FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2026

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
	At June 30, 2026
(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total
Assets:
Short-term investments	$	850	$	—	$	—	$	—	$	850
Self-insurance investments
Short-term investments	1,212		—		—		—		1,212
Total Self-insurance investments (2)	1,212		—		—		—		1,212
Nuclear decommissioning trusts
Short-term investments	37		—		—		—		37
Global equity securities	2,553		—		—		—		2,553
Fixed-income securities	1,568		1,148		—		—		2,716
Assets measured at NAV	—		—		—		—		29
Total nuclear decommissioning trusts (3)	4,158		1,148		—		—		5,335
Customer credit trust
Short-term investments	24		—		—		—		24
Global equity securities	—		—		—		—		—
Fixed-income securities	157		372		—		—		529
Total customer credit trust	181		372		—		—		553
Price risk management instruments (Note 8)
Electricity	—		29		222		7		258
Gas	—		14		—		(9)		5
Total price risk management instruments	—		43		222		(2)		263
Rabbi trusts
Short-term investments	118		—		—		—		118
Global equity securities	5		—		—		—		5
Life insurance contracts	—		65		—		—		65
Total rabbi trusts	123		65		—		—		188
Long-term disability trust
Short-term investments	6		—		—		—		6
Assets measured at NAV	—		—		—		—		113
Total long-term disability trust	6		—		—		—		119
TOTAL ASSETS	$	6,530	$	1,628	$	222	$	(2)	$	8,520
Liabilities:
Price risk management instruments (Note 8)
Electricity	$	—	$	29	$	144	$	(28)	$	145
Gas	—		3		—		(2)		1
TOTAL LIABILITIES	$	—	$	32	$	144	$	(30)	$	146

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

(2) Includes approximately $1 billion and $144 million held in the entities for wildfire and non-wildfire self-insurance, respectively.

(3) Represents amount before deducting $904 million primarily related to deferred taxes on appreciation of investment value.


	Fair Value Measurements
	At December 31, 2025
(in millions)	Level 1		Level 2		Level 3		Netting (1)		Total
Assets:
Short-term investments	$	634	$	—	$	—	$	—	$	634
Self-insurance investments
Short-term investments	1,120		—		—		—		1,120
Total Self-insurance investments(2)	1,120		—		—		—		1,120
Nuclear decommissioning trusts
Short-term investments	94		—		—		—		94
Global equity securities	2,433		—		—		—		2,433
Fixed-income securities	1,445		1,113		—		—		2,558
Assets measured at NAV	—		—		—		—		26
Total nuclear decommissioning trusts (3)	3,972		1,113		—		—		5,111
Customer credit trust
Short-term investments	111		—		—		—		111
Global equity securities			—		—		—		—
Fixed-income securities	367		326		—		—		693
Total customer credit trust	478		326		—		—		804
Price risk management instruments (Note 8)
Electricity	—		19		283		(6)		296
Gas	—		33		—		(46)		(13)
Total price risk management instruments	—		52		283		(52)		283
Rabbi trusts
Short-term investments	115		—		—		—		115
Global equity securities	5		—		—		—		5
Life insurance contracts	—		65		—		—		65
Total rabbi trusts	120		65		—		—		185
Long-term disability trust
Short-term investments	10		—		—		—		10
Assets measured at NAV	—		—		—		—		127
Total long-term disability trust	10		—		—		—		137
TOTAL ASSETS	$	6,334	$	1,556	$	283	$	(52)	$	8,274
Liabilities:
Price risk management instruments (Note 8)
Electricity	$	—	$	80	$	130	$	(6)	$	204
Gas	—		65		—		(46)		19
TOTAL LIABILITIES	$	—	$	145	$	130	$	(52)	$	223

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

(2) Includes approximately $1 billion and $77 million held in the entities for wildfire and non-wildfire self-insurance, respectively.

(3) Represents amount before deducting $881 million primarily related to deferred taxes on appreciation of investment value.

Fair Value Measurement Inputs and Valuation Techniques

Fair Value
(in millions)

At June 30, 2026

Valuation
Technique

Unobservable
Input

Fair Value Measurement

Assets

Liabilities

Range (1)/Weighted-Average Price (2)

Congestion revenue rights

192

Market approach

CRR auction prices

$ (75) - 75 / 2

Power purchase agreements

Discounted cash flow

Forward prices

$ 10 - 101 / 52

(1) Represents price per MWh.

