Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 20, 2014 | |
Entity Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'PCG | ' |
Entity Registrant Name | 'PG&E CORP | ' |
Entity Central Index Key | '0001004980 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 471,411,575 |
Pacific Gas And Electric Company [Member] | ' | ' |
Entity Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'PCG | ' |
Entity Registrant Name | 'PACIFIC GAS & ELECTRIC CO | ' |
Entity Central Index Key | '0000075488 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 264,374,809 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Operating Revenues | ' | ' | ' | ' |
Electric | $4,012 | $3,517 | $10,246 | $9,375 |
Natural gas | 927 | 658 | 2,536 | 2,248 |
Total operating revenues | 4,939 | 4,175 | 12,782 | 11,623 |
Operating Expenses | ' | ' | ' | ' |
Cost of electricity | 1,782 | 1,645 | 4,341 | 3,817 |
Cost of natural gas | 134 | 131 | 694 | 656 |
Operating and maintenance | 1,287 | 1,585 | 3,914 | 4,179 |
Depreciation, amortization, and decommissioning | 671 | 523 | 1,766 | 1,542 |
Total operating expenses | 3,874 | 3,884 | 10,715 | 10,194 |
Operating Income | 1,065 | 291 | 2,067 | 1,429 |
Interest income | 2 | 2 | 7 | 6 |
Interest expense | -174 | -179 | -547 | -532 |
Other income, net | 36 | 26 | 98 | 78 |
Income Before Income Taxes | 929 | 140 | 1,625 | 981 |
Income tax provision (benefit) | 115 | -24 | 310 | 243 |
Net Income | 814 | 164 | 1,315 | 738 |
Preferred stock dividend requirement of subsidiary | 3 | 3 | 10 | 10 |
Income Available for Common Shareholders | 811 | 161 | 1,305 | 728 |
Weighted Average Common Shares Outstanding, Basic | 472 | 446 | 466 | 441 |
Weighted Average Common Shares Outstanding, Diluted | 474 | 447 | 468 | 442 |
Net Earnings Per Common Share, Basic | $1.72 | $0.36 | $2.80 | $1.65 |
Net Earnings Per Common Share, Diluted | $1.71 | $0.36 | $2.79 | $1.65 |
Dividends Declared Per Common Share | $0.46 | $0.46 | $1.37 | $1.37 |
Pacific Gas And Electric Company [Member] | ' | ' | ' | ' |
Operating Revenues | ' | ' | ' | ' |
Electric | 4,012 | 3,517 | 10,244 | 9,372 |
Natural gas | 927 | 657 | 2,536 | 2,248 |
Total operating revenues | 4,939 | 4,174 | 12,780 | 11,620 |
Operating Expenses | ' | ' | ' | ' |
Cost of electricity | 1,782 | 1,645 | 4,341 | 3,817 |
Cost of natural gas | 134 | 131 | 694 | 656 |
Operating and maintenance | 1,293 | 1,583 | 3,911 | 4,175 |
Depreciation, amortization, and decommissioning | 671 | 523 | 1,765 | 1,542 |
Total operating expenses | 3,880 | 3,882 | 10,711 | 10,190 |
Operating Income | 1,059 | 292 | 2,069 | 1,430 |
Interest income | 1 | 2 | 6 | 6 |
Interest expense | -171 | -172 | -535 | -513 |
Other income, net | 19 | 20 | 56 | 66 |
Income Before Income Taxes | 908 | 142 | 1,596 | 989 |
Income tax provision (benefit) | 115 | -20 | 325 | 261 |
Net Income | 793 | 162 | 1,271 | 728 |
Preferred stock dividend requirement | 3 | 3 | 10 | 10 |
Income Available for Common Shareholders | $790 | $159 | $1,261 | $718 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net income | $814 | $164 | $1,315 | $738 |
Other Comprehensive Income | ' | ' | ' | ' |
Pension and other postretirement benefit plans obligations (net of taxes of $0, $3, $0, and $10 for PG&E Corporation and $0, $3, $0, and $9 for the Utility, at respective dates) | 0 | 4 | 0 | 12 |
Net change in investments (net of taxes of $13, $2, $16, and $13 at respective dates) | -18 | -3 | -24 | 19 |
Total other comprehensive income (loss) | -18 | 1 | -24 | 31 |
Comprehensive Income | 796 | 165 | 1,291 | 769 |
Preferred stock dividend requirement of subsidiary | 3 | 3 | 10 | 10 |
Comprehensive Income Attributable to Common Shareholders | 793 | 162 | 1,281 | 759 |
Pacific Gas And Electric Company [Member] | ' | ' | ' | ' |
Net income | 793 | 162 | 1,271 | 728 |
Other Comprehensive Income | ' | ' | ' | ' |
Pension and other postretirement benefit plans obligations (net of taxes of $0, $3, $0, and $10 for PG&E Corporation and $0, $3, $0, and $9 for the Utility, at respective dates) | 0 | 4 | 0 | 13 |
Total other comprehensive income (loss) | 0 | 4 | 0 | 13 |
Comprehensive Income | $793 | $166 | $1,271 | $741 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Pension and other postretirement benefit plans obligations tax | $0 | $3 | $0 | $10 |
Gain on investments tax | 13 | 2 | 16 | 13 |
Pacific Gas And Electric Company [Member] | ' | ' | ' | ' |
Pension and other postretirement benefit plans obligations tax | $0 | $3 | $0 | $9 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $139 | $296 |
Restricted cash | 299 | 301 |
Accounts receivable | ' | ' |
Customers (net of allowance for doubtful accounts of $68 and $80 at respective dates) | 1,121 | 1,091 |
Accrued unbilled revenue | 865 | 766 |
Regulatory balancing accounts | 1,955 | 1,124 |
Other | 328 | 312 |
Regulatory assets | 391 | 448 |
Inventories | ' | ' |
Gas stored underground and fuel oil | 189 | 137 |
Materials and supplies | 308 | 317 |
Income taxes receivable | 177 | 574 |
Other | 299 | 611 |
Total current assets | 6,071 | 5,977 |
Property, Plant, and Equipment | ' | ' |
Electric | 44,297 | 42,881 |
Gas | 15,285 | 14,379 |
Construction work in progress | 2,305 | 1,834 |
Other | 2 | 2 |
Total property, plant, and equipment | 61,889 | 59,096 |
Accumulated depreciation | -18,717 | -17,844 |
Net property, plant, and equipment | 43,172 | 41,252 |
Other Noncurrent Assets | ' | ' |
Regulatory assets | 5,217 | 4,913 |
Nuclear decommissioning trusts | 2,399 | 2,342 |
Income taxes receivable | 93 | 85 |
Other | 932 | 1,036 |
Total other noncurrent assets | 8,641 | 8,376 |
TOTAL ASSETS | 57,884 | 55,605 |
Current Liabilities | ' | ' |
Short-term borrowings | 426 | 1,174 |
Long-term debt, classified as current | 0 | 889 |
Accounts payable | ' | ' |
Trade creditors | 1,192 | 1,293 |
Regulatory balancing accounts | 1,223 | 1,008 |
Other | 425 | 471 |
Disputed claims and customer refunds | 437 | 154 |
Interest payable | 149 | 892 |
Other | 1,874 | 1,612 |
Total current liabilities | 5,726 | 7,493 |
Noncurrent Liabilities | ' | ' |
Long-term debt | 14,555 | 12,717 |
Regulatory liabilities | 6,133 | 5,660 |
Pension and other postretirement benefits | 1,559 | 1,601 |
Asset retirement obligations | 3,570 | 3,539 |
Deferred income taxes | 8,032 | 7,823 |
Other | 2,278 | 2,178 |
Total noncurrent liabilities | 36,127 | 33,518 |
Commitments and Contingencies (Note 10) | ' | ' |
Shareholders' Equity | ' | ' |
Common stock | 10,350 | 9,550 |
Reinvested earnings | 5,403 | 4,742 |
Accumulated other comprehensive income | 26 | 50 |
Total shareholders' equity | 15,779 | 14,342 |
Noncontrolling Interest - Preferred Stock of Subsidiary | 252 | 252 |
Total equity | 16,031 | 14,594 |
TOTAL LIABILITIES AND EQUITY | 57,884 | 55,605 |
Pacific Gas And Electric Company [Member] | ' | ' |
Current Assets | ' | ' |
Cash and cash equivalents | 85 | 65 |
Restricted cash | 299 | 301 |
Accounts receivable | ' | ' |
Customers (net of allowance for doubtful accounts of $68 and $80 at respective dates) | 1,121 | 1,091 |
Accrued unbilled revenue | 865 | 766 |
Regulatory balancing accounts | 1,955 | 1,124 |
Other | 326 | 313 |
Regulatory assets | 391 | 448 |
Inventories | ' | ' |
Gas stored underground and fuel oil | 189 | 137 |
Materials and supplies | 308 | 317 |
Income taxes receivable | 156 | 563 |
Other | 260 | 523 |
Total current assets | 5,955 | 5,648 |
Property, Plant, and Equipment | ' | ' |
Electric | 44,297 | 42,881 |
Gas | 15,285 | 14,379 |
Construction work in progress | 2,305 | 1,834 |
Total property, plant, and equipment | 61,887 | 59,094 |
Accumulated depreciation | -18,715 | -17,843 |
Net property, plant, and equipment | 43,172 | 41,251 |
Other Noncurrent Assets | ' | ' |
Regulatory assets | 5,217 | 4,913 |
Nuclear decommissioning trusts | 2,399 | 2,342 |
Income taxes receivable | 88 | 81 |
Other | 834 | 814 |
Total other noncurrent assets | 8,538 | 8,150 |
TOTAL ASSETS | 57,665 | 55,049 |
Current Liabilities | ' | ' |
Short-term borrowings | 426 | 914 |
Long-term debt, classified as current | 0 | 539 |
Accounts payable | ' | ' |
Trade creditors | 1,192 | 1,293 |
Regulatory balancing accounts | 1,223 | 1,008 |
Other | 440 | 432 |
Disputed claims and customer refunds | 437 | 154 |
Interest payable | 148 | 887 |
Other | 1,686 | 1,382 |
Total current liabilities | 5,552 | 6,609 |
Noncurrent Liabilities | ' | ' |
Long-term debt | 14,205 | 12,717 |
Regulatory liabilities | 6,133 | 5,660 |
Pension and other postretirement benefits | 1,485 | 1,530 |
Asset retirement obligations | 3,570 | 3,539 |
Deferred income taxes | 8,215 | 8,042 |
Other | 2,240 | 2,111 |
Total noncurrent liabilities | 35,848 | 33,599 |
Commitments and Contingencies (Note 10) | ' | ' |
Shareholders' Equity | ' | ' |
Preferred stock | 258 | 258 |
Common stock | 1,322 | 1,322 |
Additional paid-in capital | 6,521 | 5,821 |
Reinvested earnings | 8,151 | 7,427 |
Accumulated other comprehensive income | 13 | 13 |
Total shareholders' equity | 16,265 | 14,841 |
TOTAL LIABILITIES AND EQUITY | $57,665 | $55,049 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $68 | $80 |
Common stock, par value | $0 | $0 |
Common stock, shares authorized | 800,000,000 | 800,000,000 |
Common stock, shares outstanding | 474,534,357 | 456,670,424 |
Pacific Gas And Electric Company [Member] | ' | ' |
Allowance for doubtful accounts | $68 | $80 |
Common stock, par value | $5 | $5 |
Common stock, shares authorized | 800,000,000 | 800,000,000 |
Common stock, shares outstanding | 264,374,809 | 264,374,809 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash Flows from Operating Activities | ' | ' |
Net income | $1,315 | $738 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation, amortization, and decommissioning | 1,766 | 1,542 |
Allowance for equity funds used during construction | -72 | -78 |
Deferred income taxes and tax credits, net | 209 | 527 |
PSEP disallowed capital expenditures | 0 | 196 |
Other | 258 | 274 |
Effect of changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -177 | -160 |
Inventories | -43 | -56 |
Accounts payable | -57 | 84 |
Income taxes receivable/payable | 397 | -133 |
Other current assets and liabilities | 358 | -269 |
Regulatory assets, liabilities, and balancing accounts, net | -994 | 12 |
Other noncurrent assets and liabilities | -3 | 156 |
Net cash provided by operating activities | 2,957 | 2,833 |
Cash Flows from Investing Activities | ' | ' |
Capital expenditures | -3,564 | -3,881 |
Decrease in restricted cash | 2 | 29 |
Proceeds from sales and maturities of nuclear decommissioning trust investments | 1,059 | 1,152 |
Purchases of nuclear decommissioning trust investments | -1,065 | -1,150 |
Other | 107 | 37 |
Net cash used in investing activities | -3,461 | -3,813 |
Cash Flows from Financing Activities | ' | ' |
Borrowings under revolving credit facilities | 0 | 140 |
Repayments under revolving credit facilities | -260 | 0 |
Net issuances (repayments) of commercial paper, net of discount of $1 at respective dates | -789 | 322 |
Proceeds from issuance of short-term debt, net of issuance costs | 300 | 0 |
Proceeds from issuance of long-term debt, net of premium, discount, and issuance costs of $6 and $9 for PG&E Corporation and $3 and $9 for the Utility, at respective dates | 1,819 | 741 |
Repayments of long-term debt | -889 | -461 |
Common stock issued | 743 | 724 |
Common stock dividends paid | -617 | -583 |
Other | 40 | -23 |
Net cash provided by financing activities | 347 | 860 |
Net change in cash and cash equivalents | -157 | -120 |
Cash and cash equivalents at January 1 | 296 | 401 |
Cash and cash equivalents at September 30 | 139 | 281 |
Cash received (paid) for: | ' | ' |
Interest, net of amounts capitalized | -516 | -499 |
Income taxes, net | 409 | -65 |
Supplemental disclosures of noncash investing and financing activities | ' | ' |
Common stock dividends declared but not yet paid | 216 | 204 |
Capital expenditures financed through accounts payable | 232 | 277 |
Noncash common stock issuances | 16 | 17 |
Terminated capital leases | 71 | 0 |
Pacific Gas And Electric Company [Member] | ' | ' |
Cash Flows from Operating Activities | ' | ' |
Net income | 1,271 | 728 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation, amortization, and decommissioning | 1,765 | 1,542 |
Allowance for equity funds used during construction | -72 | -78 |
Deferred income taxes and tax credits, net | 173 | 545 |
PSEP disallowed capital expenditures | 0 | 196 |
Other | 212 | 231 |
Effect of changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -174 | -162 |
Inventories | -43 | -56 |
Accounts payable | -3 | 125 |
Income taxes receivable/payable | 407 | -154 |
Other current assets and liabilities | 366 | -250 |
Regulatory assets, liabilities, and balancing accounts, net | -994 | 12 |
Other noncurrent assets and liabilities | 6 | 147 |
Net cash provided by operating activities | 2,914 | 2,826 |
Cash Flows from Investing Activities | ' | ' |
Capital expenditures | -3,564 | -3,881 |
Decrease in restricted cash | 2 | 29 |
Proceeds from sales and maturities of nuclear decommissioning trust investments | 1,059 | 1,152 |
Purchases of nuclear decommissioning trust investments | -1,065 | -1,150 |
Other | 22 | 14 |
Net cash used in investing activities | -3,546 | -3,836 |
Cash Flows from Financing Activities | ' | ' |
Net issuances (repayments) of commercial paper, net of discount of $1 at respective dates | -789 | 322 |
Proceeds from issuance of short-term debt, net of issuance costs | 300 | 0 |
Proceeds from issuance of long-term debt, net of premium, discount, and issuance costs of $6 and $9 for PG&E Corporation and $3 and $9 for the Utility, at respective dates | 1,472 | 741 |
Repayments of long-term debt | -539 | -461 |
Preferred stock dividends paid | -10 | -10 |
Common stock dividends paid | -537 | -537 |
Equity contribution | 705 | 835 |
Other | 50 | -14 |
Net cash provided by financing activities | 652 | 876 |
Net change in cash and cash equivalents | 20 | -134 |
Cash and cash equivalents at January 1 | 65 | 194 |
Cash and cash equivalents at September 30 | 85 | 60 |
Cash received (paid) for: | ' | ' |
Interest, net of amounts capitalized | -500 | -487 |
Income taxes, net | 408 | -86 |
Supplemental disclosures of noncash investing and financing activities | ' | ' |
Capital expenditures financed through accounts payable | 232 | 277 |
Terminated capital leases | $71 | $0 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements Of Cash Flows (Parenthetical) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Discount on net issuances of commercial paper | $1 | $1 |
Premium, discount, and issuance costs on proceeds from long-term debt | 6 | 9 |
Pacific Gas And Electric Company [Member] | ' | ' |
Discount on net issuances of commercial paper | 1 | 1 |
Premium, discount, and issuance costs on proceeds from long-term debt | $3 | $9 |
Organization_And_Basis_Of_Pres
Organization And Basis Of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Organization And Basis Of Presentation | ' |
NOTE 1: ORGANIZATION AND BASIS OF PRESENTATION | |
PG&E Corporation is a holding company whose primary operating subsidiary is Pacific Gas and Electric Company, a public utility operating in northern and central California. The Utility generates revenues mainly through the sale and delivery of electricity and natural gas to customers. The Utility is primarily regulated by the CPUC and the FERC. In addition, the NRC oversees the licensing, construction, operation, and decommissioning of the Utility's nuclear generation facilities. | |
This quarterly report on Form 10-Q is a combined report of PG&E Corporation and the Utility. PG&E Corporation's Condensed Consolidated Financial Statements include the accounts of PG&E Corporation, the Utility, and subsidiaries. The Utility's Condensed Consolidated Financial Statements include the accounts of the Utility and its subsidiaries. All intercompany balances and transactions have been eliminated. The Notes to the Condensed Consolidated Financial Statements apply to both PG&E Corporation and the Utility unless described otherwise. PG&E Corporation and the Utility operate in one segment. | |
The accompanying Condensed Consolidated Financial Statements have been prepared in conformity with GAAP and in accordance with the interim period reporting requirements of Form 10-Q and reflect all adjustments (consisting only of normal recurring adjustments) that management believes are necessary for the fair presentation of PG&E Corporation and the Utility's financial condition, results of operations, and cash flows for the periods presented. The information at December 31, 2013 in the Condensed Consolidated Balance Sheets included in this quarterly report was derived from the audited Consolidated Balance Sheets in the 2013 Annual Report. This quarterly report should be read in conjunction with the 2013 Annual Report. | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions based on a wide range of factors, including future regulatory decisions and economic conditions, that are difficult to predict. Some of the more critical estimates and assumptions relate to the Utility's regulatory assets and liabilities, legal and regulatory contingencies, environmental remediation liabilities, asset retirement obligations, and pension and other postretirement benefit plans obligations. Management believes that its estimates and assumptions reflected in the Condensed Consolidated Financial Statements are appropriate and reasonable. Actual results could differ materially from those estimates. | |
New_And_Significant_Accounting
New And Significant Accounting Policies | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
New And Significant Accounting Policies | ' | |||||||||||||
NOTE 2: SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||
The significant accounting policies used by PG&E Corporation and the Utility are discussed in Note 2 of the Notes to the Consolidated Financial Statements in the 2013 Annual Report. | ||||||||||||||
Variable Interest Entities | ||||||||||||||
A VIE is an entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support from other parties, or whose equity investors lack any characteristics of a controlling financial interest. An enterprise that has a controlling financial interest in a VIE is a primary beneficiary and is required to consolidate the VIE. | ||||||||||||||
Some of the counterparties to the Utility's power purchase agreements are considered VIEs. Each of these VIEs was designed to own a power plant that would generate electricity for sale to the Utility. To determine whether the Utility was the primary beneficiary of any of these VIEs at September 30, 2014, it assessed whether it absorbs any of the VIE's expected losses or receives any portion of the VIE's expected residual returns under the terms of the power purchase agreement, analyzed the variability in the VIE's gross margin, and considered whether it had any decision-making rights associated with the activities that are most significant to the VIE's performance, such as dispatch rights and operating and maintenance activities. The Utility's financial obligation is limited to the amount the Utility pays for delivered electricity and capacity. The Utility did not have any decision-making rights associated with any of the activities that are most significant to the economic performance of any of these VIEs. Since the Utility was not the primary beneficiary of any of these VIEs at September 30, 2014, it did not consolidate any of them. | ||||||||||||||
PG&E Corporation affiliates previously entered into four tax equity agreements to fund residential and commercial retail solar energy installations with four separate privately held funds that were considered VIEs. On July 2, 2014, PG&E Corporation disposed of its interest in the tax equity agreements and has no remaining commitment to fund these agreements. | ||||||||||||||
Pension and Other Postretirement Benefits | ||||||||||||||
PG&E Corporation and the Utility provide a non-contributory defined benefit pension plan for eligible employees, as well as contributory postretirement medical plans for retirees and their eligible dependents, and non-contributory postretirement life insurance plans for eligible employees and retirees. | ||||||||||||||
The net periodic benefit costs reflected in PG&E Corporation's Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2014 and 2013 were as follows: | ||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||
Three Months Ended September 30, | ||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Service cost for benefits earned | $ | 92 | $ | 121 | $ | 12 | $ | 14 | ||||||
Interest cost | 175 | 158 | 19 | 19 | ||||||||||
Expected return on plan assets | (202 | ) | (162 | ) | (25 | ) | (20 | ) | ||||||
Amortization of prior service cost | 5 | 5 | 6 | 6 | ||||||||||
Amortization of net actuarial loss | 1 | 28 | 1 | 1 | ||||||||||
Net periodic benefit cost | 71 | 150 | 13 | 20 | ||||||||||
Transfer from (to) regulatory account (1) | 13 | (66 | ) | - | - | |||||||||
Total | $ | 84 | $ | 84 | $ | 13 | $ | 20 | ||||||
(1) The Utility recorded these amounts to a regulatory account since they are probable of recovery from, or refund to, customers in future rates. | ||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||
Nine Months Ended September 30, | ||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Service cost for benefits earned | $ | 287 | $ | 351 | $ | 34 | $ | 40 | ||||||
Interest cost | 521 | 470 | 57 | 56 | ||||||||||
Expected return on plan assets | (605 | ) | (487 | ) | (77 | ) | (60 | ) | ||||||
Amortization of prior service cost | 15 | 15 | 17 | 17 | ||||||||||
Amortization of net actuarial loss | 2 | 83 | 2 | 4 | ||||||||||
Net periodic benefit cost | 220 | 432 | 33 | 57 | ||||||||||
Transfer from (to) regulatory account (1) | 31 | (179 | ) | - | - | |||||||||
Total | $ | 251 | $ | 253 | $ | 33 | $ | 57 | ||||||
(1) The Utility recorded these amounts to a regulatory account since they are probable of recovery from, or refund to, customers in future rates. | ||||||||||||||
There was no material difference between PG&E Corporation and the Utility for the information disclosed above. | ||||||||||||||
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | ||||||||||||||
The changes, net of income tax, in PG&E Corporation's accumulated other comprehensive income (loss) are summarized below: | ||||||||||||||
Pension | Other | Other | ||||||||||||
Benefits | Benefits | Investments | Total | |||||||||||
(in millions, net of income tax) | Three Months Ended September 30, 2014 | |||||||||||||
Beginning balance | $ | (7 | ) | $ | 15 | $ | 36 | $ | 44 | |||||
Other comprehensive income before reclassifications: | ||||||||||||||
Loss on investments (net of taxes of $0, $0, and $3, | ||||||||||||||
respectively) | - | - | (4 | ) | (4 | ) | ||||||||
Amounts reclassified from other comprehensive income: | ||||||||||||||
Amortization of prior service cost (net of taxes of | ||||||||||||||
$2, $3, and $0, respectively) (1) | 3 | 3 | - | 6 | ||||||||||
Transfer to regulatory account (net of taxes of | ||||||||||||||
$3, $4, and $0, respectively) (1) | (3 | ) | (3 | ) | - | (6 | ) | |||||||
