EX-99 3 exhibit_a.htm EXHIBIT A EXHIBIT A

EXHIBIT A

A consolidating statement of income and surplus of the Claimant and its subsidiary companies for the last calendar year, together with a consolidating balance sheet of Claimant and its subsidiary companies as of the close of such calendar year.

Unaudited consolidating statements of income of the Claimant's subsidiary companies (i.e., PG&E Corporation and its subsidiaries) for 2000, together with unaudited consolidating balance sheets of Claimant's subsidiary companies as of the close of such periods, are attached as Exhibit A.

 

PG&E CORPORATION

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)


Total
Consolidated

Eliminations
and Re-
classifications


Total
Unconsolidated


PG&E
Corporation


Total
Subsidiaries

--------------------------------------------------------------------------------------------------------------------

Operating Revenues

Utility

$ 10,462 

$ - 

$ 10,462 

$ - 

$ 10,462  

Energy commodities and services

12,497 

(176)

12,673 

- 

12,673  

--------------------------------------------------------------------------------------------------------------------

Total operating revenues

22,959 

(176)

23,135 

- 

23,135  

--------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy for utility

4,606 

- 

4,606 

- 

4,606  

Cost of energy commodities and services

11,339 

(173)

11,512 

- 

11,512  

Operating and maintenance

3,113 

(5)

3,118 

10 

3,108  

Depreciation, amortization, and decommissioning

1,068 

1 

1,067 

3 

1,064  

Reorganization professional fees and expenses

97 

- 

97 

- 

97  

-------------------------------------------------------------------------------------------------------------------

Total operating expenses

20,223 

(177)

20,400 

13 

20,387  

--------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

2,736 

1 

2,735 

(13)

2,748  

Reorganization interest income

91 

- 

91 

- 

91  

Interest income

122 

(31)

153 

35 

118  

Interest expense

(1,213)

31 

(1,244)

(132)

(1,112) 

Other income (expense), net

(38)

(1,153)

1,115 

1,157 

(42) 

--------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

1,698 

(1,152)

2,850 

1,047 

1,803  

Income tax provision (benefit)

608 

1 

607 

(52)

659  

--------------------------------------------------------------------------------------------------------------------

Income (Loss) From Continuing Operations

1,090 

(1,153)

2,243 

1,099 

1,144  

Cumulative effect of a change in an
   accounting principle (net of applicable
   income taxes of $6 million)



9 



- 



9 



- 



9  

--------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ 1,099 

$ (1,153)

$ 2,252 

$ 1,099 

$ 1,153  

====================================================================

 

 

PG&E CORPORATION

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)


Pacific Gas
and Electric
Company
(Consolidated)


PG&E
Corporation
Support
Services, Inc.



PG&E
Strategic
Capital, Inc.




Elm Power
Corporation

PG&E
National
Energy Group,
LLC (Consolidated)

--------------------------------------------------------------------------------------------------------------------

Operating Revenues

Utility

$ 10,462 

$ - 

$ - 

$ - 

$ -  

Energy commodities and services

- 

4 

- 

- 

12,669  

--------------------------------------------------------------------------------------------------------------------

Total operating revenues

10,462 

4 

- 

- 

12,669  

--------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy for utility

4,606 

- 

- 

- 

-  

Cost of energy commodities and services

- 

- 

- 

- 

11,512  

Operating and maintenance

2,385 

4 

- 

- 

712  

Depreciation, amortization, and decommissioning

896 

- 

- 

- 

167  

Reorganization professional fees and expenses

97 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Total operating expenses

7,984 

4 

- 

- 

12,391  

--------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

2,478 

- 

- 

- 

278  

Reorganization interest income

91 

- 

- 

- 

-  

Interest income

32 

- 

- 

- 

86  

Interest expense

(974)

- 

- 

- 

(138) 

Other income (expense), net

(41)

- 

- 

- 

5  

--------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

1,586 

- 

- 

- 

231  

Income tax provision (benefit)

596 

- 

- 

- 

69  

--------------------------------------------------------------------------------------------------------------------

Income (Loss) From Continuing Operations

990 

- 

- 

- 

162  

Cumulative effect of a change in an
   accounting principle (net of applicable
   income taxes of $6 million)



- 



- 



- 



- 



9  

--------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ 990 

$ - 

$ - 

$ - 

$ 171  

====================================================================

 

PG&E CORPORATION

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)

PG&E
Ventures, LLC
(Consolidated)


Intercompany
Eliminations


Total
Unconsolidated

PG&E
Ventures,
LLC

PG&E
Telecom, LLC
(Consolidated)

--------------------------------------------------------------------------------------------------------------------

Operating Revenues

Utility

$ - 

$ - 

$ - 

$ - 

$ -  

Energy commodities and services

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy for utility

- 

- 

- 

- 

-  

Cost of energy commodities and services

- 

- 

- 

- 

-  

Operating and maintenance

7 

- 

7 

- 

5  

Depreciation, amortization, and decommissioning

1 

- 

1 

- 

1  

Reorganization professional fees and expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Total operating expenses

8 

- 

8 

- 

6  

--------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

(8)

- 

(8)

- 

(6) 

Reorganization interest income

- 

- 

- 

- 

-  

Interest income

- 

- 

- 

- 

-  

Interest expense

- 

- 

- 

- 

-  

Other income (expense), net

(6)

8 

(14)

(8)

(3) 

--------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

(14)

8 

(22)

(8)

(9) 

Income tax provision (benefit)

(6)

- 

(6)

- 

(4) 

--------------------------------------------------------------------------------------------------------------------

Income (Loss) From Continuing Operations

(8)

8 

(16)

(8)

(5) 

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


-  

--------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ (8)

$ 8 

$ (16)

$ (8)

$ (5) 

====================================================================

 

PG&E CORPORATION

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)


Intercompany
Eliminations


Total
Subsidiaries


PG&E
Telecom, LLC

PG&E
Capital,
LLC

PG&E
Telecom
Holdings, LLC

--------------------------------------------------------------------------------------------------------------------

Operating Revenues

Utility

$ - 

$ - 

$ - 

$ - 

$ -  

Energy commodities and services

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy for utility

- 

- 

- 

- 

-  

Cost of energy commodities and services

- 

- 

- 

- 

-  

Operating and maintenance

- 

5 

5 

- 

-  

Depreciation, amortization, and decommissioning

- 

1 

1 

- 

-  

Reorganization professional fees and expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

6 

6 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

(6)

(6)

- 

-  

Reorganization interest income

- 

- 

- 

- 

-  

Interest income

- 

- 

- 

- 

-  

Interest expense

- 

- 

- 

- 

-  

Other income (expense), net

- 

(3)

(3)

- 

-  

--------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

(9)

(9)

- 

-  

Income tax provision (benefit)

- 

(4)

(4)

- 

-  

--------------------------------------------------------------------------------------------------------------------

Income (Loss) From Continuing Operations

- 

(5)

(5)

- 

-  

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


-  

--------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ - 

$ (5)

$ (5)

$ - 

$ -  

====================================================================

 

PG&E CORPORATION

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)


Pacific Venture
Capital, LLC
(Consolidated)



Intercompany
Eliminations



Total
Subsidiaries

Pacific
Venture
Capital,
LLC


PG&E
Ventures
ePro, LLC

--------------------------------------------------------------------------------------------------------------------

Operating Revenues

Utility

$ - 

$ - 

$ - 

$ - 

$ - 

Energy commodities and services

- 

- 

- 

- 

- 

--------------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

- 

- 

- 

- 

--------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy for utility

- 

- 

- 

- 

- 

Cost of energy commodities and services

- 

- 

- 

- 

- 

Operating and maintenance

2 

- 

2 

2 

- 

Depreciation, amortization, and decommissioning

- 

- 

- 

- 

- 

Reorganization professional fees and expenses

- 

- 

- 

- 

- 

--------------------------------------------------------------------------------------------------------------------

Total operating expenses

2 

- 

2 

2 

- 

--------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

(2)

- 

(2)

(2)

- 

Reorganization interest income

- 

- 

- 

- 

- 

Interest income

- 

- 

- 

- 

- 

Interest expense

- 

- 

- 

- 

- 

Other income (expense), net

(3)

- 

(3)

(3)

- 

--------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

(5)

- 

(5)

(5)

- 

Income tax provision (benefit)

(2)

- 

(2)

(2)

- 

--------------------------------------------------------------------------------------------------------------------

Income (Loss) From Continuing Operations

(3)

- 

(3)

(3)

- 

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


- 

--------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ (3)

$ - 

$ (3)

$ (3)

$ - 

====================================================================

 

PG&E CORPORATION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in millions)

(unaudited)


Total
Consolidated

Eliminations
and Re-
classifications


Total
Unconsolidated


PG&E
Corporation


Total
Subsidiaries

--------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ 5,421 

$ - 

$ 5,421 

$ 347 

$ 5,074  

Restricted cash

195 

- 

195 

1 

194  

Accounts receivable:

Customers

3,016 

- 

3,016 

- 

3,016  

Related parties

- 

(788)

788 

712 

76  

Regulatory balancing accounts

75 

- 

75 

- 

75  

Price risk management

381 

- 

381 

- 

381  

Inventories

462 

- 

462 

- 

462  

Prepaid expense and other

223 

1 

222 

1 

221  

--------------------------------------------------------------------------------------------------------------------

Total current assets

9,773 

(787)

10,560 

1,061 

9,499  

--------------------------------------------------------------------------------------------------------------------

Property, Plant and Equipment

Utility

26,029 

- 

26,029 

- 

26,029  

Non-Utility:

Electric generation

2,848 

113 

2,735 

- 

2,735  

Gas transmission

1,514 

2 

1,512 

- 

1,512  

Construction work in progress

2,426 

- 

2,426 

3 

2,423  

Other

195 

(115)

310 

16 

294  

--------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


32,012


- 


33,012 


19 


32,993  

Accumulated depreciation and decommissioning

(13,845)

(6)

(13,839)

(9)

(13,830) 

--------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

19,167 

(6)

19,173 

10 

19,163  

--------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Regulatory assets

2,319 

36 

2,283 

- 

2,283  

Nuclear decommissioning funds

1,337 

- 

1,337 

- 

1,337  

Price risk management

426 

124 

302 

- 

302  

Other

2,840 

(5,519)

8,359 

4,755 

3,604  

--------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

6,922 

(5,359)

12,281 

4,755 

7,526  

--------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 35,862 

$ (6,152)

$ 42,014 

$ 5,826 

$ 36,188  

====================================================================

 

PG&E CORPORATION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in millions)

(unaudited)


Total
Consolidated

Eliminations
and Re-
classifications


Total
Unconsolidated


PG&E
Corporation


Total
Subsidiaries

----------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Liabilities Not Subject to Compromise

Current Liabilities

Short-term borrowings

$ 330 

$ - 

$ 330 

$ - 

$ 330  

Long-term debt, classified as current

381 

- 

381 

- 

381  

Current portion of rate reduction bonds

290 

- 

290 

- 

290  

Accounts payable:

Intercompany

- 

(568)

568 

97 

471  

Trade creditors

1,289 

(1)

1,290 

- 

1,290  

Regulatory balancing accounts

228 

- 

228 

- 

228  

Other

530 

224 

306 

17 

289  

Price risk management

277 

- 

277 

- 

277  

Other

1,541 

(321)

1,862 

334 

1,528  

----------------------------------------------------------------------------------------------------------------------

Total current liabilities

4,866 

(666)

5,532 

448 

5,084  

----------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

7,297 

(118)

7,415 

904 

6,511  

Rate reduction bonds

1,450 

- 

1,450 

- 

1,450  

Deferred income taxes

1,666 

(43)

1,709 

- 

1,709  

Deferred tax credits

153 

- 

153 

- 

153  

Price risk management

434 

124 

310 

- 

310  

Other

3,688 

14 

3,674 

182 

3,492  

----------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

14,688 

(23)

14,711 

1,086 

13,625  

----------------------------------------------------------------------------------------------------------------------

Liabilities Subject to Compromise

Financing debt

5,651 

- 

5,651 

- 

5,651  

Trade creditors

5,555 

(178)

5,733 

- 

5,733  

----------------------------------------------------------------------------------------------------------------------

Total liabilities subject to compromise

11,206 

(178)

11,384 

- 

11,384  

----------------------------------------------------------------------------------------------------------------------

Preferred Stock

480 

(9)

489 

- 

489  

Utility Obligated Mandatorily Redeemable
   Preferred Securities of Trust Holding
   Solely Utility Subordinated Debentures



300 



- 



300 



- 



300  

Common Stockholders' Equity

Common stock

5,986 

(6,672)

12,658 

5,296 

7,362  

Common stock held by subsidiary

(690)

(215)

(475)

- 

(475) 

Reinvested earnings (accumulated deficit)

(1,004)

1,612 

(2,616)

(1,004)

(1,612) 

Accumulated other comprehensive income (loss)

30 

(1)

31 

- 

31  

----------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

4,322 

(5,276)

9,598 

4,292 

5,306  

----------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ 35,862 


$ (6,152)


$ 42,014 


$ 5,826 


$ 36,188  

====================================================================

 

PG&E CORPORATION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


Pacific Gas
and Electric
Company
(Consolidated)


PG&E
Corporation
Support Services,
Inc.



PG&E
Strategic
Capital, Inc.




Elm Power
Corporation

PG&E
National
Energy Group,
LLC
(Consolidated)

----------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ 4,341 

$ - 

$ - 

$ - 

$ 725  

Restricted cash

53 

- 

- 

- 

141  

Accounts receivable:

Customers

1,931 

- 

- 

- 

1,085  

Related parties

18 

18 

- 

- 

40  

Regulatory balancing accounts

75 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

381  

Inventories

337 

- 

- 

- 

125  

Prepaid expense and other

80 

- 

- 

- 

141  

----------------------------------------------------------------------------------------------------------------------

Total current assets

6,835 

18 

- 

- 

2,638  

----------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Utility

26,029 

- 

- 

- 

-  

Non-Utility:

Electric generation

- 

- 

- 

- 

2,735  

Gas transmission

- 

- 

- 

- 

1,512  

Construction work in progress

323 

- 

- 

- 

2,100  

Other

- 

- 

- 

- 

294  

----------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


26,352 


- 


- 


- 


6,641  

Accumulated depreciation and decommissioning

(12,943)

- 

- 

- 

(887) 

----------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

13,409 

- 

- 

- 

5,754  

----------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Regulatory assets

2,283 

- 

- 

- 

-  

Nuclear decommissioning funds

1,337 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

302  

Other

1,273 

- 

- 

690 

1,635  

----------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

4,893 

- 

- 

690 

1,937  

----------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 25,137 

$ 18 

$ - 

$ 690 

$ 10,329  

====================================================================

 

PG&E CORPORATION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


Pacific Gas
and Electric
Company
(Consolidated)


PG&E
Corporation
Support Services,
Inc.



PG&E
Strategic
Capital, Inc.




Elm Power
Corporation

PG&E
National
Energy Group,
LLC
(Consolidated)

----------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Liabilities Not Subject to Compromise

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ 330  

Long-term debt, classified as current

333 

- 

- 

- 

48  

Current portion of rate reduction bonds

290 

- 

- 

- 

-  

Accounts payable:

Intercompany

86 

18 

- 

- 

350  

Trade creditors

333 

- 

- 

- 

957  

Regulatory balancing accounts

228 

- 

- 

- 

-  

Other

289 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

277  

Other

985 

- 

- 

- 

549  

--------------------------------------------------------------------------------------------------------------------

Total current liabilities

2,544 

18 

- 

- 

2,511  

--------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

3,019 

- 

- 

- 

3,492  

Rate reduction bonds

1,450 

- 

- 

- 

-  

Deferred income taxes

1,028 

- 

- 

- 

681  

Deferred tax credits

153 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

310  

Other

2,724 

- 

- 

- 

768  

--------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

8,374 

- 

- 

- 

5,251  

--------------------------------------------------------------------------------------------------------------------

Liabilities Subject to Compromise

Financing debt

5,651 

- 

- 

- 

-  

Trade creditors

5,733 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Total liabilities subject to compromise

11,384 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Preferred Stock

431 

- 

- 

- 

58  

Utility Obligated Mandatorily Redeemable
   Preferred Securities of Trust Holding
   Solely Utility Subordinated Debentures



300 



- 



- 



- 



-  

Common Stockholders' Equity

Common stock

3,570 

- 

- 

690 

3,086  

Common stock held by subsidiary

(475)

- 

- 

- 

-  

Accumulated deficit

(989)

- 

- 

- 

(610) 

Accumulated other comprehensive income (loss)

(2)

- 

- 

- 

33  

--------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

2,104 

- 

- 

690 

2,509  

--------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ 25,137 


$ 18 


$ - 


$ 690 


$ 10,329  

====================================================================

 

PG&E CORPORATION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

PG&E
Ventures,
LLC
(Consolidated)



Intercompany
Eliminations



Total
Unconsolidated


PG&E
Ventures,
LLC


PG&E
Telecom, LLC
(Consolidated)

--------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ 8 

$ - 

$ 8 

$ - 

$ 6  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

- 

- 

- 

- 

-  

Related parties

- 

- 

- 

- 

-  

Regulatory balancing accounts

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Income taxes receivable

- 

- 

- 

- 

-  

Prepaid expense and other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Total current assets

8 

- 

8 

- 

6  

--------------------------------------------------------------------------------------------------------------------

Property, Plant and Equipment

Utility

- 

- 

- 

- 

-  

Non-Utility:

Electric generation

- 

- 

- 

- 

-  

Gas transmission

- 

- 

- 

- 

-  

Construction work in progress

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


- 


- 


- 


- 


-  

Accumulated depreciation and decommissioning

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Regulatory assets

- 

- 

- 

- 

-  

Nuclear decommissioning funds

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

6 

(10)

16 

4 

-  

--------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

6 

(10)

16 

4 

-  

--------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 4 

$ (10)

$ 24 

$ 4 

$ 6  

====================================================================

 

PG&E CORPORATION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

PG&E
Ventures, LLC
(Consolidated)


Intercompany
Eliminations


Total
Unconsolidated

PG&E
Ventures,
LLC

PG&E
Telecom, LLC
(Consolidated)

--------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Liabilities Not Subject to Compromise

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

-  

Current portion of rate reduction bonds

- 

- 

- 

- 

-  

Accounts payable:

Intercompany

17 

- 

17 

- 

13  

Trade creditors

- 

- 

- 

- 

-  

Energy marketing

- 

- 

- 

- 

-  

Regulatory balancing accounts

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

(6)

- 

(6)

- 

(4) 

--------------------------------------------------------------------------------------------------------------------

Total current liabilities

11 

- 

11 

- 

9  

--------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

- 

- 

- 

-  

Rate reduction bonds

- 

- 

- 

- 

-  

Deferred income taxes

- 

- 

- 

- 

-  

Deferred tax credits

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Liabilities Subject to Compromise

Financing debt

- 

- 

- 

- 

-  

Trade creditors

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Total liabilities subject to compromise

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

-  

Utility Obligated Mandatorily Redeemable
   Preferred Securities of Trust Holding
   Solely Utility Subordinated Debentures



- 



- 



- 



- 



-  

Common Stockholders' Equity

Common stock

16 

(22)

38 

16 

6  

Common stock held by subsidiary

- 

- 

- 

- 

-  

Reinvested earnings (accumulated deficit)

(13)

12 

(25)

(12)

(9) 

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

3 

(10)

13 

4 

(3) 

--------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ 14 


$ (10)


$ 24 


$ 4 


$ 6  

====================================================================

 

PG&E CORPORATION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


Intercompany
Eliminations


Total
Subsidiaries


PG&E
Telecom, LLC

PG&E
Capital,
LLC

PG&E
Telecom
Holdings, LLC

--------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ 6 

$ 6 

$ - 

$ -  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

- 

- 

- 

- 

-  

Related parties

- 

- 

- 

- 

-  

Regulatory balancing accounts

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Income taxes receivable

- 

- 

- 

- 

-  

Prepaid expense and other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Total current assets

- 

6 

6 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Property, Plant and Equipment

Utility

- 

- 

- 

- 

-  

Non-Utility:

Electric generation

- 

- 

- 

- 

-  

Gas transmission

- 

- 

- 

- 

-  

Construction work in progress

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


- 


- 


- 


- 


-  

Accumulated depreciation and decommissioning

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Regulatory assets

- 

- 

- 

- 

-  

Nuclear decommissioning funds

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ - 

$ 6 

$ 6 

$ - 

$ -  

====================================================================

 

PG&E CORPORATION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


Intercompany
Eliminations


Total
Subsidiaries


PG&E
Telecom, LLC

PG&E
Capital,
LLC

PG&E
Telecom
Holdings, LLC

--------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Liabilities Not Subject to Compromise

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

-  

Current portion of rate reduction bonds

- 

- 

- 

- 

-  

Accounts payable:

Intercompany

- 

13 

13 

- 

-  

Trade creditors

- 

- 

- 

- 

-  

Energy marketing

- 

- 

- 

- 

-  

Regulatory balancing accounts

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

(4)

(4)

- 

-  

--------------------------------------------------------------------------------------------------------------------

Total current liabilities

- 

9 

9 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

- 

- 

- 

-  

Rate reduction bonds

- 

- 

- 

- 

-  

Deferred income taxes

- 

- 

- 

- 

-  

Deferred tax credits

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Liabilities Subject to Compromise

Financing debt

- 

- 

- 

- 

-  

Trade creditors

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Total liabilities subject to compromise

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

-  

Utility Obligated Mandatorily Redeemable
   Preferred Securities of Trust Holding
   Solely Utility Subordinated Debentures



- 



- 



- 



- 



-  

Common Stockholders' Equity

Common stock

- 

6 

6 

- 

-  

Common stock held by subsidiary

- 

- 

- 

- 

-  

Accumulated deficit

- 

(9)

(9)

- 

-  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

- 

(3)

(3)

- 

-  

--------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ - 


$ 6 


$ 6 


$ - 


$ -  

====================================================================

 

 

PG&E CORPORATION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


Pacific Venture
Capital, LLC
(Consolidated)



Intercompany
Eliminations



Total
Subsidiaries

Pacific
Venture
Capital,
LLC


PG&E
Ventures
ePro, LLC

--------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ 2 

$ - 

$ 2 

$ 2 

$ -  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

- 

- 

- 

- 

-  

Related parties

- 

- 

- 

- 

-  

Regulatory balancing accounts

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Income taxes receivable

- 

- 

- 

- 

-  

Prepaid expense and other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Total current assets

2 

- 

2 

2 

-  

--------------------------------------------------------------------------------------------------------------------

Property, Plant and Equipment

Utility

- 

- 

- 

- 

-  

Non-Utility:

Electric generation

- 

- 

- 

- 

-  

Gas transmission

- 

- 

- 

- 

-  

Construction work in progress

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)

- 

- 

- 

- 

-  

Accumulated depreciation and decommissioning

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Regulatory assets

- 

- 

- 

- 

-  

Nuclear decommissioning funds

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

12 

- 

12 

7 

5  

--------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

12 

- 

12 

7 

5  

--------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 14 

$ - 

$ 14 

$ 9 

$ 5  

====================================================================

 

PG&E CORPORATION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


Pacific Venture
Capital, LLC
(Consolidated)



Intercompany
Eliminations



Total
Subsidiaries

Pacific
Venture
Capital,
LLC


PG&E
Ventures
ePro, LLC

--------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Liabilities Not Subject to Compromise

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

-  

Current portion of rate reduction bonds

- 

- 

- 

- 

-  

Accounts payable:

Intercompany

4 

- 

4 

4 

-  

Trade creditors

- 

- 

- 

- 

-  

Energy marketing

- 

- 

- 

- 

-  

Regulatory balancing accounts

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

(2)

- 

(2)

(2)

-  

--------------------------------------------------------------------------------------------------------------------

Total current liabilities

2 

- 

2 

2 

-  

--------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

- 

- 

- 

-  

Rate reduction bonds

- 

- 

- 

- 

-  

Deferred income taxes

- 

- 

- 

- 

-  

Deferred tax credits

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Liabilities Subject to Compromise

Financing debt

- 

- 

- 

- 

-  

Trade creditors

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Total liabilities subject to compromise

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

-  

Utility Obligated Mandatorily Redeemable
   Preferred Securities of Trust Holding
   Soley Utility Subordinated Debentures



- 



- 



- 



- 



-  

Common Stockholders' Equity

Common stock

16 

- 

16 

11 

5  

Common stock held by subsidiary

- 

- 

- 

- 

-  

Accumulated deficit

(4)

- 

(4)

(4)

-  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

12 

- 

12 

7 

5  

--------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ 14 


$ - 


$ 14 


$ 9 


$ 5  

====================================================================

 

PG&E CORPORATION

CONSOLIDATING STATEMENTS OF REINVESTED EARNINGS

DECEMBER 31, 2001

(in millions)

(unaudited)

Total Consolidated

Eliminations and Reclassifications

Total Unconsolidated

PG&E Corporation

Total Subsidiaries

-------------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ (2,105)

$ 2,714 

$ (4,819)

$ (2,105)

$ (2,714)

Net income (loss)

1,099 

(1,153)

2,252 

1,099 

1,153 

Dividends

- 

50 

(50)

- 

(50)

Other

2 

- 

2 

2 

- 

-------------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ (1,004)

$ 1,611 

$ (2,615)

$ (1,004)

$ (1,611)

===============================================================================

 

 


Pacific Gas
and Electric
Company
(Consolidated)


PG&E
Corporation
Support
Services, Inc.




PG&E Strategic
Capital, Inc.




Elm Power
Corporation


PG&E National
Energy Group,
LLC
(Consolidated)

-------------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ (1,979)

$ - 

$ - 

$ 50 

$ (781)

Net income (loss)

990 

- 

- 

- 

171 

Dividends

- 

- 

- 

(50)

- 

Other

- 

- 

- 

- 

- 

-------------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ (989)

$ - 

$ - 

$ - 

$ (610)

===============================================================================

 

 

PG&E Ventures,
LLC
(Consolidated)


Intercompany
Eliminations


Total
Unconsolidated


PG&E Ventures,
LLC

PG&E Telecom,
LLC
(Consolidated)

-------------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ (4)

$ 5 

$ (9)

$ (4)

$ (4)

Net income (loss)

(8)

8 

(16)

(8)

(5)

Dividends

- 

- 

- 

- 

- 

Other

- 

- 

- 

- 

- 

-------------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ (12)

$ 13 

$ (25)

$ (12)

$ (9)

===============================================================================

 

PG&E CORPORATION

CONSOLIDATING STATEMENTS OF REINVESTED EARNINGS

DECEMBER 31, 2001

(in millions)

(unaudited)


Intercompany
Eliminations


Total
Subsidiaries


PG&E Telecom,
LLC


PG&E Capital,
LLC


PG&E Telecom
Holdings, LLC

-------------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ (4)

$ (4)

$ - 

$ - 

Net income (loss)

- 

(5)

(5)

- 

- 

Dividends

- 

- 

- 

- 

- 

Other

- 

- 

- 

- 

- 

-------------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ - 

$ (9)

$ (9)

$ - 

$ - 

===============================================================================

 

Pacific Venture
Capital, LLC
(Consolidated)


Intercompany
Eliminations


Total
Subsidiaries


Pacific Venture
Capital, LLC


PG&E Ventures
ePro, LLC

-------------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ (1)

$ - 

$ (1)

$ (1)

$ - 

Net income (loss)

(3)

- 

(3)

(3)

- 

Dividends

- 

- 

- 

- 

- 

Other

- 

- 

- 

- 

- 

-------------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ (4)

$ - 

$ (4)

$ (4)

$ - 

===============================================================================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in millions)

(unaudited)

Pacific Gas
and Electric Company
(Consolidated)


Eliminations
and Re-
classifications



Total
Unconsolidated


Pacific Gas
and Electric Company

-----------------------------------------------------------------------------------------------------------------

Operating Revenues

Electric

$ 7,326 

$ - 

$ 7,326 

$ 7,326  

Gas

3,136 

(1)

3,137 

3,136  

-----------------------------------------------------------------------------------------------------------------

Total operating revenues

10,462 

(1)

10,463 

10,462  

-----------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of electric energy

2,774 

- 

2,774 

2,774  

Deferred electric procurement cost

- 

- 

- 

-  

Cost of gas

1,832 

(1)

1,833 

1,833  

Operating and maintenance

2,385 

2 

2,383 

2,377  

Depreciation, amortization, and decommissioning

896 

- 

896 

895  

Provision for loss on generation-related regulatory
   assets and under-collected purchased power costs

- 

- 

- 

-  

Reorganization professional fees and expenses

97 

- 

97 

97  

-----------------------------------------------------------------------------------------------------------------

Total operating expenses

7,984 

1 

7,983 

7,976  

-----------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

2,478 

(2)

2,480 

2,486  

Reorganization interest income

91 

- 

91 

91  

Interest income

32 

(130)

162 

27  

Interest expense

(974)

130 

(1,104)

(1,004)

Equity in earnings of subsidiaries

- 

(4)

4 

4  

Other income (expense), net

(16)

2 

(18)

7  

-----------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

1,611 

(4)

1,615 

1,611  

Income tax provision

596 

- 

596 

596  

-----------------------------------------------------------------------------------------------------------------

Net Income (Loss)

1,015 

(4)

1,019 

1,015  

Preferred dividend requirement

25 

- 

25 

25  

-----------------------------------------------------------------------------------------------------------------

Income (Loss) Available for (Allocated to)
   Common Stock


$ 990 


$ (4)


$ 994 


$ 990  

==================================================================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in millions)

(unaudited)



Total
Subsidiaries


Alberta and
Southern Gas
Co. Ltd.