(2) Unobservable inputs were weighted by the relative fair value of the instruments.

Fair Value
(in millions)

At December 31, 2025

Valuation
Technique

Unobservable
Input

Fair Value Measurement

Assets

Liabilities

Range (1)/Weighted-Average Price (2)

Congestion revenue rights

252

Market approach

CRR auction prices

$ (74) - 74 / 2

Power purchase agreements

Discounted cash flow

Forward prices

$ 11 - 106 / 53

(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 price risk management instruments for the three and six months ended June 30, 2026 and 2025:


	Price Risk Management Instruments
(in millions)	2026		2025
Asset balance as of April 1	$	92	$	126
Net realized and unrealized gains (losses):
Included in regulatory assets and liabilities or balancing accounts (1)	(14)		10
Asset balance as of June 30	$	78	$	136

(1) The costs related to price risk management activities are recovered through 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)	2026		2025
Asset balance as of January 1	$	153	$	127
Net realized and unrealized gains (losses):
Included in regulatory assets and liabilities or balancing accounts (1)	(75)		9
Asset balance as of June 30	$	78	$	136

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, 2026				At December 31, 2025
(in millions)	Carrying Amount		Level 2 Fair Value		Carrying Amount		Level 2 Fair Value
Debt (Note 4)
PG&E Corporation (1)	$	6,321	$	6,707	$	5,360	$	5,697
Utility	43,594		40,558		38,145		35,565

(1) As of June 30, 2026, the net carrying amount and the estimated fair value (Level 2) of the Convertible Notes were $2.15 billion and $2.2 billion, respectively.

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, 2026
Nuclear decommissioning trusts
Short-term investments	$	6	$	31	$	—	$	37
Global equity securities	281		2,308		(7)		2,582
Fixed-income securities	2,746		23		(53)		2,716
Total (1)	$	3,033	$	2,362	$	(60)	$	5,335
As of December 31, 2025
Nuclear decommissioning trusts
Short-term investments	$	94	$	—	$	—	$	94
Global equity securities	324		2,140		(5)		2,459
Fixed-income securities	2,557		48		(47)		2,558
Total (1)	$	2,975	$	2,188	$	(52)	$	5,111

(1) Represents amounts before deducting $904 million and $881 million as of June 30, 2026 and December 31, 2025, respectively, primarily related to deferred taxes on appreciation of investment value.

Schedule of Available for Sale Securities Table

The fair value of fixed-income securities by contractual maturity is as follows:


	As of
(in millions)	June 30, 2026
Less than 1 year	$	119
1–5 years	869
5–10 years	597
More than 10 years	1,131
Total maturities of fixed-income securities	$	2,716

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, 2026
Customer credit trust
Short-term investments	$	24	$	—	$	—	$	24
Global equity securities	—		—		—		—
Fixed-income securities	531		1		(3)		529
Total	$	555	$	1	$	(3)	$	553
As of December 31, 2025
Customer credit trust
Short-term investments	$	111	$	—	$	—	$	111
Global equity securities	—		—		—		—
Fixed-income securities	689		5		(1)		693
Total	$	800	$	5	$	(1)	$	804

Schedule of Activity for Debt and Equity Securities

The following table provides a summary of activity for the fixed-income and equity securities:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2026		2025		2026		2025
Proceeds from sales and maturities of nuclear decommissioning trust investments	$	764	$	501	$	1,164	$	779
Gross realized gains on securities	63		4		84		6
Gross realized losses on securities	(6)		(11)		(14)		(17)

The fair value of fixed-income securities by contractual maturity is as follows:


	As of
(in millions)	June 30, 2026
Less than 1 year	$	41
1–5 years	295
5–10 years	56
More than 10 years	137
Total maturities of fixed-income securities	$	529

The following table provides a summary of activity for the fixed-income and equity securities:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2026		2025		2026		2025
Proceeds from sales and maturities of customer credit trust investments	$	167	$	97	$	283	$	196
Gross realized gains on securities	—		2		5		5
Gross realized losses on securities	—		(8)		(3)		(11)