Realized gain on investments (net of taxes of | ||||||||||||||
$0, $0, and $10, respectively) | - | - | (14 | ) | (14 | ) | ||||||||
Net current period other comprehensive loss | - | - | -18 | -18 | ||||||||||
Ending balance | $ | -7 | $ | 15 | $ | 18 | $ | 26 | ||||||
(1) These components are included in the computation of net periodic pension and other postretirement benefit costs. (See the “Pension and Other Postretirement Benefits” table above for additional details.) | ||||||||||||||
Pension | Other | Other | ||||||||||||
Benefits | Benefits | Investments | Total | |||||||||||
(in millions, net of income tax) | Three Months Ended September 30, 2013 | |||||||||||||
Beginning balance | $ | (28 | ) | $ | (69 | ) | $ | 26 | $ | (71 | ) | |||
Other comprehensive income before reclassifications: | ||||||||||||||
Loss on investments (net of taxes of $0, $0, and $2, | ||||||||||||||
respectively) | - | - | (3 | ) | (3 | ) | ||||||||
Amounts reclassified from other comprehensive income: (1) | ||||||||||||||
Amortization of prior service cost (net of taxes of | ||||||||||||||
$2, $3, and $0, respectively) | 3 | 3 | - | 6 | ||||||||||
Amortization of net actuarial loss (net of taxes of | ||||||||||||||
$11, $0, and $0, respectively) | 17 | 1 | - | 18 | ||||||||||
Transfer to regulatory account (net of taxes of | ||||||||||||||
$13, $0, and $0, respectively) | (20 | ) | - | - | (20 | ) | ||||||||
Net current period other comprehensive income (loss) | - | 4 | -3 | 1 | ||||||||||
Ending balance | $ | -28 | $ | -65 | $ | 23 | $ | -70 | ||||||
(1) These components are included in the computation of net periodic pension and other postretirement benefit costs. (See the “Pension and Other Postretirement Benefits” table above for additional details.) | ||||||||||||||
Pension | Other | Other | ||||||||||||
Benefits | Benefits | Investments | Total | |||||||||||
(in millions, net of income tax) | Nine Months Ended September 30, 2014 | |||||||||||||
Beginning balance | $ | (7 | ) | $ | 15 | $ | 42 | $ | 50 | |||||
Other comprehensive income before reclassifications: | ||||||||||||||
Gain on investments (net of taxes of $0, $0, and $4, | ||||||||||||||
respectively) | - | - | 6 | 6 | ||||||||||
Amounts reclassified from other comprehensive income: | ||||||||||||||
Amortization of prior service cost (net of taxes of | ||||||||||||||
$6, $7, and $0, respectively) (1) | 9 | 10 | - | 19 | ||||||||||
Amortization of net actuarial loss (net of taxes of | ||||||||||||||
$1, $1, and $0, respectively) (1) | 1 | 1 | - | 2 | ||||||||||
Transfer to regulatory account (net of taxes of | ||||||||||||||
$7, $8, and $0, respectively) (1) | (10 | ) | (11 | ) | - | (21 | ) | |||||||
Realized gain on investments (net of taxes of | ||||||||||||||
$0, $0, and $20, respectively) | - | - | (30 | ) | (30 | ) | ||||||||
Net current period other comprehensive loss | - | - | -24 | -24 | ||||||||||
Ending balance | $ | -7 | $ | 15 | $ | 18 | $ | 26 | ||||||
(1) These components are included in the computation of net periodic pension and other postretirement benefit costs. (See the “Pension and Other Postretirement Benefits” table above for additional details.) | ||||||||||||||
Pension | Other | Other | ||||||||||||
Benefits | Benefits | Investments | Total | |||||||||||
(in millions, net of income tax) | Nine Months Ended September 30, 2013 | |||||||||||||
Beginning balance | $ | (28 | ) | $ | (77 | ) | $ | 4 | $ | (101 | ) | |||
Other comprehensive income before reclassifications: | ||||||||||||||
Gain on investments (net of taxes of $0, $0, and $13, | ||||||||||||||
respectively) | - | - | 19 | 19 | ||||||||||
Amounts reclassified from other comprehensive income: (1) | ||||||||||||||
Amortization of prior service cost (net of taxes of | ||||||||||||||
$6, $8, and $0, respectively) | 9 | 9 | - | 18 | ||||||||||
Amortization of net actuarial loss (net of taxes of | ||||||||||||||
$34, $1, and $0, respectively) | 49 | 3 | - | 52 | ||||||||||
Transfer to regulatory account (net of taxes of | ||||||||||||||
$39, $0, and $0, respectively) | (58 | ) | - | - | (58 | ) | ||||||||
Net current period other comprehensive income | - | 12 | 19 | 31 | ||||||||||
Ending balance | $ | -28 | $ | -65 | $ | 23 | $ | -70 | ||||||
(1) These components are included in the computation of net periodic pension and other postretirement benefit costs. (See the “Pension and Other Postretirement Benefits” table above for additional details.) | ||||||||||||||
There was no material difference between PG&E Corporation and the Utility for the information disclosed above, with the exception of other investments which are held by PG&E Corporation. | ||||||||||||||
Accounting Standards Issued But Not Yet Adopted | ||||||||||||||
Revenue Recognition Standard | ||||||||||||||
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, which amends existing revenue recognition guidance. The accounting standards update will be effective on January 1, 2017. PG&E Corporation and the Utility are currently evaluating the impact the guidance will have on their consolidated financial statements and related disclosures. |
Regulatory_Assets_Liabilities_
Regulatory Assets, Liabilities, And Balancing Accounts | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Regulatory Assets, Liabilities, And Balancing Accounts | ' | |||||
NOTE 3: REGULATORY ASSETS, LIABILITIES, AND BALANCING ACCOUNTS | ||||||
Regulatory Assets | ||||||
Long-term regulatory assets are composed of the following: | ||||||
Balance at | ||||||
September 30, | December 31, | |||||
(in millions) | 2014 | 2013 | ||||
Pension benefits | $ | 1,397 | $ | 1,444 | ||
Deferred income taxes | 2,269 | 1,835 | ||||
Utility retained generation | 468 | 503 | ||||
Environmental compliance costs | 714 | 628 | ||||
Price risk management | 83 | 106 | ||||
Electromechanical meters | 87 | 135 | ||||
Unamortized loss, net of gain, on reacquired debt | 118 | 135 | ||||
Other | 81 | 127 | ||||
Total long-term regulatory assets | $ | 5,217 | $ | 4,913 | ||
Regulatory Liabilities | ||||||
Long-term regulatory liabilities are composed of the following: | ||||||
Balance at | ||||||
September 30, | December 31, | |||||
(in millions) | 2014 | 2013 | ||||
Cost of removal obligations | $ | 4,144 | $ | 3,844 | ||
Recoveries in excess of asset retirement obligations | 687 | 748 | ||||
Public purpose programs | 705 | 587 | ||||
Other | 597 | 481 | ||||
Total long-term regulatory liabilities | $ | 6,133 | $ | 5,660 | ||
Regulatory Balancing Accounts | ||||||
The Utility's recovery of revenue requirements and costs is generally decoupled from the volume of sales. The Utility tracks (1) differences between the Utility's authorized revenue requirement and actual customer billings, and (2) differences between incurred costs and customer billings. To the extent these differences are probable of recovery or refund over the next 12 months, the Utility records a current regulatory balancing account receivable or payable. Regulatory balancing accounts that the Utility expects to collect or refund over a period exceeding 12 months are recorded as other noncurrent assets - regulatory assets or noncurrent liabilities - regulatory liabilities, respectively, in the Condensed Consolidated Balance Sheets. | ||||||
The Utility sells and delivers electricity and natural gas. The Utility also administers public purpose programs, primarily related to customer energy efficiency programs. The balancing accounts associated with these items will fluctuate during the year based on seasonal electric and gas usage and the timing of when costs are incurred and customer revenues are collected. | ||||||
The balancing accounts reflect the impacts of the final decision in the Utility's 2014 GRC that was issued by the CPUC on August 14, 2014. | ||||||
Current regulatory balancing accounts receivable and payable are composed of the following: | ||||||
Receivable | ||||||
Balance at | ||||||
September 30, | December 31, | |||||
(in millions) | 2014 | 2013 | ||||
Electric distribution | $ | 173 | $ | 102 | ||
Utility generation | 162 | 57 | ||||
Gas distribution | 549 | 70 | ||||
Energy procurement | 633 | 410 | ||||
Public purpose programs | 106 | 56 | ||||
Other | 332 | 429 | ||||
Total regulatory balancing accounts receivable | $ | 1,955 | $ | 1,124 | ||
Payable | ||||||
Balance at | ||||||
September 30, | December 31, | |||||
(in millions) | 2014 | 2013 | ||||
Energy procurement | $ | 286 | $ | 298 | ||
Public purpose programs | 157 | 171 | ||||
Other (1) | 780 | 539 | ||||
Total regulatory balancing accounts payable | $ | 1,223 | $ | 1,008 | ||
(1) At September 30, 2014, Other regulatory balancing accounts payable mostly includes energy supplier settlements. (See Note 9 Resolution of Remaining Chapter 11 Disputed Claims for additional details.) |
Debt
Debt | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Debt | ' | ||||||||||||||||
NOTE 4: DEBT | |||||||||||||||||
Senior Notes | |||||||||||||||||
The following senior notes were issued during 2014: | |||||||||||||||||
Issuance | Principal | Maturity | |||||||||||||||
(in millions) | Date | Amount | Date | ||||||||||||||
PG&E Corporation | |||||||||||||||||
2.40% Senior Notes | Feb-14 | $ | 350 | -1 | 1-Mar-19 | ||||||||||||
Utility | |||||||||||||||||
Floating Rate Senior Notes | May-14 | 300 | -2 | 11-May-15 | |||||||||||||
3.75% Senior Notes | Feb-14 | 450 | -3 | 15-Feb-24 | |||||||||||||
3.40% Senior Notes | Aug-14 | 350 | -4 | 15-Aug-24 | |||||||||||||
4.75% Senior Notes | Feb-14 | 450 | -3 | 15-Feb-44 | |||||||||||||
4.75% Senior Notes | Aug-14 | 225 | -4 | 15-Feb-44 | |||||||||||||
Total senior note issuances | $ | 2,125 | |||||||||||||||
(1) The proceeds were used to repay the 5.75% Senior Notes, in the principal outstanding amount of $350 million. | |||||||||||||||||
(2) The proceeds were used for general corporate purposes, including the repayment of a portion of the Utility's outstanding commercial paper. | |||||||||||||||||
(3) The proceeds were used to repay the 4.80% Senior Notes, in the principal outstanding amount of $539 million, to fund capital expenditures, and for general corporate purposes. | |||||||||||||||||
(4) The proceeds were used for general corporate purposes, including the repayment of a portion of the Utility's outstanding commercial paper, and to fund capital expenditures. | |||||||||||||||||
Revolving Credit Facilities and Commercial Paper Program | |||||||||||||||||
In April 2014, PG&E Corporation and the Utility each extended the termination dates of their existing revolving credit facilities by one year from April 1, 2018 to April 1, 2019. PG&E Corporation and the Utility can issue commercial paper up to the maximum amounts of $300 million and $1.75 billion, respectively. PG&E Corporation and the Utility treat the amount of outstanding commercial paper as a reduction to the amount available under their respective revolving credit facilities. | |||||||||||||||||
The following table summarizes PG&E Corporation's and the Utility's outstanding borrowings at September 30, 2014: | |||||||||||||||||
Letters of | |||||||||||||||||
Termination | Facility | Credit | Commercial | Facility | |||||||||||||
(in millions) | Date | Limit | Outstanding | Paper | Availability | ||||||||||||
PG&E Corporation | Apr-19 | $ | 300 | -1 | $ | - | $ | - | $ | 300 | |||||||
Utility | Apr-19 | 3,000 | -2 | 84 | 126 | 2,790 | |||||||||||
Total revolving | |||||||||||||||||
credit facilities | $ | 3,300 | $ | 84 | $ | 126 | $ | 3,090 | |||||||||
(1) Includes a $100 million sublimit for letters of credit and a $100 million commitment for loans that are made available on a same-day basis and are repayable in full within 7 days. | |||||||||||||||||
(2) Includes a $1.0 billion sublimit for letters of credit and a $300 million commitment for loans that are made available on a same-day basis and are repayable in full within 7 days. | |||||||||||||||||
Pollution Control Bonds | |||||||||||||||||
At September 30, 2014, the interest rates on the $614 million principal amount of pollution control bonds Series 1996 C, E, F, and 1997 B and the related loan agreements ranged from 0.01% to 0.03%. At September 30, 2014, the interest rates on the $309 million principal amount of pollution control bonds Series 2009 A-D and the related loan agreements ranged from 0.01% to 0.03%. |
Equity
Equity | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Equity | ' | ||||||
NOTE 5: EQUITY | |||||||
PG&E Corporation's and the Utility's changes in equity for the nine months ended September 30, 2014 were as follows: | |||||||
PG&E Corporation | Utility | ||||||
Total | Total | ||||||
(in millions) | Equity | Shareholders' Equity | |||||
Balance at December 31, 2013 | $ | 14,594 | $ | 14,841 | |||
Comprehensive income | 1,291 | 1,271 | |||||
Equity contributions | - | 705 | |||||
Common stock issued | 759 | - | |||||
Share-based compensation | 41 | (5 | ) | ||||
Common stock dividends declared | (644 | ) | (537 | ) | |||
Preferred stock dividend requirement | - | (10 | ) | ||||
Preferred stock dividend requirement of subsidiary | (10 | ) | - | ||||
Balance at September 30, 2014 | $ | 16,031 | $ | 16,265 | |||
In February 2014, PG&E Corporation entered into a new equity distribution agreement providing for the sale of PG&E Corporation common stock having an aggregate gross sales price of up to $500 million. During the three and nine months ended September 30, 2014, PG&E Corporation sold 2 million and 11 million shares, respectively, under the February 2014 equity distribution agreement for cash proceeds of $67 million and $496 million, respectively, exhausting the remaining capacity under this agreement. These amounts are net of commissions paid of $1 million and $4 million, respectively. | |||||||
In addition, PG&E Corporation issued common stock under the PG&E Corporation 401(k) plan, the Dividend Reinvestment and Stock Purchase Plan, and share-based compensation plans. During the nine months ended September 30, 2014, 7 million shares were issued for cash proceeds of $247 million under these plans. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Earnings Per Share | ' | |||||||||||
NOTE 6: EARNINGS PER SHARE | ||||||||||||
PG&E Corporation's basic EPS is calculated by dividing the income available for common shareholders by the weighted average number of common shares outstanding. PG&E Corporation applies the treasury stock method of reflecting the dilutive effect of outstanding share-based compensation in the calculation of diluted EPS. The following is a reconciliation of PG&E Corporation's income available for common shareholders and weighted average common shares outstanding for calculating diluted EPS: | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
(in millions, except per share amounts) | 2014 | 2013 | 2014 | 2013 | ||||||||
Income available for common shareholders | $ | 811 | $ | 161 | $ | 1,305 | $ | 728 | ||||
Weighted average common shares outstanding, basic | 472 | 446 | 466 | 441 | ||||||||
Add incremental shares from assumed conversions: | ||||||||||||
Employee share-based compensation | 2 | 1 | 2 | 1 | ||||||||
Weighted average common share outstanding, diluted | 474 | 447 | 468 | 442 | ||||||||
Total earnings per common share, diluted | $ | 1.71 | $ | 0.36 | $ | 2.79 | $ | 1.65 | ||||
For each of the periods presented above, the calculation of outstanding common shares on a diluted basis excluded an insignificant amount of options and securities that were antidilutive. |
Derivatives
Derivatives | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Derivatives | ' | ||||||||||||
NOTE 7: DERIVATIVES | |||||||||||||
The Utility uses both derivative and non-derivative contracts in managing its customers' exposure to commodity-related price risk, including forward contracts, swap agreements, futures contracts, and option contracts. | |||||||||||||
These instruments are not held for speculative purposes and are subject to certain regulatory requirements. Customer rates are designed to recover the Utility's reasonable costs of providing services, including the costs related to price risk management activities. | |||||||||||||
Price risk management activities that meet the definition of derivatives are recorded at fair value on the Condensed Consolidated Balance Sheets. The Utility expects to fully recover in rates all costs related to derivatives as long as the current ratemaking mechanism remains in place and the Utility's price risk management activities are carried out in accordance with CPUC directives. Therefore, all unrealized gains and losses associated with the change in fair value of these derivatives are deferred and recorded within the Utility's regulatory assets and liabilities. (See Note 3 above.) 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 offsets cash collateral paid or cash collateral received against the fair value amounts recognized for derivative instruments executed with the same counterparty under a master netting arrangement where the right of offset and the intention to offset exist. | |||||||||||||
The Utility elects the normal purchase and sale exception for eligible derivatives. Derivatives 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, are eligible for the normal purchase and sale exception. The fair value of derivatives that are eligible for the normal purchase and sales exception are not reflected in the Condensed Consolidated Balance Sheets at fair value, but are accounted for under the accrual method of accounting. Therefore, expenses are recognized as incurred. | |||||||||||||
Volume of Derivative Activity | |||||||||||||
At September 30, 2014, the volumes of the Utility's outstanding derivatives were as follows: | |||||||||||||
Contract Volume (1) | |||||||||||||
1 Year or | 3 Years or | ||||||||||||
Greater but | Greater but | ||||||||||||
Less Than 1 | Less Than 3 | Less Than 5 | 5 Years or | ||||||||||
Underlying Product | Instruments | Year | Years | Years | Greater (2) | ||||||||
Natural Gas (3) | Forwards and | ||||||||||||
(MMBtus (4)) | Swaps | 218,107,731 | 70,621,174 | 3,530,000 | - | ||||||||
Options | 116,213,741 | 62,844,400 | - | - | |||||||||
Electricity | Forwards and | ||||||||||||
(Megawatt-hours) | Swaps | 1,364,184 | 1,956,498 | 1,574,588 | 969,478 | ||||||||
Congestion | |||||||||||||
Revenue Rights | 55,886,532 | 87,533,830 | 41,126,312 | 22,755,431 | |||||||||
(1) Amounts shown reflect the total gross derivative volumes by commodity type that are expected to settle in each period. | |||||||||||||
(2) Derivatives in this category expire between 2019 and 2023. | |||||||||||||
(3) Amounts shown are for the combined positions of the electric fuels and core gas portfolios. | |||||||||||||
(4) Million British Thermal Units. | |||||||||||||
At December 31, 2013, the volumes of the Utility's outstanding derivatives were as follows: | |||||||||||||
Contract Volume (1) | |||||||||||||
1 Year or | 3 Years or | ||||||||||||
Greater but | Greater but | ||||||||||||
Less Than 1 | Less Than 3 | Less Than 5 | 5 Years or | ||||||||||
Underlying Product | Instruments | Year | Years | Years | Greater (2) | ||||||||
Natural Gas (3) | Forwards and | ||||||||||||
(MMBtus (4)) | Swaps | 243,213,288 | 79,735,000 | 8,892,500 | - | ||||||||
Options | 169,123,208 | 87,689,708 | 3,450,000 | - | |||||||||
Electricity | Forwards and | ||||||||||||
(Megawatt-hours) | Swaps | 2,537,023 | 2,009,505 | 2,008,046 | 1,534,695 | ||||||||
Congestion | |||||||||||||
Revenue Rights | 73,510,440 | 83,747,782 | 63,718,517 | 29,945,852 | |||||||||
(1) Amounts shown reflect the total gross derivative volumes by commodity type that are expected to settle in each period. | |||||||||||||
(2) Derivatives in this category expire between 2019 and 2022. | |||||||||||||
(3) Amounts shown are for the combined positions of the electric fuels and core gas portfolios. | |||||||||||||
(4) Million British Thermal Units. | |||||||||||||
Presentation of Derivative Instruments in the Financial Statements | |||||||||||||
Derivatives that are subject to a master netting agreement where the right and the intent to offset assets and liabilities exists, are presented on a net basis in the Condensed Consolidated Balance Sheets. The net balances include outstanding cash collateral associated with derivative positions. | |||||||||||||
At September 30, 2014, the Utility's outstanding derivative balances were as follows: | |||||||||||||
Commodity Risk | |||||||||||||
Gross Derivative | Total Derivative | ||||||||||||
(in millions) | Balance | Netting | Cash Collateral | Balance | |||||||||
Current assets - other | $ | 51 | $ | (6 | ) | $ | 15 | $ | 60 | ||||
Other noncurrent assets - other | 81 | (4 | ) | - | 77 | ||||||||
Current liabilities - other | (57 | ) | 6 | 6 | (45 | ) | |||||||
Noncurrent liabilities - other | (87 | ) | 4 | - | (83 | ) | |||||||
Net commodity risk | $ | -12 | $ | - | $ | 21 | $ | 9 | |||||
At December 31, 2013, the Utility's outstanding derivative balances were as follows: | |||||||||||||
Commodity Risk | |||||||||||||
Gross Derivative | Total Derivative | ||||||||||||
(in millions) | Balance | Netting | Cash Collateral | Balance | |||||||||
Current assets - other | $ | 42 | $ | (10 | ) | $ | 16 | $ | 48 | ||||
Other noncurrent assets - other | 99 | (4 | ) | - | 95 | ||||||||
Current liabilities - other | (122 | ) | 10 | 69 | (43 | ) | |||||||
Noncurrent liabilities - other | (110 | ) | 4 | 2 | (104 | ) | |||||||
Net commodity risk | $ | -91 | $ | - | $ | 87 | $ | -4 | |||||
Gains and losses associated with price risk management activities were recorded as follows: | |||||||||||||
Commodity Risk | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||
Unrealized gain (loss) - regulatory assets and liabilities (1) | $ | (6 | ) | $ | 40 | $ | 79 | $ | 115 | ||||
Realized loss - cost of electricity (2) | (22 | ) | (57 | ) | (48 | ) | (136 | ) | |||||
Realized loss - cost of natural gas (2) | (4 | ) | (2 | ) | (7 | ) | (14 | ) | |||||
Net commodity risk | $ | -32 | $ | -19 | $ | 24 | $ | -35 | |||||
(1) Unrealized gains and losses on commodity risk-related derivative instruments are recorded to regulatory liabilities or assets, respectively, rather than being recorded to the Condensed Consolidated Statements of Income. These amounts exclude the impact of cash collateral postings. | |||||||||||||
(2) These amounts are fully passed through to customers in rates. Accordingly, net income was not impacted by realized amounts on these instruments. | |||||||||||||
The majority of the Utility's derivatives contain collateral posting provisions tied to the Utility's credit rating from each of the major credit rating agencies. At September 30, 2014, the Utility's credit rating was investment grade. | |||||||||||||
If the Utility's credit rating were to fall below investment grade, the Utility would be required to post additional cash immediately to fully collateralize some of its net liability derivative positions. | |||||||||||||
The additional cash collateral that the Utility would be required to post if the credit risk-related contingency features were triggered was as follows: | |||||||||||||
Balance at | |||||||||||||