Natural Gas
Corporation
of California


NGC
Production
Company

-----------------------------------------------------------------------------------------------------------------

Operating Revenues

Electric

$ - 

$ - 

$ - 

$ -  

Gas

1 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Total operating revenues

1 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of electric energy

- 

- 

- 

-  

Deferred electric procurement cost

- 

- 

- 

-  

Cost of gas

- 

- 

- 

-  

Operating and maintenance

6 

- 

- 

-  

Depreciation, amortization, and decommissioning

1 

- 

- 

-  

Provision for loss on generation-related regulatory
   assets and under-collected purchased power costs


- 


- 


- 


-  

Reorganization professional fees and expenses

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Total operating expenses

7 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

(6)

- 

- 

-  

Reorganization interest income

- 

- 

- 

-  

Interest income

135 

1 

- 

-  

Interest expense

(100)

- 

- 

-  

Equity in earnings of subsidiaries

- 

- 

- 

-  

Other income (expense), net

(25)

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

4 

1 

- 

-  

Income tax provision

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Net Income (Loss)

4 

1 

- 

-  

Preferred dividend requirement

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Income (Loss) Available for (Allocated to)
   Common Stock


$ 4 


$ 1 


$ - 


$ -  

==================================================================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in millions)

(unaudited)

Alaska Gas
Exploration
Associates

Standard Pacific
Gas Line
Incorporated


Pacific Energy
Fuels Company

Pacific Gas
Properties
Company

-----------------------------------------------------------------------------------------------------------------

Operating Revenues

Electric

$ - 

$ - 

$ - 

$ -  

Gas

- 

1 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

1 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of electric energy

- 

- 

- 

-  

Deferred electric procurement cost

- 

- 

- 

-  

Cost of gas

- 

- 

- 

-  

Operating and maintenance

- 

1 

- 

-  

Depreciation, amortization, and decommissioning

- 

1 

- 

-  

Provision for loss on generation-related regulatory
   assets and under-collected purchased power costs

- 

- 

- 

-  

Reorganization professional fees and expenses

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

2 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

(1)

- 

-  

Reorganization interest income

- 

- 

- 

-  

Interest income

- 

- 

- 

-  

Interest expense

- 

- 

- 

-  

Equity in earnings of subsidiaries

- 

- 

- 

-  

Other income (expense), net

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

(1)

- 

-  

Income tax provision

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Net Income (Loss)

- 

(1)

- 

-  

Preferred dividend requirement

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Income (Loss) Available for (Allocated to)
   Common Stock


$ - 


$ (1)


$ - 


$ -  

==================================================================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in millions)

(unaudited)



Pacific
Properties



Calaska Energy
Company

Pacific
Conservation
Services
Company



Eureka Energy
Company

--------------------------------------------------------------------------------------------------------------

Operating Revenues

Electric

$ - 

$ - 

$ - 

$ -  

Gas

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of electric energy

- 

- 

- 

-  

Deferred electric procurement cost

- 

- 

- 

-  

Cost of gas

- 

- 

- 

-  

Operating and maintenance

- 

- 

- 

-  

Depreciation, amortization, and
   decommissioning


- 


- 


- 


-  

Provision for loss on generation-related
   regulatory assets and under-collected
   purchased power costs



- 



- 



- 



-  

Reorganization professional fees and expenses

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

- 

- 

-  

Reorganization interest income

- 

- 

- 

-  

Interest income

- 

- 

- 

-  

Interest expense

- 

- 

- 

-  

Equity in earnings of subsidiaries

- 

- 

- 

-  

Other income (expense), net

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

- 

- 

-  

Income tax provision

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------

Net Income (Loss)

- 

- 

- 

-  

Preferred dividend requirement

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------

Income (Loss) Available for
   (Allocated to) Common Stock


$ - 


$ - 


$ - 


$ -  

=================================================================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in millions)

(unaudited)


PG&E
Funding,
LLC


PG&E
Holdings,
LLC


PG&E
CalHydro,
LLC


PG&E
Capital
I

-----------------------------------------------------------------------------------------------------------------

Operating Revenues

Electric

$ - 

$ - 

$ - 

$ -  

Gas

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

- 

- 

-----------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of electric energy

- 

- 

- 

-  

Deferred electric procurement cost

- 

- 

- 

-  

Cost of gas

- 

- 

- 

-  

Operating and maintenance

5 

- 

- 

-  

Depreciation, amortization, and decommissioning

- 

- 

- 

-  

Provision for loss on generation-related regulatory
   assets and under-collected purchased power costs


- 


- 


- 


-  

Reorganization professional fees and expenses

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Total operating expenses

5 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

(5)

- 

- 

-  

Reorganization interest income

- 

- 

- 

-  

Interest income

134 

- 

- 

-  

Interest expense

(125)

- 

- 

25  

Equity in earnings of subsidiaries

- 

- 

- 

-  

Other income (expense), net

- 

- 

- 

(25) 

-----------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

4 

- 

- 

-  

Income tax provision

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Net Income (Loss)

4 

- 

- 

-  

Preferred dividend requirement

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Income (Loss) Available for (Allocated to)
   Common Stock


$ 4 


$ - 


$ - 


$ -  

==================================================================

 

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in millions)

(unaudited)



PG&E Capital
II



PG&E Capital
III



PG&E Capital
IV


Pacific
California Gas
System, Inc.

-----------------------------------------------------------------------------------------------------------------

Operating Revenues

Electric

$ - 

$ - 

$ - 

$ -  

Gas

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of electric energy

- 

- 

- 

-  

Deferred electric procurement cost

- 

- 

- 

-  

Cost of gas

- 

- 

- 

-  

Operating and maintenance

- 

- 

- 

-  

Depreciation, amortization, and decommissioning

- 

- 

- 

-  

Provision for loss on generation-related regulatory
   assets and under-collected purchased power costs


- 


- 


- 


-  

Reorganization professional fees and expenses

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

- 

- 

-  

Reorganization interest income

- 

- 

- 

-  

Interest income

- 

- 

- 

-  

Interest expense

- 

- 

- 

-  

Equity in earnings of subsidiaries

- 

- 

- 

-  

Other income (expense), net

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

- 

- 

-  

Income tax provision

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Net Income (Loss)

- 

- 

- 

-  

Preferred dividend requirement

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Income (Loss) Available for (Allocated to)
   Common Stock


$ - 


$ - 


$ - 


$ -  

==================================================================

 

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in millions)

(unaudited)


Newco Energy
Corporation
(Consolidated)




Eliminations



Total
Unconsolidated



Newco Energy
Corporation

-----------------------------------------------------------------------------------------------------------------

Operating Revenues

Electric

$ - 

$ - 

$ - 

$ -  

Gas

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of electric energy

- 

- 

- 

-  

Deferred electric procurement cost

- 

- 

- 

-  

Cost of gas

- 

- 

- 

-  

Operating and maintenance

- 

- 

- 

-  

Depreciation, amortization, and decommissioning

- 

- 

- 

-  

Provision for loss on generation-related regulatory
   assets and under-collected purchased power costs


- 


- 


- 


-  

Reorganization professional fees and expenses

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

- 

- 

-  

Reorganization interest income

- 

- 

- 

-  

Interest income

- 

- 

- 

-  

Interest expense

- 

- 

- 

-  

Equity in earnings of subsidiaries

- 

- 

- 

-  

Other income (expense), net

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

- 

- 

-  

Income tax provision

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Net Income (Loss)

- 

- 

- 

-  

Preferred dividend requirement

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Income (Loss) Available for (Allocated to)
   Common Stock


$ - 


$ - 


$ - 


$ -  

==================================================================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in millions)

(unaudited)



Total
Subsidiaries




ETrans LLC




GTrans LLC



Electric
Generation LLC

-----------------------------------------------------------------------------------------------------------------

Operating Revenues

Electric

$ - 

$ - 

$ - 

$ -  

Gas

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of electric energy

- 

- 

- 

-  

Deferred electric procurement cost

- 

- 

- 

-  

Cost of gas

- 

- 

- 

-  

Operating and maintenance

- 

- 

- 

-  

Depreciation, amortization, and decommissioning

- 

- 

- 

-  

Provision for loss on generation-related regulatory
   assets and under-collected purchased power costs


- 


- 


- 


-  

Reorganization professional fees and expenses

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

- 

- 

-  

Reorganization interest income

- 

- 

- 

-  

Interest income

- 

- 

- 

-  

Interest expense

- 

- 

- 

-  

Equity in earnings of subsidiaries

- 

- 

- 

-  

Other income (expense), net

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

- 

- 

-  

Income tax provision

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Net Income (Loss)

- 

- 

- 

-  

Preferred dividend requirement

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Income (Loss) Available for (Allocated to)
   Common Stock


$ - 


$ - 


$ - 


$ -  

==================================================================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in millions)

(unaudited)



Balch 1 and 2
Project LLC



Battle Creek
Project LLC



Bucks Creek
Project LLC



Chili Bar
Project LLC

-----------------------------------------------------------------------------------------------------------------

Operating Revenues

Electric

$ - 

$ - 

$ - 

$ -  

Gas

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of electric energy

- 

- 

- 

-  

Deferred electric procurement cost

- 

- 

- 

-  

Cost of gas

- 

- 

- 

-  

Operating and maintenance

- 

- 

- 

-  

Depreciation, amortization, and decommissioning

- 

- 

- 

-  

Provision for loss on generation-related regulatory
   assets and under-collected purchased power costs


- 


- 


- 


-  

Reorganization professional fees and expenses

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

- 

- 

-  

Reorganization interest income

- 

- 

- 

-  

Interest income

- 

- 

- 

-  

Interest expense

- 

- 

- 

-  

Equity in earnings of subsidiaries

- 

- 

- 

-  

Other income (expense), net

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

- 

- 

-  

Income tax provision

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Net Income (Loss)

- 

- 

- 

-  

Preferred dividend requirement

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Income (Loss) Available for (Allocated to)
   Common Stock


$ - 


$ - 


$ - 


$ -  

==================================================================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in millions)

(unaudited)



Crane Valley
Project LLC


Desabla-
Centerville
Project LLC



Diablo Canyon
LLC



Drum-Spaulding
Project LLC

-----------------------------------------------------------------------------------------------------------------

Operating Revenues

Electric

$ - 

$ - 

$ - 

$ -  

Gas

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of electric energy

- 

- 

- 

-  

Deferred electric procurement cost

- 

- 

- 

-  

Cost of gas

- 

- 

- 

-  

Operating and maintenance

- 

- 

- 

-  

Depreciation, amortization, and decommissioning

- 

- 

- 

-  

Provision for loss on generation-related regulatory
   assets and under-collected purchased power costs


- 


- 


- 


-  

Reorganization professional fees and expenses

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

- 

- 

-  

Reorganization interest income

- 

- 

- 

-  

Interest income

- 

- 

- 

-  

Interest expense

- 

- 

- 

-  

Equity in earnings of subsidiaries

- 

- 

- 

-  

Other income (expense), net

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

- 

- 

-  

Income tax provision

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Net Income (Loss)

- 

- 

- 

-  

Preferred dividend requirement

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Income (Loss) Available for (Allocated to)
   Common Stock


$ - 


$ - 


$ - 


$ -  

==================================================================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in millions)

(unaudited)


Haas-Kings
River Project
LLC


Hamilton
Branch Project
LLC


Hat Creek 1
and 2 Project
LLC



Helms Project
LLC

----------------------------------------------------------------------------------------------------------------

Operating Revenues

Electric

$ - 

$ - 

$ - 

$ -  

Gas

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of electric energy

- 

- 

- 

-  

Deferred electric procurement cost

- 

- 

- 

-  

Cost of gas

- 

- 

- 

-  

Operating and maintenance

- 

- 

- 

-  

Depreciation, amortization, and decommissioning

- 

- 

- 

-  

Provision for loss on generation-related regulatory
   assets and under-collected purchased power costs


- 


- 


- 


-  

Reorganization professional fees and expenses

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

- 

- 

-  

Reorganization interest income

- 

- 

- 

-  

Interest income

- 

- 

- 

-  

Interest expense

- 

- 

- 

-  

Equity in earnings of subsidiaries

- 

- 

- 

-  

Other income (expense), net

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

- 

- 

-  

Income tax provision

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------

Net Income (Loss)

- 

- 

- 

-  

Preferred dividend requirement

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------

Income (Loss) Available for (Allocated to)
   Common Stock


$ - 


$ - 


$ - 


$ -  

==================================================================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in millions)

(unaudited)


Kerckhoff 1
and 2 Project
LLC



Kern Canyon
Project LLC


Kilarc-Cow
Creek Project
LLC



McCloud-Pit
Project LLC

----------------------------------------------------------------------------------------------------------------

Operating Revenues

Electric

$ - 

$ - 

$ - 

$ -  

Gas

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of electric energy

- 

- 

- 

-  

Deferred electric procurement cost

- 

- 

- 

-  

Cost of gas

- 

- 

- 

-  

Operating and maintenance

- 

- 

- 

-  

Depreciation, amortization, and decommissioning

- 

- 

- 

-  

Provision for loss on generation-related regulatory
   assets and under-collected purchased power costs


- 


- 


- 


-  

Reorganization professional fees and expenses

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

- 

- 

-  

Reorganization interest income

- 

- 

- 

-  

Interest income

- 

- 

- 

-  

Interest expense

- 

- 

- 

-  

Equity in earnings of subsidiaries

- 

- 

- 

-  

Other income (expense), net

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

- 

- 

-  

Income tax provision

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------

Net Income (Loss)

- 

- 

- 

-  

Preferred dividend requirement

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------

Income (Loss) Available for (Allocated to)
   Common Stock


$ - 


$ - 


$ - 


$ -  

==================================================================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in millions)

(unaudited)



Merced Falls
Project LLC



Miocene Project
LLC


Mokelumne
River Project
LLC



Narrows Project
LLC

----------------------------------------------------------------------------------------------------------------

Operating Revenues

Electric

$ - 

$ - 

$ - 

$ -  

Gas

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of electric energy

- 

- 

- 

-  

Deferred electric procurement cost

- 

- 

- 

-  

Cost of gas

- 

- 

- 

-  

Operating and maintenance

- 

- 

- 

-  

Depreciation, amortization, and decommissioning

- 

- 

- 

-  

Provision for loss on generation-related regulatory
   assets and under-collected purchased power costs


- 


- 


- 


-  

Reorganization professional fees and expenses

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

- 

- 

-  

Reorganization interest income

- 

- 

- 

-  

Interest income

- 

- 

- 

-  

Interest expense

- 

- 

- 

-  

Equity in earnings of subsidiaries

- 

- 

- 

-  

Other income (expense), net

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

- 

- 

-  

Income tax provision

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------

Net Income (Loss)

- 

- 

- 

-  

Preferred dividend requirement

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------

Income (Loss) Available for (Allocated to)
   Common Stock


$ - 


$ - 


$ - 


$ -  

==================================================================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in millions)

(unaudited)



Phoenix Project
LLC



Pit 1 Project
LLC



Pit 3, 4 and 5
Project LLC



Poe Project
LLC

----------------------------------------------------------------------------------------------------------------

Operating Revenues

Electric

$ - 

$ - 

$ - 

$ -  

Gas

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of electric energy

- 

- 

- 

-  

Deferred electric procurement cost

- 

- 

- 

-  

Cost of gas

- 

- 

- 

-  

Operating and maintenance

- 

- 

- 

-  

Depreciation, amortization, and decommissioning

- 

- 

- 

-  

Provision for loss on generation-related regulatory
   assets and under-collected purchased power costs


- 


- 


- 


-  

Reorganization professional fees and expenses

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

- 

- 

-  

Reorganization interest income

- 

- 

- 

-  

Interest income

- 

- 

- 

-  

Interest expense

- 

- 

- 

-  

Equity in earnings of subsidiaries

- 

- 

- 

-  

Other income (expense), net

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

- 

- 

-  

Income tax provision

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------

Net Income (Loss)

- 

- 

- 

-  

Preferred dividend requirement

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------

Income (Loss) Available for (Allocated to)
   Common Stock


$ - 


$ - 


$ - 


$ -  

==================================================================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in millions)

(unaudited)



Potter Valley
Project LLC


Rock Creek-
Cresta Project
LLC


Spring-Gap
Stanislaus
Project LLC

--------------------------------------------------------------------------------------------

Operating Revenues

Electric

$ - 

$ - 

$ - 

Gas

- 

- 

- 

--------------------------------------------------------------------------------------------

Total operating revenues

- 

- 

- 

--------------------------------------------------------------------------------------------

Operating Expenses

Cost of electric energy

- 

- 

- 

Deferred electric procurement cost

- 

- 

- 

Cost of gas

- 

- 

- 

Operating and maintenance

- 

- 

- 

Depreciation, amortization, and decommissioning

- 

- 

- 

Provision for loss on generation-related regulatory
   assets and under-collected purchased power costs


- 


- 


- 

Reorganization professional fees and expenses

- 

- 

- 

------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

-------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

- 

- 

Reorganization interest income

- 

- 

- 

Interest income

- 

- 

- 

Interest expense

- 

- 

- 

Equity in earnings of subsidiaries

- 

- 

- 

Other income (expense), net

- 

- 

- 

--------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

- 

- 

Income tax provision

- 

- 

- 

--------------------------------------------------------------------------------------------

Net Income (Loss)

- 

- 

- 

Preferred dividend requirement

- 

- 

- 

--------------------------------------------------------------------------------------------

Income (Loss) Available for (Allocated to)
   Common Stock


$ - 


$ - 


$ - 

=====================================================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in millions)

(unaudited)



Tule River
Project LLC


Upper NF
Feather River
Project LLC

-----------------------------------------------------------------

Operating Revenues

Electric

$ - 

$ - 

Gas

- 

- 

-----------------------------------------------------------------

Total operating revenues

- 

- 

-----------------------------------------------------------------

Operating Expenses

Cost of electric energy

- 

- 

Deferred electric procurement cost

- 

- 

Cost of gas

- 

- 

Operating and maintenance

- 

- 

Depreciation, amortization, and decommissioning

- 

- 

Provision for loss on generation-related regulatory
   assets and under-collected purchased power costs


- 


- 

Reorganization professional fees and expenses

- 

- 

-----------------------------------------------------------------

Total operating expenses

- 

- 

-----------------------------------------------------------------

Operating Income (Loss)

- 

- 

Reorganization interest income

- 

- 

Interest income

- 

- 

Interest expense

- 

- 

Equity in earnings of subsidiaries

- 

- 

Other income (expense), net

- 

- 

----------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

- 

Income tax provision

- 

- 

----------------------------------------------------------------

Net Income (Loss)

- 

- 

Preferred dividend requirement

- 

- 

----------------------------------------------------------------

Income (Loss) Available for (Allocated to)
   Common Stock


$ - 


$ - 

======================================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in millions)

(unaudited)

Pacific Gas and
Electric
Company
(Consolidated)


Eliminations
and Re-
classifications



Total
Unconsolidated


Pacific Gas and
Electric
Company



Total
Subsidiaries

-----------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ 4,341 

$ - 

$ 4,341 

$ 4,314 

$ 27  

Restricted cash

53 

- 

53 

10 

43  

Accounts receivable:

Customers

1,931 

- 

1,931 

1,931 

-  

Related parties

18 

(741)

759 

34 

725  

Regulatory balancing accounts

75 

- 

75 

75 

-  

Inventories

337 

- 

337 

337 

-  

Income taxes receivable

- 

- 

- 

- 

-  

Prepaid Expense and Other

80 

- 

80 

80 

-  

-----------------------------------------------------------------------------------------------------------------------

Total current assets

6,835 

(741)

7,576 

6,781 

795  

-----------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Electric

18,219 

- 

18,219 

18,189 

30  

Gas

7,810 

- 

7,810 

7,810 

-  

Construction work in progress

323 

- 

323 

323 

-  

-----------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


26,352 


- 


26,352 


26,322 


30  

Accumulated depreciation and decommissioning

(12,943)

- 

(12,934)

(12,934)

(9) 

-----------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

13,409 

- 

13,409 

13,388 

21  

Other Noncurrent Assets

Investments in subsidiaries

- 

(569)

569 

569 

-  

Regulatory assets

2,283 

- 

2,283 

2,282 

1  

Nuclear decommissioning funds

1,337 

- 

1,337 

1,337 

-  

Other

1,273 

(1,828)

3,101 

1,264 

1,837  

-----------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

4,893 

(2,397)

7,290 

5,452 

1,838  

-----------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 25,137 

$ (3,138)

$ 28,275 

$ 25,621 

$ 2,654  

======================================================================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in millions)

(unaudited)

Pacific Gas and
Electric
Company
(Consolidated)


Eliminations
and Re-
classifications



Total
Unconsolidated


Pacific Gas and
Electric
Company



Total
Subsidiaries

-----------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Liabilities Not Subject to Compromise

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt classified as current

333 

- 

333 

333 

-  

Current portion of rate reduction bonds

290 

- 

290 

- 

290  

Accounts Payable:

- 

- 

- 

- 

-  

Trade creditors

333 

- 

333 

333 

-  

Regulatory balancing accounts

228 

- 

228 

228 

-  

Other

375 

(741)

1,116 

1,104 

12  

Income taxes payable

295 

- 

295 

295 

-  

Deferred income taxes

65 

- 

65 

65 

-  

Other

625 

- 

625 

598 

27  

-----------------------------------------------------------------------------------------------------------------------

Total current liabilities

2,544 

(741)

3,285 

2,956 

329  

-----------------------------------------------------------------------------------------------------------------------

Noncurrent liabilities

Long-term debt

3,019 

(30)

3,049 

3,019 

30  

Rate reduction bonds

1,450 

(1,075)

2,525 

1,075 

1,450  

Deferred income taxes

1,028 

- 

1,028 

1,025 

3  

Deferred tax credits

153 

- 

153 

153 

-  

Other

2,724 

27 

2,697 

2,697 

-  

-----------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

8,374 

(1,078)

9,452 

7,969 

1,483  

-----------------------------------------------------------------------------------------------------------------------

Liabilities Subject to Compromise

Financing debt

5,651 

- 

5,651 

5,651 

-  

Trade creditors

5,733 

- 

5,733 

5,733 

-  

-----------------------------------------------------------------------------------------------------------------------

Total liabilities subject to compromise

11,384 

- 

11,384 

11,384 

-  

-----------------------------------------------------------------------------------------------------------------------

Preferred Stock with Mandatory Redemption

137 

- 

137 

137 

-  

Utility Obligated Mandatorily Redeemable
   Preferred Securities of Trust Holding
   Solely Utility Subordinated Debentures



300 



(309)



609 



309 



300  

Stockholders' Equity

Nonredeemable preferred stock

145 

- 

145 

145 

-  

Redeemable preferred stock

149 

- 

149 

149 

-  

Common stock

3,570 

(552)

4,122 

3,570 

552  

Common stock held by subsidiary, at cost,

(475)

(475)

- 

- 

-  

Reinvested earnings (accumulated deficit)

(989)

17 

(1,006)

(998)

(8) 

Accumulated other comprehensive income (loss)

(2)

- 

(2)

- 

(2) 

-----------------------------------------------------------------------------------------------------------------------

Total stockholders' equity

2,398 

(1,010)

3,408 

2,866 

542  

-----------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ 25,137 


$ (3,138)


$ 28,275 


$ 25,621 


$ 2,654  

======================================================================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in millions)

(unaudited)


Alberta and
Southern
Gas Co. Ltd.


Natural Gas
Corporation of
California


NGC
Production
Company


Alaska Gas
Exploration
Associates

Standard
Pacific Gas
Line
Incorporated

-----------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ 14 

$ - 

$ - 

$ - 

$ 1  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

- 

- 

- 

- 

-  

Related parties

- 

7 

- 

- 

4  

Regulatory balancing accounts

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Income taxes receivable

- 

- 

- 

- 

-  

Prepaid Expense and Other

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------

Total current assets

14 

7 

- 

- 

5  

-----------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Electric

- 

- 

- 

- 

30  

Gas

- 

- 

- 

- 

-  

Construction work in progress

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment (at original cost)

- 

- 

- 

- 

30  

Accumulated depreciation and decommissioning

- 

- 

- 

- 

(9) 

-----------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

- 

- 

21  

Other Noncurrent Assets

Investments in subsidiaries

- 

- 

- 

- 

-  

Regulatory assets

- 

- 

- 

- 

1  

Nuclear decommissioning funds

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

- 

- 

- 

- 

1  

-----------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 14 

$ 7 

$ - 

$ - 

$ 27  

======================================================================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in millions)

(unaudited)


Alberta and
Southern
Gas Co. Ltd.


Natural Gas
Corporation of
California


NGC
Production
Company


Alaska Gas
Exploration
Associates

Standard
Pacific Gas
Line
Incorporated

-----------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Liabilities Not Subject to Compromise

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt classified as current

- 

- 

- 

- 

-  

Current portion of rate reduction bonds

- 

- 

- 

- 

-  

Accounts Payable:

- 

- 

- 

- 

-  

Trade creditors

- 

- 

- 

- 

-  

Regulatory balancing accounts

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Income taxes payable

- 

- 

- 

- 

-  

Deferred income taxes

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------

Total current liabilities

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------

Noncurrent liabilities

Long-term debt

- 

- 

- 

- 

30  

Rate reduction bonds

- 

- 

- 

- 

-  

Deferred income taxes

- 

- 

- 

- 

3  

Deferred tax credits

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

- 

- 

- 

33  

-----------------------------------------------------------------------------------------------------------------------

Liabilities Subject to Compromise

Financing debt

- 

- 

- 

- 

-  

Trade creditors

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------

Total liabilities subject to compromise

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------

Preferred Stock with Mandatory Redemption

- 

- 

- 

- 

-  

Utility Obligated Mandatorily Redeemable
   Preferred Securities of Trust Holding
   Solely Utility Subordinated Debentures



- 



- 



- 



- 



-  

Stockholders' Equity

Nonredeemable preferred stock

- 

- 

- 

- 

-  

Redeemable preferred stock

- 

- 

- 

- 

-  

Common stock

- 

11 

- 

- 

11  

Common stock held by subsidiary, at cost,

- 

- 

- 

- 

-  

Reinvested earnings (accumulated deficit)

16 

(4)

- 

- 

(17) 

Accumulated other comprehensive income (loss)

(2)

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------

Total stockholders' equity

14 

7 

- 

- 

(6) 

-----------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ 14 


$ 7 


$ - 


$ - 


$ 27  

======================================================================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in millions)

(unaudited)


Pacific
Energy Fuels
Company


Pacific Gas
Properties
Company



Pacific
Properties


Calaska
Energy
Company

Pacific
Conservation
Services
Company

-----------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ - 

$ - 

$ -  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

- 

- 

- 

- 

-  

Related parties

- 

- 

- 

- 

-  

Regulatory balancing accounts

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Income taxes receivable

- 

- 

- 

- 

-  

Prepaid Expense and Other

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------

Total current assets

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Electric

- 

- 

- 

- 

-  

Gas

- 

- 

- 

- 

-  

Construction work in progress

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


- 


- 


- 


- 


-  

Accumulated depreciation and decommissioning

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

- 

- 

-  

Other Noncurrent Assets

Investments in subsidiaries

- 

- 

- 

- 

-  

Regulatory assets

- 

- 

- 

- 

-  

Nuclear decommissioning funds

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ - 

$ - 

$ - 

$ - 

$ -  

======================================================================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in millions)

(unaudited)


Pacific
Energy Fuels
Company


Pacific Gas
Properties
Company



Pacific
Properties


Calaska
Energy
Company

Pacific
Conservation
Services
Company

-----------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Liabilities Not Subject to Compromise

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt classified as current

- 

- 

- 

- 

-  

Current portion of rate reduction bonds

- 

- 

- 

- 

-  

Accounts Payable:

- 

- 

- 

- 

-  

Trade creditors

- 

- 

- 

-  

-  

Regulatory balancing accounts

- 

- 

- 

-  

-  

Other

- 

10 

- 

1 

-  

Income taxes payable

- 

- 

- 

- 

-  

Deferred income taxes

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------

Total current liabilities

- 

10 

- 

1 

-  

-----------------------------------------------------------------------------------------------------------------------

Noncurrent liabilities

Long-term debt

- 

- 

- 

- 

-  

Rate reduction bonds

- 

- 

- 

- 

-  

Deferred income taxes

- 

- 

- 

- 

-  

Deferred tax credits

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------

Liabilities Subject to Compromise

Financing debt

- 

- 

- 

- 

-  

Trade creditors

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------

Total liabilities subject to compromise

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------

Preferred Stock with Mandatory Redemption

- 

- 

- 

- 

-  

Utility Obligated Mandatorily Redeemable
   Preferred Securities of Trust Holding
   Solely Utility Subordinated Debentures



- 



- 



- 



- 

-  

Stockholders' Equity

Nonredeemable preferred stock

- 

- 

- 

- 

-  

Redeemable preferred stock

- 

- 

- 

- 

-  

Common stock

- 

- 

- 

17 

-  

Common stock held by subsidiary, at cost,

- 

- 

- 

- 

-  

Reinvested earnings (accumulated deficit)

- 

(10)

- 

(18)

-  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Total stockholders' equity

- 

(10)

- 

(1)

-  

--------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ - 


$ - 


$ - 


$ - 


$ -  

====================================================================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in millions)

(unaudited)

Eureka
Energy
Company


PG&E
Funding, LLC

PG&E
Holdings,
LLC

PG&E
CalHydro,
LLC

------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ 12 

$ - 

$ - 

Restricted cash

- 

43 

- 

- 

Accounts receivable:

Customers

- 

- 

- 

- 

Related parties

1 

656 

32 

- 

Regulatory balancing accounts

- 

- 

- 

- 

Inventories

- 

- 

- 

- 

Income taxes receivable

- 

- 

- 

- 

Prepaid Expense and Other

- 

- 

- 

- 

------------------------------------------------------------------------------------------------

Total current assets

1 

711 

32 

- 

------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Electric

- 

- 

- 

- 

Gas

- 

- 

- 

- 

Construction work in progress

- 

- 

- 

- 

------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


- 


- 


- 


- 

Accumulated depreciation and decommissioning

- 

- 

- 

- 

------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

- 

- 

Other Noncurrent Assets

Investments in subsidiaries

- 

- 

- 

- 

Regulatory assets

- 

- 

- 

- 

Nuclear decommissioning funds

- 

- 

- 

- 

Other

4 

1,081 

443 

- 

------------------------------------------------------------------------------------------------

Total other noncurrent assets

4 

1,081 

443 

- 

------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 5 

$ 1,792 

$ 475 

$ - 

=========================================================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in millions)

(unaudited)

Eureka
Energy
Company


PG&E
Funding, LLC

PG&E
Holdings,
LLC

PG&E
CalHydro, LLC

--------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Liabilities Not Subject to Compromise

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

Long-term debt classified as current

- 

- 

- 

- 

Current portion of rate reduction bonds

- 

290 

- 

- 

Accounts Payable:

- 

- 

- 

- 

Trade creditors

- 

- 

- 

- 

Regulatory balancing accounts

- 

- 

- 

- 

Other

1 

- 

- 

- 

Income taxes payable

- 

- 

- 

- 

Deferred income taxes

- 

- 

- 

- 

Other

- 

2 

- 

- 

--------------------------------------------------------------------------------------------------

Total current liabilities

1 

292 

- 

- 

--------------------------------------------------------------------------------------------------

Noncurrent liabilities

Long-term debt

- 

- 

- 

- 

Rate reduction bonds

- 

1,450 

- 

- 

Deferred income taxes

- 

- 

- 

- 

Deferred tax credits

- 

- 

- 

- 

Other

- 

- 

- 

- 

--------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

1,450 

- 

- 

--------------------------------------------------------------------------------------------------

Liabilities Subject to Compromise

Financing debt

- 

- 

- 

- 

Trade creditors

- 

- 

- 

- 

--------------------------------------------------------------------------------------------------

Total liabilities subject to compromise

- 

- 

- 

- 

--------------------------------------------------------------------------------------------------

Preferred Stock with Mandatory Redemption

- 

- 

- 

- 

Utility Obligated Mandatorily Redeemable
   Preferred Securities of Trust Holding
   Solely Utility Subordinated Debentures



- 



- 



- 



- 

Stockholders' Equity

Nonredeemable preferred stock

- 

- 

- 

- 

Redeemable preferred stock

- 

- 

- 

- 

Common stock

4 

25 

475 

- 

Common stock held by subsidiary, at cost,

- 

- 

- 

- 

Reinvested earnings (accumulated deficit)

- 

25 

- 

- 

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

--------------------------------------------------------------------------------------------------

Total stockholders' equity

4 

50 

475 

- 

--------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ 5 


$ 1,792 


$ 475 


$ - 

=========================================================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in millions)

(unaudited)


PG&E
Capital
I


PG&E
Capital
II


PG&E
Capital
III


PG&E
Capital
IV

Pacific
California
Gas System,
Inc.

