Company: PCG-PB
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001004980-25-000087
Chunk: 162

Company: PG&E Corp
Filing Date: 2025-04-24
Form: 10-Q
Item: Item 1A
Chunk 162
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 for recovery from or refund to customers.The Utility elects the normal purchase and sale exception for eligible derivatives.  Eligible derivatives are those that require physical delivery in quantities that are expected to be used by the Utility over a reasonable period in the normal course of business and do not contain pricing provisions unrelated to the commodity delivered.  These items are not reflected in the Condensed Consolidated Balance Sheets at fair value.

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Volume of Derivative ActivityThe volumes of the Utility’s outstanding derivatives were as follows:  Contract Volume atUnderlying ProductInstrumentsMarch 31, 2025December 31, 2024Natural Gas (1) (MMBtus (2))Forwards, futures, and swaps176,395,613 179,257,247  Options38,770,000 37,717,500 Electricity (MWh)Forwards, futures, and swaps8,509,874 8,576,078 Options2,463,200 1,663,200  Congestion Revenue Rights (3)116,765,301 123,040,895 (1) Amounts shown are for the combined positions of the electric fuels and core gas supply portfolios.(2) Million British Thermal Units.(3) CRRs are financial instruments that enable the holders to manage variability in electric energy congestion charges due to transmission grid limitations.Presentation of Derivative Instruments in the Financial StatementsAs of March 31, 2025, the Utility’s outstanding derivative balances were as follows: Commodity Risk(in millions)Gross DerivativeBalanceNettingCash CollateralTotal DerivativeBalanceCurrent assets – other$172 $(12)$3 $163 Noncurrent assets – other253 — — 253 Current liabilities – other(125)12 — (113)Noncurrent liabilities – other(156)— — (156)Total commodity risk$144 $— $3 $147 As of December 31, 2024, the Utility’s outstanding derivative balances were as follows: Commodity Risk(in millions)Gross DerivativeBalanceNettingCash CollateralTotal DerivativeBalanceCurrent assets – other$186 $(16)$— $170 Other noncurrent assets – other233 — — 233 Current liabilities – other(152)16 — (136)Noncurrent liabilities – other(167)— — (167)Total commodity risk$100 $— $