September 30, | December 31, | ||||||||||||
(in millions) | 2014 | 2013 | |||||||||||
Derivatives in a liability position with credit risk-related | |||||||||||||
contingencies that are not fully collateralized | $ | (22 | ) | $ | (79 | ) | |||||||
Related derivatives in an asset position | 1 | 4 | |||||||||||
Collateral posting in the normal course of business related to | |||||||||||||
these derivatives | 8 | 65 | |||||||||||
Net position of derivative contracts/additional collateral | |||||||||||||
posting requirements (1) | $ | -13 | $ | -10 | |||||||||
(1) This calculation excludes the impact of closed but unpaid positions, as their settlement is not impacted by any of the Utility's credit risk-related contingencies. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Fair Value Measurements | ' | ||||||||||||||
NOTE 8: FAIR VALUE MEASUREMENTS | |||||||||||||||
PG&E Corporation and the Utility measure their cash equivalents, trust assets, price risk management instruments, and other investments at fair value. A three-tier fair value hierarchy is established that prioritizes the inputs to valuation methodologies used to measure fair value: | |||||||||||||||
Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. | |||||||||||||||
Level 2 - Other inputs that are directly or indirectly observable in the marketplace. | |||||||||||||||
Level 3 - Unobservable inputs which are supported by little or no market activities. | |||||||||||||||
The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | |||||||||||||||
Assets and liabilities measured at fair value on a recurring basis for PG&E Corporation and the Utility are summarized below (assets held in rabbi trusts and other investments are held by PG&E Corporation and not the Utility): | |||||||||||||||
Fair Value Measurements | |||||||||||||||
At September 30, 2014 | |||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Netting (1) | Total | ||||||||||
Assets: | |||||||||||||||
Money market investments | $ | 53 | $ | - | $ | - | $ | - | $ | 53 | |||||
Nuclear decommissioning trusts | |||||||||||||||
Money market investments | 16 | - | - | - | 16 | ||||||||||
U.S. equity securities | 1,118 | 12 | - | - | 1,130 | ||||||||||
Non-U.S. equity securities | 432 | 1 | - | - | 433 | ||||||||||
U.S. government and agency securities | 745 | 164 | - | - | 909 | ||||||||||
Municipal securities | - | 54 | - | - | 54 | ||||||||||
Other fixed-income securities | - | 163 | - | - | 163 | ||||||||||
Total nuclear decommissioning trusts (2) | 2,311 | 394 | - | - | 2,705 | ||||||||||
Price risk management instruments | |||||||||||||||
(Note 7) | |||||||||||||||
Electricity | 1 | 29 | 95 | 5 | 130 | ||||||||||
Gas | 3 | 4 | - | - | 7 | ||||||||||
Total price risk management instruments | 4 | 33 | 95 | 5 | 137 | ||||||||||
Rabbi trusts | |||||||||||||||
Fixed-income securities | - | 41 | - | - | 41 | ||||||||||
Life insurance contracts | - | 71 | - | - | 71 | ||||||||||
Total rabbi trusts | - | 112 | - | - | 112 | ||||||||||
Long-term disability trust | |||||||||||||||
Money market investments | 4 | - | - | - | 4 | ||||||||||
U.S. equity securities | - | 9 | - | - | 9 | ||||||||||
Non-U.S. equity securities | - | 12 | - | - | 12 | ||||||||||
Fixed-income securities | - | 107 | - | - | 107 | ||||||||||
Total long-term disability trust | 4 | 128 | - | - | 132 | ||||||||||
Other investments | 36 | - | - | - | 36 | ||||||||||
Total assets | $ | 2,408 | $ | 667 | $ | 95 | $ | 5 | $ | 3,175 | |||||
Liabilities: | |||||||||||||||
Price risk management instruments | |||||||||||||||
(Note 7) | |||||||||||||||
Electricity | $ | 9 | $ | 17 | $ | 115 | $ | (16 | ) | $ | 125 | ||||
Gas | 3 | - | - | - | 3 | ||||||||||
Total liabilities | $ | 12 | $ | 17 | $ | 115 | $ | -16 | $ | 128 | |||||
(1) Includes the effect of the contractual ability to settle contracts under master netting agreements and margin cash collateral. | |||||||||||||||
(2) Represents amount before deducting $306 million, primarily related to deferred taxes on appreciation of investment value. | |||||||||||||||
Fair Value Measurements | |||||||||||||||
At December 31, 2013 | |||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Netting (1) | Total | ||||||||||
Assets: | |||||||||||||||
Money market investments | $ | 226 | $ | - | $ | - | $ | - | $ | 226 | |||||
Nuclear decommissioning trusts | |||||||||||||||
Money market investments | 38 | - | - | - | 38 | ||||||||||
U.S. equity securities | 1,046 | 11 | - | - | 1,057 | ||||||||||
Non-U.S. equity securities | 457 | - | - | - | 457 | ||||||||||
U.S. government and agency securities | 760 | 156 | - | - | 916 | ||||||||||
Municipal securities | - | 25 | - | - | 25 | ||||||||||
Other fixed-income securities | - | 162 | - | - | 162 | ||||||||||
Total nuclear decommissioning trusts (2) | 2,301 | 354 | - | - | 2,655 | ||||||||||
Price risk management instruments | |||||||||||||||
(Note 7) | |||||||||||||||
Electricity | 2 | 27 | 107 | 3 | 139 | ||||||||||
Gas | - | 5 | - | (1 | ) | 4 | |||||||||
Total price risk management instruments | 2 | 32 | 107 | 2 | 143 | ||||||||||
Rabbi trusts | |||||||||||||||
Fixed-income securities | - | 39 | - | - | 39 | ||||||||||
Life insurance contracts | - | 70 | - | - | 70 | ||||||||||
Total rabbi trusts | - | 109 | - | - | 109 | ||||||||||
Long-term disability trust | |||||||||||||||
Money market investments | 9 | - | - | - | 9 | ||||||||||
U.S. equity securities | - | 14 | - | - | 14 | ||||||||||
Non-U.S. equity securities | - | 12 | - | - | 12 | ||||||||||
Fixed-income securities | - | 122 | - | - | 122 | ||||||||||
Total long-term disability trust | 9 | 148 | - | - | 157 | ||||||||||
Other investments | 84 | - | - | - | 84 | ||||||||||
Total assets | $ | 2,622 | $ | 643 | $ | 107 | $ | 2 | $ | 3,374 | |||||
Liabilities: | |||||||||||||||
Price risk management instruments | |||||||||||||||
(Note 7) | |||||||||||||||
Electricity | $ | 19 | $ | 72 | $ | 137 | $ | (84 | ) | $ | 144 | ||||
Gas | 1 | 3 | - | (1 | ) | 3 | |||||||||
Total liabilities | $ | 20 | $ | 75 | $ | 137 | $ | -85 | $ | 147 | |||||
(1) Includes the effect of the contractual ability to settle contracts under master netting agreements and margin cash collateral. | |||||||||||||||
(2) Represents amount before deducting $313 million, primarily related to deferred taxes on appreciation of investment value. | |||||||||||||||
Valuation Techniques | |||||||||||||||
The following describes the valuation techniques used to measure the fair value of the assets and liabilities shown in the tables above. Investments, primarily consisting of equity securities, that are valued using a net asset value per share can be redeemed quarterly with notice not to exceed 90 days. Equity investments valued at net asset value per share utilize investment strategies aimed at matching the performance of indexed funds. Transfers between levels in the fair value hierarchy are recognized as of the end of the reporting period. There were no material transfers between any levels for the nine months ended September 30, 2014 and 2013. | |||||||||||||||
Trust Assets | |||||||||||||||
Nuclear decommissioning trust assets and other trust assets are composed primarily of equity securities, debt securities, and life insurance policies. In general, investments held in the trusts are exposed to various risks, such as interest rate, credit, and market volatility risks. | |||||||||||||||
Equity securities primarily include investments in common stock that are valued based on quoted prices in active markets and are classified as Level 1. Equity securities also include commingled funds that are composed of equity securities traded publicly on exchanges across multiple industry sectors in the U.S. and other regions of the world. Investments in these funds are classified as Level 2 because price quotes are readily observable and available. | |||||||||||||||
Debt securities are primarily composed of U.S. government and agency securities, municipal securities, and other fixed-income securities, including corporate debt securities. U.S. government and agency securities primarily consist of U.S. Treasury securities that are classified as Level 1 because the fair value is determined by observable market prices in active markets. A market approach is generally used to estimate the fair value of debt securities classified as Level 2 using evaluated pricing data such as broker quotes, for similar securities adjusted for observable differences. Significant inputs used in the valuation model generally include benchmark yield curves and issuer spreads. The external credit ratings, coupon rate, and maturity of each security are considered in the valuation model, as applicable. | |||||||||||||||
Price Risk Management Instruments | |||||||||||||||
Price risk management instruments include physical and financial derivative contracts, such as power purchase agreements, forwards, swaps, options, and CRRs that are traded either on an exchange or over-the-counter. | |||||||||||||||
Power purchase agreements, forwards, and swaps are valued using a discounted cash flow model. Exchange-traded forwards and swaps that are valued using observable market forward prices for the underlying commodity are classified as Level 1. Over-the-counter forwards and swaps that are identical to exchange-traded forwards and swaps, or are valued using forward prices from broker quotes that are corroborated with market data are classified as Level 2. Exchange-traded options are valued using observable market data and market-corroborated data and are classified as Level 2. | |||||||||||||||
Long-dated power purchase agreements that are valued using significant unobservable data are classified as Level 3. These Level 3 contracts are valued using either estimated basis adjustments from liquid trading points or techniques, including extrapolation from observable prices, when a contract term extends beyond a period for which market data is available. Market and credit risk management utilizes models to derive pricing inputs for the valuation of the Utility's Level 3 instruments using pricing inputs from brokers and historical data. | |||||||||||||||
The Utility holds CRRs to hedge the financial risk of CAISO-imposed congestion charges in the day-ahead market. CRRs are classified as Level 3 and are valued based on CRR auction prices, including historical prices. Limited market data is available in the CAISO auction and between auction dates; therefore, the Utility uses models to forecast CRR prices for those periods not covered in the auctions. | |||||||||||||||
Level 3 Measurements and Sensitivity Analysis | |||||||||||||||
The Utility's market and credit risk management function, which reports to the Chief Risk Officer of the Utility, is responsible for determining the fair value of the Utility's price risk management derivatives. The Utility's finance and risk management functions collaborate to determine the appropriate fair value methodologies and classification for each derivative. Inputs used and the fair value of Level 3 instruments are reviewed period-over-period and compared with market conditions to determine reasonableness. | |||||||||||||||
Significant increases or decreases in any of those inputs would result in a significantly higher or lower fair value, respectively. All reasonable costs related to Level 3 instruments are expected to be recoverable through customer rates; therefore, there is no impact to net income resulting from changes in the fair value of these instruments. (See Note 7 above.) | |||||||||||||||
Fair Value at | |||||||||||||||
(in millions) | 30-Sep-14 | ||||||||||||||
Fair Value Measurement | Assets | Liabilities | Valuation Technique | Unobservable Input | Range (1) | ||||||||||
Congestion revenue rights | $ | 95 | $ | 28 | Market approach | CRR auction prices | $ | (19.16) - 12.04 | |||||||
Power purchase agreements | $ | - | $ | 87 | Discounted cash flow | Forward prices | $ | 22.54 - 63.45 | |||||||
(1) Represents price per megawatt-hour | |||||||||||||||
Fair Value at | |||||||||||||||
(in millions) | 31-Dec-13 | ||||||||||||||
Fair Value Measurement | Assets | Liabilities | Valuation Technique | Unobservable Input | Range (1) | ||||||||||
Congestion revenue rights | $ | 107 | $ | 32 | Market approach | CRR auction prices | $ | (6.47) - 12.04 | |||||||
Power purchase agreements | $ | - | $ | 105 | Discounted cash flow | Forward prices | $ | 23.43 - 51.75 | |||||||
(1) Represents price per megawatt-hour | |||||||||||||||
Level 3 Reconciliation | |||||||||||||||
The following tables present the reconciliation for Level 3 price risk management instruments for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||
Price Risk Management Instruments | |||||||||||||||
(in millions) | 2014 | 2013 | |||||||||||||
Liability balance as of July 1 | $ | -11 | $ | -76 | |||||||||||
Net realized and unrealized gains: | |||||||||||||||
Included in regulatory assets and liabilities or balancing accounts (1) | (9 | ) | (6 | ) | |||||||||||
Liability balance as of September 30 | $ | -20 | $ | -82 | |||||||||||
(1) The costs related to price risk management activities are recoverable through customer rates, therefore, balancing account revenue is recorded for amounts settled and purchased and there is no impact to net income. Unrealized gains and losses are deferred in regulatory liabilities and assets. | |||||||||||||||
Price Risk Management Instruments | |||||||||||||||
(in millions) | 2014 | 2013 | |||||||||||||
Liability balance as of January 1 | $ | -30 | $ | -79 | |||||||||||
Realized and unrealized gains (losses): | |||||||||||||||
Included in regulatory assets and liabilities or balancing accounts (1) | 10 | (3 | ) | ||||||||||||
Liability balance as of September 30 | $ | -20 | $ | -82 | |||||||||||
(1) The costs related to price risk management activities are recoverable through customer rates, therefore, balancing account revenue is recorded for amounts settled and purchased and there is no impact to net income. Unrealized gains and losses are deferred in regulatory liabilities and assets. | |||||||||||||||
Financial Instruments | |||||||||||||||
PG&E Corporation and the Utility use the following methods and assumptions in estimating fair value for financial instruments: | |||||||||||||||
The fair values of cash, restricted cash, net accounts receivable, short-term borrowings, accounts payable, customer deposits, floating rate senior notes, and the Utility's variable rate pollution control bond loan agreements approximate their carrying values at September 30, 2014 and December 31, 2013, as they are short-term in nature or have interest rates that reset daily. | |||||||||||||||
The fair values of the Utility's fixed-rate senior notes and fixed-rate pollution control bonds and PG&E Corporation's fixed-rate senior notes were based on quoted market prices at September 30, 2014 and December 31, 2013. | |||||||||||||||
The carrying amount and fair value of PG&E Corporation's and the Utility's debt instruments were as follows (the table below excludes financial instruments with carrying values that approximate their fair values): | |||||||||||||||
At September 30, 2014 | At December 31, 2013 | ||||||||||||||
(in millions) | Carrying Amount | Level 2 Fair Value | Carrying Amount | Level 2 Fair Value | |||||||||||
PG&E Corporation | $ | 349 | $ | 351 | $ | 350 | $ | 354 | |||||||
Utility | 13,283 | 14,992 | 12,334 | 13,444 | |||||||||||
Available for Sale Investments | |||||||||||||||
The following table provides a summary of available-for-sale investments: | |||||||||||||||
Total | Total | ||||||||||||||
Amortized | Unrealized | Unrealized | Total Fair | ||||||||||||
(in millions) | Cost | Gains | Losses | Value | |||||||||||
As of September 30, 2014 | |||||||||||||||
Nuclear decommissioning trusts | |||||||||||||||
Money market investments | $ | 16 | $ | - | $ | - | $ | 16 | |||||||
Equity securities | |||||||||||||||
U.S. | 269 | 863 | (2 | ) | 1,130 | ||||||||||
Non-U.S. | 256 | 183 | (6 | ) | 433 | ||||||||||
Debt securities | |||||||||||||||
U.S. government and agency securities | 855 | 57 | (3 | ) | 909 | ||||||||||
Municipal securities | 50 | 4 | - | 54 | |||||||||||
Other fixed-income securities | 163 | 1 | (1 | ) | 163 | ||||||||||
Total nuclear decommissioning trusts (1) | 1,609 | 1,108 | (12 | ) | 2,705 | ||||||||||
Other investments | 5 | 31 | - | 36 | |||||||||||
Total | $ | 1,614 | $ | 1,139 | $ | -12 | $ | 2,741 | |||||||
As of December 31, 2013 | |||||||||||||||
Nuclear decommissioning trusts | |||||||||||||||
Money market investments | $ | 38 | $ | - | $ | - | $ | 38 | |||||||
Equity securities | |||||||||||||||
U.S. | 246 | 811 | - | 1,057 | |||||||||||
Non-U.S. | 215 | 242 | - | 457 | |||||||||||
Debt securities | |||||||||||||||
U.S. government and agency securities | 870 | 51 | (5 | ) | 916 | ||||||||||
Municipal securities | 24 | 2 | (1 | ) | 25 | ||||||||||
Other fixed-income securities | 163 | 1 | (2 | ) | 162 | ||||||||||
Total nuclear decommissioning trusts (1) | 1,556 | 1,107 | (8 | ) | 2,655 | ||||||||||
Other investments | 13 | 71 | - | 84 | |||||||||||
Total | $ | 1,569 | $ | 1,178 | $ | -8 | $ | 2,739 | |||||||
(1) Represents amounts before deducting $306 million and $313 million at September 30, 2014 and December 31, 2013, respectively, primarily related to deferred taxes on appreciation of investment value. | |||||||||||||||
The fair value of debt securities by contractual maturity is as follows: | |||||||||||||||
As of | |||||||||||||||
(in millions) | 30-Sep-14 | ||||||||||||||
Less than 1 year | $ | 27 | |||||||||||||
1-5 years | 483 | ||||||||||||||
5-10 years | 257 | ||||||||||||||
More than 10 years | 359 | ||||||||||||||
Total maturities of debt securities | $ | 1,126 | |||||||||||||
The following table provides a summary of activity for the debt and equity securities: | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
(in millions) | |||||||||||||||
Proceeds from sales and maturities of nuclear decommissioning | |||||||||||||||
trust investments | $ | 182 | $ | 357 | $ | 1,059 | $ | 1,152 | |||||||
Gross realized gains on securities held as available-for-sale | 30 | 7 | 114 | 44 | |||||||||||
Gross realized losses on securities held as available-for-sale | - | (4 | ) | (3 | ) | (10 | ) | ||||||||
Resolution_Of_Remaining_Chapte
Resolution Of Remaining Chapter 11 Disputed Claims | 9 Months Ended |
Sep. 30, 2014 | |
Resolution Of Remaining Chapter 11 Disputed Claims | ' |
NOTE 9: RESOLUTION OF REMAINING CHAPTER 11 DISPUTED CLAIMS | |
Various electricity suppliers filed claims in the Utility's proceeding filed under Chapter 11 of the U.S. Bankruptcy Code seeking payment for energy supplied to the Utility's customers between May 2000 and June 2001. These claims, which the Utility disputes, are being addressed in various FERC and judicial proceedings in which the State of California, the Utility, and other electricity purchasers are seeking refunds from electricity suppliers, including governmental entities, for overcharges incurred in the CAISO and the California Power Exchange wholesale electricity markets during this period. | |
While the FERC and judicial proceedings are pending, the Utility has pursued, and continues to pursue, settlements with electricity suppliers. The Utility has entered into a number of settlement agreements with various electricity suppliers to resolve some of these disputed claims and to resolve the Utility's refund claims against these electricity suppliers. These settlement agreements provide that the amounts payable by the parties are, in some instances, subject to adjustment based on the outcome of the various refund offset and interest issues being considered by the FERC. | |
Any net refunds, claim offsets, or other credits that the Utility receives from electricity suppliers through resolution of the remaining disputed claims, either through settlement or through the conclusion of the various FERC and judicial proceedings, are refunded to customers through rates in future periods. | |
In July 2014, a settlement agreement between the Utility and an electric supplier became effective, resolving a portion of the Utility's disputed claims. The settlement will result in refunds to customers of $312 million and will be returned through rates in future periods. The Utility is uncertain when and how the remaining disputed claims will be resolved. | |
In August 2014, the Utility received a letter from the California Power Exchange clarifying its ultimate intent to offset the Utility's remaining disputed claims principal and interest balances through net settlement. Accordingly, the Utility has presented $437 million of net Disputed claims and customer refunds on the Condensed Consolidated Balance Sheets at September 30, 2014, which includes both principal and interest. At December 31, 2013, the Condensed Consolidated Balance Sheets reflected $154 million of Disputed claims and customer refunds and $710 million of Interest payable. | |
At September 30, 2014 and December 31, 2013 the Utility held $291 million in escrow, including earned interest, for payment of the remaining net disputed claims liability. These amounts are included within restricted cash on the Condensed Consolidated Balance Sheets. |
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Commitments And Contingencies | ' | |||||||||
NOTE 10: COMMITMENTS AND CONTINGENCIES | ||||||||||
PG&E Corporation and the Utility have significant contingencies arising from their operations, including contingencies related to natural gas matters and environmental remediation. The Utility also has substantial financial commitments in connection with agreements entered into to support its operating activities. | ||||||||||
Enforcement and Litigation Matters | ||||||||||
Pending CPUC Investigations | ||||||||||
On September 2, 2014, the assigned CPUC ALJs issued their presiding officer decisions in the three investigative enforcement proceedings pending against the Utility. As previously disclosed in the 2013 Annual Report, these investigations relate to the Utility's natural gas transmission operations and practices and the San Bruno accident that occurred on September 9, 2010. The ALJs determined that the Utility committed approximately 3,700 violations of law, rules and regulations. The ALJs jointly issued a decision (the “Penalty Decision”) calling for total penalties of $1.4 billion on the Utility to address all violations, allocated as follows: (1) $950 million fine to be paid to the State General Fund, (2) $400 million refund to ratepayers of previously authorized revenues, and (3) remedial measures that the ALJs estimate will cost the Utility at least $50 million. The ALJs' decisions are not the final decisions of the CPUC. As described below, the Utility and other parties have appealed these decisions. In addition, three CPUC Commissioners have requested that the CPUC review the decisions. It is possible that one or more Commissioners will issue an alternate penalty decision for consideration by the CPUC. (Two of the five CPUC Commissioners have recused themselves from voting on the final outcome of the investigations.) | ||||||||||
