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Debt
3 Months Ended
Mar. 31, 2012
Debt

NOTE 4: DEBT

Revolving Credit Facilities – PG&E Corporation and the Utility

At March 31, 2012, PG&E Corporation had neither cash borrowings nor letters of credit outstanding under its $300 million revolving credit facility.

At March 31, 2012, the Utility had no cash borrowings and $367 million of letters of credit outstanding under its $3.0 billion revolving credit facility.

At March 31, 2012, PG&E Corporation and the Utility were in compliance with all covenants under their respective revolving credit facilities.

Utility

Senior Notes

On April 16, 2012, the Utility issued $400 million principal amount of 4.45% Senior Notes due April 15, 2042.

Pollution Control Bonds

At March 31, 2012, the interest rates on the $614 million principal amount of pollution control bonds Series 1996 C, E, F, and 1997 B and the related loan agreements ranged from 0.19% to 0.22%. At March 31, 2012, the interest rates on the $309 million principal amount of pollution control bonds Series 2009 A-D and the related loan agreements ranged from 0.12% to 0.17%.

On April 2, 2012, the Utility repurchased all of the $50 million principal amount of pollution control bonds Series 2010 E that were subject to mandatory tender on that same date. The Utility will hold the bonds until they are remarketed to investors or retired.

Commercial Paper Program

At March 31, 2012, the Utility had $1.1 billion of commercial paper outstanding.

 

Other Short-Term Borrowings

At March 31, 2012, the interest rate on the Utility's $250 million principal amount of Floating Rate Senior Notes, due November 20, 2012, was 0.94%.

Energy Recovery Bonds

In 2005, PERF issued two separate series of ERBs in the aggregate amount of $2.7 billion to refinance a regulatory asset provided for in the Chapter 11 Settlement Agreement. The proceeds of the ERBs were used by PERF to purchase from the Utility the right (known as "recovery property") to be paid a specified amount from a dedicated rate component ("DRC") to be collected from the Utility's electricity customers. DRC charges are authorized by the CPUC under state legislation and will be paid by the Utility's electricity customers until the ERBs are fully retired. Under the terms of a recovery property servicing agreement, DRC charges are collected by the Utility and remitted to PERF for payment of principal, interest, and miscellaneous expenses associated with the ERBs.

At March 31, 2012, the total amount of ERB principal outstanding was $321 million.

While PERF is a wholly owned consolidated subsidiary of the Utility, it is legally separate from the Utility. The assets, including the recovery property, of PERF are not available to creditors of the Utility or PG&E Corporation, and the recovery property is not legally an asset of the Utility or PG&E Corporation.

Pacific Gas And Electric Company [Member]
 
Debt

NOTE 4: DEBT

Revolving Credit Facilities – PG&E Corporation and the Utility

At March 31, 2012, PG&E Corporation had neither cash borrowings nor letters of credit outstanding under its $300 million revolving credit facility.

At March 31, 2012, the Utility had no cash borrowings and $367 million of letters of credit outstanding under its $3.0 billion revolving credit facility.

At March 31, 2012, PG&E Corporation and the Utility were in compliance with all covenants under their respective revolving credit facilities.

Utility

Senior Notes

On April 16, 2012, the Utility issued $400 million principal amount of 4.45% Senior Notes due April 15, 2042.

Pollution Control Bonds

At March 31, 2012, the interest rates on the $614 million principal amount of pollution control bonds Series 1996 C, E, F, and 1997 B and the related loan agreements ranged from 0.19% to 0.22%. At March 31, 2012, the interest rates on the $309 million principal amount of pollution control bonds Series 2009 A-D and the related loan agreements ranged from 0.12% to 0.17%.

On April 2, 2012, the Utility repurchased all of the $50 million principal amount of pollution control bonds Series 2010 E that were subject to mandatory tender on that same date. The Utility will hold the bonds until they are remarketed to investors or retired.

Commercial Paper Program

At March 31, 2012, the Utility had $1.1 billion of commercial paper outstanding.

 

Other Short-Term Borrowings

At March 31, 2012, the interest rate on the Utility's $250 million principal amount of Floating Rate Senior Notes, due November 20, 2012, was 0.94%.

Energy Recovery Bonds

In 2005, PERF issued two separate series of ERBs in the aggregate amount of $2.7 billion to refinance a regulatory asset provided for in the Chapter 11 Settlement Agreement. The proceeds of the ERBs were used by PERF to purchase from the Utility the right (known as "recovery property") to be paid a specified amount from a dedicated rate component ("DRC") to be collected from the Utility's electricity customers. DRC charges are authorized by the CPUC under state legislation and will be paid by the Utility's electricity customers until the ERBs are fully retired. Under the terms of a recovery property servicing agreement, DRC charges are collected by the Utility and remitted to PERF for payment of principal, interest, and miscellaneous expenses associated with the ERBs.

At March 31, 2012, the total amount of ERB principal outstanding was $321 million.

While PERF is a wholly owned consolidated subsidiary of the Utility, it is legally separate from the Utility. The assets, including the recovery property, of PERF are not available to creditors of the Utility or PG&E Corporation, and the recovery property is not legally an asset of the Utility or PG&E Corporation.