Company: PCG-PB
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001004980-25-000148
Chunk: 85

Company: PG&E Corp
Filing Date: 2025-10-23
Form: 10-Q
Item: Part I, Item 8
Chunk 85
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 — — 2,228 Fixed-income securities1,250 1,027 — — 2,277 Assets measured at NAV— — — 22 Total nuclear decommissioning trusts (2)3,531 1,027 — — 4,580 Customer credit trust Short-term investments1 — — — 1 Global equity securities186 — — — 186 Fixed-income securities46 144 — — 190 Total customer credit trust233 144 — — 377 Price risk management instruments (Note 8)    Electricity— 26 383 (6)403 Gas— 10 — (10)— Total price risk management instruments— 36 383 (16)403 Rabbi trusts    Short-term investments107 — — — 107 Global equity securities6 — — — 6 Life insurance contracts— 66 — — 66 Total rabbi trusts113 66 — — 179 Long-term disability trust    Short-term investments4 — — — 4 Assets measured at NAV— — — — 130 Total long-term disability trust4 — — — 134 TOTAL ASSETS$5,612 $1,273 $383 $(16)$7,404 Liabilities:    Price risk management instruments (Note 8)    Electricity$— $37 $248 $(6)$279 Gas— 34 — (10)24 TOTAL LIABILITIES$— $71 $248 $(16)$303 (1) Includes the effect of the contractual ability to settle contracts under master netting agreements and cash collateral.(2) Represents amount before deducting $747 million primarily related to deferred taxes on appreciation of investment value.

Valuation TechniquesThe following describes the valuation techniques used to measure the fair value of the assets and liabilities shown in the tables above.  There are no restrictions on the terms and conditions upon which the investments may be redeemed.  There were no material transfers between any levels for the nine months ended September 30, 2025 or 2024.

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Trust AssetsAssets Measured at Fair ValueIn general, investments held in the trusts are exposed to various risks, such as interest rate, credit, and market volatility