On October 2, 2014, the Utility and other parties, including TURN, ORA, and CCSF filed appeals with the CPUC of the presiding officer decisions. In its appeals, the Utility argues that the penalties imposed and the findings and conclusions on which they are based do not meet applicable legal standards, are based on the misapplication of California law and regulations, and are unconstitutional. The Utility has asked the CPUC to order the Utility to pay a significantly reduced penalty that is reasonable and proportionate in light of the nature of the violations and that takes into account the substantial unrecovered amounts the Utility has already spent and forecasts that it will spend on gas system safety. The Utility requests that it be allowed 180 days to raise the funds it may be ordered to pay to the State General Fund rather than the 40 days specified in the Penalty Decision. The Utility also argues that the entire penalty should go toward funding investments in the Utility's gas transmission system. | ||||||||||
TURN, ORA, and CCSF jointly filed an appeal urging the CPUC to disallow the Utility's recovery of remaining PSEP costs of $877 million and to require the Utility to pay $473 million to the State General Fund. These parties also argue that the record in the investigative proceedings would support an even larger penalty than stated in the Penalty Decision. The City of San Bruno appealed the rejection of its proposals for the appointment of an independent monitor to oversee the Utility's natural gas operations and for the establishment of a pipeline safety trust. On October 27, 2014, the parties filed responses to the various appeals. | ||||||||||
It is uncertain when the outcome of these investigations will be determined. There continues to be significant uncertainty regarding the ultimate form and amount of penalty while the various appeals and requests for review of the presiding officer's decisions are unresolved. The impact on PG&E Corporation's and the Utility's consolidated financial statements will vary depending on the forms and amounts of penalties that are ultimately adopted by the CPUC. Fines payable to the State General Fund or refunds of revenues previously authorized would be charged to net income when it is probable that such penalties will be imposed and the amounts can be reasonably estimated. A disallowance of previously authorized and incurred capital costs would be charged to net income when the disallowance is probable and the amount can be reasonably estimated. (See “Pipeline Safety Enhancement Plan” below.) Penalties in the form of future shareholder-funded pipeline work would be charged to net income in the period during which the actual costs are incurred. | ||||||||||
At September 30, 2014, the Condensed Consolidated Balance Sheets included an accrual of $200 million in other current liabilities for the minimum amount of fines deemed probable. Although the CPUC may impose total penalties on the Utility of $1.4 billion or higher, consistent with the Penalty Decision, the Utility is unable to make a better estimate of probable fines or make a reasonable estimate of probable disallowances or other refunds due to the variety of potential outcomes that could result from the various appeals and Commissioners' requests for review. PG&E Corporation's and the Utility's estimates and the assumptions on which they are based are subject to change as developments in the appeal process occur or if alternate penalty decisions are issued for CPUC consideration. Future changes in estimates or assumptions could have a material impact on future financial condition, results of operations, and cash flows. PG&E Corporation and the Utility believe the final outcome of the investigations will have a material impact on their financial condition, results of operations, and cash flows. | ||||||||||
Federal Criminal Indictment | ||||||||||
On July 30, 2014, the U.S. Attorney's Office for the Northern District of California filed a 28-count superseding criminal indictment against the Utility in federal district court replacing the indictment that had been filed on April 1, 2014. The superseding indictment alleges 27 felony counts (increased from 12 counts alleged in the original indictment) charging that the Utility knowingly and willfully violated minimum safety standards under the Natural Gas Pipeline Safety Act relating to record keeping, pipeline integrity management, and identification of pipeline threats. The superseding indictment also includes one felony count charging that the Utility illegally obstructed the NTSB's investigation of the San Bruno accident. The maximum statutory fine for each felony count is $500,000, for total fines of $14 million. The superseding indictment also seeks an alternative fine under the Alternative Fines Act which states, in part: “If any person derives pecuniary gain from the offense, or if the offense results in pecuniary loss to a person other than the defendant, the defendant may be fined not more than the greater of twice the gross gain or twice the gross loss.” Based on the superseding indictment's allegations that the Utility derived gross gains of approximately $281 million and that the victims suffered losses of approximately $565 million, the maximum alternate fine would be approximately $1.13 billion. | ||||||||||
The Utility entered a plea of not guilty. The Utility continues to believe that criminal charges are not merited and that it did not knowingly and willfully violate minimum safety standards under the Natural Gas Pipeline Safety Act or obstruct the NTSB's investigation, as alleged in the superseding indictment. A status conference is scheduled to be held in court on November 3, 2014. PG&E Corporation and the Utility have not accrued any charges for criminal fines in their condensed consolidated financial statements as such amounts are not considered to be probable. | ||||||||||
Other Enforcement Matters | ||||||||||
PG&E Corporation's and the Utility's financial condition, results of operations, and cash flows also may be affected by the outcome of the following matters. They are unable to reasonably estimate the amount or range of future charges that could be incurred in connection with these matters given the wide discretion the CPUC and the SED have in determining whether to bring enforcement action and the number of factors that can be considered in determining the final penalties. | ||||||||||
Improper CPUC Communications | ||||||||||
In September and October 2014, the Utility notified the CPUC that the Utility believes certain communications between the Utility and CPUC personnel violated the CPUC's rules regarding ex parte communications. Ex parte communications include any communications concerning substantive issues in a formal proceeding before the CPUC, between a decision maker and an interested person, that does not occur in an established public forum or on the record. Some of these communications relate to the 2015 GT&S rate case, in which the Utility has requested a $555 million increase in natural gas transmission and storage revenues effective January 1, 2015. On October 16, 2014, a CPUC ALJ issued a ruling, effective immediately, that bans the Utility from engaging in any oral or written ex parte communications, as well as procedural communications, with Commissioners or their advisors (other than during all-party meetings) regarding the GT&S rate case or any other rate-setting or adjudicatory proceeding before the CPUC, for a one-year period or until the resolution of the GT&S rate case, whichever is later. (The ALJ also issued a PD requesting the CPUC to affirm the ruling.) In addition, the CPUC Commissioner who is assigned to the GT&S rate case issued an alternate PD on October 16, 2014, that, among other provisions, would impose a $1.05 million fine and adopt a ratemaking disallowance of no more than half of the revenue increase, as authorized by a final CPUC decision in the 2015 GT&S rate case, that would have been amortized (collected from ratepayers) over the period between the original planned timing of a final decision (March 2015) and the modified schedule for a final decision. Comments by parties on the PD and alternate PD are due on November 5, 2014. | ||||||||||
Neither the PD nor the alternate PD address the additional ex parte communications that the Utility identified and reported to the CPUC on October 6, 2014. The Utility believes it is probable that CPUC enforcement actions will be taken in connection with these additional ex parte communications. | ||||||||||
In addition, the U.S. Attorney's Office in San Francisco and the California Attorney General's office have begun investigations in connection with these communications. The Utility is cooperating with the federal and state investigators. It is uncertain whether any charges will be brought against the Utility. | ||||||||||
Gas Safety Citation Program | ||||||||||
The SED has authority to issue citations and impose fines on California gas corporations, such as the Utility, for violations of certain state and federal regulations that relate to the safety of natural gas facilities and operating practices. The California gas corporations are required to inform the SED of any self-identified or self-corrected violations of these regulations. The SED has discretion to impose fines or take other enforcement action to address a violation, based on the totality of the circumstances. The SED can consider various factors in determining whether to impose fines and the amount of fines, including the severity of the safety risk associated with each violation, the number and duration of the violations, whether the violation was self-reported, and whether corrective actions were taken. The SED has imposed fines ranging from $50,000 to $16.8 million in connection with several of the Utility's self-reports. As of September 30, 2014, the Utility has submitted 70 self-reports (plus several follow-up reports) that the SED has not yet addressed. Among other reports, in July 2014, the Utility reported that it discovered that, contrary to its procedures, employees who perform work to fuse plastic pipes together had completed only part of their requisite re-qualification. The Utility believes that this issue does not constitute a safety concern as every plastic pipe installed in the field is tested on site and under pressure before being put into service. The Utility has notified the SED that employees who are performing this work have undergone the proper re-qualifications. The Utility believes it is probable that the SED will impose fines or take other enforcement action with respect to some of the Utility's self-reports in the future. | ||||||||||
In addition, the SED has been conducting numerous compliance audits of the Utility's operating practices and has informed the Utility that the SED's audit findings include several allegations of noncompliant practices. It is reasonably possible that the SED will impose fines with respect to its audit findings. The Utility has been taking corrective actions in response to these matters. | ||||||||||
Carmel Incident | ||||||||||
On March 3, 2014, a vacant house in Carmel, California was severely damaged due to a natural gas explosion while the Utility's employees were performing work to upgrade the main natural gas distribution pipeline in the area. There were no injuries or fatalities. A third-party engineering firm hired by the Utility determined that the root cause of the incident was “inadequate verification of system status and configuration when performing work on a live line.” The Utility is implementing the recommendations made by the consultant. The U.S. Attorney's Office is investigating the Carmel incident and the Utility is cooperating with federal investigators. The CPUC and local Carmel officials are also continuing to investigate the incident. The City of Carmel has requested the CPUC to issue an order instituting a formal investigation into whether the Utility violated applicable laws and regulations. The Utility believes it is probable that enforcement actions will be taken in connection with this matter. | ||||||||||
Natural Gas Transmission Pipeline Rights-of-Way | ||||||||||
In 2012, the Utility notified the CPUC and the SED that the Utility planned to complete a system-wide survey of its transmission pipelines in an effort to identify encroachments (such as building structures and vegetation overgrowth) on the Utility's pipeline rights-of-way. The Utility also submitted a proposed compliance plan that set forth the scope and timing of remedial work to remove identified encroachments over a multi-year period and to pay penalties if the proposed milestones were not met. In March 2014, the Utility informed the SED that the survey has been completed and that remediation work, including removal of the encroachments, is expected to continue for several years. The SED has not addressed the Utility's proposed compliance plan, and it is reasonably possible that the SED will impose fines on the Utility or take other enforcement action in the future based on the Utility's failure to continuously survey its system and remove encroachments. | ||||||||||
Kern Power Plant | ||||||||||
On August 28, 2014, the CPUC issued an order instituting a formal investigation into a contract worker fatality that occurred in June 2012 during the dismantling of an unused fuel tank at the Utility's retired Kern power plant in Bakersfield, California. The SED conducted an investigation of the incident and has alleged that the Utility failed to adequately evaluate safety in contract bid proposals; did not provide adequate contractor project safety review and oversight; and neglected to evaluate safer alternatives. The SED also alleged that the Utility failed to conduct a prompt and thorough incident root cause analysis, as requested by the SED, in order to assist in identifying and implementing effective corrective actions to improve safety and reduce the likelihood of future incidents. The CPUC also noted that the SED's investigation into a 2013 incident at the Kern power plant is ongoing. In that incident, a bystander who was observing the demolition of the plant was severely injured by debris from the explosion. | ||||||||||
The Utility and the SED are currently engaged in negotiations to reach a stipulated outcome of this proceeding. The CPUC ALJ has deferred adoption of a procedural schedule to enable the parties to continue to engage in negotiations. Any settlement agreement that may be reached would be submitted to the CPUC for its consideration. The Utility and the SED are scheduled to file a status report with the ALJ on November 3, 2014. It is reasonably possible that fines will be imposed on the Utility in connection with this matter. The CPUC also could order the Utility to comply with additional remedial measures, such as requiring the Utility to correct identified deficiencies and to further improve the safety of its operations. | ||||||||||
Pipeline Safety Enhancement Plan | ||||||||||
On October 16, 2014, a PD was issued that would approve the settlement agreement (submitted in July 2014) among the Utility, the CPUC's ORA and TURN, to resolve the Utility's PSEP Update application (submitted in October 2013). The total PSEP-related revenue requirements (2012-2014) proposed in the settlement agreement reflect a proposed $23 million reduction to expense funding, as compared to the Utility's request. The Utility has recorded a charge against operating revenue to reflect the cumulative impact of this reduction. There would be no reductions to total PSEP capital costs of $766 million requested by the Utility in the PSEP Update application. The Utility previously has recorded cumulative charges of $549 million for PSEP-related capital costs that are expected to exceed the amount to be recovered. At September 30, 2014, approximately $540 million of PSEP-related capital costs is recorded in property, plant, and equipment on the Condensed Consolidated Balance Sheets. The Utility would be required to record charges in future periods to the extent PSEP-related capital costs are higher than currently expected and to the extent the CPUC authorizes total capital costs that are lower than $766 million in its final decision. Comments on the PD are due November 5, 2014. The CPUC will vote on the PD, at the earliest, on November 20, 2014. The Utility's ability to recover PSEP-related costs also could be affected by final decisions issued in the CPUC's pending investigations discussed above. | ||||||||||
Class Action Complaint | ||||||||||
In August 2012, a complaint was filed in the San Francisco Superior Court against PG&E Corporation and the Utility (and other unnamed defendants) by individuals who seek certification of a class consisting of all California residents who were customers of the Utility between 1997 and 2010, with certain exceptions. The plaintiffs alleged that the Utility collected more than $100 million in customer rates from 1997 through 2010 for the purpose of various safety measures and operations projects but instead used the funds for general corporate purposes such as executive compensation and bonuses. The plaintiffs alleged that PG&E Corporation and the Utility engaged in unfair business practices in violation of California state law. The plaintiffs sought restitution and disgorgement, as well as compensatory and punitive damages. In May 2013, the court granted PG&E Corporation's and the Utility's request to dismiss the complaint on the grounds that the CPUC has exclusive jurisdiction to adjudicate the issues raised by the plaintiffs' allegations. In October 2014, the Court of Appeals affirmed the court's ruling to dismiss the complaint. PG&E Corporation and the Utility believe it is remote that any material losses will be incurred in connection with this complaint. | ||||||||||
Other Legal and Regulatory Contingencies | ||||||||||
Accruals for other legal and regulatory contingencies (excluding amounts related to the enforcement and litigation matters described above) totaled $35 million at September 30, 2014 and $43 million at December 31, 2013. These amounts are included in other current liabilities in the Condensed Consolidated Balance Sheets. The resolution of these matters is not expected to have a material impact on PG&E Corporation's and the Utility's financial condition, results of operations, or cash flows. | ||||||||||
Environmental Remediation Contingencies | ||||||||||
The Utility's environmental remediation liability is primarily included in non-current liabilities on the Condensed Consolidated Balance Sheets and is composed of the following: | ||||||||||
Balance at | ||||||||||
(in millions) | 30-Sep-14 | 31-Dec-13 | ||||||||
Topock natural gas compressor station (1) | $ | 294 | $ | 264 | ||||||
Hinkley natural gas compressor station (1) | 163 | 190 | ||||||||
Former manufactured gas plant sites owned by the Utility or third parties | 262 | 184 | ||||||||
Utility-owned generation facilities (other than fossil fuel-fired), | 156 | 160 | ||||||||
other facilities, and third-party disposal sites | ||||||||||
Fossil fuel-fired generation facilities and sites | 101 | 102 | ||||||||
Total environmental remediation liability | $ | 976 | $ | 900 | ||||||
(1) See “Natural Gas Compressor Station Sites” below. | ||||||||||
At September 30, 2014 the Utility expected to recover $678 million of its environmental remediation liability through various ratemaking mechanisms authorized by the CPUC. One of these mechanisms allows the Utility rate recovery for 90% of its hazardous substance remediation costs for certain approved sites (including the Topock site) without a reasonableness review. The Utility may incur environmental remediation costs that it does not seek to recover in rates, such as the costs associated with the Hinkley site. | ||||||||||
Natural Gas Compressor Station Sites | ||||||||||
The Utility is legally responsible for remediating groundwater contamination caused by hexavalent chromium used in the past at the Utility's natural gas compressor stations. One of these stations is located near Hinkley, California and is referred to below as the “Hinkley site.” Another station is located near Needles, California and is referred to below as the “Topock site.” The Utility is also required to take measures to abate the effects of the contamination on the environment. | ||||||||||
Hinkley Site | ||||||||||
The Utility's remediation and abatement efforts at the Hinkley site are subject to the regulatory authority of the California Regional Water Quality Control Board, Lahontan Region. In 2013, the Regional Board certified a final environmental report evaluating the Utility's proposed remedial methods to contain and remediate the underground plume of hexavalent chromium and the potential environmental impacts. The Regional Board is expected to issue the final cleanup and abatement order in mid-2015. As final permits and orders are issued, the Utility expects to obtain additional clarity on the total costs associated with the final remedy and related activities. The Utility has implemented interim remediation measures to reduce the mass of the chromium plume, monitor and control movement of the plume, and provide replacement water to affected residents under its whole house water replacement program (as described in the 2013 Annual Report). The Utility has discontinued its whole house water replacement program as a result of the State of California's new drinking water standard for hexavalent chromium that became effective on July 1, 2014. | ||||||||||
The Utility's environmental remediation liability at September 30, 2014 reflects the Utility's best estimate of probable future costs associated with its final remediation plan and interim remediation measures. Future costs will depend on many factors, including the levels of hexavalent chromium the Utility is required to use as the standard for remediation, the required time period by which those standards must be met, and the nature and extent of the chromium contamination. Future changes in cost estimates and the assumptions on which they are based may have a material impact on future financial condition, results of operations, and cash flows. | ||||||||||
Topock Site | ||||||||||
The Utility's remediation and abatement efforts at the Topock site are subject to the regulatory authority of the California Department of Toxic Substances Control and the U.S. Department of the Interior. In September 2014, the Utility submitted its 90% remedial design plan to regulatory authorities and expects to submits its final remedial design plan in 2015, which would seek approval to begin construction of an in-situ groundwater treatment system that will convert hexavalent chromium into a non-toxic and non-soluble form of chromium. The Utility has implemented interim remediation measures, including a system of extraction wells and a treatment plant designed to prevent movement of the chromium plume toward the Colorado River. The Utility's environmental remediation liability at September 30, 2014 reflects its best estimate of probable future costs associated with its final remediation plan. Future costs will depend on many factors, including the extent of work to be performed to implement the final groundwater remedy and the Utility's required time frame for remediation. Future changes in cost estimates and the assumptions on which they are based may have a material impact on future financial condition and cash flows. | ||||||||||