-------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ - 

$ - 

$ -  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

- 

- 

- 

- 

-  

Related parties

25 

- 

- 

- 

-  

Regulatory balancing accounts

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Income taxes receivable

- 

- 

- 

- 

-  

Prepaid Expense and Other

- 

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------

Total current assets

25 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Electric

- 

- 

- 

- 

-  

Gas

- 

- 

- 

- 

-  

Construction work in progress

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


- 


- 


- 


- 


-  

Accumulated depreciation and decommissioning

- 

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

- 

- 

-  

Other Noncurrent Assets

Investments in subsidiaries

- 

- 

- 

- 

-  

Regulatory assets

- 

- 

- 

- 

-  

Nuclear decommissioning funds

- 

- 

- 

- 

-  

Other

309 

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

309 

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 334 

$ - 

$ - 

$ - 

$ -  

====================================================================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in millions)

(unaudited)


PG&E
Capital
I


PG&E
Capital
II


PG&E
Capital
III


PG&E
Capital
IV

Pacific
California
Gas System,
Inc.

-------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Liabilities Not Subject to Compromise

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt classified as current

- 

- 

- 

- 

-  

Current portion of rate reduction bonds

- 

- 

- 

- 

-  

Accounts Payable:

- 

- 

- 

- 

-  

Trade creditors

- 

- 

- 

- 

-  

Regulatory balancing accounts

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Income taxes payable

- 

- 

- 

- 

-  

Deferred income taxes

- 

- 

- 

- 

-  

Other

25 

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------

Total current liabilities

25 

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------

Noncurrent liabilities

Long-term debt

- 

- 

- 

- 

-  

Rate reduction bonds

- 

- 

- 

- 

-  

Deferred income taxes

- 

- 

- 

- 

-  

Deferred tax credits

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------

Liabilities Subject to Compromise

Financing debt

- 

- 

- 

- 

-  

Trade creditors

- 

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------

Total liabilities subject to compromise

- 

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------

Preferred Stock with Mandatory Redemption

- 

- 

- 

- 

-  

Utility Obligated Mandatorily Redeemable
   Preferred Securities of Trust Holding
   Solely Utility Subordinated Debentures



300 



- 



- 



- 



-  

Stockholders' Equity

Nonredeemable preferred stock

- 

- 

- 

- 

-  

Redeemable preferred stock

- 

- 

- 

- 

-  

Common stock

9 

- 

- 

- 

-  

Common stock held by subsidiary, at cost,

- 

- 

- 

- 

-  

Reinvested earnings (accumulated deficit)

- 

- 

- 

- 

-  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------

Total stockholders' equity

9 

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ 334 


$ - 


$ - 


$ - 


$ -  

====================================================================

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in millions)

(unaudited)

Newco
Energy
Corporation
(Consolidated)




Eliminations



Total
Unconsolidated


Newco
Energy
Corporation



Total
Subsidiaries

----------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ - 

$ - 

$ -  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

- 

- 

- 

- 

-  

Related parties

- 

- 

- 

- 

-  

Regulatory balancing accounts

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Income taxes receivable

- 

- 

- 

- 

-  

Prepaid Expense and Other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total current assets

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Electric

- 

- 

- 

- 

-  

Gas

- 

- 

- 

- 

-  

Construction work in progress

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)

- 

- 

- 

- 

-  

Accumulated depreciation and decommissioning

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

- 

- 

-  

Other Noncurrent Assets

Investments in subsidiaries

- 

- 

- 

- 

-  

Regulatory assets

- 

- 

- 

- 

-  

Nuclear decommissioning funds

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ - 

$ - 

$ - 

$ - 

$ -  

======================================================================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in millions)

(unaudited)

Newco
Energy
Corporation
(Consolidated)




Eliminations



Total
Unconsolidated


Newco
Energy
Corporation



Total
Subsidiaries

----------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Liabilities Not Subject to Compromise

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt classified as current

- 

- 

- 

- 

-  

Current portion of rate reduction bonds

- 

- 

- 

- 

-  

Accounts Payable:

- 

- 

- 

- 

-  

Trade creditors

- 

- 

- 

-  

-  

Regulatory balancing accounts

- 

- 

- 

-  

-  

Other

- 

- 

- 

- 

-  

Income taxes payable

- 

- 

- 

- 

-  

Deferred income taxes

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total current liabilities

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Noncurrent liabilities

Long-term debt

- 

- 

- 

- 

-  

Rate reduction bonds

- 

- 

- 

- 

-  

Deferred income taxes

- 

- 

- 

- 

-  

Deferred tax credits

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Liabilities Subject to Compromise

Financing debt

- 

- 

- 

- 

-  

Trade creditors

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total liabilities subject to compromise

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Preferred Stock with Mandatory Redemption

- 

- 

- 

- 

-  

Utility Obligated Mandatorily Redeemable
   Preferred Securities of Trust Holding
   Solely Utility Subordinated Debentures



- 



- 



- 



- 



-  

Stockholders' Equity

Nonredeemable preferred stock

- 

- 

- 

- 

-  

Redeemable preferred stock

- 

- 

- 

- 

-  

Common stock

- 

- 

- 

- 

-  

Common stock held by subsidiary, at cost,

- 

- 

- 

- 

-  

Reinvested earnings (accumulated deficit)

- 

- 

- 

- 

-  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total stockholders' equity

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ - 


$ - 


$ - 


$ - 


$ -  

======================================================================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in millions)

(unaudited)



ETrans LLC



GTrans LLC

Electric
Generation
LLC


Balch 1 and 2
Project LLC


Battle Creek
Project LLC

----------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ - 

$ - 

$ -  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

- 

- 

- 

- 

-  

Related parties

- 

- 

- 

- 

-  

Regulatory balancing accounts

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Income taxes receivable

- 

- 

- 

- 

-  

Prepaid Expense and Other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total current assets

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Electric

- 

- 

- 

- 

-  

Gas

- 

- 

- 

- 

-  

Construction work in progress

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)

- 

- 

- 

- 

-  

Accumulated depreciation and decommissioning

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

- 

- 

-  

Other Noncurrent Assets

Investments in subsidiaries

- 

- 

- 

- 

-  

Regulatory assets

- 

- 

- 

- 

-  

Nuclear decommissioning funds

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ - 

$ - 

$ - 

$ - 

$ -  

======================================================================

 

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in millions)

(unaudited)



ETrans LLC



GTrans LLC

Electric
Generation
LLC


Balch 1 and 2
Project LLC


Battle Creek
Project LLC

----------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Liabilities Not Subject to Compromise

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt classified as current

- 

- 

- 

- 

-  

Current portion of rate reduction bonds

- 

- 

- 

- 

-  

Accounts Payable:

- 

- 

- 

- 

-  

Trade creditors

- 

- 

- 

-  

-  

Regulatory balancing accounts

- 

- 

- 

-  

-  

Other

- 

- 

- 

- 

-  

Income taxes payable

- 

- 

- 

- 

-  

Deferred income taxes

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total current liabilities

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Noncurrent liabilities

Long-term debt

- 

- 

- 

- 

-  

Rate reduction bonds

- 

- 

- 

- 

-  

Deferred income taxes

- 

- 

- 

- 

-  

Deferred tax credits

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Liabilities Subject to Compromise

Financing debt

- 

- 

- 

- 

-  

Trade creditors

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total liabilities subject to compromise

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Preferred Stock with Mandatory Redemption

- 

- 

- 

- 

-  

Utility Obligated Mandatorily Redeemable
   Preferred Securities of Trust Holding
   Solely Utility Subordinated Debentures



- 



- 



- 



- 



-  

Stockholders' Equity

Nonredeemable preferred stock

- 

- 

- 

- 

-  

Redeemable preferred stock

- 

- 

- 

- 

-  

Common stock

- 

- 

- 

- 

-  

Common stock held by subsidiary, at cost,

- 

- 

- 

- 

-  

Reinvested earnings (accumulated deficit)

- 

- 

- 

- 

-  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total stockholders' equity

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ - 


$ - 


$ - 


$ - 


$ -  

======================================================================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in millions)

(unaudited)


Bucks Creek
Project LLC


Chili Bar
Project LLC


Crane Valley
Project LLC

Desabla-
Centerville
Project LLC


Diablo
Canyon LLC

----------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ - 

$ - 

$ -  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

- 

- 

- 

- 

-  

Related parties

- 

- 

- 

- 

-  

Regulatory balancing accounts

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Income taxes receivable

- 

- 

- 

- 

-  

Prepaid Expense and Other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total current assets

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Electric

- 

- 

- 

- 

-  

Gas

- 

- 

- 

- 

-  

Construction work in progress

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)

- 

- 

- 

- 

-  

Accumulated depreciation and decommissioning

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

- 

- 

-  

Other Noncurrent Assets

Investments in subsidiaries

- 

- 

- 

- 

-  

Regulatory assets

- 

- 

- 

- 

-  

Nuclear decommissioning funds

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ - 

$ - 

$ - 

$ - 

$ -  

======================================================================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in millions)

(unaudited)


Bucks Creek
Project LLC


Chili Bar
Project LLC


Crane Valley
Project LLC

Desabla-
Centerville
Project LLC


Diablo
Canyon LLC

----------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Liabilities Not Subject to Compromise

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt classified as current

- 

- 

- 

- 

-  

Current portion of rate reduction bonds

- 

- 

- 

- 

-  

Accounts Payable:

- 

- 

- 

- 

-  

Trade creditors

- 

- 

- 

- 

-  

Regulatory balancing accounts

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Income taxes payable

- 

- 

- 

- 

-  

Deferred income taxes

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total current liabilities

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Noncurrent liabilities

Long-term debt

- 

- 

- 

- 

-  

Rate reduction bonds

- 

- 

- 

- 

-  

Deferred income taxes

- 

- 

- 

- 

-  

Deferred tax credits

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Liabilities Subject to Compromise

Financing debt

- 

- 

- 

- 

-  

Trade creditors

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total liabilities subject to compromise

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Preferred Stock with Mandatory Redemption

- 

- 

- 

- 

-  

Utility Obligated Mandatorily Redeemable
   Preferred Securities of Trust Holding
   Solely Utility Subordinated Debentures



- 



- 



- 



- 



-  

Stockholders' Equity

Nonredeemable preferred stock

- 

- 

- 

- 

-  

Redeemable preferred stock

- 

- 

- 

- 

-  

Common stock

- 

- 

- 

- 

-  

Common stock held by subsidiary, at cost,

- 

- 

- 

- 

-  

Reinvested earnings (accumulated deficit)

- 

- 

- 

- 

-  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total stockholders' equity

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ - 


$ - 


$ - 


$ - 


$ -  

======================================================================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in millions)

(unaudited)

Drum-
Spaulding
Project LLC

Haas-Kings
River Project
LLC

Hamilton
Branch
Project LLC

Hat Creek 1
and 2 Project
LLC


Helms
Project LLC

----------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ - 

$ - 

$ -  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

- 

- 

- 

- 

-  

Related parties

- 

- 

- 

- 

-  

Regulatory balancing accounts

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Income taxes receivable

- 

- 

- 

- 

-  

Prepaid Expense and Other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total current assets

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Electric

- 

- 

- 

- 

-  

Gas

- 

- 

- 

- 

-  

Construction work in progress

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)

- 

- 

- 

- 

-  

Accumulated depreciation and decommissioning

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

- 

- 

-  

Other Noncurrent Assets

Investments in subsidiaries

- 

- 

- 

- 

-  

Regulatory assets

- 

- 

- 

- 

-  

Nuclear decommissioning funds

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ - 

$ - 

$ - 

$ - 

$ -  

======================================================================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in millions)

(unaudited)

Drum-
Spaulding
Project LLC

Haas-Kings
River Project
LLC

Hamilton
Branch
Project LLC

Hat Creek 1
and 2 Project
LLC


Helms
Project LLC

----------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Liabilities Not Subject to Compromise

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt classified as current

- 

- 

- 

- 

-  

Current portion of rate reduction bonds

- 

- 

- 

- 

-  

Accounts Payable:

- 

- 

- 

- 

-  

Trade creditors

- 

- 

- 

- 

-  

Regulatory balancing accounts

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Income taxes payable

- 

- 

- 

- 

-  

Deferred income taxes

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total current liabilities

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Noncurrent liabilities

Long-term debt

- 

- 

- 

- 

-  

Rate reduction bonds

- 

- 

- 

- 

-  

Deferred income taxes

- 

- 

- 

- 

-  

Deferred tax credits

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Liabilities Subject to Compromise

Financing debt

- 

- 

- 

- 

-  

Trade creditors

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total liabilities subject to compromise

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Preferred Stock with Mandatory Redemption

- 

- 

- 

- 

-  

Utility Obligated Mandatorily Redeemable
   Preferred Securities of Trust Holding
   Solely Utility Subordinated Debentures



- 



- 



- 



- 



-  

Stockholders' Equity

Nonredeemable preferred stock

- 

- 

- 

- 

-  

Redeemable preferred stock

- 

- 

- 

- 

-  

Common stock

- 

- 

- 

- 

-  

Common stock held by subsidiary, at cost,

- 

- 

- 

- 

-  

Reinvested earnings (accumulated deficit)

- 

- 

- 

- 

-  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total stockholders' equity

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ - 


$ - 


$ - 


$ - 


$ -  

======================================================================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in millions)

(unaudited)

Kerckhoff 1
and 2 Project
LLC

Kern
Canyon
Project LLC

Kilarc-Cow
Creek Project
LLC


McCloud-Pit
Project LLC


Merced Falls
Project LLC

----------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ - 

$ - 

$ -  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

- 

- 

- 

- 

-  

Related parties

- 

- 

- 

- 

-  

Regulatory balancing accounts

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Income taxes receivable

- 

- 

- 

- 

-  

Prepaid Expense and Other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total current assets

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Electric

- 

- 

- 

- 

-  

Gas

- 

- 

- 

- 

-  

Construction work in progress

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)

- 

- 

- 

- 

-  

Accumulated depreciation and decommissioning

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

- 

- 

-  

Other Noncurrent Assets

Investments in subsidiaries

- 

- 

- 

- 

-  

Regulatory assets

- 

- 

- 

- 

-  

Nuclear decommissioning funds

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ - 

$ - 

$ - 

$ - 

$ -  

======================================================================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in millions)

(unaudited)

Kerckhoff 1
and 2 Project
LLC

Kern
Canyon
Project LLC

Kilarc-Cow
Creek Project
LLC


McCloud-Pit
Project LLC


Merced Falls
Project LLC

----------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Liabilities Not Subject to Compromise

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt classified as current

- 

- 

- 

- 

-  

Current portion of rate reduction bonds

- 

- 

- 

- 

-  

Accounts Payable:

- 

- 

- 

- 

-  

Trade creditors

- 

- 

- 

- 

-  

Regulatory balancing accounts

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Income taxes payable

- 

- 

- 

- 

-  

Deferred income taxes

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total current liabilities

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Noncurrent liabilities

Long-term debt

- 

- 

- 

- 

-  

Rate reduction bonds

- 

- 

- 

- 

-  

Deferred income taxes

- 

- 

- 

- 

-  

Deferred tax credits

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Liabilities Subject to Compromise

Financing debt

- 

- 

- 

- 

-  

Trade creditors

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total liabilities subject to compromise

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Preferred Stock with Mandatory Redemption

- 

- 

- 

- 

-  

Utility Obligated Mandatorily Redeemable
   Preferred Securities of Trust Holding
   Solely Utility Subordinated Debentures



- 



- 



- 



- 



-  

Stockholders' Equity

Nonredeemable preferred stock

- 

- 

- 

- 

-  

Redeemable preferred stock

- 

- 

- 

- 

-  

Common stock

- 

- 

- 

- 

-  

Common stock held by subsidiary, at cost,

- 

- 

- 

- 

-  

Reinvested earnings (accumulated deficit)

- 

- 

- 

- 

-  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total stockholders' equity

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ - 


$ - 


$ - 


$ - 


$ -  

======================================================================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in millions)

(unaudited)


Miocene
Project LLC

Mokelumne
River Project
LLC


Narrows
Project LLC


Phoenix
Project LLC


Pit 1 Project
LLC

----------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ - 

$ - 

$ -  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

- 

- 

- 

- 

-  

Related parties

- 

- 

- 

- 

-  

Regulatory balancing accounts

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Income taxes receivable

- 

- 

- 

- 

-  

Prepaid Expense and Other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total current assets

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Electric

- 

- 

- 

- 

-  

Gas

- 

- 

- 

- 

-  

Construction work in progress

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)

- 

- 

- 

- 

-  

Accumulated depreciation and decommissioning

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

- 

- 

-  

Other Noncurrent Assets

Investments in subsidiaries

- 

- 

- 

- 

-  

Regulatory assets

- 

- 

- 

- 

-  

Nuclear decommissioning funds

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ - 

$ - 

$ - 

$ - 

$ -  

======================================================================

 

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in millions)

(unaudited)


Miocene
Project LLC

Mokelumne
River Project
LLC


Narrows
Project LLC


Phoenix
Project LLC


Pit 1 Project
LLC

----------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Liabilities Not Subject to Compromise

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt classified as current

- 

- 

- 

- 

-  

Current portion of rate reduction bonds

- 

- 

- 

- 

-  

Accounts Payable:

- 

- 

- 

- 

-  

Trade creditors

- 

- 

- 

- 

-  

Regulatory balancing accounts

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Income taxes payable

- 

- 

- 

- 

-  

Deferred income taxes

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total current liabilities

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Noncurrent liabilities

Long-term debt

- 

- 

- 

- 

-  

Rate reduction bonds

- 

- 

- 

- 

-  

Deferred income taxes

- 

- 

- 

- 

-  

Deferred tax credits

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Liabilities Subject to Compromise

Financing debt

- 

- 

- 

- 

-  

Trade creditors

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total liabilities subject to compromise

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Preferred Stock with Mandatory Redemption

- 

- 

- 

- 

-  

Utility Obligated Mandatorily Redeemable
   Preferred Securities of Trust Holding
   Solely Utility Subordinated Debentures



- 



- 



- 



- 



-  

Stockholders' Equity

Nonredeemable preferred stock

- 

- 

- 

- 

-  

Redeemable preferred stock

- 

- 

- 

- 

-  

Common stock

- 

- 

- 

- 

-  

Common stock held by subsidiary, at cost,

- 

- 

- 

- 

-  

Reinvested earnings (accumulated deficit)

- 

- 

- 

- 

-  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total stockholders' equity

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ - 


$ - 


$ - 


$ - 


$ -  

======================================================================

 

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in millions)

(unaudited)


Pit 3, 4 and 5
Project LLC


Poe Project
LLC

Potter
Valley
Project LLC

Rock Creek-
Cresta Project
LLC

Spring-Gap
Stanislaus
Project LLC

----------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ - 

$ - 

$ -  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

- 

- 

- 

- 

-  

Related parties

- 

- 

- 

- 

-  

Regulatory balancing accounts

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Income taxes receivable

- 

- 

- 

- 

-  

Prepaid Expense and Other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total current assets

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Electric

- 

- 

- 

- 

-  

Gas

- 

- 

- 

- 

-  

Construction work in progress

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)

- 

- 

- 

- 

-  

Accumulated depreciation and decommissioning

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

- 

- 

-  

Other Noncurrent Assets

Investments in subsidiaries

- 

- 

- 

- 

-  

Regulatory assets

- 

- 

- 

- 

-  

Nuclear decommissioning funds

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ - 

$ - 

$ - 

$ - 

$ -  

======================================================================

 

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in millions)

(unaudited)


Pit 3, 4 and 5
Project LLC


Poe Project
LLC

Potter
Valley
Project LLC

Rock Creek-
Cresta Project
LLC

Spring-Gap
Stanislaus
Project LLC

----------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Liabilities Not Subject to Compromise

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt classified as current

- 

- 

- 

- 

-  

Current portion of rate reduction bonds

- 

- 

- 

- 

-  

Accounts Payable:

- 

- 

- 

- 

-  

Trade creditors

- 

- 

- 

- 

-  

Regulatory balancing accounts

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Income taxes payable

- 

- 

- 

- 

-  

Deferred income taxes

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total current liabilities

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Noncurrent liabilities

Long-term debt

- 

- 

- 

- 

-  

Rate reduction bonds

- 

- 

- 

- 

-  

Deferred income taxes

- 

- 

- 

- 

-  

Deferred tax credits

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Liabilities Subject to Compromise

Financing debt

- 

- 

- 

- 

-  

Trade creditors

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total liabilities subject to compromise

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Preferred Stock with Mandatory Redemption

- 

- 

- 

- 

-  

Utility Obligated Mandatorily Redeemable
   Preferred Securities of Trust Holding
   Solely Utility Subordinated Debentures



- 



- 



- 



- 



-  

Stockholders' Equity

Nonredeemable preferred stock

- 

- 

- 

- 

-  

Redeemable preferred stock

- 

- 

- 

- 

-  

Common stock

- 

- 

- 

- 

-  

Common stock held by subsidiary, at cost,

- 

- 

- 

- 

-  

Reinvested earnings (accumulated deficit)

- 

- 

- 

- 

-  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

Total stockholders' equity

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ - 


$ - 


$ - 


$ - 


$ -  

======================================================================

 

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in millions)

(unaudited)



Tule River
Project LLC

Upper NF
Feather
River Project LLC

--------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

Restricted cash

- 

- 

Accounts receivable:

Customers

- 

- 

Related parties

- 

- 

Regulatory balancing accounts

- 

- 

Inventories

- 

- 

Income taxes receivable

- 

- 

Prepaid Expense and Other

- 

- 

--------------------------------------------------

Total current assets

- 

- 

--------------------------------------------------

Property, Plant, and Equipment

Electric

- 

- 

Gas

- 

- 

Construction work in progress

- 

- 

--------------------------------------------------

Total property, plant and equipment
   (at original cost)


- 


- 

Accumulated depreciation and decommissioning

- 

- 

--------------------------------------------------

Net property, plant and equipment

- 

- 

Other Noncurrent Assets

Investments in subsidiaries

- 

- 

Regulatory assets

- 

- 

Nuclear decommissioning funds

- 

- 

Other

- 

- 

-------------------------------------------------

Total other noncurrent assets

- 

- 

--------------------------------------------------

TOTAL ASSETS

$ - 

$ - 

=============================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in millions)

(unaudited)



Tule River
Project LLC

Upper NF
Feather
River Project LLC

-------------------------------------------------

LIABILITIES AND EQUITY

Liabilities Not Subject to Compromise

Current Liabilities

Short-term borrowings

$ - 

$ - 

Long-term debt classified as current

- 

- 

Current portion of rate reduction bonds

- 

- 

Accounts Payable:

- 

- 

Trade creditors

- 

- 

Regulatory balancing accounts

- 

- 

Other

- 

- 

Income taxes payable

- 

- 

Deferred income taxes

- 

- 

Other

- 

- 

--------------------------------------------------

Total current liabilities

- 

- 

--------------------------------------------------

Noncurrent liabilities

Long-term debt

- 

- 

Rate reduction bonds

- 

- 

Deferred income taxes

- 

- 

Deferred tax credits

- 

- 

Other

- 

- 

--------------------------------------------------

Total noncurrent liabilities

- 

- 

--------------------------------------------------

Liabilities Subject to Compromise

Financing debt

- 

- 

Trade creditors

- 

- 

--------------------------------------------------

Total liabilities subject to compromise

- 

- 

--------------------------------------------------

Preferred Stock with Mandatory Redemption

- 

- 

Utility Obligated Mandatorily Redeemable
   Preferred Securities of Trust Holding
   Solely Utility Subordinated Debentures



- 



- 

Stockholders' Equity

Nonredeemable preferred stock

- 

- 

Redeemable preferred stock

- 

- 

Common stock

- 

- 

Common stock held by subsidiary, at cost,

- 

- 

Reinvested earnings (accumulated deficit)

- 

- 

Accumulated other comprehensive income (loss)

- 

- 

--------------------------------------------------

Total stockholders' equity

- 

- 

-------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ - 


$ - 

=============================

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING STATEMENTS OF REINVESTED EARNINGS

DECEMBER 31, 2001

(in millions)

(unaudited)

 

Pacific Gas
and Electric
Company
(Consolidated)


Eliminations
and Re-
classifications



Total
Unconsolidated


Pacific Gas
and Electric
Company



Total
Subsidiaries

----------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ (1,979)

$ 21 

$ (2,000)

$ (1,988)

$ (12) 

Net income (loss)

1,015 

(4)

1,019 

1,015 

4  

Preferred stock dividend requirement

(25)

- 

(25)

(25)

-  

----------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ (989)

$ 17 

$ (1,006)

$ (998)

$ (8) 

=============================================================================

 


Alberta and
Southern Gas
Co. Ltd.


Natural Gas
Corporation
of California


NGC
Production
Company


Alaska Gas
Exploration
Associates

Standard
Pacific Gas
Line
Incorporated

----------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ 15 

$ (4)

$ - 

$ - 

$ (16) 

Net income (loss)

1 

- 

- 

- 

(1) 

Preferred stock dividend requirement

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ 16 

$ (4)

$ - 

$ - 

$ (17) 

=============================================================================

 



Pacific Energy
Fuels Company


Pacific Gas
Properties
Company



Pacific
Properties



Calaska Energy
Company

Pacific
Conservation
Services
Company

----------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ (10)

$ - 

$ (18)

$ -  

Net income (loss)

- 

- 

- 

- 

-  

Preferred stock dividend requirement

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ - 

$ (10)

$ - 

$ (18)

$ -  

=============================================================================

 


Eureka Energy
Company

PG&E
Funding,
LLC

PG&E
Holdings,
LLC

PG&E
CalHydro,
LLC

PG&E
Capital
I

----------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ 21 

$ - 

$ - 

$ -  

Net income (loss)

- 

4 

- 

- 

-  

Preferred stock dividend requirement

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ - 

$ 25 

$ - 

$ - 

$ -  

=============================================================================

 

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING STATEMENTS OF REINVESTED EARNINGS

DECEMBER 31, 2001

(in millions)

(unaudited)

 



PG&E Capital
II



PG&E Capital
III



PG&E Capital
IV


Pacific
California Gas
System, Inc.

Newco
Energy
Corporation
(Consolidated)

----------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ - 

$ - 

$ - 

$ -  

Net income (loss)

- 

- 

- 

- 

-  

Preferred stock dividend requirement

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ - 

$ - 

$ - 

$ - 

$ -  

=============================================================================

 

 



Eliminations


Total
Unconsolidated

Newco
Energy
Corporation


Total
Subsidiaries



ETrans LLC

----------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ - 

$ - 

$ - 

$ -  

Net income (loss)

- 

- 

- 

- 

-  

Preferred stock dividend requirement

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ - 

$ - 

$ - 

$ - 

$ -  

=============================================================================

 


GTrans LLC

Electric
Generation LLC

Balch 1 and 2
Project LLC

Battle Creek
Project LLC

Bucks Creek
Project LLC

----------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ - 

$ - 

$ - 

$ -  

Net income (loss)

- 

- 

- 

- 

-  

Preferred stock dividend requirement

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ - 

$ - 

$ - 

$ - 

$ -  

=============================================================================

 

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING STATEMENTS OF REINVESTED EARNINGS

DECEMBER 31, 2001

(in millions)

(unaudited)


Chili Bar
Project LLC


Crane Valley
Project LLC

Desabla-
Centerville
Project LLC


Diablo Canyon
LLC

Drum-Spaulding
Project LLC

----------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ - 

$ - 

$ - 

$ -  

Net income (loss)

- 

- 

- 

- 

-  

Preferred stock dividend requirement

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ - 

$ - 

$ - 

$ - 

$ -  

=============================================================================

 

 

Haas-Kings
River Project
LLC

Hamilton
Branch Project
LLC

Hat Creek 1
and 2 Project
LLC


Helms Project
LLC

Kerckhoff 1
and 2 Project LLC

----------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ - 

$ - 

$ - 

$ -  

Net income (loss)

- 

- 

- 

- 

-  

Preferred stock dividend requirement

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ - 

$ - 

$ - 

$ - 

$ -  

=============================================================================

 

 


Kern Canyon
Project LLC

Kilarc-Cow
Creek Project
LLC


McCloud-Pit
Project LLC


Merced Falls
Project LLC


Miocene
Project LLC

----------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ - 

$ - 

$ - 

$ -  

Net income (loss)

- 

- 

- 

- 

-  

Preferred stock dividend requirement

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ - 

$ - 

$ - 

$ - 

$ -  

=============================================================================

 

Mokelumne
River Project
LLC

Narrows
Project
LLC

Phoenix
Project
LLC


Pit 1
Project LLC

Pit 3, 4
and 5
Project LLC

----------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ - 

$ - 

$ - 

$ -  

Net income (loss)

- 

- 

- 

- 

-  

Preferred stock dividend requirement

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ - 

$ - 

$ - 

$ - 

$ -  

=============================================================================

 

 

PACIFIC GAS AND ELECTRIC COMPANY, A DEBTOR-IN-POSSESSION

CONSOLIDATING STATEMENTS OF REINVESTED EARNINGS

DECEMBER 31, 2001

(in millions)

(unaudited)


Poe Project
LLC


Potter Valley
Project LLC

Rock Creek-
Cresta Project
LLC

Spring-Gap
Stanislaus
Project LLC


Tule River
Project LLC

----------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ - 

$ - 

$ - 

$ -  

Net income (loss)

- 

- 

- 

- 

-  

Preferred stock dividend requirement

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ - 

$ - 

$ - 

$ - 

$ -  

=============================================================================

 

 

Upper NF
Feather River
Project LLC

-----------------------------------

Balance at December 31, 2000

$ - 

Net income (loss)

- 

Preferred stock dividend requirement

- 

------------------------------------

Balance at December 31, 2001

$ - 

=====================

 

 

 

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)

Consolidated
PG&E
National
Energy Group,
LLC



Eliminations
and
Adjustments


PG&E
National
Energy Group,
LLC

PG&E
National
Energy
Group,
Inc.




