Company: PCG-PB
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001004980-25-000087
Chunk: 71

Company: PG&E Corp
Filing Date: 2025-04-24
Form: 10-Q
Item: Part I, Item 8
Chunk 71
---
 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 months ended March 31, 2025 and 2024, respectively: 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)(1)(46)Asset balance as of March 31$126 $145 (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, customer deposits, and the Utility’s variable rate pollution control bond loan agreements approximate their carrying values as of March 31, 2025 and December 31, 2024, as they are short-term in nature.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 March 31, 2025At December 31, 2024(in millions)Carrying AmountLevel 2 Fair ValueCarrying AmountLevel 2 Fair ValueDebt (Note 4)    PG&E Corporation (1)$5,352 $5,688 $5,358 $5,829 Utility36,924 33,395 37,812 34,532 (1) As of March 31, 2025, the net carrying amount and the estimated fair value (Level 2) of the Convertible Notes were $2.1 billion and $2.3 billion, respectively.

62

Nuclear Decommissioning Trust InvestmentsThe following table provides a summary of equity securities and available-for-sale debt securities:(in millions)AmortizedCostTotalUnrealizedGainsTotalUnrealizedLossesTotal FairValueAs of March 31, 2025    Nuclear decommissioning trusts    Short-term investments$60 $— $— $60 Global equity securities360 1,853 (8)