Reasonably Possible Environmental Contingencies | ||||||||||
Although the Utility has provided for known environmental obligations that are probable and reasonably estimable, the Utility's undiscounted future costs could increase to as much as $1.8 billion (including amounts related to the Hinkley and Topock sites described above) if the extent of contamination or necessary remediation is greater than anticipated or if the other potentially responsible parties are not financially able to contribute to these costs. The Utility may incur actual costs in the future that are materially different than this estimate and such costs could have a material impact on results of operations during the period in which they are recorded. | ||||||||||
Tax Matters | ||||||||||
In June 2014, the Joint Committee on Taxation of the U.S. Congress approved the closing agreement settling the federal audit of the 2008 and 2010 tax years. As a result, PG&E Corporation received a federal cash refund of $411 million in August 2014. | ||||||||||
The 2014 GRC decision authorized flow-through ratemaking for temporary differences attributable to repair costs and certain other property-related costs for federal tax purposes. PG&E Corporation's and the Utility's financial results reflect a reduction in income tax expense associated with these temporary differences consistent with this ratemaking method. In addition, recent guidance from the IRS allows the Utility to deduct more repair costs than previously forecasted in the GRC. For the three months ended September 30, 2014, the Utility recognized a reduction in income tax expense consistent with GRC and IRS guidance for $175 million for the application of flow-through ratemaking effective as of January 1, 2014. | ||||||||||
The following table reconciles the income tax expense at the federal statutory rate to the income tax provision: | ||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||
2014 | 2013 | 2014 | 2013 | |||||||
Federal statutory income tax rate | 35 | % | 35 | % | 35 | % | 35 | % | ||
Increase (decrease) in income tax rate resulting from: | ||||||||||
State income tax (net of federal benefit) (1) | 2.9 | (25.0 | ) | 1.9 | (2.1 | ) | ||||
Effect of regulatory treatment of fixed asset differences (2) | (19.9 | ) | (10.1 | ) | (13.0 | ) | (2.9 | ) | ||
Tax credits | (0.4 | ) | (1.6 | ) | (0.5 | ) | (0.4 | ) | ||
Benefit of loss carryback | 0.2 | (1.9 | ) | (0.2 | ) | (0.2 | ) | |||
Other, net (3) | (5.2 | ) | (10.4 | ) | (2.8 | ) | (3.0 | ) | ||
Effective tax rate | 12.6 | % | -14 | % | 20.4 | % | 26.4 | % | ||
(1) Includes the effect of state flow-through ratemaking treatment. Additionally, during the three months ended September 30, 2013, the Utility recorded an adjustment to state income taxes in connection with an IRS settlement. | ||||||||||
(2) Represents effect of federal flow-through ratemaking treatment including those deductions related to repairs and certain other property-related costs discussed above. | ||||||||||
(3) Primarily relates to research and development tax credits and other timing differences. | ||||||||||
There was no material difference between PG&E Corporation and the Utility for the information disclosed above. | ||||||||||
The IRS is currently reviewing several matters in the 2011, 2012, and 2013 tax returns. The most significant relates to a 2011 accounting method change to adopt guidance issued by the IRS in determining which repair costs are deductible for the electric distribution and transmission businesses. The IRS is expected to issue guidance by the end of 2014 that determines which repair costs are deductible for the natural gas transmission and distribution businesses. PG&E Corporation's and the Utility's unrecognized tax benefits may change significantly within the next 12 months depending on the IRS guidance that is issued and the resolution of the audits related to the 2011, 2012, and 2013 tax returns. As of September 30, 2014, it is reasonably possible that unrecognized tax benefits will decrease by approximately $380 million within the next 12 months, and most of this decrease would not impact net income. | ||||||||||
There were no other significant developments to tax matters during the nine months ended September 30, 2014. | ||||||||||
Nuclear Insurance | ||||||||||
The Utility is a member of NEIL, which is a mutual insurer owned by utilities with nuclear facilities. NEIL provides insurance coverage for property damages and business interruption losses incurred by the Utility if a nuclear event were to occur at the Utility's two nuclear generating units at Diablo Canyon and the retired nuclear generating facility located at Humboldt Bay. NEIL provides property damage and business interruption coverage of up to $3.2 billion per nuclear incident and $2.6 billion per non-nuclear incident for Diablo Canyon. NEIL provides coverage for nuclear and non-nuclear property damages of up to $131 million for the retired Humboldt Bay Facility. NEIL also provides coverage for damages caused by acts of terrorism at nuclear power plants. | ||||||||||
Under the Price-Anderson Act, public liability claims that arise from nuclear incidents that occur at Diablo Canyon, and that occur during the transportation of material to and from Diablo Canyon are limited to $13.6 billion. The Utility purchased the maximum available public liability insurance of $375 million for Diablo Canyon. The balance of the $13.6 billion of liability protection is provided under a loss-sharing program among utilities owning nuclear reactors. The Price-Anderson Act does not apply to claims that arise from nuclear incidents that occur during shipping of nuclear material from the nuclear fuel enricher to a fuel fabricator or that occur at the fuel fabricator's facility. The Utility has a separate policy that provides coverage for claims arising from some of these incidents up to a maximum of $375 million per incident. In addition, the Utility has $53 million of liability insurance for the retired Humboldt Bay facility and has a $500 million indemnification from the NRC for public liability claims arising from nuclear incidents, covering liabilities in excess of the liability insurance. (See Note 14 of the Notes to the Consolidated Financial Statements of the 2013 Annual Report for additional information.) | ||||||||||
Commitments | ||||||||||
In the ordinary course of business, the Utility enters into various agreements to purchase power and electric capacity; natural gas supply, transportation, and storage; nuclear fuel supply and services; and various other commitments. The Utility disclosed its commitments at December 31, 2013 in Note 14 of the Notes to the Consolidated Financial Statements in the 2013 Annual Report. During the nine months ended September 30, 2014, several purchase power agreements the Utility entered into with renewable energy facilities were approved by the CPUC and completed major milestones with respect to construction, resulting in a total commitment amount of $2.2 billion over the next 25 years. |
New_And_Significant_Accounting1
New And Significant Accounting Policies (Policies) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Variable Interest Entities | ' | |||||||||||||
Variable Interest Entities | ||||||||||||||
A VIE is an entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support from other parties, or whose equity investors lack any characteristics of a controlling financial interest. An enterprise that has a controlling financial interest in a VIE is a primary beneficiary and is required to consolidate the VIE. | ||||||||||||||
Some of the counterparties to the Utility's power purchase agreements are considered VIEs. Each of these VIEs was designed to own a power plant that would generate electricity for sale to the Utility. To determine whether the Utility was the primary beneficiary of any of these VIEs at September 30, 2014, it assessed whether it absorbs any of the VIE's expected losses or receives any portion of the VIE's expected residual returns under the terms of the power purchase agreement, analyzed the variability in the VIE's gross margin, and considered whether it had any decision-making rights associated with the activities that are most significant to the VIE's performance, such as dispatch rights and operating and maintenance activities. The Utility's financial obligation is limited to the amount the Utility pays for delivered electricity and capacity. The Utility did not have any decision-making rights associated with any of the activities that are most significant to the economic performance of any of these VIEs. Since the Utility was not the primary beneficiary of any of these VIEs at September 30, 2014, it did not consolidate any of them. | ||||||||||||||
PG&E Corporation affiliates previously entered into four tax equity agreements to fund residential and commercial retail solar energy installations with four separate privately held funds that were considered VIEs. On July 2, 2014, PG&E Corporation disposed of its interest in the tax equity agreements and has no remaining commitment to fund these agreements. | ||||||||||||||
Pension And Other Postretirement Benefits | ' | |||||||||||||
Pension and Other Postretirement Benefits | ||||||||||||||
PG&E Corporation and the Utility provide a non-contributory defined benefit pension plan for eligible employees, as well as contributory postretirement medical plans for retirees and their eligible dependents, and non-contributory postretirement life insurance plans for eligible employees and retirees. | ||||||||||||||
The net periodic benefit costs reflected in PG&E Corporation's Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2014 and 2013 were as follows: | ||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||
Three Months Ended September 30, | ||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Service cost for benefits earned | $ | 92 | $ | 121 | $ | 12 | $ | 14 | ||||||
Interest cost | 175 | 158 | 19 | 19 | ||||||||||
Expected return on plan assets | (202 | ) | (162 | ) | (25 | ) | (20 | ) | ||||||
Amortization of prior service cost | 5 | 5 | 6 | 6 | ||||||||||
Amortization of net actuarial loss | 1 | 28 | 1 | 1 | ||||||||||
Net periodic benefit cost | 71 | 150 | 13 | 20 | ||||||||||
Transfer from (to) regulatory account (1) | 13 | (66 | ) | - | - | |||||||||
Total | $ | 84 | $ | 84 | $ | 13 | $ | 20 | ||||||
(1) The Utility recorded these amounts to a regulatory account since they are probable of recovery from, or refund to, customers in future rates. | ||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||
Nine Months Ended September 30, | ||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Service cost for benefits earned | $ | 287 | $ | 351 | $ | 34 | $ | 40 | ||||||
Interest cost | 521 | 470 | 57 | 56 | ||||||||||
Expected return on plan assets | (605 | ) | (487 | ) | (77 | ) | (60 | ) | ||||||
Amortization of prior service cost | 15 | 15 | 17 | 17 | ||||||||||
Amortization of net actuarial loss | 2 | 83 | 2 | 4 | ||||||||||
Net periodic benefit cost | 220 | 432 | 33 | 57 | ||||||||||
Transfer from (to) regulatory account (1) | 31 | (179 | ) | - | - | |||||||||
Total | $ | 251 | $ | 253 | $ | 33 | $ | 57 | ||||||
(1) The Utility recorded these amounts to a regulatory account since they are probable of recovery from, or refund to, customers in future rates. | ||||||||||||||
There was no material difference between PG&E Corporation and the Utility for the information disclosed above. | ||||||||||||||
Amounts Reclassified Out of Accumulated Other Comprehensive Income | ' | |||||||||||||
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | ||||||||||||||
The changes, net of income tax, in PG&E Corporation's accumulated other comprehensive income (loss) are summarized below: | ||||||||||||||
Pension | Other | Other | ||||||||||||
Benefits | Benefits | Investments | Total | |||||||||||
(in millions, net of income tax) | Three Months Ended September 30, 2014 | |||||||||||||
Beginning balance | $ | (7 | ) | $ | 15 | $ | 36 | $ | 44 | |||||
Other comprehensive income before reclassifications: | ||||||||||||||
Loss on investments (net of taxes of $0, $0, and $3, | ||||||||||||||
respectively) | - | - | (4 | ) | (4 | ) | ||||||||
Amounts reclassified from other comprehensive income: | ||||||||||||||
Amortization of prior service cost (net of taxes of | ||||||||||||||
$2, $3, and $0, respectively) (1) | 3 | 3 | - | 6 | ||||||||||
Transfer to regulatory account (net of taxes of | ||||||||||||||
$3, $4, and $0, respectively) (1) | (3 | ) | (3 | ) | - | (6 | ) | |||||||
Realized gain on investments (net of taxes of | ||||||||||||||
$0, $0, and $10, respectively) | - | - | (14 | ) | (14 | ) | ||||||||
Net current period other comprehensive loss | - | - | -18 | -18 | ||||||||||
Ending balance | $ | -7 | $ | 15 | $ | 18 | $ | 26 | ||||||
(1) These components are included in the computation of net periodic pension and other postretirement benefit costs. (See the “Pension and Other Postretirement Benefits” table above for additional details.) | ||||||||||||||
Pension | Other | Other | ||||||||||||
Benefits | Benefits | Investments | Total | |||||||||||
(in millions, net of income tax) | Three Months Ended September 30, 2013 | |||||||||||||
Beginning balance | $ | (28 | ) | $ | (69 | ) | $ | 26 | $ | (71 | ) | |||
Other comprehensive income before reclassifications: | ||||||||||||||
Loss on investments (net of taxes of $0, $0, and $2, | ||||||||||||||
respectively) | - | - | (3 | ) | (3 | ) | ||||||||
Amounts reclassified from other comprehensive income: (1) | ||||||||||||||
Amortization of prior service cost (net of taxes of | ||||||||||||||
$2, $3, and $0, respectively) | 3 | 3 | - | 6 | ||||||||||
Amortization of net actuarial loss (net of taxes of | ||||||||||||||
$11, $0, and $0, respectively) | 17 | 1 | - | 18 | ||||||||||
Transfer to regulatory account (net of taxes of | ||||||||||||||
$13, $0, and $0, respectively) | (20 | ) | - | - | (20 | ) | ||||||||
Net current period other comprehensive income (loss) | - | 4 | -3 | 1 | ||||||||||
Ending balance | $ | -28 | $ | -65 | $ | 23 | $ | -70 | ||||||
(1) These components are included in the computation of net periodic pension and other postretirement benefit costs. (See the “Pension and Other Postretirement Benefits” table above for additional details.) | ||||||||||||||
Pension | Other | Other | ||||||||||||
Benefits | Benefits | Investments | Total | |||||||||||
(in millions, net of income tax) | Nine Months Ended September 30, 2014 | |||||||||||||
Beginning balance | $ | (7 | ) | $ | 15 | $ | 42 | $ | 50 | |||||
Other comprehensive income before reclassifications: | ||||||||||||||
Gain on investments (net of taxes of $0, $0, and $4, | ||||||||||||||
respectively) | - | - | 6 | 6 | ||||||||||
Amounts reclassified from other comprehensive income: | ||||||||||||||
Amortization of prior service cost (net of taxes of | ||||||||||||||
$6, $7, and $0, respectively) (1) | 9 | 10 | - | 19 | ||||||||||
Amortization of net actuarial loss (net of taxes of | ||||||||||||||
$1, $1, and $0, respectively) (1) | 1 | 1 | - | 2 | ||||||||||
Transfer to regulatory account (net of taxes of | ||||||||||||||
$7, $8, and $0, respectively) (1) | (10 | ) | (11 | ) | - | (21 | ) | |||||||
Realized gain on investments (net of taxes of | ||||||||||||||
$0, $0, and $20, respectively) | - | - | (30 | ) | (30 | ) | ||||||||
Net current period other comprehensive loss | - | - | -24 | -24 | ||||||||||
Ending balance | $ | -7 | $ | 15 | $ | 18 | $ | 26 | ||||||
(1) These components are included in the computation of net periodic pension and other postretirement benefit costs. (See the “Pension and Other Postretirement Benefits” table above for additional details.) | ||||||||||||||
Pension | Other | Other | ||||||||||||
Benefits | Benefits | Investments | Total | |||||||||||
(in millions, net of income tax) | Nine Months Ended September 30, 2013 | |||||||||||||
Beginning balance | $ | (28 | ) | $ | (77 | ) | $ | 4 | $ | (101 | ) | |||
Other comprehensive income before reclassifications: | ||||||||||||||
Gain on investments (net of taxes of $0, $0, and $13, | ||||||||||||||
respectively) | - | - | 19 | 19 | ||||||||||
Amounts reclassified from other comprehensive income: (1) | ||||||||||||||
Amortization of prior service cost (net of taxes of | ||||||||||||||
$6, $8, and $0, respectively) | 9 | 9 | - | 18 | ||||||||||
Amortization of net actuarial loss (net of taxes of | ||||||||||||||
$34, $1, and $0, respectively) | 49 | 3 | - | 52 | ||||||||||
Transfer to regulatory account (net of taxes of | ||||||||||||||
$39, $0, and $0, respectively) | (58 | ) | - | - | (58 | ) | ||||||||
Net current period other comprehensive income | - | 12 | 19 | 31 | ||||||||||
Ending balance | $ | -28 | $ | -65 | $ | 23 | $ | -70 | ||||||
(1) These components are included in the computation of net periodic pension and other postretirement benefit costs. (See the “Pension and Other Postretirement Benefits” table above for additional details.) | ||||||||||||||
There was no material difference between PG&E Corporation and the Utility for the information disclosed above, with the exception of other investments which are held by PG&E Corporation. |
New_And_Significant_Accounting2
New And Significant Accounting Policies (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Components Of Net Periodic Benefit Cost | ' | |||||||||||||
Pension Benefits | Other Benefits | |||||||||||||
Three Months Ended September 30, | ||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Service cost for benefits earned | $ | 92 | $ | 121 | $ | 12 | $ | 14 | ||||||
Interest cost | 175 | 158 | 19 | 19 | ||||||||||
Expected return on plan assets | (202 | ) | (162 | ) | (25 | ) | (20 | ) | ||||||
Amortization of prior service cost | 5 | 5 | 6 | 6 | ||||||||||
Amortization of net actuarial loss | 1 | 28 | 1 | 1 | ||||||||||
Net periodic benefit cost | 71 | 150 | 13 | 20 | ||||||||||
Transfer from (to) regulatory account (1) | 13 | (66 | ) | - | - | |||||||||
Total | $ | 84 | $ | 84 | $ | 13 | $ | 20 | ||||||
(1) The Utility recorded these amounts to a regulatory account since they are probable of recovery from, or refund to, customers in future rates. | ||||||||||||||
Pension Benefits | Other Benefits | |||||||||||||
Nine Months Ended September 30, | ||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Service cost for benefits earned | $ | 287 | $ | 351 | $ | 34 | $ | 40 | ||||||
Interest cost | 521 | 470 | 57 | 56 | ||||||||||
Expected return on plan assets | (605 | ) | (487 | ) | (77 | ) | (60 | ) | ||||||
Amortization of prior service cost | 15 | 15 | 17 | 17 | ||||||||||
Amortization of net actuarial loss | 2 | 83 | 2 | 4 | ||||||||||
Net periodic benefit cost | 220 | 432 | 33 | 57 | ||||||||||
Transfer from (to) regulatory account (1) | 31 | (179 | ) | - | - | |||||||||
Total | $ | 251 | $ | 253 | $ | 33 | $ | 57 | ||||||
(1) The Utility recorded these amounts to a regulatory account since they are probable of recovery from, or refund to, customers in future rates. | ||||||||||||||
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | ' | |||||||||||||
Pension | Other | Other | ||||||||||||
Benefits | Benefits | Investments | Total | |||||||||||
(in millions, net of income tax) | Three Months Ended September 30, 2014 | |||||||||||||
Beginning balance | $ | (7 | ) | $ | 15 | $ | 36 | $ | 44 | |||||
Other comprehensive income before reclassifications: | ||||||||||||||
Loss on investments (net of taxes of $0, $0, and $3, | ||||||||||||||
respectively) | - | - | (4 | ) | (4 | ) | ||||||||
Amounts reclassified from other comprehensive income: | ||||||||||||||
Amortization of prior service cost (net of taxes of | ||||||||||||||
$2, $3, and $0, respectively) (1) | 3 | 3 | - | 6 | ||||||||||
Transfer to regulatory account (net of taxes of | ||||||||||||||
$3, $4, and $0, respectively) (1) | (3 | ) | (3 | ) | - | (6 | ) | |||||||
Realized gain on investments (net of taxes of | ||||||||||||||
$0, $0, and $10, respectively) | - | - | (14 | ) | (14 | ) | ||||||||
Net current period other comprehensive loss | - | - | -18 | -18 | ||||||||||
Ending balance | $ | -7 | $ | 15 | $ | 18 | $ | 26 | ||||||
(1) These components are included in the computation of net periodic pension and other postretirement benefit costs. (See the “Pension and Other Postretirement Benefits” table above for additional details.) | ||||||||||||||
Pension | Other | Other | ||||||||||||
Benefits | Benefits | Investments | Total | |||||||||||
(in millions, net of income tax) | Three Months Ended September 30, 2013 | |||||||||||||
Beginning balance | $ | (28 | ) | $ | (69 | ) | $ | 26 | $ | (71 | ) | |||
Other comprehensive income before reclassifications: | ||||||||||||||
Loss on investments (net of taxes of $0, $0, and $2, | ||||||||||||||
respectively) | - | - | (3 | ) | (3 | ) | ||||||||
Amounts reclassified from other comprehensive income: (1) | ||||||||||||||
Amortization of prior service cost (net of taxes of | ||||||||||||||
$2, $3, and $0, respectively) | 3 | 3 | - | 6 | ||||||||||
Amortization of net actuarial loss (net of taxes of | ||||||||||||||
$11, $0, and $0, respectively) | 17 | 1 | - | 18 | ||||||||||
Transfer to regulatory account (net of taxes of | ||||||||||||||
$13, $0, and $0, respectively) | (20 | ) | - | - | (20 | ) | ||||||||
Net current period other comprehensive income (loss) | - | 4 | -3 | 1 | ||||||||||
Ending balance | $ | -28 | $ | -65 | $ | 23 | $ | -70 | ||||||
(1) These components are included in the computation of net periodic pension and other postretirement benefit costs. (See the “Pension and Other Postretirement Benefits” table above for additional details.) | ||||||||||||||
Pension | Other | Other | ||||||||||||
Benefits | Benefits | Investments | Total | |||||||||||
(in millions, net of income tax) | Nine Months Ended September 30, 2014 | |||||||||||||
Beginning balance | $ | (7 | ) | $ | 15 | $ | 42 | $ | 50 | |||||
Other comprehensive income before reclassifications: | ||||||||||||||
Gain on investments (net of taxes of $0, $0, and $4, | ||||||||||||||
respectively) | - | - | 6 | 6 | ||||||||||
Amounts reclassified from other comprehensive income: | ||||||||||||||
Amortization of prior service cost (net of taxes of | ||||||||||||||
$6, $7, and $0, respectively) (1) | 9 | 10 | - | 19 | ||||||||||
Amortization of net actuarial loss (net of taxes of | ||||||||||||||
$1, $1, and $0, respectively) (1) | 1 | 1 | - | 2 | ||||||||||
Transfer to regulatory account (net of taxes of | ||||||||||||||
$7, $8, and $0, respectively) (1) | (10 | ) | (11 | ) | - | (21 | ) | |||||||
Realized gain on investments (net of taxes of | ||||||||||||||
$0, $0, and $20, respectively) | - | - | (30 | ) | (30 | ) | ||||||||