PG&E
Enterprises

--------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ 12,590 

$ (1,208)

$ - 

$ - 

$ -  

Equity in earnings of subsidiaries

79 

(357)

- 

171 

96  

--------------------------------------------------------------------------------------------------------------------------

Total operating revenues

12,669 

(1,565)

- 

171 

96  

--------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

11,512 

(1,043)

- 

- 

-  

Operating and maintenance

649 

(189)

- 

- 

-  

Depreciation and amortization

167 

- 

- 

5 

-  

Other operating expenses

63 

(1)

- 

5 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating expenses

12,391 

(1,233)

- 

10 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

278 

(332)

- 

161 

96  

Interest Income

86 

(50)

- 

52 

-  

Interest Expense

(138)

49 

- 

(68)

(3) 

Other income (expense)

5 

- 

- 

2 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

231 

(333)

- 

147 

93  

Income tax provision (benefit)

69 

12 

- 

(10)

(1) 

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

162 

(345)

- 

157 

94  

Cumulative effect of a change in an
   accounting principle (net of applicable
   income taxes of $6 million)



9 



- 



- 



- 



-  

--------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ 171 

$ (345)

$ - 

$ 157 

$ 94  

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)

PG&E
National
Energy Group
Holdings
Corporation



Properties
Holdings,
LLC


PG&E
Generating
Company,
LLC


PG&E
Generating
Services,
LLC


PG&E Energy
Trading
Holdings,
LLC

--------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ - 

$ 10 

$ 1,082 

$ 315 

$ 12,140  

Equity in earnings of subsidiaries

90 

- 

83 

- 

(4) 

--------------------------------------------------------------------------------------------------------------------------

Total operating revenues

90 

10 

1,165 

315 

12,136  

--------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

- 

549 

- 

12,002  

Operating and maintenance

- 

2 

343 

335 

100  

Depreciation and amortization

- 

- 

97 

11 

12  

Other operating expenses

- 

- 

5 

6 

36  

--------------------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

2 

994 

352 

12,150  

--------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

90 

8 

171 

(37)

(14) 

Interest Income

3 

- 

51 

1 

22  

Interest Expense

- 

(1)

(70)

(2)

(5) 

Other income (expense)

1 

1 

(11)

- 

(3) 

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

94 

8 

141 

(38)

-  

Income tax provision (benefit)

2 

2 

59 

(16)

(16) 

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

92 

6 

82 

(22)

16  

Cumulative effect of a change in an
   accounting principle (net of applicable
   income taxes of $6 million)



- 



- 



9 



- 



-  

--------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ 92 

$ 6 

$ 91 

$ (22)

$ 16  

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)




PG&E
Overseas, Inc.




Quantum
Ventures



PG&E Gas
Transmission
Corporation

--------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ - 

$ 5 

$ 246 

Equity in earnings of subsidiaries

- 

- 

- 

--------------------------------------------------------------------------------

Total operating revenues

- 

5 

246 

--------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

4 

- 

Operating and maintenance

- 

2 

56 

Depreciation and amortization

- 

- 

42 

Other operating expenses

- 

1 

11 

--------------------------------------------------------------------------------

Total operating expenses

- 

7 

109 

--------------------------------------------------------------------------------

Operating Income (Loss)

- 

(2)

137 

Interest Income

- 

- 

7 

Interest Expense

- 

(1)

(37)

Other income (expense)

- 

11 

4 

--------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

8 

111 

Income tax provision (benefit)

- 

3 

34 

--------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

- 

5 

77 

Cumulative effect of a change in an
   accounting principle


- 


- 


- 

--------------------------------------------------------------------------------

Net Income (Loss)

$ - 

$ 5 

$ 77 

===============================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)


Consolidated
PG&E Gas
Transmission
Corporation



Eliminations
and
Adjustments



PG&E Gas
Transmission
Corporation


PG&E Gas
Transmission
Holdings
Corporation



North Baja
Pipeline,
LLC

--------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ 246 

$ - 

$ - 

$ - 

$ -  

Equity in earnings of subsidiaries

- 

(152)

76 

1 

-  

--------------------------------------------------------------------------------------------------------------------

Total operating revenues

246 

(152)

76 

1 

-  

--------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

- 

- 

- 

-  

Operating and maintenance

56 

- 

- 

- 

-  

Depreciation and amortization

42 

- 

- 

- 

-  

Other operating expenses

11 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Total operating expenses

109 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

137 

(152)

76 

1 

-  

Interest Income

7 

- 

- 

- 

-  

Interest Expense

(37)

- 

- 

- 

-  

Other income (expense)

4 

- 

- 

- 

1  

--------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

111 

(152)

76 

1 

1  

Income tax provision (benefit)

34 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

77 

(152)

76 

1 

1  

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


-  

--------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ 77 

$ (152)

$ 76 

$ 1 

$ 1  

====================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)



GTN
Holdings,
LLC


PG&E Gas
Transmission,
Northwest
Corporation


Pacific Gas
Transmission
International,
Inc.

PG&E Gas
Transmission
Services
Company
LLC



Pacific Gas
Transmission
Company


Stanfield
Hub
Services,
LLC

-----------------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ - 

$ 246 

$ - 

$ - 

$ - 

$ -  

Equity in earnings of subsidiaries

75 

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------

Total operating revenues

75 

246 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

- 

- 

- 

- 

-  

Operating and maintenance

- 

56 

- 

- 

- 

-  

Depreciation and amortization

- 

42 

- 

- 

- 

-  

Other operating expenses

- 

11 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

109 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

75 

137 

- 

- 

- 

-  

Interest Income

- 

7 

- 

- 

- 

-  

Interest Expense

- 

(37)

- 

- 

- 

-  

Other income (expense)

- 

3 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

75 

110 

- 

- 

- 

-  

Income tax provision (benefit)

- 

34 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing
   Operations


75 


76 


- 


- 


- 


-  

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


- 


-  

----------------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ 75 

$ 76 

$ - 

$ - 

$ - 

$ -  

=============================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)


Consolidated
Quantum
Ventures


Eliminations
and
Adjustments



Quantum
Ventures

Real Estate
Energy
Solutions,
LLC

Creston
Financial
Group,
Inc.

------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ 5 

$ - 

$ - 

$ - 

$ -  

Equity in earnings of subsidiaries

- 

(5)

5 

- 

-  

------------------------------------------------------------------------------------------------------------------------

Total operating revenues

5 

(5)

5 

- 

-  

------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

4 

- 

- 

- 

-  

Operating and maintenance

2 

- 

- 

- 

-  

Depreciation and amortization

- 

- 

- 

- 

-  

Other operating expenses

1 

- 

- 

- 

-  

------------------------------------------------------------------------------------------------------------------------

Total operating expenses

7 

- 

- 

- 

-  

------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

(2)

(5)

5 

- 

-  

Interest Income

- 

- 

- 

- 

-  

Interest Expense

(1)

(1)

- 

- 

-  

Other income (expense)

11 

- 

- 

- 

-  

------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

8 

(6)

5 

- 

-  

Income tax provision (benefit)

3 

- 

- 

- 

-  

------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

5 

(6)

5 

- 

-  

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


-  

------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ 5 

$ (6)

$ 5 

$ -  

$ -  

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)

Barakat &
Chamberlin,
Inc.

PG&E Energy
Services
Ventures, Inc.

------------------------------------------------------

Operating Revenues

Energy commodities and services

$ - 

$ 5 

Equity in earnings of subsidiaries

- 

- 

------------------------------------------------------

Total operating revenues

- 

5 

------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

4 

Operating and maintenance

- 

2 

Depreciation and amortization

- 

- 

Other operating expenses

- 

1 

------------------------------------------------------

Total operating expenses

- 

7 

------------------------------------------------------

Operating Income (Loss)

- 

(2)

Interest Income

- 

- 

Interest Expense

- 

- 

Other income (expense)

- 

11 

------------------------------------------------------

Income (Loss) Before Income Taxes

- 

9 

Income tax provision (benefit)

- 

3 

-----------------------------------------------------

Income (Loss) from Continuing Operations

- 

6 

Cumulative effect of a change in an
   accounting principle


- 


- 

------------------------------------------------------

Net Income (Loss)

$ - 

$ 6 

================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)

Consolidated
PG&E
Overseas, Inc.

Eliminations
and
Adjustments

PG&E
Overseas,
Ltd.

PG&E
Pacific I
Ltd.

PG&E
Pacific II,
Ltd.

------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ - 

$ - 

$ - 

$ - 

$ -  

Equity in earnings of subsidiaries

- 

- 

- 

- 

-  

------------------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

- 

- 

- 

-  

------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

- 

- 

- 

-  

Operating and maintenance

- 

- 

- 

- 

-  

Depreciation and amortization

- 

- 

- 

- 

-  

Other operating expenses

- 

- 

- 

- 

-  

------------------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

- 

-  

------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

- 

- 

- 

-  

Interest Income

- 

- 

- 

- 

-  

Interest Expense

- 

- 

- 

- 

-  

Other income (expense)

- 

- 

- 

- 

-  

------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

- 

- 

- 

-  

Income tax provision (benefit)

- 

- 

- 

- 

-  

------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

- 

- 

- 

- 

-  

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


-  

------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ - 

$ - 

$ - 

$ - 

$ -  

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)

Consolidated
Properties
Holdings,
LLC


Eliminations
and
Adjustments


Properties
Holdings,
LLC


Valley
Real Estate,
Inc.


McSweeney
Ranch Joint
Venture

------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ 10 

- 

$ - 

$ - 

$ - 

Equity in earnings of subsidiaries

- 

(6)

2 

- 

- 

------------------------------------------------------------------------------------------------------------------------

Total operating revenues

10 

(6)

2 

- 

- 

------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

- 

- 

- 

-  

Operating and maintenance

2 

1 

- 

- 

-  

Depreciation and amortization

- 

- 

- 

- 

-  

Other operating expenses

- 

- 

- 

- 

-  

------------------------------------------------------------------------------------------------------------------------

Total operating expenses

2 

1 

- 

- 

-  

------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

8 

(7)

2 

- 

-  

Interest Income

- 

- 

- 

- 

-  

Interest Expense

(1)

- 

- 

- 

-  

Other income (expense)

1 

- 

1 

- 

-  

------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

8 

(7)

3 

- 

-  

Income tax provision (benefit)

2 

- 

1 

- 

-  

------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

6 

(7)

2 

- 

-  

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


-  

------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ 6 

$ (7)

$ 2 

$ - 

$ -  

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)


Rancho
Murieta
Joint
Venture



Alhambra
Pacific Joint
Venture




BPS I,
Inc.


Conaway
Conservancy
Group Joint
Venture



The Conaway
Ranch
Company

------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ - 

$ - 

$ - 

$ 10 

$ - 

Equity in earnings of subsidiaries

- 

- 

- 

- 

4 

------------------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

- 

- 

10 

4 

------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

- 

- 

- 

-  

Operating and maintenance

- 

- 

- 

1 

- 

Depreciation and amortization

- 

- 

- 

- 

-  

Other operating expenses

- 

- 

- 

- 

-  

------------------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

1 

- 

------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

- 

- 

9 

4 

Interest Income

- 

- 

- 

- 

-  

Interest Expense

- 

- 

- 

- 

(1)

Other income (expense)

- 

- 

- 

- 

-  

------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

- 

- 

9 

3 

Income tax provision (benefit)

- 

- 

- 

- 

1 

------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

- 

- 

- 

9 

2 

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


-  

------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ - 

$ - 

$ - 

$ 9 

$ 2  

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)


DPR,
Inc.

Oat Creek
Associates
Joint Venture


Marengo Ranch
Joint Venture


Gilia
Enterprises

----------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ - 

$ - 

$ -  

$ - 

Equity in earnings of subsidiaries

- 

- 

- 

- 

---------------------------------------------------------------------------------------------------

Total operating revenues

- 

- 

- 

- 

---------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

- 

- 

- 

Operating and maintenance

- 

- 

- 

- 

Depreciation and amortization

- 

- 

- 

- 

Other operating expenses

- 

- 

- 

- 

---------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

- 

--------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

- 

- 

- 

Interest Income

- 

- 

- 

- 

Interest Expense

- 

- 

- 

- 

Other income (expense)

- 

- 

- 

- 

-------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

- 

- 

- 

Income tax provision (benefit)

- 

- 

- 

- 

-------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

- 

- 

- 

- 

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 

-------------------------------------------------------------------------------------------------

Net Income (Loss)

$ - 

$ - 

$ - 

$ - 

=========================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)

Consolidated
PG&E Energy
Trading
Holdings,
LLC



Eliminations
and
Adjustments



PG&E Energy
Trading
Holdings, LLC


PG&E Energy
Trading
Holdings
Corporation



PG&E ET
Investments
Corporation

------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ 12,140 

$ (643)

$ - 

$ - 

$ - 

Equity in earnings of subsidiaries

(4)

7 

14 

12 

(30)

------------------------------------------------------------------------------------------------------------------------

Total operating revenues

12,136 

(636)

14 

12 

(30)

------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

12,002 

(644)

- 

- 

-  

Operating and maintenance

100 

- 

- 

- 

- 

Depreciation and amortization

12 

- 

- 

- 

- 

Other operating expenses

36 

- 

- 

- 

- 

------------------------------------------------------------------------------------------------------------------------

Total operating expenses

12,150 

(644)

- 

- 

- 

------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

(14)

8 

14 

12 

(30)

Interest Income

22 

(4)

- 

8 

- 

Interest Expense

(5)

5 

- 

(6)

- 

Other income (expense)

(3)

- 

- 

- 

- 

------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

9 

14 

14 

(30)

Income tax provision (benefit)

(16)

- 

- 

- 

(37)

------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

16 

9 

14 

14 

7 

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


-  

------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ 16 

$ 9 

$ 14 

$ 14 

$ 7 

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)


PG&E
Energy
Trading -
Power,
L.P.




PG&E ET
Synfuel #2,
LLC



PG&E ET
Synfuel
Company 166,
LLC



PG&E Energy
Trading,
Canada
Corporation





True Quote
LLC

------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ 7,563 

$ - 

$ - 

$ 1,845 

$ - 

Equity in earnings of subsidiaries

- 

- 

- 

- 

- 

------------------------------------------------------------------------------------------------------------------------

Total operating revenues

7,563 

- 

- 

1,845 

- 

------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

7,490 

- 

- 

1,832 

- 

Operating and maintenance

65 

- 

- 

5 

- 

Depreciation and amortization

6 

- 

- 

- 

- 

Other operating expenses

37 

- 

- 

(1)

- 

------------------------------------------------------------------------------------------------------------------------

Total operating expenses

7,598 

- 

- 

1,836 

- 

------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

(35)

- 

- 

9 

- 

Interest Income

6 

- 

- 

1 

- 

Interest Expense

(3)

- 

- 

(1)

- 

Other income (expense)

- 

- 

- 

- 

- 

------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

(32)

- 

- 

9 

- 

Income tax provision (benefit)

- 

- 

- 

4 

- 

------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

(32)

- 

- 

5 

- 

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


- 

------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ (32)

$ - 

$ - 

$ 5 

$ - 

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)


CEG
Energy
Options
Inc.

PG&E
Energy
Trading -
Gas
Corporation



PG&E
International,
Inc.


PG&E
International
Development
Holdings, LLC




Gannet Power
Corporation

--------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ - 

$ 3,375 

$ - 

$ - 

$ -  

Equity in earnings of subsidiaries

- 

1 

(8)

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

3,376 

(8)

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

3,324 

- 

- 

-  

Operating and maintenance

- 

30 

- 

- 

-  

Depreciation and amortization

- 

6 

- 

- 

-  

Other operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

3,360 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

16 

(8)

- 

-  

Interest Income

- 

8 

- 

- 

- 

Interest Expense

- 

- 

- 

- 

-  

Other income (expense)

- 

(3) 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

21 

(8)

- 

-  

Income tax provision (benefit)

- 

6 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

- 

15 

(8)

- 

-  

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


-  

--------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ - 

$ 15 

$ (8)

$ - 

$ -  

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)



PG&E
Overseas
Holdings I,
Ltd.



PG&E
Overseas
Holdings II,
Ltd.


PG&E
Corporation
Australian
Holdings Pty,
Ltd.


PG&E
Energy
Trading
Australia Pty,
Ltd.



PG&E
Corporation
Australia Pty,
Ltd.




Rocksavage
Services I,
Inc.

-----------------------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ - 

$ - 

$ - 

$ - 

$ - 

$ - 

Equity in earnings of subsidiaries

- 

- 

- 

- 

- 

- 

-----------------------------------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

- 

- 

- 

- 

- 

Operating Expenses

- 

- 

- 

- 

- 

Cost of energy commodities and services

- 

- 

- 

- 

- 

- 

Operating and maintenance

- 

- 

- 

- 

- 

- 

Depreciation and amortization

- 

- 

- 

- 

- 

- 

Other operating expenses

- 

- 

- 

- 

- 

- 

-----------------------------------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

- 

- 

- 

-----------------------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

- 

- 

- 

- 

- 

Interest Income

3 

- 

- 

- 

- 

- 

Interest Expense

- 

- 

- 

- 

- 

- 

Other income (expense)

- 

- 

- 

- 

- 

- 

-----------------------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

3 

- 

- 

- 

- 

- 

Income tax provision (benefit)

11 

- 

- 

- 

- 

- 

-----------------------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

(8)

- 

- 

- 

- 

- 

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


- 


- 

-----------------------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ (8)

$ - 

$ - 

$ - 

$ - 

$ - 

================================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)


Consolidated
PG&E
Generating
Services,
LLC




Eliminations
and
Adjustments




PG&E
Generating
Services, LLC





J. Makowski
Pittsfield, Inc.





J. Makowski
Services, Inc.

--------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ 315 

$ (78)

$ - 

$ 2 

$ 3 

Equity in earnings of subsidiaries

- 

58 

(22)

- 

- 

--------------------------------------------------------------------------------------------------------------------------

Total operating revenues

315 

(20)

(22)

2 

3 

--------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

- 

- 

- 

- 

Operating and maintenance

335 

(78)

- 

2 

3 

Depreciation and amortization

11 

- 

- 

- 

- 

Other operating expenses

6 

- 

- 

- 

- 

--------------------------------------------------------------------------------------------------------------------------

Total operating expenses

352 

(78)

- 

2 

3 

--------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

(37)

58 

(22)

- 

- 

Interest Income

1 

(2)

2 

- 

- 

Interest Expense

(2)

2 

(2)

- 

- 

Other income (expense)

- 

- 

- 

- 

- 

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

(38)

58 

(22)

- 

- 

Income tax provision (benefit)

(16)

- 

- 

- 

- 

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

(22)

58 

(22)

- 

- 

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


- 

--------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ (22)

$ 58 

$ (22)

$ - 

$ - 

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)




JMCS I
Management,
Inc.


PG&E
Construction
Agency
Services I,
LLC


PG&E
Construction
Agency
Services II,
LLC



Master
Turbine
Trust I,
Ltd.



Master
Turbine
Trust II,
Ltd.

--------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ 4 

$ - 

$ - 

$ - 

$ - 

Equity in earnings of subsidiaries

- 

- 

- 

- 

- 

--------------------------------------------------------------------------------------------------------------------------

Total operating revenues

4 

- 

- 

- 

- 

--------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

- 

- 

- 

-  

Operating and maintenance

3 

- 

- 

- 

-  

Depreciation and amortization

- 

- 

- 

- 

-  

Other operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating expenses

3 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

1 

- 

- 

- 

-  

Interest Income

- 

- 

- 

- 

-  

Interest Expense

- 

- 

- 

- 

-  

Other income (expense)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

1 

- 

- 

- 

-  

Income tax provision (benefit)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

1 

- 

- 

- 

-  

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


-  

--------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ 1 

$ - 

$ - 

$ - 

$ -  

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)

PG&E
National
Energy Group
Construction
Company,
LLC


NEG
Construction
Finance
Company,
LLC




PTP
Services,
LLC



PG&E
Operating
Services
Holdings, Inc.





USOSC
Holdings, Inc.

--------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ - 

$ - 

$ - 

$ - 

$ - 

Equity in earnings of subsidiaries

- 

- 

- 

(35)

- 

--------------------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

- 

- 

(35)

- 

--------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

- 

- 

- 

-  

Operating and maintenance

- 

- 

- 

- 

-  

Depreciation and amortization

- 

- 

- 

- 

-  

Other operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

- 

- 

(35)

-  

Interest Income

- 

- 

- 

- 

-  

Interest Expense

- 

- 

- 

(2)

-  

Other income (expense)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

- 

- 

(37)

-  

Income tax provision (benefit)

- 

- 

- 

(15)

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

- 

- 

- 

(22)

-  

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


-  

--------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ - 

$ - 

$ - 

$ (22)

$ -  

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)


PG&E
Operating
Services
Company




USGen
Holdings, Inc.

PG&E
National
Energy
Group
Company



First Oregon
Land
Corporation




Topaz Power
Corporation

--------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ 76 

$ - 

$ 308  

$ - 

$ - 

Equity in earnings of subsidiaries

- 

(1)

-  

- 

- 

--------------------------------------------------------------------------------------------------------------------------

Total operating revenues

76 

(1)

308  

- 

- 

--------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

- 

-  

- 

- 

Operating and maintenance

59 

- 

346  

- 

- 

Depreciation and amortization

1 

- 

10  

- 

- 

Other operating expenses

4 

- 

2  

- 

- 

--------------------------------------------------------------------------------------------------------------------------

Total operating expenses

64 

- 

358  

- 

- 

--------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

12 

(1)

(50) 

- 

- 

Interest Income

- 

- 

1  

- 

- 

Interest Expense

- 

- 

-  

- 

- 

Other income (expense)

- 

- 

-  

- 

- 

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

12 

(1)

(49) 

- 

- 

Income tax provision (benefit)

- 

(1)

-  

- 

- 

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

12 

- 

(49) 

- 

- 

Cumulative effect of a change in an
   accounting principle


- 


- 


-  


- 


- 

--------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ 12 

$ - 

$ (49) 

$ - 

$ - 

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)




Carneys Point
Generating
Company





Garnet Power
Corporation

PG&E
National
Energy Group
Acquisition
Company,
LLC

-----------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ - 

$ - 

$ - 

Equity in earnings of subsidiaries

- 

- 

- 

----------------------------------------------------------------------------

Total operating revenues

- 

- 

- 

----------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

- 

- 

Operating and maintenance

- 

- 

- 

Depreciation and amortization

- 

- 

- 

Other operating expenses

- 

- 

- 

----------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

----------------------------------------------------------------------------

Operating Income (Loss)

- 

- 

- 

Interest Income

- 

- 

- 

Interest Expense

- 

- 

- 

Other income (expense)

- 

- 

- 

----------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

- 

- 

Income tax provision (benefit)

- 

- 

- 

----------------------------------------------------------------------------

Income (Loss) from Continuing Operations

- 

- 

- 

Cumulative effect of a change in an
   accounting principle


- 


- 


- 

-----------------------------------------------------------------------------

Net Income (Loss)

$ - 

$ - 

$ - 

=============================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)

Consolidated
PG&E
Generating
Company,
LLC



Eliminations
and
Adjustments


PG&E
Generating
Company,
LLC


PG&E
Generating
Energy Group,
LLC

PG&E
Generating
Energy
Holdings,
Inc.

--------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ 1,082 

$ (990)

$ - 

$ - 

$ -  

Equity in earnings of subsidiaries

83 

(332)

134 

85 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating revenues

1,165 

(1,322)

134 

85 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

549 

(519)

- 

- 

-  

Operating and maintenance

343 

(245)

19 

- 

-  

Depreciation and amortization

97 

(63)

3 

- 

-  

Other operating expenses

5 

1 

1 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating expenses

994 

(826)

23 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

171 

(496)

111 

85 

-  

Interest Income

51 

(81)

13 

- 

-  

Interest Expense

(70)

43 

(62)

(1)

-  

Other income (expense)

(11)

8 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

141 

(526)

62 

84 

-  

Income tax provision (benefit)

59 

(78)

(30)

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

82 

(448)

92 

84 

-  

Cumulative effect of a change in an
   accounting principle (net of applicable
   income taxes of $6 million)



9 



(13)



- 



- 



-  

--------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ 91 

$ (461)

$ 92 

$ 84 

$ -  

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)

Spencer
Station
Power
Corporation

Spencer
Station
Generating
Company, L.P.


Badger
Power
Corporation

Badger
Generating
Company,
LLC


MidColumbia
Power
Corporation

-------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ - 

$ 3 

$ - 

$ - 

$ -  

Equity in earnings of subsidiaries

(7)

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating revenues

(7)

3 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

4 

- 

- 

-  

Operating and maintenance

- 

5 

- 

- 

-  

Depreciation and amortization

- 

1 

- 

- 

-  

Other operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

10 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

(7)

(7)

- 

- 

-  

Interest Income

- 

- 

- 

- 

-  

Interest Expense

- 

(1)

- 

- 

-  

Other income (expense)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

(7)

(8)

- 

- 

-  

Income tax provision (benefit)

(3)

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

(4)

(8)

- 

- 

-  

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


-  

--------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ (4)

$ (8)

$ - 

$ - 

$ -  

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)

MidColumbia
Generating
Company,
LLC


Black Hawk III
Power
Corporation


Lake Road
Power I,
LLC



Harlan Power
Corporation

Umatilla
Generating
Company,
L.P.

--------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ - 

$ - 

$ - 

$ - 

$ -  

Equity in earnings of subsidiaries

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

- 

- 

- 

-  

Operating and maintenance

- 

- 

- 

- 

-  

Depreciation and amortization

- 

- 

- 

- 

-  

Other operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

- 

- 

- 

-  

Interest Income

- 

- 

- 

- 

-  

Interest Expense

- 

- 

- 

- 

-  

Other income (expense)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

- 

- 

- 

-  

Income tax provision (benefit)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

- 

- 

- 

- 

-  

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


-  

--------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ - 

$ - 

$ - 

$ - 

$ -  

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)


Morrow Power
Corporation

Morrow
Generating
Company, LLC

Peach IV
Power
Corporation


Lake Road
Power II, LLC

Lake Road
Generating
Company, L.P.

--------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ - 

$ - 

$ - 

$  

$ -  

Equity in earnings of subsidiaries

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

- 

- 

- 

-  

Operating and maintenance

- 

- 

- 

- 

-  

Depreciation and amortization

- 

- 

- 

- 

-  

Other operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

- 

- 

- 

-  

Interest Income

- 

- 

- 

- 

-  

Interest Expense

- 

- 

- 

- 

-  

Other income (expense)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

- 

- 

- 

-  

Income tax provision (benefit)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

- 

- 

- 

- 

-  

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


-  

--------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ - 

$ - 

$ - 

$ - 

$ -  

=======================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)


Lake Road
Trust, Ltd.


Juniper Power
Corporation


Plover Power
Corporation


Beech Power
Corporation

Mantua Creek
Generating
Company, L.P.

--------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ - 

$ - 

$ - 

$ - 

$ -  

Equity in earnings of subsidiaries

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

- 

- 

- 

-  

Operating and maintenance

- 

- 

- 

- 

-  

Depreciation and amortization

- 

- 

- 

- 

-  

Other operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

- 

- 

- 

-  

Interest Income

- 

- 

- 

- 

-  

Interest Expense

- 

- 

- 

- 

-  

Other income (expense)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

- 

- 

- 

-  

Income tax provision (benefit)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

- 

- 

- 

- 

-  

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


-  

--------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ - 

$ - 

$ - 

$ - 

$ -  

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)

Mantua Creek
Urban
Renewal,
L.P.


First Arizona
Land
Corporation

First
California
Land
Corporation

White Pine
Generating
Company,
LLC



USGen New
England, Inc.

-------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ - 

$ - 

$ - 

$ - 

$ 931  

Equity in earnings of subsidiaries

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

- 

- 

- 

931  

--------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

- 

- 

- 

486  

Operating and maintenance

- 

- 

- 

- 

246  

Depreciation and amortization

- 

- 

- 

- 

65  

Other operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

- 

797  

--------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

- 

- 

- 

134  

Interest Income

- 

- 

- 

- 

46  

Interest Expense

- 

- 

- 

- 

(4) 

Other income (expense)

- 

- 

- 

- 

(7) 

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

- 

- 

- 

169  

Income tax provision (benefit)

- 

- 

- 

- 

70  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

- 

- 

- 

- 

99  

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


-  

--------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ - 

$ - 

$ - 

$ - 

$ 99  

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)

First
Massachusetts
Land
Company,
LLC


USGen
Services
Company,
LLC


PG&E
Generating
New England,
Inc.


