8
Global equity securities		549		1,230		(2)		1,777
Fixed-income securities		1,233		50		(9)		1,274
Total (1)	$	1,790	$	1,280	$	(11)	$	3,059
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 $358 million and $333 million at March 31,2017 and December 31, 2016, respectively, primarily related to deferred taxes on appreciation of investment value.

Schedule Of Maturities On Debt Instruments

	As of
(in millions)	March 31, 2017
Less than 1 year	$	13
1–5 years		444
5–10 years		302
More than 10 years		515
Total maturities of fixed-income securities	$	1,274

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
	March 31, 2017		March 31, 2016
(in millions)
Proceeds from sales and maturities of nuclear decommissioning trust
investments	$	470		439
Gross realized gains on sales of securities held as available-for-sale		29		5
Gross realized losses on sales of securities held as available-for-sale		(5)		(2)