Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 195

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 195
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 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 Consolidated Balance Sheets at fair value.Volume of Derivative ActivityThe volumes of the Utility’s outstanding derivatives were as follows:  Contract Volume atUnderlying ProductInstrumentsDecember 31, 2024December 31, 2023Natural Gas (1) (MMBtus (2))Forwards, futures, and swaps179,257,247 196,063,296  Options37,717,500 30,695,000 Electricity (MWh)Forwards, futures, and swaps8,576,078 9,169,967 Options1,663,200 92,400  Congestion Revenue Rights (3)123,040,895 170,465,674 (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.

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Presentation of Derivative Instruments in the Financial StatementsAs 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 Noncurrent assets – other233 — — 233 Current liabilities – other(152)16 — (136)Noncurrent liabilities – other(167)— — (167)Total commodity risk$100 $— $— $100 As of December 31, 2023, the Utility’s outstanding derivative balances were as follows: Commodity Risk(in millions)Gross DerivativeBalanceNettingCash CollateralTotal DerivativeBalanceCurrent assets – other$134 $(8)$50 $176 Other noncurrent assets – other280 — — 280 Current liabilities – other(172)8 46 (118)Noncurrent liabilities – other(160)— — (160)Total commodity risk$82 $—