PG&E
Generating
New England,
LLC



Attala Energy
Company,
LLC

--------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ - 

$ 931 

$ - 

$ - 

$ -  

Equity in earnings of subsidiaries

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

931 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

486 

- 

- 

-  

Operating and maintenance

- 

246 

- 

- 

-  

Depreciation and amortization

- 

65 

- 

- 

-  

Other operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

797 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

134 

- 

- 

-  

Interest Income

- 

46 

- 

- 

-  

Interest Expense

- 

(4)

- 

- 

-  

Other income (expense)

- 

(7)

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

169 

- 

- 

-  

Income tax provision (benefit)

- 

70 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

- 

99 

- 

- 

-  

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


-  

--------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ - 

$ 99 

$ - 

$ - 

$ -  

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)



Attala Power
Corporation


Attala
Generating
Company, LLC

Kentucky
Hydro
Holdings,
LLC


San Gorgonio
Power
Corporation

Mountain View
Power
Partners,
LLC

--------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ - 

$ 18 

$ - 

$ - 

$ 2  

Equity in earnings of subsidiaries

(17)

- 

- 

1 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating revenues

(17)

18 

- 

1 

2  

--------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

12 

- 

- 

-  

Operating and maintenance

- 

10 

- 

- 

-  

Depreciation and amortization

- 

4 

- 

- 

1  

Other operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

26 

- 

- 

1  

--------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

(17)

(8)

- 

1 

1  

Interest Income

- 

- 

- 

- 

-  

Interest Expense

- 

(12)

- 

- 

-  

Other income (expense)

- 

3 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

(17)

(17)

- 

1 

1  

Income tax provision (benefit)

(7)

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

(10)

(17)

- 

1 

1  

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


-  

--------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ (10)

$ (17)

$ - 

$ 1 

$ 1  

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)

Mountain View
Power
Partners
II, LLC



GenHoldings I,
LLC



Osprey Power
Corporation


Magnolia
Power
Corporation

Millennium
Power
Partners,
L.P.

--------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ 1 

$ - 

$ - 

$ - 

$ 37  

Equity in earnings of subsidiaries

- 

(1)

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating revenues

1 

(1)

- 

- 

37  

--------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

- 

- 

- 

27  

Operating and maintenance

- 

- 

- 

- 

7  

Depreciation and amortization

- 

- 

- 

- 

3  

Other operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

- 

37  

--------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

1 

(1)

- 

- 

-  

Interest Income

- 

- 

12 

- 

7  

Interest Expense

- 

(1)

(7)

- 

(6) 

Other income (expense)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

1 

(2)

5 

- 

1  

Income tax provision (benefit)

- 

- 

2 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

1 

(2)

3 

- 

1  

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


-  

--------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ 1 

$ (2)

$ 3 

$ - 

$ 1  

========================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)


Black Hawk
Power
Corporation



Peach I Power
Corporation


Athens
Generating
Company, L.P.


Long Creek
Power
Corporation

Long Creek
Generating
Company,
LLC

--------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ - 

$ - 

$ - 

$ - 

$ -  

Equity in earnings of subsidiaries

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

- 

- 

- 

-  

Operating and maintenance

- 

- 

- 

- 

-  

Depreciation and amortization

- 

- 

- 

- 

-  

Other operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

- 

- 

- 

-  

Interest Income

- 

- 

- 

- 

-  

Interest Expense

- 

- 

- 

- 

-  

Other income (expense)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

- 

- 

- 

-  

Income tax provision (benefit)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

- 

- 

- 

- 

-  

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


-  

--------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ - 

$ - 

$ - 

$ - 

$ -  

=======================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)

La Paloma
Power
Corporation

La Paloma
Generating
Company, LLC

La Paloma
Generating
Trust, Ltd.

Liberty
Generating
Corporation

Liberty Urban
Renewal,
LLC

--------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ - 

$ - 

$ - 

$ - 

$ -  

Equity in earnings of subsidiaries

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

- 

- 

- 

-  

Operating and maintenance

- 

- 

- 

- 

-  

Depreciation and amortization

- 

- 

- 

- 

-  

Other operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

- 

- 

- 

-  

Interest Income

- 

- 

- 

- 

-  

Interest Expense

- 

- 

- 

- 

-  

Other income (expense)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

- 

- 

- 

-  

Income tax provision (benefit)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

- 

- 

- 

- 

-  

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


-  

--------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ - 

$ - 

$ - 

$ - 

$ -  

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)


Liberty
Generating
Company


Otay Mesa
Power
Corporation


Bluebonnet
Power
Corporation

Bluebonnet
Generating
Company,
LLC


Harquahala
Power
Corporation

--------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ - 

$ - 

$ - 

$ - 

$ -  

Equity in earnings of subsidiaries

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

- 

- 

- 

-  

Operating and maintenance

- 

- 

- 

- 

-  

Depreciation and amortization

- 

- 

- 

- 

-  

Other operating expenses

- 

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

- 

- 

- 

-  

Interest Income

- 

- 

- 

- 

-  

Interest Expense

- 

- 

- 

- 

-  

Other income (expense)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

- 

- 

- 

-  

Income tax provision (benefit)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

- 

- 

- 

- 

-  

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


-  

--------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ - 

$ - 

$ - 

$ - 

$ -  

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)

Harquahala
Generating
Company,
LLC


Harquahala
Generating
Trust, Ltd.


Madison
Wind Power
Corporation


Madison
Windpower,
LLC


Okeechobee
Power
Corporation

--------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ - 

$ - 

$ - 

$ 1 

$ -  

Equity in earnings of subsidiaries

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

- 

- 

1 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

- 

- 

- 

-  

Operating and maintenance

- 

- 

- 

1 

-  

Depreciation and amortization

- 

- 

- 

1 

-  

Other operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

2 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

- 

- 

(1)

-  

Interest Income

- 

- 

- 

- 

-  

Interest Expense

- 

- 

- 

- 

-  

Other income (expense)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

- 

- 

(1)

-  

Income tax provision (benefit)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

- 

- 

- 

(1)

-  

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


-  

--------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ - 

$ - 

$ - 

$ (1)

$ - 

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)


Okeechobee
Generating
Company,
LLC


PG&E
Dispersed
Power
Corporation

PG&E
Dispersed
Generating
Company,
LLC




Plains End,
LLC



Covert
Power
Corporation

--------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ - 

$ - 

$ 3 

$ - 

$ -  

Equity in earnings of subsidiaries

- 

(8)

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

(8)

3 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

- 

- 

- 

-  

Operating and maintenance

- 

- 

9 

- 

-  

Depreciation and amortization

- 

- 

2 

- 

-  

Other operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

11 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

(8)

(8)

- 

-  

Interest Income

- 

- 

- 

- 

-  

Interest Expense

- 

- 

- 

- 

-  

Other income (expense)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

(8)

(8)

- 

-  

Income tax provision (benefit)

- 

(3)

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

- 

(5)

(8)

- 

-  

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


-  

--------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ - 

$ (5)

$ (8)

$ - 

$ -  

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)

Covert
Generating
Company,
LLC


Goose Lake
Power
Corporation

Goose Lake
Generating
Company,
LLC

Meadow
Valley
Power
Corporation

Meadow Valley
Generating
Company,
LLC

--------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ - 

$ - 

$ - 

$ - 

$ -  

Equity in earnings of subsidiaries

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

- 

- 

- 

-  

Operating and maintenance

- 

- 

- 

- 

-  

Depreciation and amortization

- 

- 

- 

- 

-  

Other operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

- 

- 

- 

-  

Interest Income

- 

- 

- 

- 

-  

Interest Expense

- 

- 

- 

- 

-  

Other income (expense)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

- 

- 

- 

-  

Income tax provision (benefit)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

- 

- 

- 

- 

-  

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


-  

--------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ - 

$ - 

$ - 

$ - 

$ -  

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)


PG&E
Generating
Power Group,
LLC



Aplomado
Power
Corporation



Beale
Generating
Company

Indian
Orchard
Generating
Company,
Inc.



JMC
Altresco,
Inc.

--------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ - 

$ - 

$ - 

$ 6 

$ -  

Equity in earnings of subsidiaries

67 

2 

35 

16 

15  

--------------------------------------------------------------------------------------------------------------------------

Total operating revenues

67 

2 

35 

22 

15  

--------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

- 

- 

- 

-  

Operating and maintenance

- 

- 

- 

- 

-  

Depreciation and amortization

- 

- 

2 

1 

-  

Other operating expenses

- 

- 

- 

3 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

2 

4 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

67 

2 

33 

18 

15  

Interest Income

6 

- 

- 

- 

-  

Interest Expense

- 

(1)

- 

- 

-  

Other income (expense)

(6)

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

67 

1 

33 

18 

15  

Income tax provision (benefit)

- 

1 

- 

8 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

67 

- 

33 

10 

15  

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


-  

--------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ 67 

$ - 

$ 33 

$ 10 

$ 15  

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)



Altresco,
Inc.



Berkshire
Pittsfield,
Inc.

Berkshire
Feedline
Acquisition
Limited
Partnership



Pittsfield
Partners,
Inc.


Pittsfield
Generating
Company,
L.P.

--------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ - 

$ - 

$ - 

$ - 

$ 102  

Equity in earnings of subsidiaries

12 

1 

2 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating revenues

12 

1 

2 

- 

102  

--------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

- 

- 

- 

49  

Operating and maintenance

- 

- 

- 

- 

38  

Depreciation and amortization

- 

- 

- 

- 

2  

Other operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

- 

89  

--------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

12 

1 

2 

- 

13  

Interest Income

- 

- 

- 

- 

1  

Interest Expense

- 

- 

(1)

- 

(2) 

Other income (expense)

- 

(1)

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

12 

- 

1 

- 

12  

Income tax provision (benefit)

5 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

7 

- 

1 

- 

12  

Cumulative effect of a change in an
   accounting principle (net of applicable
   income taxes)



8 



- 



- 



- 



14  

--------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ 15 

$ - 

$ 1 

$ - 

$ 26  

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)

JMC
Iroquois,
Inc.


JMC Selkirk
Holdings, Inc.


JMC Selkirk,
Inc.

JMCS I
Holdings,
Inc.


Orchard Gas
Corporation

--------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ - 

$ - 

$ - 

$ - 

$ -  

Equity in earnings of subsidiaries

3 

6 

17 

1 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating revenues

3 

6 

17 

1 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

- 

- 

- 

-  

Operating and maintenance

- 

- 

- 

- 

-  

Depreciation and amortization

- 

- 

6 

- 

-  

Other operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

6 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

3 

6 

11 

1 

-  

Interest Income

- 

- 

- 

- 

-  

Interest Expense

- 

- 

- 

- 

-  

Other income (expense)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

3 

6 

11 

1 

-  

Income tax provision (benefit)

1 

- 

5 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

2 

6 

6 

1 

-  

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


-  

--------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ 2 

$ 6 

$ 6 

$ 1 

$ -  

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)


Mason
Generating
Company


J. Makowski
Associates,
Inc.



Eagle Power
Corporation

Granite
Generating
Company,
L.P.


Granite
Water Supply
Company, Inc.

--------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ - 

$ - 

$ - 

$ - 

$ -  

Equity in earnings of subsidiaries

- 

- 

16 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

- 

16 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

- 

- 

- 

-  

Operating and maintenance

- 

- 

- 

- 

-  

Depreciation and amortization

- 

- 

- 

- 

-  

Other operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

- 

16 

- 

-  

Interest Income

- 

- 

- 

- 

-  

Interest Expense

- 

- 

- 

- 

-  

Other income (expense)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

- 

16 

- 

-  

Income tax provision (benefit)

- 

- 

6 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

- 

- 

10 

- 

-  

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


-  

--------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ - 

$ - 

$ 10 

$ - 

$ -  

=======================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)

Keystone
Cogeneration
Company, L.P.

Larkspur
Power
Corporation

Buckeye
Power
Corporation

Hermiston
Generating
Company, L.P.

Raptor
Holdings
Company

--------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ - 

$ - 

$ - 

$ 37 

$ -  

Equity in earnings of subsidiaries

- 

11 

3 

- 

3  

--------------------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

11 

3 

37 

3  

--------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

- 

- 

4 

-  

Operating and maintenance

- 

- 

- 

7 

-  

Depreciation and amortization

- 

- 

- 

4 

-  

Other operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

15 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

11 

3 

22 

3  

Interest Income

- 

- 

- 

1 

-  

Interest Expense

- 

- 

- 

(10)

-  

Other income (expense)

- 

- 

- 

- 

(1) 

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

11 

3 

13 

2  

Income tax provision (benefit)

- 

4 

1 

- 

(1) 

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

- 

7 

2 

13 

3  

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


-  

--------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ - 

$ 7 

$ 2 

$ 13 

$ 3  

=======================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)


Gray Hawk
Power
Corporation


Cedar Bay
Cogeneration,
Inc.

PG&E
Management
Services
Company



Toyan
Enterprises



Spruce Power
Corporation

--------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ - 

$ - 

$ - 

$ - 

$ -  

Equity in earnings of subsidiaries

10 

(5)

- 

6 

1  

--------------------------------------------------------------------------------------------------------------------------

Total operating revenues

10 

(5)

- 

6 

1  

--------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

- 

- 

- 

-  

Operating and maintenance

- 

- 

- 

- 

-  

Depreciation and amortization

- 

- 

- 

- 

-  

Other operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

10 

(5)

- 

6 

1  

Interest Income

- 

- 

- 

- 

-  

Interest Expense

- 

- 

- 

- 

-  

Other income (expense)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

10 

(5)

- 

6 

1  

Income tax provision (benefit)

5 

(2)

- 

2 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

5 

(3)

- 

4 

1  

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


-  

--------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ 5 

$ (3)

$ - 

$ 4 

$ 1 

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)


Merlin
Power
Corporation


Fellows
Generating
Company, L.P.


Pelican
Power
Corporation

Okeelanta
Power
Limited
Partnership


Peregrine
Power
Corporation

--------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ - 

$ - 

$ - 

$ - 

$ -  

Equity in earnings of subsidiaries

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

- 

- 

- 

-  

Operating and maintenance

- 

- 

- 

- 

-  

Depreciation and amortization

- 

- 

- 

- 

-  

Other operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

- 

- 

- 

-  

Interest Income

- 

- 

- 

- 

-  

Interest Expense

- 

- 

- 

- 

-  

Other income (expense)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

- 

- 

- 

-  

Income tax provision (benefit)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

- 

- 

- 

- 

-  

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


-  

--------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ - 

$ - 

$ - 

$ - 

$ -  

=======================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)

Heron
Power
Corporation

Gator
Generating
Company, L.P.

Jaeger
Power
Corporation

Falcon
Power
Corporation

Scrubgrass
Power
Corp.

--------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ - 

$ - 

$ - 

$ - 

$ -  

Equity in earnings of subsidiaries

- 

- 

(1)

5 

2  

--------------------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

- 

(1)

5 

2  

--------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

- 

- 

- 

-  

Operating and maintenance

- 

- 

- 

- 

-  

Depreciation and amortization

- 

- 

- 

- 

-  

Other operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

- 

(1)

5 

2  

Interest Income

- 

- 

- 

- 

-  

Interest Expense

- 

- 

(1)

- 

-  

Other income (expense)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

- 

(2)

5 

2  

Income tax provision (benefit)

- 

- 

- 

2 

1  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

- 

- 

(2)

3 

1  

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


-  

--------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ - 

$ - 

$ (2)

$ 3 

$ 1  

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2001

(in milions)

(unaudited)


Eucalyptus
Power
Corporation


Citrus
Generating
Company, L.P.


Cooper's
Hawk Power
Corporation


Loon
Power
Corporation

Iroquois
Pipeline
Investment,
LLC

--------------------------------------------------------------------------------------------------------------------------

Operating Revenues

Energy commodities and services

$ - 

$ - 

$ - 

$ - 

$ -  

Equity in earnings of subsidiaries

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating revenues

- 

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------------

Operating Expenses

Cost of energy commodities and services

- 

- 

- 

- 

-  

Operating and maintenance

- 

- 

- 

- 

-  

Depreciation and amortization

- 

- 

- 

- 

-  

Other operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total operating expenses

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Operating Income (Loss)

- 

- 

- 

- 

-  

Interest Income

- 

- 

- 

- 

-  

Interest Expense

- 

- 

- 

- 

-  

Other income (expense)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) Before Income Taxes

- 

- 

- 

- 

-  

Income tax provision (benefit)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Income (Loss) from Continuing Operations

- 

- 

- 

- 

-  

Cumulative effect of a change in an
   accounting principle


- 


- 


- 


- 


-  

--------------------------------------------------------------------------------------------------------------------------

Net Income (Loss)

$ - 

$ - 

$ - 

$ - 

$ -  

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

Consolidated
PG&E National
Energy Group,
LLC


Eliminations
and
Adjustments


PG&E National
Energy Group,
LLC


PG&E National
Energy Group,
Inc.



PG&E
Enterprises

--------------------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ 725 

$ 2 

$ - 

$ 50 

$ -  

Restricted cash

141 

- 

- 

- 

-  

Accounts receivable:

Customers

1,030 

(480)

- 

155 

40  

Related parties

41 

3 

- 

- 

-  

Other

54 

(57)

- 

- 

-  

Price risk management

381 

(367)

- 

- 

-  

Inventories

125 

- 

- 

- 

-  

Prepaid expense and other

141 

(1)

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------------

Total current assets

2,638 

(900)

- 

205 

40  

--------------------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

4,541 

(1)

- 

- 

-  

Construction work in progress

2,100 

1 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


6,641 


- 


- 


- 


-  

Accumulated depreciation

(887)

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

5,754 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

414 

(7,999)

- 

2,882 

2,519  

Price risk management

302 

(243)

- 

- 

-  

Other

1,221 

(1,275)

- 

1,104 

-  

--------------------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

1,937 

(9,517)

- 

3,986 

2,519  

--------------------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 10,329 

$ (10,417)

$ - 

$ 4,191 

$ 2,559  

===============================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

Consolidated
PG&E National
Energy Group,
LLC


Eliminations
and
Adjustments


PG&E National
Energy Group,
LLC


PG&E National
Energy Group,
Inc.



PG&E
Enterprises

--------------------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ 330 

$ - 

$ - 

$ 330 

$ -  

Long-term debt, classified as current

48 

1 

- 

- 

-  

Accounts Payable:

Trade

958 

(533)

- 

48 

124  

Related Parties

40 

(1)

- 

12 

-  

Accrued liabilities

336 

- 

- 

24 

6  

Price risk management

277 

(380)

- 

- 

-  

Other

522 

4 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------------

Total current liabilities

2,511 

(909)

- 

414 

130  

--------------------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

3,492 

(1,276)

- 

1,313 

-  

Deferred income taxes

681 

(5)

- 

(4)

-  

Price risk management

310 

(225)

- 

- 

-  

Other

768 

3 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

5,251 

(1,503)

- 

1,309 

-  

--------------------------------------------------------------------------------------------------------------------------------------

Total Liabilities

7,762 

(2,412)

- 

1,723 

130  

--------------------------------------------------------------------------------------------------------------------------------------

Preferred Stock

58 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

3,086 

(7,646)

- 

3,086 

2,335  

Reinvested earnings (accumulated deficit)

(610)

(347)

- 

(618)

94  

Accumulated other comprehensive income (loss)

33 

(12)

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

2,509 

(8,005)

- 

2,468 

2,429  

--------------------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY


$ 10,329 


$ (10,417)


$ - 


$ 4,191 


$ 2,559  

===============================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

PG&E National
Energy Group
Holdings Corporation



Properties
Holdings, LLC


PG&E
Generating
Company, LLC


PG&E
Generating
Services, LLC


PG&E Energy
Trading
Holdings, LLC

--------------------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ 10 

$ - 

$ 109 

$ 18 

$ 529  

Restricted cash

- 

- 

135 

6 

-  

Accounts receivable:

Customers

67 

1 

283 

83 

860  

Related parties

- 

- 

- 

- 

29  

Other

- 

- 

26 

30 

55  

Price risk management

- 

- 

221 

- 

527  

Inventories

- 

- 

83 

- 

34  

Prepaid expense and other

- 

- 

5 

- 

131  

--------------------------------------------------------------------------------------------------------------------------------------

Total current assets

77 

1 

862 

137 

2,165  

--------------------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

49 

2,782 

60 

85  

Construction work in progress

- 

- 

2,000 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


- 


49 


4,782 


60 


85  

Accumulated depreciation

- 

(3)

(253)

(32)

(22) 

--------------------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

46 

4,529 

28 

63  

--------------------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

2,622 

(23)

413 

- 

-  

Price risk management

- 

- 

161 

- 

384  

Other

- 

1 

913 

322 

39  

--------------------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

2,622 

(22)

1,487 

322 

423  

--------------------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 2,699 

$ 25 

$ 6,878 

$ 487 

$ 2,651  

===============================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

PG&E National
Energy Group
Holdings Corporation



Properties
Holdings, LLC


PG&E
Generating
Company, LLC


PG&E
Generating
Services, LLC


PG&E Energy
Trading
Holdings, LLC

--------------------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

7 

- 

-  

Accounts Payable:

Trade

42 

2 

308 

20 

882  

Related Parties

- 

- 

7 

4 

2  

Accrued liabilities

(6)

7 

106 

62 

127  

Price risk management

- 

- 

217 

- 

440  

Other

- 

- 

425 

- 

90  

--------------------------------------------------------------------------------------------------------------------------------------

Total current liabilities

36 

9 

1,070 

86 

1,541  

--------------------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

112 

13 

2,615 

221 

-  

Deferred income taxes

- 

(28)

507 

(2)

18  

Price risk management

- 

- 

124 

- 

411  

Other

- 

(4)

716 

5 

36  

--------------------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

112 

(19)

3,962 

224 

465  

--------------------------------------------------------------------------------------------------------------------------------------

Total Liabilities

148 

(10)

5,032 

310 

2,006  

--------------------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

58 

- 

-  

Common Stockholders' Equity

Common stock

2,460 

29 

1,666 

199 

617  

Reinvested earnings (accumulated deficit)

91 

6 

91 

(22)

14  

Accumulated other comprehensive income (loss)

- 

- 

31 

- 

14  

--------------------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

2,551 

35 

1,788 

177 

645  

--------------------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY


$ 2,699 


$ 25 


$ 6,878 


$ 487 


$ 2,651  

===============================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


PG&E Overseas,
Inc.


Quantum
Ventures

PG&E Gas
Transmission
Corporation

-----------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ 3 

$ 4  

Restricted cash

- 

- 

-  

Accounts receivable:

Customers

- 

1 

19  

Related parties

- 

1 

9  

Other

- 

- 

-  

Price risk management

- 

- 

-  

Inventories

- 

- 

8  

Prepaid expense and other

- 

- 

6  

-----------------------------------------------------------------------------------------

Total current assets

- 

5 

46  

-----------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

- 

1,566  

Construction work in progress

- 

- 

99  

-----------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


- 


- 


1,665  

Accumulated depreciation

- 

- 

(577) 

-----------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

1,088  

-----------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

- 

- 

-  

Price risk management

- 

- 

-  

Other

- 

- 

117  

-----------------------------------------------------------------------------------------

Total other noncurrent assets

- 

- 

117  

-----------------------------------------------------------------------------------------

TOTAL ASSETS

$ - 

$ 5 

$ 1,251  

====================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


PG&E Overseas,
Inc.


Quantum
Ventures

PG&E Gas
Transmission
Corporation

-----------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

7 

33  

Accounts Payable:

Trade

- 

26 

40  

Related Parties

- 

2 

13  

Accrued liabilities

- 

3 

7  

Price risk management

- 

- 

-  

Other

- 

2 

1  

-----------------------------------------------------------------------------------------

Total current liabilities

- 

40 

94  

-----------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

4 

490  

Deferred income taxes

- 

(8)

203  

Price risk management

- 

- 

-  

Other

- 

- 

12  

-----------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

(4)

705  

-----------------------------------------------------------------------------------------

Total Liabilities

- 

36 

799  

-----------------------------------------------------------------------------------------

Preferred Stock

- 

- 

-  

Common Stockholders' Equity

Common stock

- 

(36)

376  

Reinvested earnings (accumulated deficit)

- 

5 

76  

Accumulated other comprehensive income (loss)

- 

- 

-  

-----------------------------------------------------------------------------------------

Total common stockholders' equity

- 

(31)

452  

-----------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ - 


$ 5 


$ 1,251  

====================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

Consolidated
PG&E Gas
Transmission
Corporation


Eliminations
and
Adjustments


PG&E Gas
Transmission
Corporation

PG&E Gas
Transmission
Holdings
Corporation



North Baja
Pipeline, LLC

--------------------------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ 4 

$ (1)

$ 1 

$ - 

$ -  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

19 

- 

- 

- 

-  

Related parties

9 

- 

- 

- 

-  

Other

- 

(1)

- 

- 

1  

Price risk management

- 

- 

- 

- 

-  

Inventories

8 

- 

- 

- 

-  

Prepaid expense and other

6 

- 

- 

- 

1  

--------------------------------------------------------------------------------------------------------------------------------------------

Total current assets

46 

(2)

1 

- 

2  

--------------------------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

1,566 

- 

- 

- 

-  

Construction work in progress

99 

- 

5 

- 

27  

--------------------------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


1,665 


- 


5 


- 


27  

Accumulated depreciation

(577)

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

1,088 

- 

5 

- 

27  

--------------------------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

- 

(896)

448 

21 

-  

Price risk management

- 

- 

- 

- 

-  

Other

117 

(2)

- 

- 

1  

--------------------------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

117 

(898)

448 

21 

1  

--------------------------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 1,251 

$ (900)

$ 454 

$ 21 

$ 30  

==================================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

Consolidated
PG&E Gas
Transmission
Corporation


Eliminations
and
Adjustments


PG&E Gas
Transmission
Corporation

PG&E Gas
Transmission
Holdings Corporation



North Baja
Pipeline, LLC

--------------------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

33 

- 

- 

- 

-  

Accounts Payable:

Trade

40 

(1)

1 

- 

7  

Related Parties

13 

- 

- 

- 

-  

Accrued liabilities

7 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

1 

(1)

1 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------------

Total current liabilities

94 

(2)

2 

- 

7  

--------------------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

490 

- 

- 

- 

1  

Deferred income taxes

203 

- 

- 

- 

1  

Price risk management

- 

- 

- 

- 

-  

Other

12 

(1)

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

705 

(1)

- 

- 

2  

--------------------------------------------------------------------------------------------------------------------------------------

Total Liabilities

799 

(3)

2 

- 

9  

--------------------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

376 

(745)

376 

20 

20  

Reinvested earnings (accumulated deficit)

76 

(152)

76 

1 

1  

Accumulated other comprehensive
   income (loss)


- 


- 


- 


- 


-  

--------------------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

452 

(897)

452 

21 

21  

--------------------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ 1,251 


$ (900)


$ 454 


$ 21 


$ 30  

===============================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)



GTN
Holdings, LLC

PG&E Gas
Transmission,
Northwest
Corporation

Pacific Gas
Transmission
International,
Inc.

PG&E Gas
Transmission
Services
Company LLC


Pacific Gas
Transmission
Company

Stanfield
Hub
Services,
LLC

--------------------------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ 4 

$ - 

$ - 

$ - 

$ -  

Restricted cash

- 

- 

- 

- 

- 

-  

Accounts receivable:

Customers

- 

19 

- 

- 

- 

-  

Related parties

- 

9 

- 

- 

- 

-  

Other

- 

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

- 

-  

Inventories

- 

8 

- 

- 

- 

-  

Prepaid expense and other

- 

5 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------------------

Total current assets

- 

45 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

1,566 

- 

- 

- 

-  

Construction work in progress

- 

67 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


- 


1,633 


- 


- 


- 


-  

Accumulated depreciation

- 

(577)

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

1,056 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

427 

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

- 

-  

Other

- 

116 

- 

- 

- 

2  

--------------------------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

427 

116 

- 

- 

- 

2  

--------------------------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 427 

$ 1,217 

$ - 

$ - 

$ - 

$ 2  

==================================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)



GTN
Holdings, LLC

PG&E Gas
Transmission,
Northwest
Corporation

Pacific Gas
Transmission
International,
Inc.

PG&E Gas
Transmission
Services
Company LLC


Pacific Gas
Transmission
Company

Stanfield
Hub
Services,
LLC

--------------------------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

33 

- 

- 

- 

-  

Accounts Payable:

Trade

- 

33 

- 

- 

- 

-  

Related Parties

- 

13 

- 

- 

- 

-  

Accrued liabilities

- 

7 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

- 

-  

Other

- 

1 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------------------

Total current liabilities

- 

87 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

489 

- 

- 

- 

-  

Deferred income taxes

- 

202 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

- 

-  

Other

- 

12 

- 

- 

- 

1  

--------------------------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

703 

- 

- 

- 

1  

--------------------------------------------------------------------------------------------------------------------------------------------

Total Liabilities

-

790 

- 

- 

- 

1  

--------------------------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

352 

352 

- 

- 

- 

1  

Reinvested earnings (accumulated deficit)

75 

75 

- 

- 

- 

-  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

427 

427 

- 

- 

- 

1  

--------------------------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ 427 


$ 1,217 


$ - 


$ - 


$ - 


$ 2  

==================================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

Consolidated
Quantum
Ventures

Eliminations
and
Adjustments


Quantum
Ventures

Real Estate
Energy
Solutions, LLC

Creston
Financial
Group, Inc.

--------------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ 3 

$ - 

$ - 

$ - 

$ -  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

1 

1 

- 

- 

-  

Related parties

1 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Prepaid expense and other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Total current assets

5 

1 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

- 

- 

- 

-  

Construction work in progress

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


- 


- 


- 


- 


-  

Accumulated depreciation

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

- 

25 

(25)

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

- 

25 

(25)

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 5 

$ 26 

$ (25)

$ - 

$ -  

===========================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

Consolidated
Quantum
Ventures

Eliminations
and
Adjustments


Quantum
Ventures

Real Estate
Energy
Solutions, LLC

Creston
Financial
Group, Inc.

--------------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

7 

- 

- 

- 

-  

Accounts Payable:

Trade

26 

- 

2 

- 

-  

Related Parties

2 

- 

- 

- 

-  

Accrued liabilities

3 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

2 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Total current liabilities

40 

- 

2 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

4 

- 

4 

- 

-  

Deferred income taxes

(8)

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

(4)

- 

4 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Total Liabilities

36 

- 

6 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

(36)

31 

(36)

- 

-  

Reinvested earnings (accumulated deficit)

5 

(5)

5 

- 

-  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

(31)

26 

(31)

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ 5 


$ 26 


$ (25)


$ - 


$ -  

===========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

Barakat &
Chamberlin,
Inc.

PG&E Energy
Services
Ventures, Inc.

