Company: PCG-PB
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001004980-25-000132
Chunk: 76

Company: PG&E Corp
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 8
Chunk 76
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 Balance Sheets.  Net realized gains or losses on commodity derivatives are recorded in the Cost of electricity or the Cost of natural gas with corresponding increases or decreases to regulatory balancing accounts 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 ProductInstrumentsJune 30, 2025December 31, 2024Natural Gas (1) (MMBtus (2))Forwards, futures, and swaps293,476,836 179,257,247  Options53,165,000 37,717,500 Electricity (MWh)Forwards, futures, and swaps8,729,140 8,576,078 Options1,878,000 1,663,200  Congestion Revenue Rights (3)103,445,748 123,040,895 (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 June 30, 2025, the Utility’s outstanding derivative balances were as follows: Commodity Risk(in millions)Gross DerivativeBalanceNettingCash CollateralTotal DerivativeBalanceCurrent assets – other$162 $(11)$12 $163 Noncurrent assets – other223 — — 223 Current liabilities – other(105)11 — (94)Noncurrent liabilities – other(104)— — (104)Total commodity risk$176 $— $12 $188 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