Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2011

Assets And Liabilities Measured At Fair Value On A Recurring Basis


	Fair Value Measurements
	At December 31,
	2011											2010
(in millions)	Level 1		Level 2		Level 3		Netting⁽¹⁾			Total		Level 1		Level 2		Level 3		Netting⁽¹⁾			Total
Assets:
Money market investments	$	206	$	-	$	-	$	-		$	206	$	138	$	-	$	-	$	-		$	138

Nuclear decommissioning trusts
U.S. equity securities		841		8		-		-			849		1,029		7		-		-			1,036
Non-U.S. equity securities		323		-		-		-			323		349		-		-		-			349
U.S. government and agency securities		744		156		-		-			900		584		40		-		-			624
Municipal securities		-		58		-		-			58		-		119		-		-			119
Other fixed-income securities		-		99		-		-			99		-		66		-		-			66

Total nuclear decommissioning trusts ⁽²⁾		1,908		321		-		-			2,229		1,962		232		-		-			2,194

Price risk management instruments (Note 10)
Electric		-		92		69		8			169		6		2		119		63			190
Gas		-		6		-		(3	)		3		-		-		6		5			11

Total price risk management instruments		-		98		69		5			172		6		2		125		68			201

Rabbi trusts
Fixed-income securities		-		25		-		-			25		-		24		-		-			24
Life insurance contracts		-		67		-		-			67		-		65		-		-			65

Total rabbi trusts		-		92		-		-			92		-		89		-		-			89

Long-term disability trust
U.S. equity securities		13		15		-		-			28		11		24		-		-			35
Non-U.S. equity securities		-		9		-		-			9		-		-		-		-			-
Fixed-income securities		-		145		-		-			145		-		150		-		-			150

Total long-term disability trust		13		169		-		-			182		11		174		-		-			185

Total assets	$	2,127	$	680	$	69	$	5		$	2,881	$	2,117	$	497	$	125	$	68		$	2,807

Liabilities:
Price risk management instruments (Note 10)
Electric	$	411	$	289	$	143	$	(441	)	$	402	$	235	$	73	$	475	$	(315	)	$	468
Gas		31		13		-		(32	)		12		41		1		49		(41	)		50

Total liabilities	$	442	$	302	$	143	$	(473	)	$	414	$	276	$	74	$	524	$	(356	)	$	518

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

⁽²⁾Excludes $188 million and $185 million at December 31, 2011 and December 31, 2010, respectively, primarily related to deferred taxes on appreciation of investment value.

Level 3 Reconciliation


	Price Risk Management Instruments
(in millions)	2011		2010
Liability balance as of January 1	$	(399)	$	(250)

Realized and unrealized gains (losses):
Included in regulatory assets and liabilities or balancing accounts ⁽¹⁾		122		(149)
Transfers out of Level 3		203		-

Liability balance as of December 31	$	(74)	$	(399)

⁽¹⁾ Price risk management activity is 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 December 31,
	2011				2010
(in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Debt (Note 4)
PG&E Corporation		$ 349		$ 380		$ 349		$ 383
Utility		10,545		12,543		10,444		11,314
Energy recovery bonds (Note 5)		423		433		827		862

Schedule Of Unrealized Gains (Losses) Related To Available-For-Sale Investments


(in millions)	Amortized Cost		Total Unrealized Gains		Total Unrealized Losses		Total Fair Value ⁽¹⁾
As of December 31, 2011
Equity securities
U.S.		$ 334		$ 518		$ (3)		$ 849
Non-U.S.		194		131		(2)		323
Debt securities
U.S. government and agency securities		798		102		—		900
Municipal securities		56		2		—		58
Other fixed-income securities		96		3		—		99

Total		$ 1,478		$ 756		$ (5)		$ 2,229

As of December 31, 2010
Equity securities
U.S.		$ 509		$ 529		$ (2)		$ 1,036
Non-U.S.		180		170		(1)		349
Debt securities
U.S. government and agency securities		571		55		(2)		624
Municipal securities		119		1		(1)		119
Other fixed-income securities		65		1		—		66

Total		$ 1,444		$ 756		$ (6)		$ 2,194


⁽¹⁾Excludes $188 million and $185 million at December 31, 2011 and 2010, respectively, primarily related to deferred taxes on appreciation of investment value.

Schedule Of Long Term Debt Repayments


(in millions)	As of December 31, 2011
Less than 1 year	$	60
1–5 years		359
5–10 years		294
More than 10 years		344

Total maturities of debt securities	$	1,057

Schedule Of Activity For Debt And Equity Securities


	2011		2010		2009
(in millions)
Proceeds from sales and maturities of nuclear decommissioning trust investments		$ 1,928		$ 1,405		$ 1,351
Gross realized gains on sales of securities held as available-for-sale		43		42		27
Gross realized losses on sales of securities held as available-for-sale		(30)		(11)		(55)

- 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 during the period 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 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, issuances, 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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