v3.26.3
FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 30, 2026
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
At September 30, 2026
(in millions)Level 1Level 2Level 3
Netting (1)
Total
Assets:
Short-term investments
$764 $— $— $— $764 
Self-insurance investments
   Short-term investments1,243 — — — 1,243 
Total Self-insurance investments (2)
1,243 — — — 1,243 
Nuclear decommissioning trusts
Short-term investments28 — — — 28 
Global equity securities2,528 — — — 2,528 
Fixed-income securities1,507 1,164 — — 2,671 
Assets measured at NAV— — — — 30 
Total nuclear decommissioning trusts (3)
4,063 1,164 — — 5,257 
Customer credit trust
Short-term investments20 — — — 20 
Global equity securities— — — — — 
Fixed-income securities118 270 — — 388 
Total customer credit trust
138 270 — — 408 
Price risk management instruments (Note 8)
Electricity— 40 223 (7)256 
Gas— 7 — (5)2 
Total price risk management instruments— 47 223 (12)258 
Rabbi trusts
Short-term investments119 — — — 119 
Global equity securities3 — — — 3 
Life insurance contracts— 65 — — 65 
Total rabbi trusts122 65 — — 187 
Long-term disability trust
Short-term investments7 — — — 7 
Assets measured at NAV— — — — 105 
Total long-term disability trust7 — — — 112 
TOTAL ASSETS$6,337 $1,546 $223 $(12)$8,229 
Liabilities:
Price risk management instruments (Note 8)
Electricity$— $16 $143 $(20)$139 
Gas— 8 — (6)2 
TOTAL LIABILITIES$— $24 $143 $(26)$141 
(1) Includes the effect of the contractual ability to settle contracts under master netting agreements.
(2) Includes approximately $1 billion and $167 million held in the entities for wildfire and non-wildfire self-insurance, respectively.
(3) Represents amount before deducting $825 million primarily related to deferred taxes on appreciation of investment value.
Fair Value Measurements
At December 31, 2025
(in millions)Level 1Level 2Level 3
Netting (1)
Total
Assets:
Short-term investments$634 $— $— $— $634 
Self-insurance investments
    Short-term investments1,120 — — — 1,120 
Total Self-insurance investments(2)
1,120 — — — 1,120 
Nuclear decommissioning trusts
Short-term investments94 — — — 94 
Global equity securities2,433 — — — 2,433 
Fixed-income securities1,445 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 investments111 — — — 111 
Global equity securities— — — — 
Fixed-income securities367 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 investments115 — — — 115 
Global equity securities5 — — — 5 
Life insurance contracts— 65 — — 65 
Total rabbi trusts120 65 — — 185 
Long-term disability trust
Short-term investments10 — — — 10 
Assets measured at NAV— — — — 127 
Total long-term disability trust10 — — — 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 September 30, 2026Valuation
Technique		Unobservable
Input
Fair Value MeasurementAssetsLiabilities
 Range (1)/Weighted-Average Price (2)
Congestion revenue rights$190 $54 Market approachCRR auction prices
$ (74) - 74 / 2
Power purchase agreements$33 $89 Discounted cash flowForward prices
$ 13 - 96 / 47
(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, 2025Valuation
Technique		Unobservable
Input
Fair Value MeasurementAssetsLiabilities
 Range (1)/Weighted-Average Price (2)
Congestion revenue rights$252 $83 Market approachCRR auction prices
$ (74) - 74 / 2
Power purchase agreements$31 $47 Discounted cash flowForward 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 nine months ended September 30, 2026 and 2025:
Price Risk Management Instruments
(in millions)20262025
Asset balance as of July 1$78 $136 
Net realized and unrealized gains (losses):
Included in regulatory assets and liabilities or balancing accounts (1)
2 — 
Asset balance as of September 30
$80 $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)20262025
Asset balance as of January 1$153 $199 
Net realized and unrealized gains (losses):
Included in regulatory assets and liabilities or balancing accounts (1)
(73)(63)
Asset balance as of September 30$80 $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.
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 September 30, 2026
At December 31, 2025
(in millions)Carrying AmountLevel 2 Fair Value
Carrying Amount
Level 2 Fair Value
Debt (Note 4)
PG&E Corporation (1)
$6,324 $6,437 $5,360 $5,697 
Utility43,195 37,836 38,145 35,565 
(1) As of September 30, 2026, the net carrying amount and the estimated fair value (Level 2) of the Convertible Notes were $2.14 billion and $2.1 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 September 30, 2026
Nuclear decommissioning trusts
Short-term investments$6 $22 $— $28 
Global equity securities269 2,295 (6)2,558 
Fixed-income securities2,798 3 (130)2,671 
Total (1)
$3,073 $2,320 $(136)$5,257 
As of December 31, 2025
Nuclear decommissioning trusts
Short-term investments$94 $— $— $94 
Global equity securities324 2,140 (5)2,459 
Fixed-income securities2,557 48 (47)2,558 
Total (1)
$2,975 $2,188 $(52)$5,111 
(1) Represents amounts before deducting $825 million and $881 million as of September 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)September 30, 2026
Less than 1 year$75 
1–5 years876 
5–10 years612 
More than 10 years1,108 
Total maturities of fixed-income securities$2,671 
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 September 30, 2026
Customer credit trust
Short-term investments$20 $— $— $20 
Global equity securities— — — — 
Fixed-income securities396 — (8)388 
Total
$416 $— $(8)$408 
As of December 31, 2025
Customer credit trust
Short-term investments$111 $— $— $111 
Global equity securities— — — — 
Fixed-income securities689 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 September 30,Nine Months Ended September 30,
(in millions)2026202520262025
Proceeds from sales and maturities of nuclear decommissioning trust investments$803 $586 $1,967 $1,365 
Gross realized gains on securities54 124 138 130 
Gross realized losses on securities(28)(4)(42)(21)
The fair value of fixed-income securities by contractual maturity is as follows:
As of
(in millions)September 30, 2026
Less than 1 year$26 
1–5 years222 
5–10 years38 
More than 10 years102 
Total maturities of fixed-income securities$388 
The following table provides a summary of activity for the fixed-income and equity securities:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2026202520262025
Proceeds from sales and maturities of customer credit trust investments$157 $114 $440 $310 
Gross realized gains on securities— 7 512
Gross realized losses on securities
(1)(3)(4)(14)