Company: PCG-PB
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001004980-25-000148
Chunk: 88

Company: PG&E Corp
Filing Date: 2025-10-23
Form: 10-Q
Item: Part I, Item 8
Chunk 88
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 instruments.Level 3 ReconciliationThe following table presents the reconciliation for Level 3 price risk management instruments for the three and nine months ended September 30, 2025 and 2024, respectively: Price Risk Management Instruments(in millions)20252024Asset balance as of July 1$136 $126 Net realized and unrealized gains (losses):Included in regulatory assets and liabilities or balancing accounts (1)— 5 Asset balance as of September 30$136 $131 (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)20252024Asset balance as of January 1$199 $199 Net realized and unrealized gains (losses):Included in regulatory assets and liabilities or balancing accounts (1)(63)(68)Asset balance as of September 30$136 $131 (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.

Financial InstrumentsPG&E Corporation and the Utility use the following methods and assumptions in estimating fair value for financial instruments: the fair values of cash, net accounts receivable, short-term borrowings, accounts payable, and customer deposits approximate their carrying values as of September 30, 2025 and December 31, 2024, as they are short-term in nature.

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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, 2025At December 31, 2024(in millions)Carrying AmountLevel 2 Fair ValueCarrying AmountLevel 2 Fair ValueDebt (Note 4)    PG&E Corporation (1)$5,363 $5,697 $5,358 $5,829 Utility38,151 35,565 37,812 34,532 (1) As of September 30, 2025, the net carrying amount and the estimated fair value (Level 2) of the Convertible Notes were $2.1 billion and $2.2 billion, respectively.

Nuclear Decommissioning Trust InvestmentsThe following table provides a summary of equity securities and available-for-sale