-----------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ 3  

Restricted cash

- 

-  

Accounts receivable:

Customers

- 

-  

Related parties

- 

1  

Other

- 

-  

Price risk management

- 

-  

Inventories

- 

-  

Prepaid expense and other

- 

-  

-----------------------------------------------------------------

Total current assets

- 

4  

-----------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

-  

Construction work in progress

- 

-  

-----------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


- 


-  

Accumulated depreciation

- 

-  

-----------------------------------------------------------------

Net property, plant and equipment

- 

-  

-----------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

- 

-  

Price risk management

- 

-  

Other

- 

-  

-----------------------------------------------------------------

Total other noncurrent assets

- 

-  

-----------------------------------------------------------------

TOTAL ASSETS

$ - 

$ 4  

======================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

Barakat &
Chamberlin,
Inc.

PG&E Energy
Services
Ventures, Inc.

-----------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ -  

Long-term debt, classified as current

- 

7  

Accounts Payable:

Trade

- 

24  

Related Parties

- 

2  

Accrued liabilities

- 

3  

Price risk management

- 

-  

Other

- 

2  

-----------------------------------------------------------------

Total current liabilities

- 

38  

----------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

-  

Deferred income taxes

- 

(8) 

Price risk management

- 

-  

Other

- 

-  

-----------------------------------------------------------------

Total noncurrent liabilities

- 

(8) 

-----------------------------------------------------------------

Total Liabilities

- 

30  

-----------------------------------------------------------------

Preferred Stock

- 

-  

Common Stockholders' Equity

Common stock

- 

(31) 

Reinvested earnings (accumulated deficit)

- 

5  

Accumulated other comprehensive income (loss)

- 

-  

-----------------------------------------------------------------

Total common stockholders' equity

- 

(26) 

-----------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ - 


$ 4  

======================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


Consolidated
PG&E
Overseas, Inc.


Eliminations
and
Adjustments



PG&E
Overseas, Inc.


PG&E
Overseas,
Ltd.



PG&E Pacific
I, Ltd.


PG&E
Pacific
II, Ltd.

-----------------------------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ - 

$ - 

$ - 

$   

Restricted cash

- 

- 

- 

- 

- 

-  

Accounts receivable:

Customers

- 

- 

- 

- 

- 

-  

Related parties

- 

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

- 

-  

Prepaid expense and other

- 

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------------------

Total current assets

- 

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

- 

- 

- 

- 

-  

Construction work in progress

- 

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   at original cost)

- 

- 

- 

- 

- 

-  

Accumulated depreciation

- 

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

- 

1 

(1) 

- 

- 

-  

Price risk management

- 

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

- 

1 

(1) 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ - 

$ 1 

$ (1) 

$ - 

$ - 

$ -  

====================================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


Consolidated
PG&E
Overseas, Inc.


Eliminations
and
Adjustments



PG&E
Overseas, Inc.


PG&E
Overseas,
Ltd.



PG&E Pacific
I, Ltd.


PG&E
Pacific
II, Ltd.

-----------------------------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

- 

-  

Accounts Payable:

Trade

- 

- 

- 

- 

- 

-  

Related Parties

- 

- 

- 

- 

- 

-  

Accrued liabilities

- 

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------------------

Total current liabilities

- 

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

- 

- 

- 

- 

-  

Deferred income taxes

- 

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------------------

Total Liabilities

- 

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

- 

1 

(1)

- 

- 

-  

Reinvested earnings (accumulated deficit)

- 

- 

- 

- 

- 

-  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

- 

1 

(1)

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ - 


$ 1 


$ (1)


$ - 


$ - 


$ -  

====================================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

Consolidated
Properties
Holdings, LLC

Eliminations
and
Adjustments


Properties
Holdings, LLC


Valley Real
Estate, Inc.

--------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ - 

$ - 

Restricted cash

- 

- 

- 

- 

Accounts receivable:

Customers

1 

(27)

5 

- 

Related parties

- 

- 

- 

- 

Other

- 

- 

- 

- 

Price risk management

- 

- 

- 

- 

Inventories

- 

- 

- 

- 

Prepaid expense and other

- 

- 

- 

- 

--------------------------------------------------------------------------------------------------------------------

Total current assets

1 

(27)

5 

- 

--------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

49 

- 

(15)

- 

Construction work in progress

- 

- 

- 

- 

--------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)

49 

- 

(15)

- 

Accumulated depreciation

(3)

(1)

- 

- 

--------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

46 

(1)

(15)

- 

--------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

(23)

(79)

50 

- 

Price risk management

- 

- 

- 

- 

Other

1 

- 

1 

- 

--------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

(22)

(79)

51 

- 

--------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 25 

$ (107)

$ 41 

$ - 

====================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

Consolidated
Properties
Holdings, LLC

Eliminations
and
Adjustments


Properties
Holdings, LLC


Valley Real
Estate, Inc.

--------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

Long-term debt, classified as current

- 

- 

- 

- 

Accounts Payable:

Trade

2 

(27)

25 

- 

Related Parties

- 

(6)

- 

- 

Accrued liabilities

7 

(1)

7 

- 

Price risk management

- 

- 

- 

- 

Other

- 

- 

- 

- 

--------------------------------------------------------------------------------------------------------------------

Total current liabilities

9 

(34)

32 

- 

--------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

13 

6 

- 

- 

Deferred income taxes

(28)

- 

(22)

- 

Price risk management

- 

- 

- 

- 

Other

(4)

(4)

- 

- 

--------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

(19)

2 

(22)

- 

--------------------------------------------------------------------------------------------------------------------

Total Liabilities

(10)

(32)

10 

- 

--------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

Common Stockholders' Equity

Common stock

29 

(68)

29 

- 

Reinvested earnings (accumulated deficit)

6 

(7)

2 

- 

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

--------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

35 

(75)

31 

- 

--------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ 25 


$ (107)

$ 41 

$ - 

 

====================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


Alhambra
Pacific Joint
Venture




BPS I, Inc.

Conaway
Conservancy
Group Joint
Venture



The Conaway
Ranch Company

-----------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ - 

$ -  

Restricted cash

- 

- 

- 

-  

Accounts receivable:

Customers

- 

2 

21 

-  

Related parties

- 

- 

- 

-  

Other

- 

- 

- 

-  

Price risk management

- 

- 

- 

-  

Inventories

- 

- 

- 

-  

Prepaid expense and other

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------

Total current assets

- 

2 

21 

-  

-----------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

7 

- 

39 

-  

Construction work in progress

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)

7 

- 

39 

-  

Accumulated depreciation

- 

- 

(2)

-  

-----------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

7 

- 

37 

-  

-----------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

- 

(2)

- 

8  

Price risk management

- 

- 

- 

-  

Other

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

- 

(2)

- 

8  

-----------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 7 

$ - 

$ 58 

$ 8  

======================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


Alhambra
Pacific Joint
Venture




BPS I, Inc.

Conaway
Conservancy
Group Joint
Venture



The Conaway
Ranch Company

-----------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

-  

Accounts Payable:

Trade

- 

- 

- 

4  

Related Parties

1 

- 

4 

-  

Accrued liabilities

- 

- 

- 

1  

Price risk management

- 

- 

- 

-  

Other

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------

Total current liabilities

1 

- 

4 

5  

-----------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

- 

- 

7  

Deferred income taxes

- 

(3)

- 

(3) 

Price risk management

- 

- 

- 

-  

Other

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

(3)

- 

4  

-----------------------------------------------------------------------------------------------------------------------

Total Liabilities

1 

(3)

4 

9  

-----------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

6 

3 

45 

(3) 

Reinvested earnings (accumulated deficit)

- 

- 

9 

2  

Accumulated other comprehensive income (loss)

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

6 

3 

54 

(1) 

-----------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ 7 


$ - 


$ 58 


$ 8  

======================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)



DPR, Inc.

Oat Creek
Associates Joint
Venture


Marengo Ranch
Joint Venture


Gilia
Enterprises

---------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ - 

$ -  

Restricted cash

- 

- 

- 

-  

Accounts receivable:

Customers

- 

- 

- 

-  

Related parties

- 

- 

- 

-  

Other

- 

- 

- 

-  

Price risk management

- 

- 

- 

-  

Inventories

- 

- 

- 

-  

Prepaid expense and other

- 

- 

- 

-  

---------------------------------------------------------------------------------------------------------------

Total current assets

- 

- 

- 

-  

---------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

1 

17 

-  

Construction work in progress

- 

- 

- 

-  

---------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)

- 

1 

17 

-  

Accumulated depreciation

- 

- 

- 

-  

---------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

1 

17 

-  

---------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

- 

- 

- 

-  

Price risk management

- 

- 

- 

-  

Other

- 

- 

- 

-  

---------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

- 

- 

- 

-  

---------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ - 

$ 1 

$ 17 

$ -  

==================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)



DPR, Inc.

Oat Creek
Associates Joint
Venture


Marengo Ranch
Joint Venture


Gilia
Enterprises

----------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

-  

Accounts Payable:

Trade

- 

- 

- 

-  

Related Parties

- 

1 

- 

-  

Accrued liabilities

- 

- 

- 

-  

Price risk management

- 

- 

- 

-  

Other

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------

Total current liabilities

- 

1 

- 

-  

-------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

- 

- 

-  

Deferred income taxes

- 

- 

- 

-  

Price risk management

- 

- 

- 

-  

Other

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------

Total Liabilities

- 

1 

- 

-  

-------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

- 

- 

17 

-  

Reinvested earnings (accumulated deficit)

- 

- 

- 

-  

Accumulated other comprehensive income (loss)

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

- 

- 

17 

-  

-------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ - 


$ 1 


$ 17 


$ -  

================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

Consolidated
PG&E Energy
Trading
Holdings, LLC


Eliminations
and
Adjustments


PG&E Energy
Trading
Holdings, LLC

PG&E
Energy Trading
Holdings Corporation


PG&E ET
Investments
Corporation

-----------------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$529 

$(2)

$- 

$438 

$-  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

860 

152 

- 

(309)

-  

Related parties

29 

(1) 

- 

- 

-  

Other

55 

(19)

- 

19 

-  

Price risk management

527 

(70)

- 

- 

-  

Inventories

34 

(1)

- 

- 

-  

Prepaid expense and other

131 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------

Total current assets

2,165 

59 

- 

148 

-  

-----------------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

85 

- 

- 

- 

-  

Construction work in progress

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)

85 

- 

- 

- 

-  

Accumulated depreciation

(22)

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

63 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

- 

(1,561)

631 

516 

182  

Price risk management

384 

- 

- 

- 

-  

Other

39 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

423 

(1,561)

631 

516 

182  

-----------------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 2,651 

$ (1,502)

$ 631 

$ 664 

$ 182  

=============================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

Consolidated
PG&E Energy
Trading
Holdings, LLC


Eliminations
and
Adjustments


PG&E Energy
Trading
Holdings, LLC

PG&E
Energy Trading
Holdings Corporation


PG&E ET
Investments
Corporation

-----------------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

-  

Accounts Payable:

Trade

882 

148 

- 

2 

-  

Related Parties

2 

- 

- 

- 

-  

Accrued liabilities

127 

- 

- 

36 

47  

Price risk management

440 

(70)

- 

- 

-  

Other

90 

(19)

- 

- 

19  

----------------------------------------------------------------------------------------------------------------------------------

Total current liabilities

1,541 

59 

- 

38 

66  

-----------------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

- 

- 

- 

-  

Deferred income taxes

18 

- 

- 

(5)

(12) 

Price risk management

411 

- 

- 

- 

-  

Other

36 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

465 

- 

- 

(5)

(12) 

-----------------------------------------------------------------------------------------------------------------------------------

Total Liabilities

2,006 

59 

- 

33 

54 

-----------------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

617 

(1,569)

617 

617 

132  

Reinvested earnings (accumulated deficit)

14 

7 

14 

14 

7  

Accumulated other comprehensive income (loss)

14 

1 

- 

- 

(11) 

-----------------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

645 

(1,561)

631 

631 

128  

-----------------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ 2,651 


$ (1,502)


$ 631 


$ 664 


$ 182  

=============================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

PG&E
Energy Trading -
Power, L.P.


PG&E ET
Synfuel #2, LLC

PG&E ET
Synfuel Company
166, LLC

PG&E Energy
Trading, Canada
Corporation

True
Quote
LLC

-----------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ - 

$ 14 

$ -  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

538 

- 

- 

223 

-  

Related parties

- 

- 

- 

- 

-  

Other

55 

- 

- 

- 

-  

Price risk management

399 

- 

- 

42 

-  

Inventories

4 

- 

- 

22 

-  

Prepaid expense and other

90 

- 

- 

12 

-  

-----------------------------------------------------------------------------------------------------------------------------

Total current assets

1,086 

- 

- 

313 

-  

-----------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

58 

- 

- 

1 

-  

Construction work in progress

-  

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)

58 

- 

- 

1 

-  

Accumulated depreciation

(5)

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

53 

- 

- 

1 

-  

-----------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

- 

- 

- 

- 

-  

Price risk management

326 

- 

- 

4 

-  

Other

11 

- 

- 

2 

-  

-----------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

337 

- 

- 

6 

-  

-----------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 1,476 

$ - 

$ - 

$ 320 

$ -  

=========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

PG&E
Energy Trading -
Power, L.P.


PG&E ET
Synfuel #2, LLC

PG&E ET
Synfuel Company
166, LLC

PG&E Energy
Trading, Canada
Corporation

True
Quote
LLC

-----------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

-  

Accounts Payable:

Trade

438 

- 

- 

244 

-  

Related Parties

- 

- 

- 

- 

-  

Accrued liabilities

10 

- 

- 

- 

-  

Price risk management

386 

- 

- 

34 

-  

Other

52 

- 

- 

6 

-  

-----------------------------------------------------------------------------------------------------------------------------

Total current liabilities

886 

- 

- 

284 

-  

-----------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

- 

- 

- 

-  

Deferred income taxes

- 

- 

- 

5 

-  

Price risk management

342 

- 

- 

6 

-  

Other

35 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

377 

- 

- 

11 

-  

-----------------------------------------------------------------------------------------------------------------------------

Total Liabilities

1,263 

- 

- 

295 

-  

-----------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

217 

- 

- 

23 

-  

Reinvested earnings (accumulated deficit)

(31)

- 

- 

5 

-  

Accumulated other comprehensive income (loss)

27 

- 

- 

(3)

-  

-----------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

213 

- 

- 

25 

-  

-----------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ 1,476 


$ - 


$ - 


$ 320 


$ -  

=========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)



CEG Energy
Options Inc.


PG&E Energy
Trading - Gas
Corporation


PG&E
International,
Inc.

PG&E
International
Development
Holdings, LLC


Gannet
Power
Corporation

--------------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ - 

$ - 

$ -  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

- 

188 

2 

- 

-  

Related parties

- 

30 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Price risk management

- 

156 

- 

- 

-  

Inventories

- 

9 

- 

- 

-  

Prepaid expense and other

- 

29 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Total current assets

- 

412 

2 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

26 

- 

- 

-  

Construction work in progress

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


- 


26 


- 


- 


-  

Accumulated depreciation

- 

(17)

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

9 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

- 

28 

66 

- 

-  

Price risk management

- 

54 

- 

- 

-  

Other

- 

26 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

- 

108 

66 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ - 

$ 529 

$ 68 

$ - 

$ -  

===========================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)



CEG Energy
Options Inc.


PG&E Energy
Trading - Gas
Corporation


PG&E
International,
Inc.

PG&E
International
Development
Holdings, LLC


Gannet
Power
Corporation

--------------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

-  

Accounts Payable:

Trade

- 

(18)

1 

- 

(1) 

Related Parties

- 

2 

- 

- 

-  

Accrued liabilities

- 

23 

- 

- 

(1) 

Price risk management

- 

90 

- 

- 

-  

Other

- 

32 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Total current liabilities

- 

129 

1 

- 

(2) 

--------------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

- 

- 

- 

-  

Deferred income taxes

- 

30 

- 

- 

-  

Price risk management

- 

63 

- 

- 

-  

Other

- 

1 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

94 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Total Liabilities

- 

223 

1 

- 

(2) 

--------------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

- 

292 

75 

- 

2  

Reinvested earnings (accumulated deficit)

- 

14 

(8)

- 

-  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

- 

306 

67 

- 

2  

--------------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ - 


$ 529 


$ 68 


$ - 


$ -  

===========================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


PG&E
Overseas
Holdings I,
Ltd.


PG&E
Overseas
Holdings II,
Ltd.

PG&E
Corporation
Australian
Holdings Pty,
Ltd.


PG&E Energy
Trading
Australia Pty,
Ltd.


PG&E
Corporation
Australia
Pty, Ltd.


Rock-
savage
Services I,
Inc.

--------------------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ 76 

$ - 

$ 3 

$ - 

$ - 

$ -  

Restricted cash

- 

- 

- 

- 

- 

-  

Accounts receivable:

Customers

- 

- 

66 

- 

- 

-  

Related parties

- 

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

- 

-  

Prepaid expense and other

- 

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------------

Total current assets

76 

- 

69 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

- 

- 

- 

- 

-  

Construction work in progress

- 

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)

- 

- 

- 

- 

- 

-  

Accumulated depreciation

- 

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

69 

69 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

69 

69 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 145 

$ 69 

$ 69 

$ - 

$ - 

$ -  

===============================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


PG&E
Overseas
Holdings I,
Ltd.


PG&E
Overseas
Holdings II,
Ltd.

PG&E
Corporation
Australian
Holdings Pty,
Ltd.


PG&E Energy
Trading
Australia Pty,
Ltd.


PG&E
Corporation
Australia
Pty, Ltd.


Rock-
savage
Services I,
Inc.

--------------------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

- 

-  

Accounts Payable:

Trade

68 

- 

- 

- 

- 

-  

Related Parties

- 

- 

- 

- 

- 

-  

Accrued liabilities

12 

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------------

Total current liabilities

80 

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

- 

- 

- 

- 

-  

Deferred income taxes

- 

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------------

Total Liabilities

80 

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

73 

69 

69 

- 

- 

-  

Reinvested earnings (accumulated deficit)

(8)

- 

- 

- 

- 

-  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

65 

69 

69 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ 145 


$ 69 


$ 69 


$ - 


$ - 


$ -  

===============================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

Consolidated
PG&E
Generating
Services, LLC


Eliminations
and
Adjustments


PG&E
Generating
Services, LLC



J. Makowski
Pittsfield, Inc.


J. Makowski
Services, Inc.

----------------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ 18 

$ - 

$ - 

$ - 

$ -  

Restricted cash

6 

- 

- 

- 

-  

Accounts receivable:

Customers

83 

(51)

46 

(2)

2  

Related parties

- 

- 

- 

- 

-  

Other

30 

15 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Prepaid expense and other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Total current assets

137 

(36)

46 

(2)

2  

----------------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

60 

- 

- 

- 

-  

Construction work in progress

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)

60 

- 

- 

- 

-  

Accumulated depreciation

(32)

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

28 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

- 

(270)

121 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

322 

(1)

- 

1 

1  

----------------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

322 

(271)

121 

1 

1  

----------------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 487 

$ (307)

$ 167 

$ (1)

$ 3  

=============================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

Consolidated
PG&E
Generating
Services, LLC


Eliminations
and
Adjustments


PG&E
Generating
Services, LLC



J. Makowski
Pittsfield, Inc.


J. Makowski
Services, Inc.

----------------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

-  

Accounts Payable:

Trade

20 

(37)

(5)

- 

1  

Related Parties

4 

 

- 

- 

-  

Accrued liabilities

62 

- 

1 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Total current liabilities

86 

(37)

(4)

- 

1  

----------------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

221 

- 

- 

- 

-  

Deferred income taxes

(2)

- 

(6)

- 

1  

Price risk management

- 

- 

- 

- 

-  

Other

5 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

224 

- 

(6)

- 

1  

----------------------------------------------------------------------------------------------------------------------------------

Total Liabilities

310 

(37)

(10)

- 

2  

----------------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

199 

(329)

199 

(1)

1  

Reinvested earnings (accumulated deficit)

(22)

59 

(22)

- 

-  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

177 

(270)

177 

(1)

1  

----------------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ 487 


$ (307)


$ 167 


$ (1)


$ 3  

=============================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


JMCS I
Management,
Inc.

PG&E
Construction
Agency
Services I, LLC

PG&E
Construction
Agency
Services II, LLC



Master Turbine Trust I, Ltd.

Master
Turbine
Trust II,
Ltd.

--------------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ - 

$ - 

$ -  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

- 

- 

- 

- 

-  

Related parties

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Prepaid expense and other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Total current assets

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

- 

- 

- 

-  

Construction work in progress

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


- 


- 


- 


- 


-  

Accumulated depreciation

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

2 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

2 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 2 

$ - 

$ - 

$ - 

$ -  

===========================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


JMCS I
Management,
Inc.

PG&E
Construction
Agency
Services I, LLC

PG&E
Construction
Agency
Services II, LLC



Master Turbine Trust I, Ltd.

Master
Turbine
Trust II,
Ltd.

--------------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

-  

Accounts Payable:

Trade

- 

- 

- 

- 

-  

Related Parties

- 

- 

- 

- 

-  

Accrued liabilities

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Total current liabilities

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

- 

- 

- 

-  

Deferred income taxes

1 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

1 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Total Liabilities

1 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

1 

- 

- 

- 

-  

Reinvested earnings (accumulated deficit)

- 

- 

- 

- 

-  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

1 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ 2 


$ - 


$ - 


$ - 


$ -  

===========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

PG&E National
Energy Group
Construction
Company, LLC

NEG
Construction
Finance
Company, LLC



PTP Services,
LLC

PG&E
Operating
Services
Holdings, Inc.


USOSC
Holdings,
Inc.

-----------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ - 

$ - 

$ -  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

- 

- 

- 

4 

-  

Related parties

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Prepaid expense and other

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------

Total current assets

- 

- 

- 

4 

-  

-----------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

- 

- 

- 

-  

Construction work in progress

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)

- 

- 

- 

- 

-  

Accumulated depreciation

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

- 

- 

- 

146 

-  

Price risk management

- 

- 

- 

- 

-  

Other

221 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

221 

- 

- 

146 

-  

-----------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 221 

$ - 

$ - 

$ 150 

$ -  

==========================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

PG&E National
Energy Group
Construction
Company, LLC

NEG
Construction
Finance
Company, LLC



PTP Services,
LLC

PG&E
Operating
Services
Holdings, Inc.


USOSC
Holdings,
Inc.

-----------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

-  

Accounts Payable:

Trade

- 

- 

- 

19 

-  

Related Parties

- 

- 

- 

- 

-  

Accrued liabilities

- 

- 

- 

9 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------

Total current liabilities

- 

- 

- 

28 

-  

-----------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

221 

- 

- 

- 

-  

Deferred income taxes

- 

- 

- 

2 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

221 

- 

- 

2 

-  

-----------------------------------------------------------------------------------------------------------------------------

Total Liabilities

221 

- 

- 

30 

-  

-----------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

- 

- 

- 

142 

-  

Reinvested earnings (accumulated deficit)

- 

- 

- 

(22)

-  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

- 

- 

- 

120 

-  

-----------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ 221 


$ - 


$ - 


$ 150 


$ -  

==========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

PG&E
Operating
Services
Company



USGen
Holdings, Inc.


PG&E National
Energy Group
Company


First Oregon
Land
Corporation



Topaz Power
Corporation

--------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ 7 

$ - 

$ 11 

$ - 

$ -  

Restricted cash

- 

- 

6 

- 

-  

Accounts receivable:

Customers

21 

- 

63 

- 

-  

Related parties

- 

- 

- 

- 

-  

Other

9 

- 

6 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Prepaid expense and other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Total current assets

37 

- 

86 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

- 

60 

- 

-  

Construction work in progress

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


- 


- 


60 


- 


-  

Accumulated depreciation

- 

- 

(32)

- 

-  

--------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

28 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

- 

3 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

12 

- 

86 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

12 

3 

86 

- 

-  

--------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 49 

$ 3 

$ 200 

$ - 

$ -  

====================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

PG&E
Operating
Services
Company



USGen
Holdings, Inc.


PG&E National
Energy Group
Company


First Oregon
Land
Corporation



Topaz Power
Corporation

--------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

-  

Accounts Payable:

Trade

15 

8 

19 

- 

-  

Related Parties

- 

- 

4 

- 

-  

Accrued liabilities

5 

- 

47 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Total current liabilities

20 

8 

70 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

- 

- 

- 

-  

Deferred income taxes

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

5 

- 

-  

-------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

- 

5 

- 

-  

-------------------------------------------------------------------------------------------------------------------

Total Liabilities

20 

8 

75 

- 

-  

------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

16 

(4)

174 

- 

-  

Reinvested earnings (accumulated deficit)

13 

(1)

(49)

- 

-  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

29 

(5)

125 

- 

-  

--------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ 49 


$ 3 


$ 200 


$ - 


$ -  

====================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)



Carneys Point
Generating
Company




Garnet Power
Corporation

PG&E National Energy Group
Acquisition
Company,
LLC

---------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ -  

Restricted cash

- 

- 

-  

Accounts receivable:

Customers

- 

- 

-  

Related parties

- 

- 

-  

Other

- 

- 

-  

Price risk management

- 

- 

-  

Inventories

- 

- 

-  

Prepaid expense and other

- 

- 

-  

---------------------------------------------------------------------------

Total current assets

- 

- 

-  

---------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

- 

-  

Construction work in progress

- 

- 

-  

---------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


- 


- 


-  

Accumulated depreciation

- 

- 

-  

---------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

-  

---------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

- 

- 

-  

Price risk management

- 

- 

-  

Other

- 

- 

-  

--------------------------------------------------------------------------

Total other noncurrent assets

- 

- 

-  

--------------------------------------------------------------------------

TOTAL ASSETS

$ - 

$ - 

$ -  

============================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)



Carneys Point
Generating
Company




Garnet Power
Corporation

PG&E National Energy Group
Acquisition
Company,
LLC

---------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

-  

Accounts Payable:

Trade

- 

- 

-  

Related Parties

- 

- 

-  

Accrued liabilities

- 

- 

-  

Price risk management

- 

- 

-  

Other

- 

- 

-  

--------------------------------------------------------------------------

Total current liabilities

- 

- 

-  

---------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

- 

-  

Deferred income taxes

- 

- 

-  

Price risk management

- 

- 

-  

Other

- 

- 

-  

---------------------------------------------------------------------------

Total noncurrent liabilities

- 

- 

-  

---------------------------------------------------------------------------

Total Liabilities

- 

- 

-  

-------------------------------------------------------------------------

Preferred Stock

- 

- 

-  

Common Stockholders' Equity

Common stock

- 

- 

-  

Reinvested earnings (accumulated deficit)

- 

- 

-  

Accumulated other comprehensive income (loss)

- 

- 

-  

---------------------------------------------------------------------------

Total common stockholders' equity

- 

- 

-  

---------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ - 


$ - 


$ -  

============================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


Consolidated
PG&E
Generating
Company, LLC



Eliminations
and
Adjustments



PG&E
Generating
Company, LLC

PG&E
Generating
Energy
Group,
LLC

PG&E
Generating
Energy
Holdings,
Inc.

----------------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ 109 

$ (49)

$ 10 

$ - 

$ -  

Restricted cash

135 

1 

- 

- 

-  

Accounts receivable:

Customers

283 

(942)

53 

115 

-  

Related parties

- 

- 

- 

- 

-  

Other

26 

1 

- 

- 

-  

Price risk management

221 

(71)

- 

- 

-  

Inventories

83 

(58)

- 

- 

-  

Prepaid expense and other

5 

(2)

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Total current assets

862 

(1,120)

63 

115 

-  

----------------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

2,782 

(1,797)

- 

- 

-  

Construction work in progress

2,000 

(20)

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)

4,782 

(1,817)

- 

- 

-  

Accumulated depreciation

(253)

215 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

4,529 

(1,602)

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

413 

(5,448)

2,153 

1,787 

2  

Price risk management

161 

28 

- 

- 

-  

Other

913 

(1,024)

313 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

1,487 

(6,444)

2,466 

1,787 

2  

----------------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 6,878 

$ (9,166)

$ 2,529 

$ 1,902 

$ 2  

=============================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


Consolidated
PG&E
Generating
Company, LLC



Eliminations
and
Adjustments



PG&E
Generating
Company, LLC

PG&E
Generating
Energy
Group,
LLC

PG&E
Generating
Energy
Holdings,
Inc.

-----------------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

7 

- 

- 

- 

-  

Accounts Payable:

Trade

308 

(776)

161 

54 

2  

Related Parties

7 

- 

3 

- 

-  

Accrued liabilities

106 

(43)

- 

- 

-  

Price risk management

217 

(50)

- 

- 

-  

Other

425 

(116)

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------

Total current liabilities

1,070 

(985)

164 

54 

2  

-----------------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

2,615 

(592)

620 

- 

-  

Deferred income taxes

507 

(128)

(13)

- 

-  

Price risk management

124 

(20)

- 

- 

-  

Other

716 

(689)

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

3,962 

(1,429)

607 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------

Total Liabilities

5,032 

(2,414)

771 

54 

2  

-----------------------------------------------------------------------------------------------------------------------------------

Preferred Stock

58 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

1,666 

(6,294)

1,666 

1,764 

-  

Reinvested earnings (accumulated deficit)

91 

(471)

92 

84 

-  

Accumulated other comprehensive income (loss)

31 

13 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

1,788 

(6,752)

1,758 

1,848 

-  

-----------------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ 6,878 


$ (9,166)


$ 2,529 


$ 1,902 


$ 2  

=============================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


Spencer Station
Power
Corporation


Spencer Station
Generating
Company, L.P.



Badger Power
Corporation

Badger
Generating
Company,
LLC

Mid-
Columbia
Power
Corporation

----------------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ - 

$ - 

$ -  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

- 

11 

- 

- 

-  

Related parties

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Prepaid expense and other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Total current assets

- 

11 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

1 

- 

- 

-  

Construction work in progress

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


- 


1 


- 


- 


-  

Accumulated depreciation

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

1 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

(1)

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

(1)

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ (1)

$ 12 

$ - 

$ - 

$ -  

=============================================================================

 

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


Spencer Station
Power
Corporation


Spencer Station
Generating
Company, L.P.