Net current period other comprehensive loss | - | - | -24 | -24 | ||||||||||
Ending balance | $ | -7 | $ | 15 | $ | 18 | $ | 26 | ||||||
(1) These components are included in the computation of net periodic pension and other postretirement benefit costs. (See the “Pension and Other Postretirement Benefits” table above for additional details.) | ||||||||||||||
Pension | Other | Other | ||||||||||||
Benefits | Benefits | Investments | Total | |||||||||||
(in millions, net of income tax) | Nine Months Ended September 30, 2013 | |||||||||||||
Beginning balance | $ | (28 | ) | $ | (77 | ) | $ | 4 | $ | (101 | ) | |||
Other comprehensive income before reclassifications: | ||||||||||||||
Gain on investments (net of taxes of $0, $0, and $13, | ||||||||||||||
respectively) | - | - | 19 | 19 | ||||||||||
Amounts reclassified from other comprehensive income: (1) | ||||||||||||||
Amortization of prior service cost (net of taxes of | ||||||||||||||
$6, $8, and $0, respectively) | 9 | 9 | - | 18 | ||||||||||
Amortization of net actuarial loss (net of taxes of | ||||||||||||||
$34, $1, and $0, respectively) | 49 | 3 | - | 52 | ||||||||||
Transfer to regulatory account (net of taxes of | ||||||||||||||
$39, $0, and $0, respectively) | (58 | ) | - | - | (58 | ) | ||||||||
Net current period other comprehensive income | - | 12 | 19 | 31 | ||||||||||
Ending balance | $ | -28 | $ | -65 | $ | 23 | $ | -70 | ||||||
(1) These components are included in the computation of net periodic pension and other postretirement benefit costs. (See the “Pension and Other Postretirement Benefits” table above for additional details.) |
Regulatory_Assets_Liabilities_1
Regulatory Assets, Liabilities, And Balancing Accounts (Tables) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Long-Term Regulatory Assets | ' | |||||
Balance at | ||||||
September 30, | December 31, | |||||
(in millions) | 2014 | 2013 | ||||
Pension benefits | $ | 1,397 | $ | 1,444 | ||
Deferred income taxes | 2,269 | 1,835 | ||||
Utility retained generation | 468 | 503 | ||||
Environmental compliance costs | 714 | 628 | ||||
Price risk management | 83 | 106 | ||||
Electromechanical meters | 87 | 135 | ||||
Unamortized loss, net of gain, on reacquired debt | 118 | 135 | ||||
Other | 81 | 127 | ||||
Total long-term regulatory assets | $ | 5,217 | $ | 4,913 | ||
Long-Term Regulatory Liabilities | ' | |||||
Balance at | ||||||
September 30, | December 31, | |||||
(in millions) | 2014 | 2013 | ||||
Cost of removal obligations | $ | 4,144 | $ | 3,844 | ||
Recoveries in excess of asset retirement obligations | 687 | 748 | ||||
Public purpose programs | 705 | 587 | ||||
Other | 597 | 481 | ||||
Total long-term regulatory liabilities | $ | 6,133 | $ | 5,660 | ||
Regulatory Balancing Accounts Receivable | ' | |||||
Receivable | ||||||
Balance at | ||||||
September 30, | December 31, | |||||
(in millions) | 2014 | 2013 | ||||
Electric distribution | $ | 173 | $ | 102 | ||
Utility generation | 162 | 57 | ||||
Gas distribution | 549 | 70 | ||||
Energy procurement | 633 | 410 | ||||
Public purpose programs | 106 | 56 | ||||
Other | 332 | 429 | ||||
Total regulatory balancing accounts receivable | $ | 1,955 | $ | 1,124 | ||
Regulatory Balancing Accounts Payable | ' | |||||
Payable | ||||||
Balance at | ||||||
September 30, | December 31, | |||||
(in millions) | 2014 | 2013 | ||||
Energy procurement | $ | 286 | $ | 298 | ||
Public purpose programs | 157 | 171 | ||||
Other (1) | 780 | 539 | ||||
Total regulatory balancing accounts payable | $ | 1,223 | $ | 1,008 | ||
(1) At September 30, 2014, Other regulatory balancing accounts payable mostly includes energy supplier settlements. (See Note 9 Resolution of Remaining Chapter 11 Disputed Claims for additional details.) |
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure Debt [Abstract] | ' | ||||||||||||||||
Schedule Of Debt | ' | ||||||||||||||||
Issuance | Principal | Maturity | |||||||||||||||
(in millions) | Date | Amount | Date | ||||||||||||||
PG&E Corporation | |||||||||||||||||
2.40% Senior Notes | Feb-14 | $ | 350 | -1 | 1-Mar-19 | ||||||||||||
Utility | |||||||||||||||||
Floating Rate Senior Notes | May-14 | 300 | -2 | 11-May-15 | |||||||||||||
3.75% Senior Notes | Feb-14 | 450 | -3 | 15-Feb-24 | |||||||||||||
3.40% Senior Notes | Aug-14 | 350 | -4 | 15-Aug-24 | |||||||||||||
4.75% Senior Notes | Feb-14 | 450 | -3 | 15-Feb-44 | |||||||||||||
4.75% Senior Notes | Aug-14 | 225 | -4 | 15-Feb-44 | |||||||||||||
Total senior note issuances | $ | 2,125 | |||||||||||||||
(1) The proceeds were used to repay the 5.75% Senior Notes, in the principal outstanding amount of $350 million. | |||||||||||||||||
(2) The proceeds were used for general corporate purposes, including the repayment of a portion of the Utility's outstanding commercial paper. | |||||||||||||||||
(3) The proceeds were used to repay the 4.80% Senior Notes, in the principal outstanding amount of $539 million, to fund capital expenditures, and for general corporate purposes. | |||||||||||||||||
(4) The proceeds were used for general corporate purposes, including the repayment of a portion of the Utility's outstanding commercial paper, and to fund capital expenditures. | |||||||||||||||||
Schedule of Line of Credit Facilities | ' | ||||||||||||||||
The following table summarizes PG&E Corporation's and the Utility's outstanding borrowings at September 30, 2014: | |||||||||||||||||
Letters of | |||||||||||||||||
Termination | Facility | Credit | Commercial | Facility | |||||||||||||
(in millions) | Date | Limit | Outstanding | Paper | Availability | ||||||||||||
PG&E Corporation | Apr-19 | $ | 300 | -1 | $ | - | $ | - | $ | 300 | |||||||
Utility | Apr-19 | 3,000 | -2 | 84 | 126 | 2,790 | |||||||||||
Total revolving | |||||||||||||||||
credit facilities | $ | 3,300 | $ | 84 | $ | 126 | $ | 3,090 | |||||||||
(1) Includes a $100 million sublimit for letters of credit and a $100 million commitment for loans that are made available on a same-day basis and are repayable in full within 7 days. | |||||||||||||||||
(2) Includes a $1.0 billion sublimit for letters of credit and a $300 million commitment for loans that are made available on a same-day basis and are repayable in full within 7 days. |
Equity_Tables
Equity (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Changes In Equity | ' | ||||||
PG&E Corporation | Utility | ||||||
Total | Total | ||||||
(in millions) | Equity | Shareholders' Equity | |||||
Balance at December 31, 2013 | $ | 14,594 | $ | 14,841 | |||
Comprehensive income | 1,291 | 1,271 | |||||
Equity contributions | - | 705 | |||||
Common stock issued | 759 | - | |||||
Share-based compensation | 41 | (5 | ) | ||||
Common stock dividends declared | (644 | ) | (537 | ) | |||
Preferred stock dividend requirement | - | (10 | ) | ||||
Preferred stock dividend requirement of subsidiary | (10 | ) | - | ||||
Balance at September 30, 2014 | $ | 16,031 | $ | 16,265 | |||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Reconciliation Of PG&E Corporation's Income Available For Common Shareholders And Weighted Average Common Shares Outstanding For Calculating Diluted | ' | |||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
(in millions, except per share amounts) | 2014 | 2013 | 2014 | 2013 | ||||||||
Income available for common shareholders | $ | 811 | $ | 161 | $ | 1,305 | $ | 728 | ||||
Weighted average common shares outstanding, basic | 472 | 446 | 466 | 441 | ||||||||
Add incremental shares from assumed conversions: | ||||||||||||
Employee share-based compensation | 2 | 1 | 2 | 1 | ||||||||
Weighted average common share outstanding, diluted | 474 | 447 | 468 | 442 | ||||||||
Total earnings per common share, diluted | $ | 1.71 | $ | 0.36 | $ | 2.79 | $ | 1.65 | ||||
Derivatives_Tables
Derivatives (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Volumes Of Outstanding Derivative Contracts | ' | ||||||||||||
At September 30, 2014, the volumes of the Utility's outstanding derivatives were as follows: | |||||||||||||
Contract Volume (1) | |||||||||||||
1 Year or | 3 Years or | ||||||||||||
Greater but | Greater but | ||||||||||||
Less Than 1 | Less Than 3 | Less Than 5 | 5 Years or | ||||||||||
Underlying Product | Instruments | Year | Years | Years | Greater (2) | ||||||||
Natural Gas (3) | Forwards and | ||||||||||||
(MMBtus (4)) | Swaps | 218,107,731 | 70,621,174 | 3,530,000 | - | ||||||||
Options | 116,213,741 | 62,844,400 | - | - | |||||||||
Electricity | Forwards and | ||||||||||||
(Megawatt-hours) | Swaps | 1,364,184 | 1,956,498 | 1,574,588 | 969,478 | ||||||||
Congestion | |||||||||||||
Revenue Rights | 55,886,532 | 87,533,830 | 41,126,312 | 22,755,431 | |||||||||
(1) Amounts shown reflect the total gross derivative volumes by commodity type that are expected to settle in each period. | |||||||||||||
(2) Derivatives in this category expire between 2019 and 2023. | |||||||||||||
(3) Amounts shown are for the combined positions of the electric fuels and core gas portfolios. | |||||||||||||
(4) Million British Thermal Units. | |||||||||||||
At December 31, 2013, the volumes of the Utility's outstanding derivatives were as follows: | |||||||||||||
Contract Volume (1) | |||||||||||||
1 Year or | 3 Years or | ||||||||||||
Greater but | Greater but | ||||||||||||
Less Than 1 | Less Than 3 | Less Than 5 | 5 Years or | ||||||||||
Underlying Product | Instruments | Year | Years | Years | Greater (2) | ||||||||
Natural Gas (3) | Forwards and | ||||||||||||
(MMBtus (4)) | Swaps | 243,213,288 | 79,735,000 | 8,892,500 | - | ||||||||
Options | 169,123,208 | 87,689,708 | 3,450,000 | - | |||||||||
Electricity | Forwards and | ||||||||||||
(Megawatt-hours) | Swaps | 2,537,023 | 2,009,505 | 2,008,046 | 1,534,695 | ||||||||
Congestion | |||||||||||||
Revenue Rights | 73,510,440 | 83,747,782 | 63,718,517 | 29,945,852 | |||||||||
(1) Amounts shown reflect the total gross derivative volumes by commodity type that are expected to settle in each period. | |||||||||||||
(2) Derivatives in this category expire between 2019 and 2022. | |||||||||||||
(3) Amounts shown are for the combined positions of the electric fuels and core gas portfolios. | |||||||||||||
(4) Million British Thermal Units. | |||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | ||||||||||||
At December 31, 2014, the Utility's outstanding derivative balances were as follows: | |||||||||||||
Commodity Risk | |||||||||||||
Gross Derivative | Total Derivative | ||||||||||||
(in millions) | Balance | Netting | Cash Collateral | Balance | |||||||||
Current assets - other | $ | 51 | $ | (6 | ) | $ | 15 | $ | 60 | ||||
Other noncurrent assets - other | 81 | (4 | ) | - | 77 | ||||||||
Current liabilities - other | (57 | ) | 6 | 6 | (45 | ) | |||||||
Noncurrent liabilities - other | (87 | ) | 4 | - | (83 | ) | |||||||
Net commodity risk | $ | -12 | $ | - | $ | 21 | $ | 9 | |||||
At December 31, 2013, the Utility's outstanding derivative balances were as follows: | |||||||||||||
Commodity Risk | |||||||||||||
Gross Derivative | Total Derivative | ||||||||||||
(in millions) | Balance | Netting | Cash Collateral | Balance | |||||||||
Current assets - other | $ | 42 | $ | (10 | ) | $ | 16 | $ | 48 | ||||
Other noncurrent assets - other | 99 | (4 | ) | - | 95 | ||||||||
Current liabilities - other | (122 | ) | 10 | 69 | (43 | ) | |||||||
Noncurrent liabilities - other | (110 | ) | 4 | 2 | (104 | ) | |||||||
Net commodity risk | $ | -91 | $ | - | $ | 87 | $ | -4 | |||||
Gains And Losses On Derivative Instruments | ' | ||||||||||||
Commodity Risk | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||
Unrealized gain (loss) - regulatory assets and liabilities (1) | $ | (6 | ) | $ | 40 | $ | 79 | $ | 115 | ||||
Realized loss - cost of electricity (2) | (22 | ) | (57 | ) | (48 | ) | (136 | ) | |||||
Realized loss - cost of natural gas (2) | (4 | ) | (2 | ) | (7 | ) | (14 | ) | |||||
Net commodity risk | $ | -32 | $ | -19 | $ | 24 | $ | -35 | |||||
(1) Unrealized gains and losses on commodity risk-related derivative instruments are recorded to regulatory liabilities or assets, respectively, rather than being recorded to the Condensed Consolidated Statements of Income. These amounts exclude the impact of cash collateral postings. | |||||||||||||
(2) These amounts are fully passed through to customers in rates. Accordingly, net income was not impacted by realized amounts on these instruments. | |||||||||||||
Additional Cash Collateral The Utility Would Be Required To Post If Its Credit Risk-Related Contingency Features Were Triggered | ' | ||||||||||||
Balance at | |||||||||||||
September 30, | December 31, | ||||||||||||
(in millions) | 2014 | 2013 | |||||||||||
Derivatives in a liability position with credit risk-related | |||||||||||||
contingencies that are not fully collateralized | $ | (22 | ) | $ | (79 | ) | |||||||
Related derivatives in an asset position | 1 | 4 | |||||||||||
Collateral posting in the normal course of business related to | |||||||||||||
these derivatives | 8 | 65 | |||||||||||
Net position of derivative contracts/additional collateral | |||||||||||||
posting requirements (1) | $ | -13 | $ | -10 | |||||||||
(1) This calculation excludes the impact of closed but unpaid positions, as their settlement is not impacted by any of the Utility's credit risk-related contingencies. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Assets And Liabilities Measured At Fair Value On A Recurring Basis | ' | ||||||||||||||
Fair Value Measurements | |||||||||||||||
At September 30, 2014 | |||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Netting (1) | Total | ||||||||||
Assets: | |||||||||||||||
Money market investments | $ | 53 | $ | - | $ | - | $ | - | $ | 53 | |||||
Nuclear decommissioning trusts | |||||||||||||||
Money market investments | 16 | - | - | - | 16 | ||||||||||
U.S. equity securities | 1,118 | 12 | - | - | 1,130 | ||||||||||
Non-U.S. equity securities | 432 | 1 | - | - | 433 | ||||||||||
U.S. government and agency securities | 745 | 164 | - | - | 909 | ||||||||||
Municipal securities | - | 54 | - | - | 54 | ||||||||||
Other fixed-income securities | - | 163 | - | - | 163 | ||||||||||
Total nuclear decommissioning trusts (2) | 2,311 | 394 | - | - | 2,705 | ||||||||||
Price risk management instruments | |||||||||||||||
(Note 7) | |||||||||||||||
Electricity | 1 | 29 | 95 | 5 | 130 | ||||||||||
Gas | 3 | 4 | - | - | 7 | ||||||||||
Total price risk management instruments | 4 | 33 | 95 | 5 | 137 | ||||||||||
Rabbi trusts | |||||||||||||||
Fixed-income securities | - | 41 | - | - | 41 | ||||||||||
Life insurance contracts | - | 71 | - | - | 71 | ||||||||||
Total rabbi trusts | - | 112 | - | - | 112 | ||||||||||
Long-term disability trust | |||||||||||||||
Money market investments | 4 | - | - | - | 4 | ||||||||||
U.S. equity securities | - | 9 | - | - | 9 | ||||||||||
Non-U.S. equity securities | - | 12 | - | - | 12 | ||||||||||
Fixed-income securities | - | 107 | - | - | 107 | ||||||||||
Total long-term disability trust | 4 | 128 | - | - | 132 | ||||||||||
Other investments | 36 | - | - | - | 36 | ||||||||||
Total assets | $ | 2,408 | $ | 667 | $ | 95 | $ | 5 | $ | 3,175 | |||||
Liabilities: | |||||||||||||||
Price risk management instruments | |||||||||||||||
(Note 7) | |||||||||||||||
Electricity | $ | 9 | $ | 17 | $ | 115 | $ | (16 | ) | $ | 125 | ||||
Gas | 3 | - | - | - | 3 | ||||||||||
Total liabilities | $ | 12 | $ | 17 | $ | 115 | $ | -16 | $ | 128 | |||||
(1) Includes the effect of the contractual ability to settle contracts under master netting agreements and margin cash collateral. | |||||||||||||||
(2) Represents amount before deducting $306 million, primarily related to deferred taxes on appreciation of investment value. | |||||||||||||||
Fair Value Measurements | |||||||||||||||
At December 31, 2013 | |||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Netting (1) | Total | ||||||||||
Assets: | |||||||||||||||
Money market investments | $ | 226 | $ | - | $ | - | $ | - | $ | 226 | |||||
Nuclear decommissioning trusts | |||||||||||||||
Money market investments | 38 | - | - | - | 38 | ||||||||||
U.S. equity securities | 1,046 | 11 | - | - | 1,057 | ||||||||||
Non-U.S. equity securities | 457 | - | - | - | 457 | ||||||||||
U.S. government and agency securities | 760 | 156 | - | - | 916 | ||||||||||
Municipal securities | - | 25 | - | - | 25 | ||||||||||
Other fixed-income securities | - | 162 | - | - | 162 | ||||||||||
Total nuclear decommissioning trusts (2) | 2,301 | 354 | - | - | 2,655 | ||||||||||
Price risk management instruments | |||||||||||||||
(Note 7) | |||||||||||||||
Electricity | 2 | 27 | 107 | 3 | 139 | ||||||||||
Gas | - | 5 | - | (1 | ) | 4 | |||||||||
Total price risk management instruments | 2 | 32 | 107 | 2 | 143 | ||||||||||
Rabbi trusts | |||||||||||||||
Fixed-income securities | - | 39 | - | - | 39 | ||||||||||
Life insurance contracts | - | 70 | - | - | 70 | ||||||||||
Total rabbi trusts | - | 109 | - | - | 109 | ||||||||||
Long-term disability trust | |||||||||||||||
Money market investments | 9 | - | - | - | 9 | ||||||||||
U.S. equity securities | - | 14 | - | - | 14 | ||||||||||
Non-U.S. equity securities | - | 12 | - | - | 12 | ||||||||||
Fixed-income securities | - | 122 | - | - | 122 | ||||||||||
Total long-term disability trust | 9 | 148 | - | - | 157 | ||||||||||
Other investments | 84 | - | - | - | 84 | ||||||||||
Total assets | $ | 2,622 | $ | 643 | $ | 107 | $ | 2 | $ | 3,374 | |||||
Liabilities: | |||||||||||||||
Price risk management instruments | |||||||||||||||
(Note 7) | |||||||||||||||
Electricity | $ | 19 | $ | 72 | $ | 137 | $ | (84 | ) | $ | 144 | ||||
Gas | 1 | 3 | - | (1 | ) | 3 | |||||||||
Total liabilities | $ | 20 | $ | 75 | $ | 137 | $ | -85 | $ | 147 | |||||
(1) Includes the effect of the contractual ability to settle contracts under master netting agreements and margin cash collateral. | |||||||||||||||
(2) Represents amount before deducting $313 million, primarily related to deferred taxes on appreciation of investment value. | |||||||||||||||
Level 3 Measurements And Sensitivity Analysis | ' | ||||||||||||||
Fair Value at | |||||||||||||||
(in millions) | 30-Sep-14 | ||||||||||||||
Fair Value Measurement | Assets | Liabilities | Valuation Technique | Unobservable Input | Range (1) | ||||||||||
Congestion revenue rights | $ | 95 | $ | 28 | Market approach | CRR auction prices | $ | (19.16) - 12.04 | |||||||
Power purchase agreements | $ | - | $ | 87 | Discounted cash flow | Forward prices | $ | 22.54 - 63.45 | |||||||
(1) Represents price per megawatt-hour | |||||||||||||||
Fair Value at | |||||||||||||||
(in millions) | 31-Dec-13 | ||||||||||||||
Fair Value Measurement | Assets | Liabilities | Valuation Technique | Unobservable Input | Range (1) | ||||||||||
Congestion revenue rights | $ | 107 | $ | 32 | Market approach | CRR auction prices | $ | (6.47) - 12.04 | |||||||
Power purchase agreements | $ | - | $ | 105 | Discounted cash flow | Forward prices | $ | 23.43 - 51.75 | |||||||
(1) Represents price per megawatt-hour | |||||||||||||||
Level 3 Reconciliation | ' | ||||||||||||||
Price Risk Management Instruments | |||||||||||||||
(in millions) | 2014 | 2013 | |||||||||||||
Liability balance as of July 1 | $ | -11 | $ | -76 | |||||||||||
Net realized and unrealized gains: | |||||||||||||||
Included in regulatory assets and liabilities or balancing accounts (1) | (9 | ) | (6 | ) | |||||||||||
Liability balance as of September 30 | $ | -20 | $ | -82 | |||||||||||
(1) The costs related to price risk management activities are recoverable through customer rates, therefore, balancing account revenue is recorded for amounts settled and purchased and there is no impact to net income. Unrealized gains and losses are deferred in regulatory liabilities and assets. | |||||||||||||||
Price Risk Management Instruments | |||||||||||||||
(in millions) | 2014 | 2013 | |||||||||||||
Liability balance as of January 1 | $ | -30 | $ | -79 | |||||||||||
Realized and unrealized gains (losses): | |||||||||||||||
Included in regulatory assets and liabilities or balancing accounts (1) | 10 | (3 | ) | ||||||||||||
Liability balance as of September 30 | $ | -20 | $ | -82 | |||||||||||
(1) The costs related to price risk management activities are recoverable through customer rates, therefore, balancing account revenue is recorded for amounts settled and purchased and there is no impact to net income. Unrealized gains and losses are deferred in regulatory liabilities and assets. | |||||||||||||||
Carrying Amount And Fair Value Of Financial Instruments | ' | ||||||||||||||
At September 30, 2014 | At December 31, 2013 | ||||||||||||||
(in millions) | Carrying Amount | Level 2 Fair Value | Carrying Amount | Level 2 Fair Value | |||||||||||
PG&E Corporation | $ | 349 | $ | 351 | $ | 350 | $ | 354 | |||||||
Utility | 13,283 | 14,992 | 12,334 | 13,444 | |||||||||||
Schedule Of Unrealized Gains (Losses) Related To Available-For-Sale Investments | ' | ||||||||||||||
Total | Total | ||||||||||||||
Amortized | Unrealized | Unrealized | Total Fair | ||||||||||||
(in millions) | Cost | Gains | Losses | Value | |||||||||||
As of September 30, 2014 | |||||||||||||||
Nuclear decommissioning trusts | |||||||||||||||
Money market investments | $ | 16 | $ | - | $ | - | $ | 16 | |||||||
Equity securities | |||||||||||||||
U.S. | 269 | 863 | (2 | ) | 1,130 | ||||||||||
Non-U.S. | 256 | 183 | (6 | ) | 433 | ||||||||||
Debt securities | |||||||||||||||
U.S. government and agency securities | 855 | 57 | (3 | ) | 909 | ||||||||||
Municipal securities | 50 | 4 | - | 54 | |||||||||||
Other fixed-income securities | 163 | 1 | (1 | ) | 163 | ||||||||||
Total nuclear decommissioning trusts (1) | 1,609 | 1,108 | (12 | ) | 2,705 | ||||||||||
Other investments | 5 | 31 | - | 36 | |||||||||||
Total | $ | 1,614 | $ | 1,139 | $ | -12 | $ | 2,741 | |||||||
As of December 31, 2013 | |||||||||||||||
Nuclear decommissioning trusts | |||||||||||||||
Money market investments | $ | 38 | $ | - | $ | - | $ | 38 | |||||||
Equity securities | |||||||||||||||
U.S. | 246 | 811 | - | 1,057 | |||||||||||
Non-U.S. | 215 | 242 | - | 457 | |||||||||||
Debt securities | |||||||||||||||
U.S. government and agency securities | 870 | 51 | (5 | ) | 916 | ||||||||||
Municipal securities | 24 | 2 | (1 | ) | 25 | ||||||||||
Other fixed-income securities | 163 | 1 | (2 | ) | 162 | ||||||||||
Total nuclear decommissioning trusts (1) | 1,556 | 1,107 | (8 | ) | 2,655 | ||||||||||
Other investments | 13 | 71 | - | 84 | |||||||||||
Total | $ | 1,569 | $ | 1,178 | $ | -8 | $ | 2,739 | |||||||
(1) Represents amounts before deducting $306 million and $313 million at September 30, 2014 and December 31, 2013, respectively, primarily related to deferred taxes on appreciation of investment value. | |||||||||||||||
Schedule Of Maturities On Debt Instruments | ' | ||||||||||||||
As of | |||||||||||||||
(in millions) | 30-Sep-14 | ||||||||||||||
Less than 1 year | $ | 27 | |||||||||||||
1-5 years | 483 | ||||||||||||||
5-10 years | 257 | ||||||||||||||
More than 10 years | 359 | ||||||||||||||
Total maturities of debt securities | $ | 1,126 | |||||||||||||
Schedule Of Activity For Debt And Equity Securities | ' | ||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
(in millions) | |||||||||||||||
