REGULATORY ASSETS, LIABILITIES, AND BALANCING ACCOUNTS (Tables)

6 Months Ended

Jun. 30, 2026

Noncurrent regulatory assets are comprised of the following:


	Balance at
(in millions)	June 30, 2026		December 31, 2025
Pension benefits	$	361	$	400
Environmental compliance costs	1,132		1,158
Price risk management	85		100
Catastrophic event memorandum account	500		666
Wildfire-related accounts	1,417		1,626
Deferred income taxes	6,831		6,157
Financing costs	195		202
SB 901 securitization	5,013		5,089
Other	591		583
Total noncurrent regulatory assets	$	16,125	$	15,981

Noncurrent regulatory liabilities are comprised of the following:


	Balance at
(in millions)	June 30, 2026		December 31, 2025
Cost of removal obligations	$	9,792	$	9,488
Public purpose programs	1,194		1,169
Employee benefit plans	1,055		1,043
Transmission tower wireless licenses	250		257
SB 901 securitization	5,775		6,010
Wildfire self-insurance	1,048		1,035
Other	1,271		1,186
Total noncurrent regulatory liabilities	$	20,385	$	20,188

Current regulatory balancing accounts receivable and payable are comprised of the following:


	Balance at
(in millions)	June 30, 2026		December 31, 2025
Electric distribution	$	2,386	$	1,465
Electric transmission	151		122
Gas distribution and transmission	321		142
Energy procurement	1,437		2,711
Public purpose programs	200		151
Wildfire-related accounts	79		84
Residential uncollectibles balancing accounts	123		278
Catastrophic event memorandum account	27		181
Other	656		1,166
Total regulatory balancing accounts receivable	$	5,380	$	6,300


	Balance at
(in millions)	June 30, 2026		December 31, 2025
Electric transmission	$	3	$	37
Gas distribution and transmission	—		78
Energy procurement	483		1,502
Public purpose programs	602		472
SFGO sale	40		83
Wildfire-related accounts	477		338
Nuclear decommissioning adjustment mechanism	—		1
Other	537		608
Total regulatory balancing accounts payable	$	2,142	$	3,119