Badger Power
Corporation

Badger
Generating
Company,
LLC

Mid-
Columbia
Power
Corporation

-----------------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

-  

Accounts Payable:

Trade

(1)

3 

- 

- 

-  

Related Parties

- 

- 

- 

- 

-  

Accrued liabilities

(1)

1 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------

Total current liabilities

(2)

4 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

10 

- 

- 

-  

Deferred income taxes

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

10 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------

Total Liabilities

(2)

14 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

5 

5 

- 

- 

-  

Reinvested earnings (accumulated deficit)

(4)

(7)

- 

- 

-  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

1 

(2)

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ (1)


$ 12 


$ - 


$ - 


$ -  

=============================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

MidColumbia
Generating
Company, LLC

Black Hawk III
Power
Corporation


Lake Road
Power I, LLC

Harlan
Power
Corporation

Umatilla
Generating
Company, L.P.

----------------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ - 

$ - 

$ -  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

- 

- 

- 

- 

-  

Related parties

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Prepaid expense and other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Total current assets

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

- 

- 

- 

-  

Construction work in progress

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


- 


- 


- 


- 


-  

Accumulated depreciation

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

- 

- 

- 

- 

-  

----------------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ - 

$ - 

$ - 

$ - 

$ -  

=============================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

MidColumbia
Generating
Company, LLC

Black Hawk III
Power
Corporation


Lake Road
Power I, LLC

Harlan
Power
Corporation

Umatilla
Generating
Company, L.P.

-----------------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

-  

Accounts Payable:

Trade

- 

- 

- 

- 

-  

Related Parties

- 

- 

- 

- 

-  

Accrued liabilities

- 

5 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------

Total current liabilities

- 

5 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

- 

- 

- 

-  

Deferred income taxes

- 

(13)

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

(13)

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------

Total Liabilities

- 

(8)

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

- 

- 

- 

- 

-  

Reinvested earnings (accumulated deficit)

- 

- 

- 

- 

-  

Accumulated other comprehensive income (loss)

- 

8 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

- 

8 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ - 


$ - 


$ - 


$ - 


$ -  

=============================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


Morrow Power
Corporation

Morrow
Generating
Company, LLC


Peach IV Power
Corporation


Lake Road
Power II, LLC

Lake Road
Generating
Company, L.P.

--------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ - 

$ - 

$ -  

Restricted cash

- 

- 

- 

- 

1  

Accounts receivable:

Customers

- 

- 

- 

- 

-  

Related parties

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Prepaid expense and other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current assets

- 

- 

- 

- 

1 

--------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

- 

- 

- 

-  

Construction work in progress

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


- 


- 


- 


- 


-  

Accumulated depreciation

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ - 

$ - 

$ - 

$ - 

$ 1  

========================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


Morrow Power
Corporation

Morrow
Generating
Company, LLC


Peach IV Power
Corporation


Lake Road
Power II, LLC

Lake Road
Generating
Company, L.P.

--------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

-  

Accounts Payable:

Trade

- 

- 

- 

- 

2  

Related Parties

- 

- 

- 

- 

-  

Accrued liabilities

- 

- 

5 

- 

-  

Price risk management

- 

- 

- 

- 

20  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current liabilities

- 

- 

5 

- 

22  

--------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

- 

- 

- 

-  

Deferred income taxes

- 

- 

(12)

- 

-  

Price risk management

- 

- 

- 

- 

17  

Other

- 

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

- 

(12)

- 

17  

--------------------------------------------------------------------------------------------------------------------------

Total Liabilities

- 

- 

(7)

- 

39  

--------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

- 

- 

- 

- 

-  

Reinvested earnings (accumulated deficit)

- 

- 

- 

- 

-  

Accumulated other comprehensive income (loss)

- 

- 

7 

- 

(38) 

--------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

- 

- 

7 

- 

(38) 

--------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ - 


$ - 


$ - 


$ - 


$ 1  

=======================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


Lake Road
Trust, Ltd.


Juniper Power
Corporation


Plover Power
Corporation


Beech Power
Corporation

Mantua Creek
Generating
Company, L.P.

--------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ - 

$ - 

$ -  

Restricted cash

18 

- 

- 

- 

- 

Accounts receivable:

Customers

5 

- 

- 

- 

-  

Related parties

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Prepaid expense and other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current assets

23 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

- 

- 

- 

-  

Construction work in progress

418 

- 

- 

- 

168  

--------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


418 


- 


- 


- 


168  

Accumulated depreciation

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

418 

- 

- 

- 

168  

--------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 441 

$ - 

$ - 

$ - 

$ 168  

========================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


Lake Road
Trust, Ltd.


Juniper Power
Corporation


Plover Power
Corporation


Beech Power
Corporation

Mantua Creek
Generating
Company, L.P.

--------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

-  

Accounts Payable:

Trade

22 

- 

- 

- 

3  

Related Parties

- 

- 

- 

- 

-  

Accrued liabilities

3 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current liabilities

25 

- 

- 

- 

3  

--------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

417 

- 

- 

- 

165  

Deferred income taxes

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

417 

- 

- 

- 

165  

--------------------------------------------------------------------------------------------------------------------------

Total Liabilities

442 

- 

- 

- 

168  

--------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

- 

- 

- 

- 

-  

Reinvested earnings (accumulated deficit)

(1)

- 

- 

- 

-  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

(1)

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ 441 


$ - 


$ - 


$ - 


$ 168  

=======================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


Mantua Creek
Urban Renewal,
L.P.


First Arizona
Land
Corporation


First California
Land
Corporation

White Pine
Generating
Company,
LLC


USGen
New England,
Inc.

--------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ - 

$ - 

$ 51  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

- 

- 

- 

- 

238  

Related parties

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

145  

Inventories

- 

- 

- 

- 

57  

Prepaid expense and other

- 

- 

- 

- 

2  

--------------------------------------------------------------------------------------------------------------------------

Total current assets

- 

- 

- 

- 

493  

--------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

- 

- 

- 

1,796  

Construction work in progress

- 

- 

- 

- 

19  

--------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


- 


- 


- 


- 


1,815  

Accumulated depreciation

- 

- 

- 

- 

(215) 

--------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

- 

- 

1,600  

--------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

- 

- 

- 

- 

2  

Price risk management

- 

- 

- 

- 

57  

Other

- 

- 

- 

- 

504  

--------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

- 

- 

- 

- 

563  

--------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ - 

$ - 

$ - 

$ - 

$ 2,656  

========================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


Mantua Creek
Urban Renewal,
L.P.


First Arizona
Land
Corporation


First California
Land
Corporation

White Pine
Generating
Company,
LLC


USGen
New England,
Inc.

--------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

-  

Accounts Payable:

Trade

- 

- 

- 

- 

84  

Related Parties

- 

- 

- 

- 

-  

Accrued liabilities

- 

- 

- 

- 

44  

Price risk management

- 

- 

- 

- 

107  

Other

- 

- 

- 

- 

116  

--------------------------------------------------------------------------------------------------------------------------

Total current liabilities

- 

- 

- 

- 

351  

--------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

- 

- 

- 

75  

Deferred income taxes

- 

- 

- 

- 

181  

Price risk management

- 

- 

- 

- 

45  

Other

- 

- 

- 

- 

689  

-------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

- 

- 

- 

990  

--------------------------------------------------------------------------------------------------------------------------

Total Liabilities

- 

- 

- 

- 

1,341  

--------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

- 

- 

- 

- 

1,164  

Reinvested earnings (accumulated deficit)

- 

- 

- 

- 

100  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

51  

--------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

- 

- 

- 

- 

1,315  

--------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ - 


$ - 


$ - 


$ - 


$ 2,656  

=======================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

First
Massachusetts
Land Company,
LLC

USGen
Services
Company,
LLC

PG&E
Generating
New England,
Inc.

PG&E
Generating
New England,
LLC


Attala Energy
Company,
LLC

--------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ 52 

$ - 

$ - 

$ -  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

- 

237 

- 

- 

-  

Related parties

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Price risk management

- 

145 

- 

- 

-  

Inventories

- 

57 

- 

- 

-  

Prepaid expense and other

- 

2 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current assets

- 

493 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

2 

1,798 

- 

- 

-  

Construction work in progress

- 

19 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


2 


1,817 


- 


- 


-  

Accumulated depreciation

- 

(215) 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

2 

1,602 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

- 

- 

- 

- 

-  

Price risk management

- 

57 

- 

- 

-  

Other

- 

504 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

- 

561 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 2 

$ 2,656 

$ - 

$ - 

$ -  

========================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

First
Massachusetts
Land Company,
LLC

USGen
Services
Company,
LLC

PG&E
Generating
New England,
Inc.

PG&E
Generating
New England,
LLC


Attala Energy
Company,
LLC

--------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

-  

Accounts Payable:

Trade

- 

84 

- 

- 

-  

Related Parties

- 

- 

- 

- 

-  

Accrued liabilities

- 

44 

- 

- 

-  

Price risk management

- 

107 

- 

- 

-  

Other

- 

116 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current liabilities

- 

351 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

75 

- 

- 

-  

Deferred income taxes

- 

181 

- 

- 

-  

Price risk management

- 

45 

- 

- 

-  

Other

- 

689 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

990 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total Liabilities

- 

1,341 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

2 

1,164 

- 

- 

-  

Reinvested earnings (accumulated deficit)

- 

100 

- 

- 

-  

Accumulated other comprehensive income (loss)

- 

51 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

2 

1,315 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ 2 


$ 2,656 


$ - 


$ - 


$ -  

=======================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


Attala Power Corporation

Attala
Generating
Company, LLC

Kentucky
Hydro Holdings,
LLC

San Gorgonio
Power
Corporation

Mountain
View Power
Partners, LLC

--------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ 4 

$ - 

$ - 

$ -  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

313 

- 

- 

- 

3  

Related parties

- 

- 

- 

- 

-  

Other

- 

3 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Inventories

- 

11 

- 

- 

-  

Prepaid expense and other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current assets

313 

18 

- 

- 

3  

--------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

334 

- 

- 

57  

Construction work in progress

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


- 


334 


- 


- 


57  

Accumulated depreciation

- 

(4)

- 

- 

(1) 

--------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

330 

- 

- 

56  

--------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

26 

- 

- 

86 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

2 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

26 

2 

- 

86 

-  

--------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 339 

$ 350 

$ - 

$ 86 

$ 59  

========================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


Attala Power Corporation

Attala
Generating
Company, LLC

Kentucky
Hydro Holdings,
LLC

San Gorgonio
Power
Corporation

Mountain
View Power
Partners, LLC

--------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

-  

Accounts Payable:

Trade

(6)

320 

- 

- 

4  

Related Parties

4 

- 

- 

- 

-  

Accrued liabilities

(4)

4 

- 

(6)

-  

Price risk management

- 

- 

- 

- 

-  

Other

309 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current liabilities

303 

324 

- 

(6)

4  

--------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

- 

- 

- 

-  

Deferred income taxes

3 

- 

- 

6 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

3 

- 

- 

6 

-  

--------------------------------------------------------------------------------------------------------------------------

Total Liabilities

306 

324 

- 

- 

4  

--------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

43 

43 

- 

85 

55  

Reinvested earnings (accumulated deficit)

(10)

(17)

- 

1 

-  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

33 

26 

- 

86 

55  

--------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ 339 


$ 350 


$ - 


$ 86 


$ 59  

=======================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

Mountain View
Power Partners
II, LLC


GenHoldings I,
LLC


Osprey Power
Corporation

Magnolia
Power
Corporation

Millennium
Power
Partners, L.P.

--------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ - 

$ - 

$ 12  

Restricted cash

- 

7 

- 

- 

-  

Accounts receivable:

Customers

1 

- 

8 

- 

-  

Related parties

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

9  

Prepaid expense and other

- 

- 

- 

- 

1  

--------------------------------------------------------------------------------------------------------------------------

Total current assets

1 

7 

8 

- 

22  

--------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

31 

- 

- 

- 

219  

Construction work in progress

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


31 


- 


- 


- 


219 

Accumulated depreciation

- 

- 

- 

- 

(3) 

--------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

31 

- 

- 

- 

216  

--------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

- 

398 

124 

61 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

449 

103 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

- 

847 

227 

61 

-  

--------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 32 

$ 854 

$ 235 

$ 61 

$ 238  

========================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

Mountain View
Power Partners
II, LLC


GenHoldings I,
LLC


Osprey Power
Corporation

Magnolia
Power
Corporation

Millennium
Power
Partners, L.P.

--------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

-  

Accounts Payable:

Trade

2 

7 

7 

3 

10  

Related Parties

- 

- 

- 

- 

-  

Accrued liabilities

- 

- 

(5)

(3)

2  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current liabilities

2 

7 

2 

- 

12  

--------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

449 

- 

- 

103  

Deferred income taxes

- 

(2)

62 

(2)

-  

Price risk management

- 

4 

- 

- 

-  

Other

- 

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

451 

62 

(2)

103  

--------------------------------------------------------------------------------------------------------------------------

Total Liabilities

2 

458 

64 

(2)

115  

--------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

30 

399 

168 

63 

123  

Reinvested earnings (accumulated deficit)

- 

(1)

3 

- 

-  

Accumulated other comprehensive income (loss)

- 

(2)

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

30 

396 

171 

63 

123  

--------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ 32 


$ 854 


$ 235 


$ 61 


$ 238  

=======================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


Black Hawk
Power
Corporation



Peach I Power
Corporation


Athens
Generating
Company, L.P.


Long Creek
Power
Corporation

Long Creek
Generating
Company,
LLC

--------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ - 

$ - 

$ -  

Restricted cash

- 

- 

41 

- 

-  

Accounts receivable:

Customers

- 

- 

9 

- 

-  

Related parties

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Prepaid expense and other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current assets

- 

- 

50 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

- 

- 

- 

-  

Construction work in progress

- 

- 

364 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


- 


- 


364 


- 


-  

Accumulated depreciation

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

364 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

107 

103 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

107 

103 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 107 

$ 103 

$ 414 

$ - 

$ -  

========================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

Black Hawk
Power
Corporation


GenHoldings I,
LLC


Osprey Power
Corporation

Magnolia
Power
Corporation

Millennium
Power
Partners, L.P.

--------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

-  

Accounts Payable:

Trade

- 

- 

2 

- 

-  

Related Parties

- 

- 

- 

- 

-  

Accrued liabilities

- 

- 

1 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current liabilities

- 

- 

3 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

- 

201 

- 

-  

Deferred income taxes

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

- 

201 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total Liabilities

- 

- 

204 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

107 

103 

210 

- 

-  

Reinvested earnings (accumulated deficit)

- 

- 

- 

- 

-  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

107 

103 

210 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ 107 


$ 103 


$ 414 


$ - 


$ -  

=======================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

La Paloma
Power
Corporation

La Paloma
Generating
Company, LLC

La Paloma
Generating
Trust, Ltd.

Liberty
Generating
Corporation


Liberty Urban
Renewal, LLC

--------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ - 

$ - 

$ -  

Restricted cash

- 

- 

26 

- 

-  

Accounts receivable:

Customers

- 

- 

3 

- 

-  

Related parties

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Prepaid expense and other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current assets

- 

- 

29 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

- 

- 

- 

-  

Construction work in progress

- 

- 

593 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


- 


- 


593 


- 


-  

Accumulated depreciation

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

593 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ - 

$ - 

$ 622 

$ - 

$ -  

=======================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

La Paloma
Power
Corporation

La Paloma
Generating
Company, LLC

La Paloma
Generating
Trust, Ltd.

Liberty
Generating
Corporation


Liberty Urban
Renewal, LLC

--------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

-  

Accounts Payable:

Trade

- 

- 

30 

- 

-  

Related Parties

- 

- 

- 

- 

-  

Accrued liabilities

- 

- 

4 

- 

-  

Price risk management

- 

27 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current liabilities

- 

27 

34 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

- 

588 

- 

-  

Deferred income taxes

(18)

- 

- 

- 

-  

Price risk management

- 

25 

- 

- 

-  

Other

- 

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

(18)

25 

588 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total Liabilities

(18)

52 

622 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

- 

- 

- 

- 

-  

Reinvested earnings (accumulated deficit)

- 

- 

- 

- 

-  

Accumulated other comprehensive income (loss)

18 

(52)

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

18 

(52)

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ - 


$ - 


$ 622 


$ - 


$ -  

=======================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


Liberty
Generating
Company


Otay Mesa
Power
Corporation


Bluebonnet
Power
Corporation

Bluebonnet
Generating
Company,
LLC


Harquahala
Power
Corporation

--------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ - 

$ - 

$ - 

Restricted cash

- 

- 

- 

- 

- 

Accounts receivable:

Customers

- 

- 

- 

- 

- 

Related parties

- 

- 

- 

- 

- 

Other

- 

- 

- 

- 

- 

Price risk management

- 

- 

- 

- 

- 

Inventories

- 

- 

- 

- 

- 

Prepaid expense and other

- 

- 

- 

- 

- 

--------------------------------------------------------------------------------------------------------------------------

Total current assets

- 

- 

- 

- 

- 

--------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

- 

- 

- 

- 

Construction work in progress

- 

- 

- 

- 

- 

--------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


- 


- 


- 


- 


- 

Accumulated depreciation

- 

- 

- 

- 

- 

--------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

- 

- 

- 

--------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

- 

- 

- 

- 

18 

Price risk management

- 

- 

- 

- 

- 

Other

- 

- 

- 

- 

- 

--------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

- 

- 

- 

- 

18 

--------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ - 

$ - 

$ - 

$ - 

$ 18 

========================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


Liberty
Generating
Company


Otay Mesa
Power
Corporation


Bluebonnet
Power
Corporation

Bluebonnet
Generating
Company,
LLC


Harquahala
Power
Corporation

--------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

-  

Accounts Payable:

Trade

- 

- 

- 

- 

-  

Related Parties

- 

- 

- 

- 

-  

Accrued liabilities

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current liabilities

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

- 

- 

- 

-  

Deferred income taxes

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total Liabilities

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

- 

- 

- 

- 

18  

Reinvested earnings (accumulated deficit)

- 

- 

- 

- 

-  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

- 

- 

- 

- 

18  

--------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ - 


$ - 


$ - 


$ - 


$ 18  

========================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

Harquahala
Generating
Company, LLC

Harquahala
Generating
Trust, Ltd.

Madison Wind
Power
Corporation

Madison
Windpower
LLC

Okeechobee
Power
Corporation

--------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ 1 

$ - 

$ - 

$ 1 

$ -  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

- 

- 

- 

- 

-  

Related parties

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Prepaid expense and other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current assets

1 

- 

- 

1 

-  

--------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

- 

- 

16 

- 

Construction work in progress

241 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


241 


- 


- 


16 


-  

Accumulated depreciation

- 

- 

- 

(1)

-  

--------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

241 

- 

- 

15 

-  

--------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

- 

- 

16 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

- 

- 

16 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 242 

$ - 

$ 16 

$ 16 

$ -  

========================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

Harquahala
Generating
Company, LLC

Harquahala
Generating
Trust, Ltd.

Madison Wind
Power
Corporation

Madison
Windpower
LLC

Okeechobee
Power
Corporation

--------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

-  

Accounts Payable:

Trade

- 

- 

-

- 

-  

Related Parties

- 

- 

-

- 

-  

Accrued liabilities

12 

- 

(1)

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current liabilities

12 

- 

(1)

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

212 

- 

- 

- 

-  

Deferred income taxes

- 

- 

2 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

212 

- 

2 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total Liabilities

224 

- 

1 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

18 

- 

15 

16 

-  

Reinvested earnings (accumulated deficit)

- 

- 

- 

- 

-  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

18 

- 

15 

16 

-  

--------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ 242 


$ - 


$ 16 


$ 16 


$ -  

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)



Okeechobee
Generating
Company, LLC



PG&E
Dispersed Power
Corporation

PG&E
Dispersed
Generating
Company,
LLC




Plains End,
LLC




Covert Power
Corporation

--------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ 1 

$ - 

$ -  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

- 

2 

- 

- 

-  

Related parties

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Prepaid expense and other

- 

- 

1 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current assets

- 

2 

2 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

- 

154 

1 

-  

Construction work in progress

- 

- 

2 

43 

-  

--------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


- 


- 


156 


44 


-  

Accumulated depreciation

- 

- 

(2)

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

154 

44 

-  

--------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

- 

162 

17 

- 

-  

Price risk management

- 

- 

- 

2 

-  

Other

- 

1 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

- 

163 

17 

2 

-  

--------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ - 

$ 165 

$ 173 

$ 46 

$ -  

========================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)



Okeechobee
Generating
Company, LLC



PG&E
Dispersed Power
Corporation

PG&E
Dispersed
Generating
Company,
LLC




Plains End,
LLC




Covert Power
Corporation

--------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

-  

Accounts Payable:

Trade

- 

187 

2 

1 

-  

Related Parties

- 

- 

- 

- 

-  

Accrued liabilities

- 

(11)

6 

4 

-  

Price risk management

- 

- 

- 

1 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current liabilities

- 

176 

8 

6 

-  

--------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

- 

- 

23 

-  

Deferred income taxes

- 

(1)

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

(1)

- 

23 

-  

--------------------------------------------------------------------------------------------------------------------------

Total Liabilities

- 

175 

8 

29 

-  

--------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

- 

(5)

172 

16 

-  

Reinvested earnings (accumulated deficit)

- 

(5)

(8)

- 

-  

Accumulated other comprehensive income (loss)

- 

- 

1 

1 

-  

--------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

- 

(10)

165 

17 

-  

--------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ - 


$ 165 


$ 173 


$ 46 


$ -  

========================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)



Covert
Generating
Company, LLC



Goose Lake
Power
Corporation



Goose Lake
Generating
Company, LLC



Meadow
Valley Power
Corporation

Meadow
Valley
Generating
Company,
LLC

--------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ 1 

$ - 

$ - 

$ - 

$ -  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

- 

- 

- 

- 

-  

Related parties

- 

- 

- 

- 

-  

Other

22 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Prepaid expense and other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current assets

23 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

- 

- 

- 

-  

Construction work in progress

153 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


153 


- 


- 


- 


-  

Accumulated depreciation

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

153 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 176 

$ - 

$ - 

$ - 

$ -  

========================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)



Covert
Generating
Company, LLC



Goose Lake
Power
Corporation



Goose Lake
Generating
Company, LLC



Meadow
Valley Power
Corporation

Meadow
Valley
Generating
Company,
LLC

--------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

-  

Accounts Payable:

Trade

3 

- 

- 

- 

-  

Related Parties

- 

- 

- 

- 

-  

Accrued liabilities

5 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current liabilities

8 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

168 

- 

- 

- 

-  

Deferred income taxes

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

168 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total Liabilities

176 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

- 

- 

- 

- 

-  

Reinvested earnings (accumulated deficit)

- 

- 

- 

- 

-  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ 176 


$ - 


$ - 


$ -  


$ -  

========================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

PG&E
Generating
Power Group,
LLC


Aplomado
Power
Corporation


Beale
Generating
Company

Indian
Orchard
Generating
Company, Inc.


JMC
Altresco,
Inc.

--------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ 1 

$ 9 

$ 4  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

187 

3 

- 

- 

-  

Related parties

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Prepaid expense and other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current assets

187 

3 

1 

9 

4  

--------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

- 

- 

- 

-  

Construction work in progress

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


- 


- 


- 


- 


-  

Accumulated depreciation

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

148 

56 

87 

17 

43  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

51 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

148 

56 

138 

17 

43  

--------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 335 

$ 59 

$ 139 

$ 26 

$ 47  

========================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

PG&E
Generating
Power Group,
LLC


Aplomado
Power
Corporation


Beale
Generating
Company

Indian
Orchard
Generating
Company, Inc.


JMC
Altresco,
Inc.

--------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

-  

Accounts Payable:

Trade

7 

11 

32 

8 

3  

Related Parties

- 

- 

- 

- 

-  

Accrued liabilities

- 

1 

(1)

(1)

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current liabilities

7 

12 

31 

7 

3  

--------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

- 

- 

- 

-  

Deferred income taxes

- 

50 

(2)

9 

-  

Price risk management

- 

- 

- 

- 

-  

Other

12 

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

12 

50 

(2)

9 

-  

--------------------------------------------------------------------------------------------------------------------------

Total Liabilities

19 

62 

29 

16 

3  

--------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

249 

(3)

77 

1 

28  

Reinvested earnings (accumulated deficit)

67 

- 

33 

11 

16  

Accumulated other comprehensive income (loss)

- 

- 

- 

(2)

-  

--------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

316 

(3)

110 

10 

44  

--------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ 335 


$ 59 


$ 139 


$ 26  


$ 47  

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)





Altresco, Inc.




Berkshire
Pittsfield, Inc.

Berkshire
Feedline
Acquisition
Limited
Partnership




Pittsfield
Partners, Inc.



Pittsfield
Generating
Company, L.P.

--------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ - 

$ - 

$ -  

Restricted cash

- 

- 

- 

- 

14  

Accounts receivable:

Customers

4 

- 

- 

- 

15  

Related parties

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

2  

Inventories

- 

- 

- 

- 

7  

Prepaid expense and other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current assets

4 

- 

- 

- 

38 

--------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

- 

- 

- 

16  

Construction work in progress

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


- 


- 


- 


- 


16  

Accumulated depreciation

- 

- 

- 

- 

(5) 

--------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

- 

- 

11  

--------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

46 

5 

13 

- 

-  

Price risk management

- 

- 

- 

- 

17  

Other

3 

- 

- 

- 

7  

--------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

49 

5 

13 

- 

24  

--------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 53 

$ 5 

$ 13 

$ - 

$ 73  

========================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)





Altresco, Inc.




Berkshire
Pittsfield, Inc.

Berkshire
Feedline
Acquisition
Limited
Partnership




Pittsfield
Partners, Inc.



Pittsfield
Generating
Company, L.P.

--------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

-  

Accounts Payable:

Trade

2 

- 

- 

- 

14  

Related Parties

- 

- 

- 

- 

-  

Accrued liabilities

2 

- 

- 

- 

9  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current liabilities

4 

- 

- 

- 

23  

--------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

- 

8 

- 

3  

Deferred income taxes

8 

2 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

2 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

8 

4 

8 

- 

3  

--------------------------------------------------------------------------------------------------------------------------

Total Liabilities

12 

4 

8 

- 

26  

--------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

26 

1 

4 

- 

21  

Reinvested earnings (accumulated deficit)

15 

- 

1 

- 

26  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

41 

1 

5 

- 

47  

--------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ 53 


$ 5 


$ 13 


$ - 


$ 73  

========================================================================

 

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


JMC
Iroquois, Inc.

JMC
Selkirk
Holdings, Inc.


JMC
Selkirk, Inc.


JMCS I
Holdings, Inc.


Orchard Gas
Corporation

--------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ 11 

$ - 

$ -  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

- 

- 

- 

- 

3  

Related parties

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Prepaid expense and other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current assets

- 

- 

11 

- 

3  

--------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

- 

- 

- 

-  

Construction work in progress

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


- 


- 


- 


- 


-  

Accumulated depreciation

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

11

24 

51 

(4)

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

11

24 

51 

(4)

-  

--------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 11

$ 24 

$ 62 

$ (4)

$ 3  

========================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


JMC
Iroquois, Inc.

JMC
Selkirk
Holdings, Inc.


JMC
Selkirk, Inc.


JMCS I
Holdings, Inc.


Orchard Gas
Corporation

--------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

-  

Accounts Payable:

Trade

- 

- 

7 

- 

-  

Related Parties

- 

- 

- 

- 

-  

Accrued liabilities

- 

- 

5 

- 

3  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current liabilities

- 

- 

12 

- 

3  

--------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

- 

- 

- 

-  

Deferred income taxes

4 

- 

25 

(1)

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

4 

- 

25 

(1)

-  

--------------------------------------------------------------------------------------------------------------------------

Total Liabilities

4 

- 

37 

(1)

3  

--------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

5 

18 

21 

(3)

-  

Reinvested earnings (accumulated deficit)

2 

6 

6 

- 

-  

Accumulated other comprehensive income (loss)

- 

- 

(2)

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

7 

24 

25 

(3)

-  

--------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ 11 


$ 24 


$ 62 


$ (4)


$ 3  

========================================================================

 

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

Mason
Generating
Company


J. Makowski
Associates, Inc.


Eagle Power
Corporation

Granite
Generating
Company, L.P.

Granite Water
Supply
Company, Inc.

--------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ - 

$ - 

$ -  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

4 

- 

- 

- 

-  

Related parties

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Prepaid expense and other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current assets

4 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

- 

- 

- 

-  

Construction work in progress

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


- 


- 


- 


- 


-  

Accumulated depreciation

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

1 

- 

56 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

1 

- 

56 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 5 

$ - 

$ 56 

$ - 

$ -  

========================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

Mason
Generating
Company


J. Makowski
Associates, Inc.


Eagle Power
Corporation

Granite
Generating
Company, L.P.

Granite Water
Supply
Company, Inc.

--------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

-  

Accounts Payable:

Trade

1 

- 

(7)

- 

-  

Related Parties

- 

- 

- 

- 

-  

Accrued liabilities

- 

(1)

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current liabilities

1 

(1)

(7)

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

- 

- 

- 

-  

Deferred income taxes

1 

- 

37 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

1 

- 

37 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total Liabilities

2 

(1)

30 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

(3)

1 

15 

- 

-  

Reinvested earnings (accumulated deficit)

6 

- 

11 

- 

-  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

3 

1 

26 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ 5 


$ - 


$ 56 


$ - 


$ -  

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

Keystone
Cogeneration
Company, L.P.

Larkspur
Power
Corporation

Buckeye
Power
Corporation

Hermiston
Generating
Company, L.P.

Raptor
Holdings
Company

--------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ - 

$ - 

$ -  

Restricted cash

- 

- 

- 

27 

-  

Accounts receivable:

Customers

- 

- 

- 

6 

-  

Related parties

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Prepaid expense and other

- 

- 

- 

1 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current assets

- 

- 

- 

34 

-  

--------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

- 

- 

154 

-  

Construction work in progress

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


- 


- 


- 


154 


-  

Accumulated depreciation

- 

- 

- 

(22)

-  

--------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

- 

132 

-  

--------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

- 

45 

11 

- 

26  

Price risk management

- 

- 

- 

- 

-  

Other

- 

(4)

3 

6 

-  

--------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

- 

41 

14 

6 

26  

--------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ - 

$ 41 

$ 14 

$ 172 

$ 26  

========================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)

Keystone
Cogeneration
Company, L.P.

Larkspur
Power
Corporation

Buckeye
Power
Corporation

Hermiston
Generating
Company, L.P.