Proceeds from sales and maturities of nuclear decommissioning | |||||||||||||||
trust investments | $ | 182 | $ | 357 | $ | 1,059 | $ | 1,152 | |||||||
Gross realized gains on securities held as available-for-sale | 30 | 7 | 114 | 44 | |||||||||||
Gross realized losses on securities held as available-for-sale | - | (4 | ) | (3 | ) | (10 | ) | ||||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Schedule Of Environmental Remediation Liability | ' | |||||||||
Balance at | ||||||||||
(in millions) | 30-Sep-14 | 31-Dec-13 | ||||||||
Topock natural gas compressor station (1) | $ | 294 | $ | 264 | ||||||
Hinkley natural gas compressor station (1) | 163 | 190 | ||||||||
Former manufactured gas plant sites owned by the Utility or third parties | 262 | 184 | ||||||||
Utility-owned generation facilities (other than fossil fuel-fired), | 156 | 160 | ||||||||
other facilities, and third-party disposal sites | ||||||||||
Fossil fuel-fired generation facilities and sites | 101 | 102 | ||||||||
Total environmental remediation liability | $ | 976 | $ | 900 | ||||||
(1) See “Natural Gas Compressor Station Sites” below. | ||||||||||
Schedule Of Effective Income Tax Rate Reconciliation | ' | |||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||
2014 | 2013 | 2014 | 2013 | |||||||
Federal statutory income tax rate | 35 | % | 35 | % | 35 | % | 35 | % | ||
Increase (decrease) in income tax rate resulting from: | ||||||||||
State income tax (net of federal benefit) (1) | 2.9 | (25.0 | ) | 1.9 | (2.1 | ) | ||||
Effect of regulatory treatment of fixed asset differences (2) | (19.9 | ) | (10.1 | ) | (13.0 | ) | (2.9 | ) | ||
Tax credits | (0.4 | ) | (1.6 | ) | (0.5 | ) | (0.4 | ) | ||
Benefit of loss carryback | 0.2 | (1.9 | ) | (0.2 | ) | (0.2 | ) | |||
Other, net (3) | (5.2 | ) | (10.4 | ) | (2.8 | ) | (3.0 | ) | ||
Effective tax rate | 12.6 | % | -14 | % | 20.4 | % | 26.4 | % | ||
(1) Includes the effect of state flow-through ratemaking treatment. Additionally, during the three months ended September 30, 2013, the Utility recorded an adjustment to state income taxes in connection with an IRS settlement. | ||||||||||
(2) Represents effect of federal flow-through ratemaking treatment including those deductions related to repairs and certain other property-related costs discussed above. | ||||||||||
(3) Primarily relates to research and development tax credits and other timing differences. |
New_And_Significant_Accounting3
New And Significant Accounting Policies (Components Of Net Periodic Benefit Cost) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Pension Benefits [Member] | ' | ' | ' | ' | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||||
Service cost for benefits earned | $92 | $121 | $287 | $351 | ||||
Interest cost | 175 | 158 | 521 | 470 | ||||
Expected return on plan assets | -202 | -162 | -605 | -487 | ||||
Amortization of prior service cost | 5 | 5 | 15 | 15 | ||||
Amortization of net actuarial loss | 1 | 28 | 2 | 83 | ||||
Net periodic benefit cost | 71 | 150 | 220 | 432 | ||||
Less: transfer to regulatory account | 13 | [1] | -66 | [1] | 31 | [1] | -179 | [1] |
Total | 84 | 84 | 251 | 253 | ||||
Other Benefits [Member] | ' | ' | ' | ' | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||||
Service cost for benefits earned | 12 | 14 | 34 | 40 | ||||
Interest cost | 19 | 19 | 57 | 56 | ||||
Expected return on plan assets | -25 | -20 | -77 | -60 | ||||
Amortization of prior service cost | 6 | 6 | 17 | 17 | ||||
Amortization of net actuarial loss | 1 | 1 | 2 | 4 | ||||
Net periodic benefit cost | 13 | 20 | 33 | 57 | ||||
Less: transfer to regulatory account | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Total | $13 | $20 | $33 | $57 | ||||
[1] | The Utility recorded these amounts to a regulatory account since they are probable of recovery from customers in futures rates. |
New_And_Significant_Accounting4
New And Significant Accounting Policies (Narrative) (Detail) | Sep. 30, 2014 |
Public Utility, Property, Plant and Equipment [Line Items] | ' |
Number of tax equity agreements | 4 |
New_And_Significant_Accounting5
New And Significant Accounting Policies (Reclassifications Out Of Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | $44 | ($71) | $50 | ($101) | ||||
Loss on investments | -18 | -3 | -24 | 19 | ||||
Net current period other comprehensive income (loss) | -18 | 1 | -24 | 31 | ||||
Ending balance | 26 | -70 | 26 | -70 | ||||
Gain on investments tax | 13 | 2 | 16 | 13 | ||||
Net actuarial loss tax | 0 | 3 | 0 | 10 | ||||
Other Comprehensive Income Before Reclassifications [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ||||
Loss on investments | -4 | -3 | 6 | 19 | ||||
Amounts Reclassified From Other Comprehensive Income [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ||||
Amortization of prior service cost | 6 | [1] | 6 | [1] | 19 | [1] | 18 | [1] |
Amortization of net actuarial loss | ' | 18 | [1] | 2 | [1] | 52 | [1] | |
Transfer to regulatory account | -6 | [1] | -20 | [1] | -21 | [1] | -58 | [1] |
Realized gain on investments | -14 | ' | -30 | ' | ||||
Pension Benefits [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | -7 | -28 | -7 | -28 | ||||
Amortization of prior service cost | 5 | 5 | 15 | 15 | ||||
Amortization of net actuarial loss | 1 | 28 | 2 | 83 | ||||
Net current period other comprehensive income (loss) | 0 | 0 | 0 | 0 | ||||
Ending balance | -7 | -28 | -7 | -28 | ||||
Pension Benefits [Member] | Other Comprehensive Income Before Reclassifications [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ||||
Loss on investments | 0 | 0 | 0 | 0 | ||||
Gain on investments tax | 0 | 0 | 0 | 0 | ||||
Pension Benefits [Member] | Amounts Reclassified From Other Comprehensive Income [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ||||
Amortization of prior service cost | 3 | [1] | 3 | [1] | 9 | [1] | 9 | [1] |
Amortization of net actuarial loss | ' | 17 | [1] | 1 | [1] | 49 | [1] | |
Transfer to regulatory account | -3 | [1] | -20 | [1] | -10 | [1] | -58 | [1] |
Realized gain on investments | 0 | ' | 0 | ' | ||||
Amortization of prior service cost tax | 2 | 2 | 6 | 6 | ||||
Net actuarial loss tax | ' | 11 | 1 | 34 | ||||
Transfer to regulatory account tax | 3 | 13 | 7 | 39 | ||||
Realized gain on investments tax | 0 | ' | 0 | ' | ||||
Other Benefits [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | 15 | -69 | 15 | -77 | ||||
Amortization of prior service cost | 6 | 6 | 17 | 17 | ||||
Amortization of net actuarial loss | 1 | 1 | 2 | 4 | ||||
Net current period other comprehensive income (loss) | 0 | 4 | 0 | 12 | ||||
Ending balance | 15 | -65 | 15 | -65 | ||||
Other Benefits [Member] | Other Comprehensive Income Before Reclassifications [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ||||
Loss on investments | 0 | 0 | 0 | 0 | ||||
Gain on investments tax | 0 | 0 | 0 | 0 | ||||
Other Benefits [Member] | Amounts Reclassified From Other Comprehensive Income [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ||||
Amortization of prior service cost | 3 | [1] | 3 | [1] | 10 | [1] | 9 | [1] |
Amortization of net actuarial loss | ' | 1 | [1] | 1 | [1] | 3 | [1] | |
Transfer to regulatory account | -3 | [1] | 0 | [1] | -11 | [1] | 0 | [1] |
Realized gain on investments | 0 | ' | 0 | ' | ||||
Amortization of prior service cost tax | 3 | 3 | 7 | 8 | ||||
Net actuarial loss tax | ' | 0 | 1 | 1 | ||||
Transfer to regulatory account tax | 4 | 0 | 8 | 0 | ||||
Realized gain on investments tax | 0 | ' | 0 | ' | ||||
Other Investments [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | 36 | 26 | 42 | 4 | ||||
Net current period other comprehensive income (loss) | -18 | -3 | -24 | 19 | ||||
Ending balance | 18 | 23 | 18 | 23 | ||||
Other Investments [Member] | Other Comprehensive Income Before Reclassifications [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ||||
Loss on investments | -4 | -3 | 6 | 19 | ||||
Gain on investments tax | 3 | 2 | 4 | 13 | ||||
Other Investments [Member] | Amounts Reclassified From Other Comprehensive Income [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ||||
Amortization of prior service cost | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Amortization of net actuarial loss | ' | 0 | [1] | 0 | [1] | 0 | [1] | |
Transfer to regulatory account | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Realized gain on investments | -14 | ' | -30 | ' | ||||
Amortization of prior service cost tax | 0 | 0 | 0 | 0 | ||||
Net actuarial loss tax | ' | 0 | 0 | 0 | ||||
Transfer to regulatory account tax | 0 | 0 | 0 | 0 | ||||
Realized gain on investments tax | $10 | ' | $20 | ' | ||||
[1] | These components are included in the computation of net periodic pension and other postretirement benefit costs. (See the Pension and Other Postretirement Benefits table above for additional details.) |
Regulatory_Assets_Liabilities_2
Regulatory Assets, Liabilities, And Balancing Accounts (Long-Term Regulatory Assets) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Regulatory Assets [Line Items] | ' | ' |
Total long-term regulatory assets | $5,217 | $4,913 |
Pension Benefits [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Total long-term regulatory assets | 1,397 | 1,444 |
Deferred Income Taxes [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Total long-term regulatory assets | 2,269 | 1,835 |
Utility Retained Generation [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Total long-term regulatory assets | 468 | 503 |
Environmental Compliance Costs [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Total long-term regulatory assets | 714 | 628 |
Price Risk Management [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Total long-term regulatory assets | 83 | 106 |
Electromechanical Meters [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Total long-term regulatory assets | 87 | 135 |
Unamortized Loss, Net Of Gain, On Reacquired Debt [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Total long-term regulatory assets | 118 | 135 |
Other Long Term Regulatory Assets (Liabilities) [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Total long-term regulatory assets | $81 | $127 |
Regulatory_Assets_Liabilities_3
Regulatory Assets, Liabilities, And Balancing Accounts (Long-Term Regulatory Liabilities) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Regulatory Liabilities [Line Items] | ' | ' |
Total long-term regulatory liabilities | $6,133 | $5,660 |
Cost Of Removal Obligations [Member] | ' | ' |
Regulatory Liabilities [Line Items] | ' | ' |
Total long-term regulatory liabilities | 4,144 | 3,844 |
Recoveries In Excess Of AROs [Member] | ' | ' |
Regulatory Liabilities [Line Items] | ' | ' |
Total long-term regulatory liabilities | 687 | 748 |
Public Purpose Programs [Member] | ' | ' |
Regulatory Liabilities [Line Items] | ' | ' |
Total long-term regulatory liabilities | 705 | 587 |
Other Long Term Regulatory Assets (Liabilities) [Member] | ' | ' |
Regulatory Liabilities [Line Items] | ' | ' |
Total long-term regulatory liabilities | $597 | $481 |
Regulatory_Assets_Liabilities_4
Regulatory Assets, Liabilities, And Balancing Accounts (Current Regulatory Balancing Accounts, Net) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Regulatory Balancing Accounts Receivable [Member] | ' | ' | ||
Regulatory Assets [Line Items] | ' | ' | ||
Total regulatory balancing accounts, net | $1,955 | $1,124 | ||
Regulatory Balancing Accounts Receivable [Member] | Electric distribution [Member] | ' | ' | ||
Regulatory Assets [Line Items] | ' | ' | ||
Total regulatory balancing accounts, net | 173 | 102 | ||
Regulatory Balancing Accounts Receivable [Member] | Utility Generation [Member] | ' | ' | ||
Regulatory Assets [Line Items] | ' | ' | ||
Total regulatory balancing accounts, net | 162 | 57 | ||
Regulatory Balancing Accounts Receivable [Member] | Gas distribution [Member] | ' | ' | ||
Regulatory Assets [Line Items] | ' | ' | ||
Total regulatory balancing accounts, net | 549 | 70 | ||
Regulatory Balancing Accounts Receivable [Member] | Energy Procurement [Member] | ' | ' | ||
Regulatory Assets [Line Items] | ' | ' | ||
Total regulatory balancing accounts, net | 633 | 410 | ||
Regulatory Balancing Accounts Receivable [Member] | Public Purpose Programs [Member] | ' | ' | ||
Regulatory Assets [Line Items] | ' | ' | ||
Total regulatory balancing accounts, net | 106 | 56 | ||
Regulatory Balancing Accounts Receivable [Member] | Other Current Balancing Accounts [Member] | ' | ' | ||
Regulatory Assets [Line Items] | ' | ' | ||
Total regulatory balancing accounts, net | 332 | 429 | ||
Regulatory Balancing Accounts Payable [Member] | ' | ' | ||
Regulatory Assets [Line Items] | ' | ' | ||
Total regulatory balancing accounts, net | 1,223 | 1,008 | ||
Regulatory Balancing Accounts Payable [Member] | Energy Procurement [Member] | ' | ' | ||
Regulatory Assets [Line Items] | ' | ' | ||
Total regulatory balancing accounts, net | 286 | 298 | ||
Regulatory Balancing Accounts Payable [Member] | Public Purpose Programs [Member] | ' | ' | ||
Regulatory Assets [Line Items] | ' | ' | ||
Total regulatory balancing accounts, net | 157 | 171 | ||
Regulatory Balancing Accounts Payable [Member] | Other Current Balancing Accounts [Member] | ' | ' | ||
Regulatory Assets [Line Items] | ' | ' | ||
Total regulatory balancing accounts, net | $780 | [1] | $539 | [1] |
[1] | At September 30, 2014, Other regulatory balancing accounts payable mostly includes energy supplier settlements. |
Debt_Detail
Debt (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Feb. 21, 2014 | Aug. 15, 2014 | Feb. 21, 2014 | Aug. 15, 2014 | 12-May-14 | Sep. 30, 2014 | Feb. 27, 2014 | ||||||
In Millions, unless otherwise specified | Pollution Control Bonds Series 1996 C, E, F, And 1997 B [Member] | Pollution Control Bonds Series 2009 A-D [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Utility [Member] | Utility [Member] | Utility [Member] | Utility [Member] | Utility [Member] | Utility [Member] | PG&E Corporation [Member] | PG&E Corporation [Member] | ||||||
Pollution Control Bonds Series 1996 C, E, F, And 1997 B [Member] | Pollution Control Bonds Series 2009 A-D [Member] | Pollution Control Bonds Series 1996 C, E, F, And 1997 B [Member] | Pollution Control Bonds Series 2009 A-D [Member] | Due February 15, 2024 [Member] | Due February 15, 2044 [Member] | Due February 15, 2044 [Member] | Due August 15, 2024 [Member] | Floating Rate Senior Notes [Member] | Due March 1, 2019 [Member] | |||||||||||
Due May 11, 2015 [Member] | ||||||||||||||||||||
Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Line of Credit termination date | ' | ' | ' | ' | ' | ' | 1-Apr-19 | ' | ' | ' | ' | ' | 1-Apr-19 | ' | ||||||
Debt instrument, interest rate | ' | ' | 0.01% | 0.01% | 0.03% | 0.03% | ' | 3.75% | 4.75% | 4.75% | 3.40% | ' | ' | 2.40% | ||||||
Debt instrument, face amount | $614 | $309 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Senior Notes | ' | ' | ' | ' | ' | ' | ' | $450 | [1] | $225 | [2] | $450 | [1],[3] | $350 | [2] | $300 | [4] | ' | $350 | [5] |
[1] | The proceeds were used to repay the 4.80% Senior Notes, in the principal outstanding amount of $539 million, to fund capital expenditures, and for general corporate purposes. | |||||||||||||||||||
[2] | The proceeds were used for general corporate purposes, including the repayment of a portion of the Utility's outstanding commercial paper, and to fund capital expenditures. | |||||||||||||||||||
[3] | Primarily relates to research and development tax credits and other timing differences. | |||||||||||||||||||
[4] | The proceeds were used for general corporate purposes, including the repayment of a portion of the Utility's outstanding commercial paper. | |||||||||||||||||||
[5] | The proceeds were used to repay the 5.75% Senior Notes, in the principal outstanding amount of $350 million. |
Debt_Schedule_Of_Line_Of_Credi
Debt (Schedule Of Line Of Credit) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | |
Utility [Member] | ' | |
Debt [Line Items] | ' | |
Expiration date for credit agreement | '2019-04-01 | |
Facility limit | $3,000 | [1] |
Letters Of Credit Outstanding Amount | 84 | |
Commercial Paper | 126 | |
Facility Availability | 2,790 | |
Letters of Credit Sublimit | 1,000 | |
Swingline Loans Sublimit | 300 | |
Commercial Paper Sublimit | 1,750 | |
Swingline Loan Repay Term | '7 days | |
P G E Corporation [Member] | ' | |
Debt [Line Items] | ' | |
Expiration date for credit agreement | '2019-04-01 | |
Facility limit | 300 | [2] |
Letters Of Credit Outstanding Amount | 0 | |
Commercial Paper | 0 | |
Facility Availability | 300 | |
Letters of Credit Sublimit | 100 | |
Swingline Loans Sublimit | 100 | |
Commercial Paper Sublimit | 300 | |
Swingline Loan Repay Term | '7 days | |
Credit Facilities [Member] | ' | |
Debt [Line Items] | ' | |
Facility limit | 3,300 | |
Letters Of Credit Outstanding Amount | 84 | |
Commercial Paper | 126 | |
Facility Availability | $3,090 | |
[1] | Includes a $1.0 billion sublimit for letters of credit and a $300 million commitment for loans that are made available on a same-day basis and are repayable in full within 7 days. | |
[2] | Includes a $100 million sublimit for letters of credit and a $100 million commitment for loans that are made available on a same-day basis and are repayable in full within 7 days. |
Equity_Changes_In_Equity_Detai
Equity (Changes In Equity) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Balance at December 31, 2013 | ' | ' | $14,342 | ' |
Balance at December 31, 2013 | ' | ' | 14,594 | ' |
Comprehensive Income Net Of Tax | 796 | 165 | 1,291 | 769 |
Common stock issued | ' | ' | 759 | ' |
Share-based compensation | ' | ' | 41 | ' |
Common stock dividends declared | ' | ' | -644 | ' |
Preferred stock dividend requirement of subsidiary | -3 | -3 | -10 | -10 |
Balance at September 30, 2014 | 16,031 | ' | 16,031 | ' |
Balance at September 30, 2014 | 15,779 | ' | 15,779 | ' |
Pacific Gas And Electric Company [Member] | ' | ' | ' | ' |
Balance at December 31, 2013 | ' | ' | 14,841 | ' |
Comprehensive Income Net Of Tax | 793 | 166 | 1,271 | 741 |
Common stock issued | ' | ' | 0 | ' |
Share-based compensation | ' | ' | -5 | ' |
Common stock dividends declared | ' | ' | -537 | ' |
Preferred stock dividend requirement | -3 | -3 | -10 | -10 |
Equity contributions | ' | ' | 705 | 835 |
Balance at September 30, 2014 | $16,265 | ' | $16,265 | ' |
Equity_Narrative_Detail
Equity (Narrative) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Feb. 12, 2014 |
Equity Contract [Member] | ' | ' | ' |
Equity Distribution Agreement, shares issued | 2 | 11 | ' |
Equity distribution agreement amount | ' | ' | $500 |
Fees and commissions | 1 | 4 | ' |
Stock Issued During Period Value Under Equity Distribution Agreement | 67 | 496 | ' |
401K Plan, DRSPP, and Shared Based Compensation Plans [Member] | ' | ' | ' |
Stock issued during period for stock options exercised and under 401(K) plan and DRSPP, shares | ' | 7 | ' |
Stock Issued During Period Value Stock Options Exercised | ' | $247 | ' |
Earnings_Per_Share_Reconciliat
Earnings Per Share (Reconciliation Of PG&E Corporation's Income Available For Common Shareholders And Weighted Average Common Shares Outstanding For Calculating Diluted EPS) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income available for common shareholders | $811 | $161 | $1,305 | $728 |
Weighted average common shares outstanding, basic | 472 | 446 | 466 | 441 |
Employee share-based compensation | 2 | 1 | 2 | 1 |
Weighted average common shares outstanding, diluted | 474 | 447 | 468 | 442 |
Total earnings per common share, diluted | $1.71 | $0.36 | $2.79 | $1.65 |
Derivatives_Volumes_Of_Outstan
Derivatives (Volumes Of Outstanding Derivative Contracts, In Megawatt Hours Unless Otherwise Specified) (Detail) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2013 | |||
Derivative [Line Items] | ' | ' | ||
Derivatives expiration, lower (year) | '2019 years | '2019 years | ||
Derivatives expiration, higher (year) | '2023 years | '2022 years | ||
Forwards And Swaps [Member] | Natural Gas [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Less Than 1 Year | 218,107,731 | 243,213,288 | ||
Greater Than 1 Year but Less Than 3 Years | 70,621,174 | 79,735,000 | ||
Greater Than 3 Years but Less Than 5 Years | 3,530,000 | [1] | 8,892,500 | |
Greater Than 5 Years | 0 | [1] | 0 | [2] |
Forwards And Swaps [Member] | Electricity [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Less Than 1 Year | 1,364,184 | [3],[4] | 2,537,023 | |
Greater Than 1 Year but Less Than 3 Years | 1,956,498 | [3],[4] | 2,009,505 | |
Greater Than 3 Years but Less Than 5 Years | 1,574,588 | [3],[4] | 2,008,046 | |
Greater Than 5 Years | 969,478 | [3],[4],[5] | 1,534,695 | [6] |
Options [Member] | Natural Gas [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Less Than 1 Year | 116,213,741 | [7] | 169,123,208 | [8],[9] |
Greater Than 1 Year but Less Than 3 Years | 62,844,400 | [7] | 87,689,708 | |
Greater Than 3 Years but Less Than 5 Years | 0 | [7] | 3,450,000 | [8] |
Greater Than 5 Years | 0 | [10],[3],[5] | 0 | [11] |
Congestion Revenue Rights [Member] | Electricity [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Less Than 1 Year | 55,886,532 | [3],[4] | 73,510,440 | |
Greater Than 1 Year but Less Than 3 Years | 87,533,830 | [3],[4] | 83,747,782 | |
Greater Than 3 Years but Less Than 5 Years | 41,126,312 | [3],[4] | 63,718,517 | |
Greater Than 5 Years | 22,755,431 | [4],[7] | 29,945,852 | |
[1] | Includes the effect of state flow-through ratemaking treatment. Additionally, during the three months ended September 30, 2013, the Utility recorded an adjustment to state income taxes in connection with an IRS settlement. | |||
[2] | The proceeds were used for general corporate purposes, including the repayment of a portion of the Utility's outstanding commercial paper. | |||
[3] | Amounts shown reflect the total gross derivative volumes by commodity type that are expected to settle in each period. | |||
[4] | Million British Thermal Units. | |||
[5] | Derivatives in this category expire between 2019 and 2023. | |||
[6] | Derivatives in this category expire between 2019 and 2022. | |||
[7] | Represents effect of federal flow-through ratemaking treatment including those deductions related to repairs and certain other property-related costs discussed above. | |||
[8] | The proceeds were used to repay the 4.80% Senior Notes, in the principal outstanding amount of $539 million, to fund capital expenditures, and for general corporate purposes. | |||
[9] | Primarily relates to research and development tax credits and other timing differences. | |||
[10] | Amounts shown are for the combined positions of the electric fuels and core gas portfolios. | |||
[11] | The proceeds were used for general corporate purposes, including the repayment of a portion of the Utility's outstanding commercial paper, and to fund capital expenditures. |
Derivatives_Outstanding_Deriva
Derivatives (Outstanding Derivative Balances) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Current Assets [Member] | ' | ' |
Derivatives And Hedging Activities [Line Items] | ' | ' |
Gross Derivative Balance | $51 | $42 |
Cash Collateral | 15 | 16 |
