FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 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
	June 30, 2021
(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total
Assets:
Short-term investments	$	294	$	—	$	—	$	—	$	294
Nuclear decommissioning trusts
Short-term investments	10		—		—		—		10
Global equity securities	2,542		—		—		—		2,542
Fixed-income securities	1,028		829		—		—		1,857
Assets measured at NAV	—		—		—		—		28
Total nuclear decommissioning trusts (2)	3,580		829		—		—		4,437
Price risk management instruments (Note 8)
Electricity	—		55		166		16		237
Gas	—		11		—		44		55
Total price risk management instruments	—		66		166		60		292
Rabbi trusts
Fixed-income securities	—		104		—		—		104
Life insurance contracts	—		76		—		—		76
Total rabbi trusts	—		180		—		—		180
Long-term disability trust
Short-term investments	6		—		—		—		6
Assets measured at NAV	—		—		—		—		149
Total long-term disability trust	6		—		—		—		155
TOTAL ASSETS	$	3,880	$	1,075	$	166	$	60	$	5,358
Liabilities:
Price risk management instruments (Note 8)
Electricity	—		7		184		(24)		167
Gas	—		14		—		(13)		1
TOTAL LIABILITIES	$	—	$	21	$	184	$	(37)	$	168

(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)	June 30, 2021
Fair Value Measurement	Assets		Liabilities		Valuation Technique	Unobservable Input	Range(1) /Weighted-Average Price (2)
Congestion revenue rights	$	141	$	81	Market approach	CRR auction prices	$(320.25) - $320.25 / 0.23
Power purchase agreements	$	25	$	103	Discounted cash flow	Forward prices	$(6.25) - $254.65 / 42.38

(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 six months ended June 30, 2021 and 2020:

	Price Risk Management Instruments
(in millions)	2021		2020
Asset (liability) balance as of April 1	$	(94)	$	(5)
Net realized and unrealized gains (losses):
Included in regulatory assets and liabilities or balancing accounts (1)	76		(61)
Asset (liability) balance as of June 30	$	(18)	$	(66)

(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)	54		(71)
Asset (liability) balance as of June 30	$	(18)	$	(66)

(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 June 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	$	1,883	$	2,028	$	1,901	$	2,175
Utility	32,849		32,891		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 June 30, 2021
Nuclear decommissioning trusts
Short-term investments	$	10	$	—	$	—	$	10
Global equity securities	508		2,064		(2)		2,570
Fixed-income securities	1,752		114		(9)		1,857
Total (1)	$	2,270	$	2,178	$	(11)	$	4,437
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 June 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)	June 30, 2021
Less than 1 year	$	62
1–5 years	446
5–10 years	493
More than 10 years	856
Total maturities of fixed-income securities	$	1,857

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 June 30,				Six Months Ended June 30,
(in millions)	2021		2020		2021		2020
Proceeds from sales and maturities of nuclear decommissioning trust investments	$	401	$	254	$	952	$	787
Gross realized gains on securities	74		8		129		76
Gross realized losses on securities	(3)		(12)		(16)		(21)