Raptor
Holdings
Company

--------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ - 

Long-term debt, classified as current

- 

- 

- 

7 

- 

Accounts Payable:

Trade

- 

(2)

- 

2 

3 

Related Parties

- 

- 

- 

- 

- 

Accrued liabilities

- 

- 

- 

2 

(2)

Price risk management

- 

- 

- 

5 

- 

Other

- 

- 

- 

- 

- 

--------------------------------------------------------------------------------------------------------------------------

Total current liabilities

- 

(2)

- 

16 

1 

--------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

- 

- 

90 

- 

Deferred income taxes

- 

7 

1 

- 

54 

Price risk management

- 

- 

- 

8 

- 

Other

- 

- 

- 

2 

5 

-------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

7 

1 

100 

59 

--------------------------------------------------------------------------------------------------------------------------

Total Liabilities

- 

5 

1 

116 

60 

--------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

- 

Common Stockholders' Equity

Common stock

- 

36 

13 

56 

(37)

Reinvested earnings (accumulated deficit)

- 

7 

2 

14 

3 

Accumulated other comprehensive income (loss)

- 

(7)

(2)

(14)

- 

--------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

- 

36 

13 

56 

(34)

--------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ - 


$ 41 


$ 14 


$ 172 


$ 26 

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


Gray Hawk
Power
Corporation


Cedar Bay
Cogeneration,
Inc.

PG&E
Management
Services
Company



Toyan
Enterprises


Spruce
Power
Corporation

--------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ - 

$ - 

$ -  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

- 

- 

- 

- 

-  

Related parties

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Prepaid expense and other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current assets

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

- 

- 

- 

-  

Construction work in progress

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


- 


- 


- 


- 


-  

Accumulated depreciation

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

106 

(43)

- 

33 

6  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

(5)

-  

--------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

106 

(43)

- 

28 

6  

--------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ 106 

$ (43)

$ - 

$ 28 

$ 6  

========================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


Gray Hawk
Power
Corporation


Cedar Bay
Cogeneration,
Inc.

PG&E
Management
Services
Company



Toyan
Enterprises


Spruce
Power
Corporation

--------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

-  

Accounts Payable:

Trade

(11)

9 

- 

(2)

-  

Related Parties

- 

- 

- 

- 

-  

Accrued liabilities

- 

- 

- 

1 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current liabilities

(11)

9 

- 

(1)

-  

--------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

- 

- 

- 

-  

Deferred income taxes

29 

(44)

- 

26 

-  

Price risk management

- 

- 

- 

- 

-  

Other

4 

- 

- 

- 

2  

-------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

33 

(44)

- 

26 

2  

--------------------------------------------------------------------------------------------------------------------------

Total Liabilities

22 

(35)

- 

25 

2  

--------------------------------------------------------------------------------------------------------------------------

Preferred Stock

58 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

21 

(5)

- 

(1)

4  

Reinvested earnings (accumulated deficit)

5 

(3)

- 

4 

-  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

26 

(8)

- 

3 

4  

--------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ 106 


$ (43)


$ - 


$ 28 


$ 6  

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


Merlin Power
Corporation

Fellows
Generating
Company, L.P.


Pelican Power
Corporation

Okeelanta
Power Limited
Partnership

Peregrine
Power
Corporation

--------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ - 

$ - 

$ -  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

- 

- 

- 

- 

-  

Related parties

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Prepaid expense and other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current assets

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

- 

- 

- 

-  

Construction work in progress

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


- 


- 


- 


- 


-  

Accumulated depreciation

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ - 

$ - 

$ - 

$ - 

$ -  

========================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


Merlin Power
Corporation

Fellows
Generating
Company, L.P.


Pelican Power
Corporation

Okeelanta
Power Limited
Partnership

Peregrine
Power
Corporation

--------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

-  

Accounts Payable:

Trade

- 

- 

- 

- 

-  

Related Parties

- 

- 

- 

- 

-  

Accrued liabilities

- 

- 

12 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current liabilities

- 

- 

12 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

- 

- 

- 

-  

Deferred income taxes

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total Liabilities

- 

- 

12 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

- 

- 

(12)

- 

-  

Reinvested earnings (accumulated deficit)

- 

- 

- 

- 

-  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

- 

- 

(12)

- 

-  

--------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ - 


$ - 


$ - 


$ - 


$ -  

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


Heron Power
Corporation

Gator
Generating
Company, L.P.


Jaeger Power
Corporation


Falcon Power
Corporation


Scrubgrass
Power Corp.

--------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ - 

$ - 

$ -  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

- 

- 

4 

- 

1  

Related parties

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Prepaid expense and other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current assets

- 

- 

4 

- 

1  

--------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

- 

- 

- 

-  

Construction work in progress

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


- 


- 


- 


- 


-  

Accumulated depreciation

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

- 

- 

22 

17 

21  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

- 

- 

22 

17 

21  

--------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ - 

$ - 

$ 26 

$ 17 

$ 22  

========================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


Heron Power
Corporation

Gator
Generating
Company, L.P.


Jaeger Power
Corporation


Falcon Power
Corporation


Scrubgrass
Power Corp.

--------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

-  

Accounts Payable:

Trade

3 

- 

15 

(3)

6  

Related Parties

- 

- 

- 

- 

-  

Accrued liabilities

9 

- 

1 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current liabilities

12 

- 

16 

(3)

6  

--------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

- 

- 

- 

-  

Deferred income taxes

- 

- 

15 

20 

20  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

- 

15 

20 

20  

--------------------------------------------------------------------------------------------------------------------------

Total Liabilities

12 

- 

31 

17 

26  

--------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

(12)

- 

(4)

(3)

(5) 

Reinvested earnings (accumulated deficit)

- 

- 

(1)

3 

1  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

(12)

- 

(5)

- 

(4) 

--------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ - 


$ - 


$ 26 


$ 17 


$ 22  

========================================================================

 

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


Eucalyptus
Power
Corporation


Citrus
Generating
Company, L.P.


Cooper's Hawk
Power
Corporation



Loon Power
Corporation

Iroquois
Pipeline
Investment,
LLC

--------------------------------------------------------------------------------------------------------------------------

ASSETS

Current Assets

Cash and cash equivalents

$ - 

$ - 

$ - 

$ - 

$ -  

Restricted cash

- 

- 

- 

- 

-  

Accounts receivable:

Customers

- 

- 

- 

- 

-  

Related parties

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Inventories

- 

- 

- 

- 

-  

Prepaid expense and other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current assets

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Property, Plant, and Equipment

Property, Plant, and Equipment

- 

- 

- 

- 

-  

Construction work in progress

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total property, plant and equipment
   (at original cost)


- 


- 


- 


- 


-  

Accumulated depreciation

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Net property, plant and equipment

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Other Noncurrent Assets

Investments in subsidiaries

- 

- 

- 

- 

2  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total other noncurrent assets

- 

- 

- 

- 

2  

--------------------------------------------------------------------------------------------------------------------------

TOTAL ASSETS

$ - 

$ - 

$ - 

$ - 

$ 2  

========================================================================

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING BALANCE SHEETS

DECEMBER 31, 2001

(in milions)

(unaudited)


Eucalyptus
Power
Corporation


Citrus
Generating
Company, L.P.


Cooper's Hawk
Power
Corporation



Loon Power
Corporation

Iroquois
Pipeline
Investment,
LLC

--------------------------------------------------------------------------------------------------------------------------

LIABILITIES AND EQUITY

Current Liabilities

Short-term borrowings

$ - 

$ - 

$ - 

$ - 

$ -  

Long-term debt, classified as current

- 

- 

- 

- 

-  

Accounts Payable:

Trade

- 

- 

- 

- 

-  

Related Parties

- 

- 

- 

- 

-  

Accrued liabilities

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total current liabilities

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Noncurrent Liabilities

Long-term debt

- 

- 

- 

- 

-  

Deferred income taxes

- 

- 

- 

- 

-  

Price risk management

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------------------

Total noncurrent liabilities

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total Liabilities

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Preferred Stock

- 

- 

- 

- 

-  

Common Stockholders' Equity

Common stock

- 

- 

- 

- 

2  

Reinvested earnings (accumulated deficit)

- 

- 

- 

- 

-  

Accumulated other comprehensive income (loss)

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Total common stockholders' equity

- 

- 

- 

- 

2  

--------------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES AND
   STOCKHOLDERS' EQUITY


$ - 


$ - 


$ - 


$ - 


$ 2  

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF COMMON STOCKHOLDERS' EQUITY

DECEMBER 31, 2001

(in milions)

(unaudited)

Consolidated
PG&E National
Energy Group,
LLC


Eliminations
and
Adjustments


PG&E National
Energy Group,
LLC


PG&E National
Energy Group,
Inc.



PG&E
Enterprises

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ 2,304 

$ (7,243)

$ - 

$ 2,310 

$ 1,592  

Net income (loss)

171 

(340)

- 

156 

94  

Other

34 

(422)

- 

2 

743  

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ 2,509 

$ (8,005)

$ - 

$ 2,468 

$ 2,429  

=========================================================================

 

PG&E National
Energy Group
Holdings
Corporation



Properties
Holdings, LLC


PG&E
Generating
Company, LLC


PG&E
Generating
Services, LLC


PG&E Energy
Trading
Holdings, LLC

--------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ 1,681 

$ 67 

$ 2,802 

$ 141 

$ 575  

Net income (loss)

91 

6 

91 

(22)

14  

Other

779 

(37)

(1,104)

57 

56  

--------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ 2,551  

$ 36 

$ 1,789 

$ 176 

$ 645  

===========================================================================

 



PG&E Overseas,
Inc.



Quantum
Ventures


PG&E Gas
Transmission
Corporation

--------------------------------------------------------------------------------------

Balance at December 31, 2000

$(1)

$ (7)

$387 

Net income (loss)

- 

5 

76 

Other

- 

(29)

(11)

--------------------------------------------------------------------------------------

Balance at December 31, 2001

$(1)

$(31)

$452 

==================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF COMMON STOCKHOLDERS' EQUITY

DECEMBER 31, 2001

(in milions)

(unaudited)

Consolidated
PG&E Gas
Transmission
Corporation


Eliminations
and
Adjustments


PG&E Gas
Transmission
Corporation

PG&E Gas
Transmission
Holdings
Corporation

--------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$387 

$(775)

$387 

$ -  

Net income (loss)

76 

(152)

76 

1  

Other

(11)

30 

(11)

20  

--------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$452 

$(897)

$452 

$21  

=================================================================

 



North Baja
Pipeline, LLC



GTN Holdings,
LLC

PG&E Gas
Transmission,
Northwest
Corporation

Pacific Gas
Transmission
International,
Inc.

--------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$387 

$387 

$ -  

Net income (loss)

1 

75 

75 

-  

Other

20 

(35)

(35)

-  

--------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$21 

$427 

$427 

$ -  

=================================================================

 

PG&E Gas
Transmission
Services
Company LLC


Pacific Gas
Transmission
Company



Stanfield Hub
Services, LLC

--------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ - 

$1  

Net income (loss)

- 

- 

-  

Other

- 

- 

-  

--------------------------------------------------------------------------------------

Balance at December 31, 2001

$ - 

$ - 

$1  

==================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF COMMON STOCKHOLDERS' EQUITY

DECEMBER 31, 2001

(in milions)

(unaudited)


Consolidated
Quantum
Ventures


Eliminations
and
Adjustments



Quantum
Ventures


Real Estate
Energy
Solutions, LLC

--------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ (7)

$ 2 

$ (7)

$ -  

Net income (loss)

5 

(5)

5 

-  

Other

(29)

28 

(29)

-  

--------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ (31)

$25 

$(31)

$ -  

=================================================================

 


Creston
Financial
Group, Inc.


Barakat &
Chamberlin,
Inc.


PG&E Energy
Services
Ventures, Inc.

--------------------------------------------------------------------------------------

Balance at December 31, 2000

$- 

$- 

$ (2) 

Net income (loss)

- 

- 

5  

Other

- 

- 

(28) 

--------------------------------------------------------------------------------------

Balance at December 31, 2001

$- 

$- 

$(25) 

==================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF COMMON STOCKHOLDERS' EQUITY

DECEMBER 31, 2001

(in milions)

(unaudited)


Consolidated
PG&E Overseas,
Inc.


Eliminations
and
Adjustments



PG&E
Overseas, Ltd.

--------------------------------------------------------------------------------------

Balance at December 31, 2000

$ (1)

$ - 

$(1) 

Net income (loss)

- 

- 

-  

Other

- 

- 

-  

--------------------------------------------------------------------------------------

Balance at December 31, 2001

$ (1)

$ - 

$(1) 

==================================================

 



PG&E
Overseas, Ltd.



PG&E
Pacific I, Ltd.



PG&E
Pacific II, Ltd.

--------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ - 

$ -  

Net income (loss)

- 

- 

-  

Other

- 

- 

-  

--------------------------------------------------------------------------------------

Balance at December 31, 2001

$ - 

$ - 

$ -  

==================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF COMMON STOCKHOLDERS' EQUITY

DECEMBER 31, 2001

(in milions)

(unaudited)


Consolidated
Properties
Holdings, LLC


Eliminations
and
Adjustments



Properties
Holdings, LLC



Valley Real
Estate, Inc.


McSweeney
Ranch Joint
Venture

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ 67 

$ (3)

$ - 

$ - 

$ - 

Net income (loss)

6 

(7)

2 

- 

- 

Other

(37)

(64)

29 

- 

- 

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ 36 

$(74)

$31 

$ - 

$ - 

=========================================================================

 



Rancho Murieta
Joint Venture


Alhambra
Pacific Joint
Venture




BPS I, Inc.

Conaway
Conservancy
Group Joint
Venture


The Conaway
Ranch Company

--------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$6 

$ 4 

$ 45 

$(3) 

Net income (loss)

- 

- 

- 

9 

2  

Other

- 

- 

(1)

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ - 

$6 

$ 3 

$ 54 

$(1) 

===========================================================================

 




DPR, Inc.


Oat Creek
Associates
Joint Venture


Marengo
Ranch Joint
Venture



Gilia
Enterprises

--------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ - 

$ 17 

$ 1  

Net income (loss)

- 

- 

- 

-  

Other

- 

- 

- 

(1) 

--------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ - 

$ - 

$ 17 

$ - 

=================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF COMMON STOCKHOLDERS' EQUITY

DECEMBER 31, 2001

(in milions)

(unaudited)

Consolidated
PG&E Energy
Trading
Holdings, LLC


Eliminations
and
Adjustments


PG&E Energy
Trading
Holdings, LLC

PG&E Energy
Trading
Holdings
Corporation


PG&E ET
Investments
Corporation

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$575 

$ (802)

$ - 

$575 

$101  

Net income (loss)

14 

7 

14 

14 

7  

Other

56 

(766)

617 

42 

20  

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$645 

$(1,561)

$631 

$631 

$128  

=========================================================================

 


PG&E Energy
Trading - Power,
L.P.


PG&E ET
Synfuel #2,
LLC

PG&E ET
Synfuel
Company 166,
LLC


PG&E Energy
Trading, Canada
Corporation



True Quote
LLC

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$198 

$ - 

$ 3 

$21 

$ -  

Net income (loss)

(31)

- 

- 

5 

-  

Other

46 

- 

(3)

(1)

-  

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$213 

$ - 

$ - 

$25 

$ -  

=========================================================================

 



CEG Energy
Options Inc.


PG&E Energy
Trading - Gas
Corporation


PG&E
International,
Inc.

PG&E
International
Development
Holdings, LLC



Gannet Power
Corporation

--------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$329 

$75 

$ - 

$ 2  

Net income (loss)

- 

14 

(8)

- 

-  

Other

- 

(36)

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ - 

$307 

$67 

$ - 

$ 2  

===========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF COMMON STOCKHOLDERS' EQUITY

DECEMBER 31, 2001

(in milions)

(unaudited)



PG&E Overseas
Holdings I, Ltd.



PG&E Overseas
Holdings II, Ltd.

PG&E
Corporation
Australian
Holdings Pty, Ltd.

-----------------------------------------------------------------------------------------

Balance at December 31, 2000

$ 73 

$ - 

$ -  

Net income (loss)

(8)

- 

-  

Other

(1)

69 

69  

-----------------------------------------------------------------------------------------

Balance at December 31, 2001

$ 64 

$ 69 

$ 69  

====================================================

 

PG&E Energy
Trading
Australia Pty,
Ltd.

PG&E
Corporation
Australia Pty,
Ltd.


Rocksavage
Services I,
Inc.

-----------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ - 

$ - 

Net income (loss)

- 

- 

-  

Other

- 

- 

-  

-----------------------------------------------------------------------------------------

Balance at December 31, 2001

$ - 

$ - 

$ - 

====================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF COMMON STOCKHOLDERS' EQUITY

DECEMBER 31, 2001

(in milions)

(unaudited)

Consolidated
PG&E
Generating
Services, LLC


Eliminations
and
Adjustments


PG&E
Generating
Services, LLC



J. Makowski
Pittsfield, Inc.



J. Makowski
Services, Inc.

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$141 

$ (61) 

$ - 

$ (1)

$ 1  

Net income (loss)

(22)

59 

(22)

- 

-  

Other

57 

(268)

198 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$176 

$ (270)

$ 176 

$ (1)

$ 1  

=========================================================================

 



JMCS I
Management,
Inc.

PG&E
Construction
Agency
Services I,
LLC


PG&E
Construction
Agency Services
II, LLC



Master
Turbine
Trust I, Ltd.



Master
Turbine
Trust II, Ltd.

--------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ 1 

$ - 

$ - 

$ - 

$ -  

Net income (loss)

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ 1 

$ - 

$ - 

$ - 

$ -  

========================================================================

 

PG&E
National
Energy Group Construction
Company, LLC

NEG
Construction
Finance
Company,
LLC




PTP Services,
LLC


PG&E
Operating
Services
Holdings, Inc.




USOSC
Holdings, Inc.

---------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ - 

$ - 

$ 177 

$ - 

Net income (loss)

- 

- 

- 

(22)

- 

Other

- 

- 

- 

(35)

- 

--------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ - 

$ - 

$ - 

$ 120 

$ - 

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF COMMON STOCKHOLDERS' EQUITY

DECEMBER 31, 2001

(in milions)

(unaudited)

PG&E
Operating
Services
Company



USGen
Holdings, Inc.


PG&E National
Energy Group
Company


First Oregon
Land
Corporation

-------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ 28 

$ (4)

$ - 

$ - 

Net income (loss)

13 

(1)

(49)

- 

Other

(12)

- 

174 

- 

------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ 29 

$ (5) 

$ 125 

$ - 

================================================================

 



Topaz Power
Corporation


Carneys Point
Generating
Company



Garnet Power
Corporation

PG&E National
Energy Group
Acquisition
Company, LLC

-------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ - 

$ - 

$ -  

Net income (loss)

- 

- 

- 

-  

Other

- 

- 

- 

-  

-------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ - 

$ - 

$ - 

$ -  

================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF COMMON STOCKHOLDERS' EQUITY

DECEMBER 31, 2001

(in milions)

(unaudited)

Consolidated
PG&E
Generating
Company, LLC


Eliminations
and
Adjustments


PG&E
Generating
Company, LLC

PG&E
Generating
Energy Group,
LLC

PG&E
Generating
Energy
Holdings, Inc.

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ 2,802 

$ (3,530)

$ 1,137 

$ 1,561 

$ - 

Net income (loss)

91 

(466)

92 

84 

- 

Other

(1,104)

(2,754)

529 

203 

- 

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ 1,789 

$ (6,750)

$ 1,758 

$ 1,848 

$ - 

=========================================================================

 


Spencer Station
Power
Corporation

Spencer
Station
Generating
Company, L.P.



Badger Power
Corporation


Badger
Generating
Company, LLC

Mid-
Columbia
Power
Corporation

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ - 

$ - 

$ - 

$ -  

Net income (loss)

(4)

(7)

- 

- 

-  

Other

4 

5 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ - 

$ (2)

$ - 

$ - 

$ -  

=========================================================================

 


MidColumbia
Generating
Company, LLC


Black Hawk
III Power
Corporation



Lake Road
Power I, LLC



Harlan Power
Corporation


Umatilla
Generating
Company, L.P.

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ - 

$ - 

$ - 

$ - 

Net income (loss)

- 

- 

- 

- 

- 

Other

- 

8 

- 

- 

- 

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ - 

$ 8 

$ - 

$ - 

$ - 

=========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF COMMON STOCKHOLDERS' EQUITY

DECEMBER 31, 2001

(in milions)

(unaudited)



Morrow Power
Corporation

Morrow
Generating
Company,
LLC


Peach IV
Power
Corporation



Lake Road
Power II, LLC


Lake Road
Generating
Company, L.P.

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ - 

$ - 

$ - 

$ -  

Net income (loss)

- 

- 

- 

- 

-  

Other

- 

- 

8 

- 

(38) 

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ - 

$ - 

$ 8 

$ - 

$(38) 

=========================================================================

 


Lake Road
Trust, Ltd.

Juniper
Power
Corporation


Plover Power
Corporation


Beech Power
Corporation

Mantua Creek
Generating
Company, L.P.

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ - 

$ - 

$ - 

$ - 

Net income (loss)

- 

- 

- 

- 

- 

Other

(1)

- 

- 

- 

- 

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ (1)

$ - 

$ - 

$ - 

$ - 

=========================================================================

 


Mantua Creek
Urban Renewal,
L.P.


First Arizona
Land
Corporation


First California
Land
Corporation

White Pine
Generating
Company,
LLC



USGen New
England, Inc.

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ - 

$ - 

$ - 

$ 1,287  

Net income (loss)

- 

- 

- 

- 

100  

Other

- 

- 

- 

- 

(72) 

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ - 

$ - 

$ - 

$ - 

$ 1,315  

=========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF COMMON STOCKHOLDERS' EQUITY

DECEMBER 31, 2001

(in milions)

(unaudited)

First
Massachusetts
Land Company,
LLC

USGen
Services
Company,
LLC

PG&E
Generating
New England,
Inc

PG&E
Generating
New England,
LLC


Attala Energy
Company,
LLC

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ 1,287 

$ - 

$ - 

$ - 

Net income (loss)

- 

100 

- 

- 

- 

Other

2 

(72)

- 

- 

- 

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ 2 

$ 1,315 

$ - 

$ - 

$ - 

=========================================================================

 



Attala Power
Corporation

Attala
Generating
Company,
LLC


Kentucky
Hydro Holdings,
LLC


San Gorgonio
Power
Corporation

Mountain View
Power Partners,
LLC

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ - 

$ - 

$ - 

$ -  

Net income (loss)

(10)

(17)

- 

1 

-  

Other

43 

43 

- 

84 

55  

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ 33 

$ 26 

$ - 

$ 85 

$55  

=========================================================================

 

Mountain View
Power Partners
II, LLC


GenHoldings I,
LLC


Osprey Power
Corporation

Magnolia
Power
Corporation

Millennium
Power Partners,
L.P.

-----------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ - 

$ 198 

$ 67 

$ 134  

Net income (loss)

- 

(1)

3 

- 

-  

Other

30 

397 

(31)

(5)

(11) 

-----------------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ 30 

$ 396 

$ 170 

$ 62 

$ 123  

=============================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF COMMON STOCKHOLDERS' EQUITY

DECEMBER 31, 2001

(in milions)

(unaudited)


Black Hawk
Power
Corporation


Peach I
Power
Corporation


Athens
Generating
Company, L.P.


Long Creek
Power
Corporation

Long Creek
Generating
Company, LLC

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ - 

$ - 

$ - 

$ - 

Net income (loss)

- 

- 

- 

- 

- 

Other

107 

103 

210 

- 

- 

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ 107 

$ 103 

$ 210 

$ - 

$ - 

=========================================================================

 


La Paloma
Power
Corporation

La Paloma
Generating
Company,
LLC


La Paloma
Generating
Trust, Ltd.


Liberty
Generating
Corporation



Liberty Urban
Renewal, LLC

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ - 

$ - 

$ - 

$ - 

Net income (loss)

- 

- 

- 

- 

- 

Other

19 

(52)

- 

- 

- 

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ 19 

$ (52) 

$ - 

$ - 

$ - 

=========================================================================

 


Liberty
Generating
Company


Otay Mesa
Power
Corporation


Bluebonnet
Power
Corporation

Bluebonnet
Generating
Company,
LLC


Harquahala
Power
Corporation

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ - 

$ - 

$ - 

$ -  

Net income (loss)

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

18  

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ - 

$ - 

$ - 

$ - 

$ 18  

=========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF COMMON STOCKHOLDERS' EQUITY

DECEMBER 31, 2001

(in milions)

(unaudited)


Harquahala
Generating
Company, LLC


Harquahala
Generating
Trust, Ltd.


Madison Wind
Power
Corporation


Madison
Windpower,
LLC


Okeechobee
Power
Corporation

--------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ - 

$ - 

$ - 

$ -  

Net income (loss)

- 

- 

- 

- 

-  

Other

18 

- 

16 

16 

-  

--------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ 18 

$ - 

$ 16 

$ 16 

$ -  

========================================================================

 


Okeechobee
Generating
Company, LLC

PG&E
Dispersed
Power
Corporation

PG&E
Dispersed
Generating
Company, LLC



Plains End,
LLC



Covert Power
Corporation

--------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ (7)

$ 98 

$ - 

$ -  

Net income (loss)

- 

(5)

(8)

- 

-  

Other

- 

2 

75 

17 

-  

--------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ - 

$(10)

$ 165 

$ 17 

$ -  

========================================================================

 


Covert
Generating
Company, LLC


Goose Lake
Power
Corporation


Goose Lake
Generating
Company, LLC


Meadow Valley
Power
Corporation


Meadow Valley
Generating
Company, LLC

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ - 

$ - 

$ - 

$ -  

Net income (loss)

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

-  

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ - 

$ - 

$ - 

$ - 

$ -  

=========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF COMMON STOCKHOLDERS' EQUITY

DECEMBER 31, 2001

(in milions)

(unaudited)

PG&E
Generating
Power Group,
LLC


Aplomado
Power
Corporation


Beale
Generating
Company

Indian
Orchard
Generating
Company, Inc.



JMC Altresco,
Inc.

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ 255 

$ (2) 

$ 99 

$ 12 

$ 26  

Net income (loss)

67 

- 

33 

11 

16  

Other

(6)

(1)

(22)

(13)

1  

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ 316 

$ (3) 

$110 

$ 10 

$ 43  

=========================================================================

 





Altresco, Inc.




Berkshire
Pittsfield, Inc.

Berkshire
Feedline
Acquisition
Limited
Partnership




Pittsfield
Partners, Inc.



Pittsfield
Generating
Company, L.P.

----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ 24 

$ 2 

$ 5 

$ - 

$ 24 

Net income (loss)

15 

- 

1 

- 

26 

Other

2 

- 

(1)

- 

(3)

----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ 41 

$ 2 

$ 5 

$ - 

$ 47 

=========================================================================

 



JMC Iroquois,
Inc.



JMC Selkirk
Holdings, Inc.



JMC Selkirk,
Inc.



JMCS I
Holdings, Inc.



Orchard Gas
Corporation

--------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ 6 

$ (1)

$ 4 

$ (4) 

$ -  

Net income (loss)

2 

6 

6 

- 

-  

Other

(1)

19 

14 

1 

-  

-------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ 7 

$ 24 

$24 

$ (3) 

$ -  

========================================================================

 

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF COMMON STOCKHOLDERS' EQUITY

DECEMBER 31, 2001

(in milions)

(unaudited)


Mason
Generating
Company


J. Makowski
Associates,
Inc.



Eagle Power
Corporation


Granite
Generating
Company, L.P.


Granite Water
Supply
Company, Inc.

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ 3 

$ 6 

$ 19 

$ -  

$ -  

Net income (loss)

- 

- 

11 

- 

-  

Other

- 

(5)

(4)

- 

-  

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ 3 

$ 1 

$ 26 

$ -  

$ -  

=========================================================================

 


Keystone
Cogeneration
Company, L.P.


Larkspur
Power
Corporation



Buckeye Power
Corporation


Hermiston
Generating
Company, L.P.


Raptor
Holdings
Company

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ 38 

$ 14 

$ 64 

$ (34) 

Net income (loss)

- 

7 

2 

14 

3  

Other

- 

(9)

(3)

(22)

(3) 

-----------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ - 

$ 36 

$ 13 

$ 56 

$ (34) 

=========================================================================

 


Gray Hawk
Power
Corporation


Cedar Bay
Cogeneration,
Inc.

PG&E
Management
Services
Company



Toyan
Enterprises



Spruce Power
Corporation

--------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ 23 

$ (5)

$ - 

$ 8 

$ 5 

Net income (loss)

5 

(3)

- 

4 

- 

Other

(2)

- 

- 

(9)

- 

--------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ 26 

$ (8) 

$ - 

$ 3 

$ 5 

========================================================================

 

 

PG&E NATIONAL ENERGY GROUP, LLC

CONSOLIDATING STATEMENTS OF COMMON STOCKHOLDERS' EQUITY

DECEMBER 31, 2001

(in milions)

(unaudited)



Merlin Power
Corporation


Fellows
Generating
Company, L.P.



Pelican Power
Corporation


Okeelanta
Power Limited
Partnership


Peregrine
Power
Corporation

--------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ - 

$ (9)

$ - 

$ - 

Net income (loss)

- 

- 

- 

- 

- 

Other

- 

- 

(3)

- 

-  

--------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ - 

$ - 

$(12)

$ - 

$ - 

========================================================================

 



Heron Power
Corporation


Gator
Generating
Company, L.P.



Jaeger Power
Corporation



Falcon Power
Corporation


Scrubgrass
Power
Corp.

--------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ (7)

$ - 

$ (2)

$ - 

$ (3)

Net income (loss)

- 

- 

(1)

3 

1 

Other

(5)

- 

(2)

(3)

(2)

--------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$(12)

$ - 

$ (5)

$ - 

$ (4)

========================================================================

 


Eucalyptus
Power
Corporation


Citrus
Generating
Company, L.P.


Cooper's Hawk
Power
Corporation



Loon Power
Corporation

Iroquois
Pipeline
Investment,
LLC

--------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2000

$ - 

$ - 

$ - 

$ - 

$ -  

Net income (loss)

- 

- 

- 

- 

-  

Other

- 

- 

- 

- 

2  

--------------------------------------------------------------------------------------------------------------------------

Balance at December 31, 2001

$ - 

$ - 

$ - 

$ - 

$ 2  

========================================================================