Total Derivative Balance | 60 | 48 |
Netting | -6 | -10 |
Other Noncurrent Assets [Member] | ' | ' |
Derivatives And Hedging Activities [Line Items] | ' | ' |
Gross Derivative Balance | 81 | 99 |
Cash Collateral | 0 | 0 |
Total Derivative Balance | 77 | 95 |
Netting | -4 | -4 |
Other Current Liabilities [Member] | ' | ' |
Derivatives And Hedging Activities [Line Items] | ' | ' |
Gross Derivative Balance | -57 | -122 |
Cash Collateral | 6 | 69 |
Total Derivative Balance | -45 | -43 |
Netting | 6 | 10 |
Other Noncurrent Liabilities [Member | ' | ' |
Derivatives And Hedging Activities [Line Items] | ' | ' |
Gross Derivative Balance | -87 | -110 |
Cash Collateral | 0 | 2 |
Total Derivative Balance | -83 | -104 |
Netting | 4 | 4 |
Gross Derivative Balance [Member] | ' | ' |
Derivatives And Hedging Activities [Line Items] | ' | ' |
Gross Derivative Balance | -12 | -91 |
Netting [Member] | ' | ' |
Derivatives And Hedging Activities [Line Items] | ' | ' |
Netting | 0 | 0 |
Cash Collateral [Member | ' | ' |
Derivatives And Hedging Activities [Line Items] | ' | ' |
Cash Collateral | 21 | 87 |
Total Derivatve Balance [Member] | ' | ' |
Derivatives And Hedging Activities [Line Items] | ' | ' |
Total Derivative Balance | $9 | ($4) |
Derivatives_Gains_And_Losses_O
Derivatives (Gains And Losses On Derivative Instruments) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Net unrealized gain - regulatory assets and liabilities | ($6) | [1] | $40 | [1] | $79 | [1] | $115 | [1] |
Realized loss - cost of electricity | -22 | [2] | -57 | [2] | -48 | [2] | -136 | [2] |
Realized loss - cost of natural gas | -4 | [2] | -2 | [2] | -7 | [2] | -14 | [2] |
Total commodity risk | ($32) | ($19) | $24 | ($35) | ||||
[1] | Unrealized gains and losses on commodity risk-related derivative instruments are recorded to regulatory liabilities or assets, respectively, rather than being recorded to the Condensed Consolidated Statements of Income. These amounts exclude the impact of cash collateral postings. | |||||||
[2] | These amounts are fully passed through to customers in rates. Accordingly, net income was not impacted by realized amounts on these instruments. |
Derivatives_Additional_Cash_Co
Derivatives (Additional Cash Collateral The Utility Would Be Required To Post If Its Credit Risk-Related Contingency Features Were Triggered) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Derivatives in a liability position with credit risk-related contingencies that are not fully collateralized | ($22) | ($79) | ||
Related derivatives in an asset position | 1 | 4 | ||
Collateral posting in the normal course of business related to these derivatives | 8 | 65 | ||
Net position of derivative contracts/additional collateral posting requirements | ($13) | [1] | ($10) | [1] |
[1] | This calculation excludes the impact of closed but unpaid positions, as their settlement is not impacted by any of the Utility?s credit risk-related contingencies. |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Amount primarily related to deferred taxes on appreciation of investment value | $306 | $313 | ||
Long-Term Disability Trust [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Money market investments | 4 | ' | ||
Total assets | 4 | ' | ||
Fair Value Measurements, Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Money market investments | 53 | 226 | ||
Total assets | 2,408 | 2,622 | ||
Total liabilities | 12 | 20 | ||
Other Investments | 36 | 84 | ||
Fair Value Measurements, Level 1 [Member] | Nuclear Decommissioning Trusts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Money market investments | 16 | 38 | ||
U.S. equity securities | 1,118 | 1,046 | ||
Non-U.S. equity securities | 432 | 457 | ||
U.S. government and agency securities | 745 | 760 | ||
Total assets | 2,311 | [1] | 2,301 | [2] |
Fair Value Measurements, Level 1 [Member] | Price Risk Management Instrument [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | 4 | 2 | ||
Electricity | 1 | 2 | ||
Electricity | 9 | 19 | ||
Natural Gas | 3 | 1 | ||
Fair Value Measurements, Level 1 [Member] | Long-Term Disability Trust [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Money market investments | ' | 9 | ||
Total assets | ' | 9 | ||
Fair Value Measurements, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | 667 | 643 | ||
Total liabilities | 17 | 75 | ||
Fair Value Measurements, Level 2 [Member] | Nuclear Decommissioning Trusts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
U.S. equity securities | 12 | 11 | ||
Non-U.S. equity securities | 1 | 0 | ||
U.S. government and agency securities | 164 | 156 | ||
Municipal securities | 54 | 25 | ||
Other fixed-income securities | 163 | 162 | ||
Total assets | 394 | [1] | 354 | [2] |
Fair Value Measurements, Level 2 [Member] | Price Risk Management Instrument [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | 33 | 32 | ||
Electricity | 29 | 27 | ||
Natural Gas | 4 | 5 | ||
Electricity | 17 | 72 | ||
Natural Gas | 0 | 3 | ||
Fair Value Measurements, Level 2 [Member] | Rabbi Trusts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | 112 | 109 | ||
Fixed-income securities | 41 | 39 | ||
Life insurance contracts | 71 | 70 | ||
Fair Value Measurements, Level 2 [Member] | Long-Term Disability Trust [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
U.S. equity securities | 9 | 14 | ||
Non-U.S. equity securities | 12 | 12 | ||
Total assets | 128 | 148 | ||
Fixed-income securities | 107 | 122 | ||
Fair Value Measurements, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | 95 | 107 | ||
Total liabilities | 115 | 137 | ||
Fair Value Measurements, Level 3 [Member] | Price Risk Management Instrument [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | 95 | 107 | ||
Electricity | 95 | 107 | ||
Electricity | 115 | 137 | ||
Netting [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | 5 | [3] | 2 | [3] |
Total liabilities | -16 | [3] | -85 | [3] |
Netting [Member] | Price Risk Management Instrument [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | 5 | [3] | 2 | [3] |
Electricity | 5 | [3] | 3 | [3] |
Natural Gas | 0 | [3] | -1 | [3] |
Electricity | -16 | [3] | -84 | [3] |
Natural Gas | 0 | [3] | -1 | [3] |
Fair Value [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Money market investments | 53 | 226 | ||
Total assets | 3,175 | 3,374 | ||
Total liabilities | 128 | 147 | ||
Other Investments | 36 | 84 | ||
Fair Value [Member] | Nuclear Decommissioning Trusts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Money market investments | 16 | 38 | ||
U.S. equity securities | 1,130 | 1,057 | ||
Non-U.S. equity securities | 433 | 457 | ||
U.S. government and agency securities | 909 | 916 | ||
Municipal securities | 54 | 25 | ||
Other fixed-income securities | 163 | 162 | ||
Total assets | 2,705 | [1] | 2,655 | [2] |
Fair Value [Member] | Price Risk Management Instrument [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | 137 | 143 | ||
Electricity | 130 | 139 | ||
Natural Gas | 7 | 4 | ||
Electricity | 125 | 144 | ||
Natural Gas | 3 | 3 | ||
Fair Value [Member] | Rabbi Trusts [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets | 112 | 109 | ||
Fixed-income securities | 41 | 39 | ||
Life insurance contracts | 71 | 70 | ||
Fair Value [Member] | Long-Term Disability Trust [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Money market investments | 4 | 9 | ||
U.S. equity securities | 9 | 14 | ||
Non-U.S. equity securities | 12 | 12 | ||
Total assets | 132 | 157 | ||
Fixed-income securities | $107 | $122 | ||
[1] | Represents amount before deducting $306 million, primarily related to deferred taxes on appreciation of investment value. | |||
[2] | Represents amount before deducting $313 million, primarily related to deferred taxes on appreciation of investment value. | |||
[3] | Includes the effect of the contractual ability to settle contracts under master netting agreements and margin cash collateral. |
Fair_Value_Measurements_Level_
Fair Value Measurements (Level 3 Measurements And Sensitivity Analysis) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | ||
Congestion Revenue Rights [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Assets, Fair Value | $95 | $107 | ||
Liabilities, Fair Value | 28 | 32 | ||
Fair value measurement Valuation technique | 'Market approach | 'Market approach | ||
Fair value measurement Unobservable Input | 'CRR auction prices | 'CRR auction prices | ||
Power Purchase Agreements [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Liabilities, Fair Value | $87 | $105 | ||
Fair value measurement Valuation technique | 'Discounted cash flow | 'Discounted cash flow | ||
Fair value measurement Unobservable Input | 'Forward prices | 'Forward prices | ||
Per Mega Watt Hour [Member] | Minimum [Member] | CRR Auction Prices [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Range | -19.16 | [1] | -6.47 | [1] |
Per Mega Watt Hour [Member] | Minimum [Member] | Forward Prices [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Range | 22.54 | [1] | 23.43 | [1] |
Per Mega Watt Hour [Member] | Maximum [Member] | CRR Auction Prices [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Range | 12.04 | [1] | 12.04 | [1] |
Per Mega Watt Hour [Member] | Maximum [Member] | Forward Prices [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Range | 63.45 | [1] | 51.75 | [1] |
[1] | Represents price per megawatt-hour |
Fair_Value_Measurements_Level_1
Fair Value Measurements (Level 3 Reconciliation) (Detail) (Fair Value Measurements, Level 3 [Member], Price Risk Management Instruments [Member], USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Fair Value Measurements, Level 3 [Member] | Price Risk Management Instruments [Member] | ' | ' | ' | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Liability balance | ($11) | ($76) | ($30) | ($79) | ||||
Included in regulatory assets and liabilities or balancing accounts | -9 | [1] | -6 | [1] | 10 | [1] | -3 | [1] |
Liability balance | ($20) | ($82) | ($20) | ($82) | ||||
[1] | The costs related to price risk management activities are recoverable through customer rates, therefore, balancing account revenue is recorded for amounts settled and purchased and there is no impact to net income. Unrealized gains and losses are deferred in regulatory liabilities and assets. |
Fair_Value_Measurements_Carryi
Fair Value Measurements (Carrying Amount And Fair Value Of Financial Instruments) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Carrying Amount [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt financial instrument | $349 | $350 |
Fair Value [Member] | Fair Value Measurements, Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt financial instrument | 351 | 354 |
Pacific Gas And Electric Company [Member] | Carrying Amount [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt financial instrument | 13,283 | 12,334 |
Pacific Gas And Electric Company [Member] | Fair Value [Member] | Fair Value Measurements, Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt financial instrument | $14,992 | $13,444 |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Unrealized Gains (Losses) Related To Available-For-Sale Investments) (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | $1,614 | $1,569 | ||
Total Unrealized Gains | 1,139 | 1,178 | ||
Total Unrealized Losses | -12 | -8 | ||
Total Fair Value | 2,741 | 2,739 | ||
Amount primarily related to deferred taxes on appreciation of investment value | 306 | 313 | ||
Money Market Investments [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 16 | 38 | ||
Total Unrealized Gains | 0 | 0 | ||
Total Unrealized Losses | 0 | 0 | ||
Total Fair Value | 16 | 38 | ||
U.S. Equity Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 269 | 246 | ||
Total Unrealized Gains | 863 | 811 | ||
Total Unrealized Losses | -2 | 0 | ||
Total Fair Value | 1,130 | 1,057 | ||
Non-U.S. Equity Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 256 | 215 | ||
Total Unrealized Gains | 183 | 242 | ||
Total Unrealized Losses | -6 | 0 | ||
Total Fair Value | 433 | 457 | ||
U.S. Government And Agency Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 855 | 870 | ||
Total Unrealized Gains | 57 | 51 | ||
Total Unrealized Losses | -3 | -5 | ||
Total Fair Value | 909 | 916 | ||
Municipal Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 50 | 24 | ||
Total Unrealized Gains | 4 | 2 | ||
Total Unrealized Losses | 0 | -1 | ||
Total Fair Value | 54 | 25 | ||
Other Investments [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 5 | 13 | ||
Total Unrealized Gains | 31 | 71 | ||
Total Unrealized Losses | 0 | 0 | ||
Total Fair Value | 36 | 84 | ||
Other Fixed-Income Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 163 | 163 | ||
Total Unrealized Gains | 1 | 1 | ||
Total Unrealized Losses | -1 | -2 | ||
Total Fair Value | 163 | 162 | ||
Nuclear Decommissioning Trusts [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Amortized Cost | 1,609 | [1] | 1,556 | [1] |
Total Unrealized Gains | 1,108 | [1] | 1,107 | [1] |
Total Unrealized Losses | -12 | [1] | -8 | [1] |
Total Fair Value | $2,705 | [1] | $2,655 | [1] |
[1] | Represents amounts before deducting $306 million and $313 million at September 30, 2014 and December 31, 2013, respectively, primarily related to deferred taxes on appreciation of investment value. |
Fair_Value_Measurements_Schedu1
Fair Value Measurements (Schedule Of Maturities On Debt Securities) (Detail) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Less than 1 year | $27 |
1-5 years | 483 |
5-10 years | 257 |
More than 10 years | 359 |
Total maturities of debt securities | $1,126 |
Fair_Value_Measurements_Schedu2
Fair Value Measurements (Schedule Of Activity For Debt And Equity Securities) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Proceeds from sales and maturities of nuclear decommissioning trust investments | $182 | $357 | $1,059 | $1,152 |
Gross realized gains on sales of securities held as available-for-sale | 30 | 7 | 114 | 44 |
Gross realized losses on sales of securities held as available-for-sale | $0 | ($4) | ($3) | ($10) |
Resolution_Of_Remaining_Chapte1
Resolution Of Remaining Chapter 11 Disputed Claims (Detail) (CAISO And PX [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2014 |
CAISO And PX [Member] | ' | ' |
Resolution Of Remaining Chapter Eleven Disputed Claims [Line Items] | ' | ' |
Disputed Claims Liability Balance | $154 | $437 |
Interest payable | 710 | ' |
Carrying amounts due from CAISO and PX as of the balance sheet date for disputed claims related to the Chapter 11 Filing | 291 | 291 |
Electric supplier settlement refund | ' | $312 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Third-Party Power Purchases) (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Long-term Purchase Commitment [Line Items] | ' |
Total | 2,200 |
Maximum [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Long-term agreements range, years | 25 |
Commitments_And_Contingencies_2
Commitments And Contingencies (Legal And Regulatory Contingencies) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Criminal investigation [Member] | PGE Corporation And Utility [Member] | PGE Corporation And Utility [Member] | Pacific Gas And Electric Company [Member] | Pacific Gas And Electric Company [Member] | Pacific Gas And Electric Company [Member] | Pacific Gas And Electric Company [Member] | Utility [Member] | Utility [Member] | Utility [Member] | Utility [Member] | Utility [Member] | Utility [Member] | Utility [Member] | Utility [Member] | Utility [Member] | Utility [Member] | Utility [Member] | Utility [Member] | P G E Corporation [Member] | |||||
State General Fund [Member] | Criminal investigation [Member] | Criminal investigation [Member] | Criminal investigation [Member] | Minimum [Member] | Maximum [Member] | Refund To Ratepayers of Previously Authorized Revenues [Member] | Estimated Remedial Measures [Member] | Various parties apeal of CPUC penalty decision [Member] | ||||||||||||||||
Original Indictment [Member] | Superceding Indictment [Member] | Alleged obstruction of NTSB's investigation [Member] | ||||||||||||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued legal liabilities | ' | ' | ' | ' | ' | $35,000,000 | $43,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of self-reports filed with the CPUC | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Probable penalty amount | ' | ' | ' | ' | ' | 200,000,000 | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disallowed capital expenditures | ' | ' | 0 | -196,000,000 | ' | ' | ' | ' | ' | 0 | -196,000,000 | ' | 196,000,000 | 353,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 877,000,000 | ' |
Number of CPUC investigative enforcement proceedings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized Tax Benefits | ' | ' | ' | ' | ' | 380,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of capitalized PSEP costs included in Property, Plant, and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 540,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized PSEP costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 766,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Statutory penalty for each count of alleged violation | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total maximum statutory penalties | ' | ' | ' | ' | 14,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SED fines for self-reported violations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | 16,800,000 | ' | ' | ' | ' |
Number of felony counts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12 | 15 | 1 | ' | ' | ' | ' | ' | ' |
Reduction to expense funding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Gain Derived From Alleged Violation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 281,000,000 | ' | ' | ' | ' | ' | ' | ' |
Gross Loss Derived From Alleged Violation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 565,000,000 | ' | ' | ' | ' | ' | ' | ' |
Maximum Alternative Fine Sought | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,130,000,000 | ' | ' | ' | ' | ' | ' | ' |
Penalty issued by ALJs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 950,000,000 | ' | ' | ' | ' | ' | 400,000,000 | 50,000,000 | ' | ' |
Fines Imposed in GT&S Rate Case | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,050,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proposed payment to State General Fund | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 473,000,000 | ' |
Reduction to income tax expense | 115,000,000 | -24,000,000 | 310,000,000 | 243,000,000 | ' | ' | ' | 115,000,000 | -20,000,000 | 325,000,000 | 261,000,000 | 175,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal cash refund | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 411,000,000 |
Days To Raise Funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '40 days | '180 days | ' | ' | ' | ' |
Number of violations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in gas transmission and storage revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $555,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_And_Contingencies_3
Commitments And Contingencies (Nuclear Insurance) (Detail) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Diablo Canyon [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Amount of property damage and business interruption coverage provided by NEIL for Diablo Canyon | $3,200 |
Amount of property damage coverage provided by NEIL | 2,600 |
Maximum public liability per nuclear incident under Price-Anderson Act | 13,600 |
Maximum available public liability insurance for Diablo Canyon as required by Price-Anderson Act | 375 |
Maximum public liability claims amount per nuclear event | 13,600 |
Humboldt Bay Unit [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Amount of property damage coverage provided by NEIL | 131 |
Amount of indemnification from the NRC for public liability arising from nuclear incidents | 500 |
Amount of liability insurance for Humboldt Bay Unit 3 | $53 |
Commitments_And_Contingencies_4
Commitments And Contingencies (Environmental Remediation Liability Composed) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Topock natural gas compressor station | $294 | [1] | $264 | [1] |
Hinkley natural gas compressor station | 163 | [1] | 190 | [1] |
Former manufactured gas plant sites owned by the Utility or third parties | 262 | 184 | ||
Utility-owned generation facilities (other than for fossil fuel-fired), other facilities, and third-party disposal sites | 156 | 160 | ||
Fossil fuel-fired generation facilities and sites | 101 | 102 | ||
Total environmental remediation liability | $976 | $900 | ||
[1] | See "Natural Gas Compressor Station Sites" below. |
Commitments_And_Contingencies_5
Commitments And Contingencies (Environmental Remediation Contingencies) (Detail) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Long-term Purchase Commitment [Line Items] | ' |
Amount of environmental loss accrual expected to be recovered | $678 |
Topock Site [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Remediation cost recovery | 90.00% |
Pacific Gas And Electric Company [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Increase in undiscounted future costs in the event other potentially responsible parties are not able to contribute | $1,800 |
Commitments_And_Contingencies_6
Commitments And Contingencies (Class Action Complaint) (Detail) (Pacific Gas And Electric Company [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Pacific Gas And Electric Company [Member] | ' |
Long Term Purchase Commitment [Line Items] | ' |
Alleged utility collection 1997 to 2010 | $100 |
Commitments_And_Contingencies_7
Commitments And Contingencies (Schedule Of Effective Income Tax Rate Reconciliation) (Details) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |||||
Income Taxes [Line Items] | ' | ' | ' | ' | ||||
Federal statutory income tax rate | 35.00% | 35.00% | 35.00% | 35.00% | ||||
State income tax (net of federal benefit) | 2.90% | [1] | -25.00% | [1] | 1.90% | [1] | -2.10% | [1] |
Effect of regulatory treatment of fixed asset differences | -19.90% | [2] | -10.10% | [2] | -13.00% | [2] | -2.90% | [2],[3] |
Tax credits | -0.40% | -1.60% | -0.50% | -0.40% | ||||
Benefit of loss carryback | 0.20% | -1.90% | -0.20% | -0.20% | ||||
Other, net | -5.20% | [4] | -10.40% | [4] | -2.80% | [4] | -3.00% | [4],[5] |
Effective tax rate | 12.60% | -14.00% | 20.40% | 26.40% | ||||
[1] | Includes the effect of state flow-through ratemaking treatment. Additionally, during the three months ended September 30, 2013, the Utility recorded an adjustment to state income taxes in connection with an IRS settlement. | |||||||
[2] | Represents effect of federal flow-through ratemaking treatment including those deductions related to repairs and certain other property-related costs discussed above. | |||||||
[3] | Million British Thermal Units. | |||||||
[4] | Primarily relates to research and development tax credits and other timing differences. | |||||||
[5] | The proceeds were used to repay the 4.80% Senior Notes, in the principal outstanding amount of $539 million, to fund capital expenditures, and for general corporate purposes. |