Company: PCG-PB
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001004980-25-000132
Chunk: 189

Company: PG&E Corp
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 1A
Chunk 189
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)   At December 31, 2024ValuationTechniqueUnobservableInput Fair Value MeasurementAssetsLiabilities Range (1)/Weighted-Average Price (2) Congestion revenue rights$366 $121 Market approachCRR auction prices$ (951) - 50,044 / 2Power purchase agreements$17 $127 Discounted cash flowForward prices$ 0 - 126 / 47(1) Represents price per MWh.(2) Unobservable inputs were weighted by the relative fair value of the instruments.Level 3 ReconciliationThe following table presents the reconciliation for Level 3 price risk management instruments for the three and six months ended June 30, 2025 and 2024, respectively: Price Risk Management Instruments(in millions)20252024Asset balance as of April 1$126 $145 Net realized and unrealized gains (losses):Included in regulatory assets and liabilities or balancing accounts (1)10 13 Asset balance as of June 30$136 $158 (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$127 $191 Net realized and unrealized gains (losses):Included in regulatory assets and liabilities or balancing accounts (1)9 (33)Asset balance as of June 30$136 $158 (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 June 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 June 30, 2025At December 31, 2024(in millions)Carrying AmountLevel 2 Fair ValueCarrying AmountLevel 2 Fair ValueDe