Pacific Gas and Electric Company |
|
August 2001 |
|
ASSETS |
|
Current Assets |
|
Cash and cash equivalents |
$ (17) |
Short-term investments |
3,998 |
Accounts receivable: |
0 |
Customers (net of allowance for doubtful accounts of $52 million) |
1,728 |
Related parties |
34 |
Regulatory balancing accounts |
63 |
Inventories: |
0 |
Gas stored underground and fuel oil |
268 |
Materials and supplies |
129 |
Prepaid expenses and other |
119 |
Total current assets |
6,322 |
Property, Plant, and Equipment |
|
Electric |
16,895 |
Gas |
7,573 |
Construction work in progress |
227 |
Total property, plant, and equipment (at original cost) |
24,695 |
Accumulated depreciation and decommissioning |
(11,573) |
Net property, plant, and equipment |
13,122 |
Other Noncurrent Assets |
|
Regulatory assets |
1,914 |
Nuclear decommissioning trust funds |
1,337 |
Other |
2,083 |
Total noncurrent assets |
5,334 |
TOTAL ASSETS |
$ 24,778 |
LIABILITIES AND EQUITY |
|
Liabilities |
|
Accounts payable |
|
Trade creditors |
$ 355 |
Related parties |
37 |
Regulatory Balancing Accounts |
371 |
Other |
192 |
Accrued taxes |
373 |
Rate reduction bonds |
1,809 |
Deferred income taxes |
1,126 |
Deferred tax credits |
166 |
Pre-petition secured debt |
3,411 |
Pre-petition liabilities |
5,496 |
Pre-petition financing debt |
5,811 |
Other liabilities |
3,353 |
Total liabilities |
22,500 |
Preferred Stock With Mandatory Redemption Provisions |
137 |
Stockholders' Equity |
|
Preferred stock without mandatory redemption provisions |
|
Nonredeemable--5% to 6%, outstanding 5,784,825 shares |
145 |
Redeemable--4.36% to 7.04%, outstanding 5,973,456 shares |
149 |
Common stock, $5 par value, authorized 800,000,000 shares; |
|
issued 321,314,760 shares |
1,606 |
Additional paid in capital |
1,964 |
Accumulated deficit |
(1,722) |
Accumulated other comprehensive loss |
(1) |
Total stockholders' equity |
2,141 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ 24,778 |
Pacific Gas and Electric Company |
|
Notes |
|
1 |
These preliminary financial statements were prepared using certain assumptions and estimates. These assumptions and estimates are subject to revision and actual results could differ materially from the information provided in this statement. Further, the amounts shown in this statement, when reported on a quarterly basis, may differ materially due to adjustments in accruals, changes in facts and circumstances, changes in estimates, further analysis, and other factors. |
2 |
These unaudited statements are prepared for the U.S. Trustee and differ from the requirements of generally accepted accounting principles in that they exclude certain financial statements (statements of cash flows, stockholders equity, and other comprehensive income), relevant footnotes and certain reclassifications. |
3 |
Cash and cash equivalents have been reduced for uncleared checks. On the balance sheet included with the Utility's 10-Q, uncleared checks are treated as an accounts payable liability. |
Pacific Gas and Electric Company |
|||
Case to date |
|||
Month |
|||
OPERATING REVENUES |
$ 1,031 |
$ 4,363 |
|
OPERATING EXPENSES: |
|||
Cost of Electric Energy |
156 |
(90) |
|
Cost of Gas |
161 |
571 |
|
Operating and Maintenance |
169 |
1,084 |
|
Depreciation, Decommissioning, and Amortization |
74 |
373 |
|
Total Operating Expenses |
560 |
1,938 |
|
OPERATING INCOME (LOSS) |
471 |
2,425 |
|
Interest Income (Expense) |
(67) |
(344) |
|
Professional Fees |
(1) |
(7) |
|
Other Income and (Expense) |
(1) |
(4) |
|
PRE-TAX INCOME (LOSS) |
402 |
2,070 |
|
Income Taxes |
155 |
788 |
|
EARNINGS (LOSS) |
247 |
1,282 |
|
Preferred Dividend Requirement |
2 |
10 |
|
EARNINGS (LOSS) AVAILABLE FOR (ALLOCATED TO) COMMON STOCK |
$ 245 |
$ 1,272 |
Pacific Gas and Electric Company |
||||||||
Notes |
||||||||
1 |
These preliminary financial statements were prepared using certain assumptions and estimates. These assumptions and estimates are subject to revision and actual results could differ materially from the information provided in this statement. Further, the amounts shown in this statement, when reported on a quarterly basis, may differ materially due to adjustments in accruals, changes in facts and circumstances, changes in estimates, further analysis, and other factors. |
|||||||
2 |
These financial statements were prepared using certain assumptions and estimates, including the estimated amount payable to the California Department of Water Resources (DWR) for the estimated amount of power purchased by the DWR on behalf of retail customersbased on approximately 10 cents per kilowatt hour (kWh). The Utility acts solely as a billing agent for the DWR. While the rate freeze is in effect, to the extent revenue is allocable to the DWR, there will be a corresponding reduction in the Utility's revenues. Therefore, the amounts paid to the DWR for deliveries are not recorded as expense and the revenue billed by the Utility to its customers associated with this energy is excluded from revenues. These assumptions and estimates are subject to revision and actual results could differ materially from the information provided in this statement. The results for the month of August 2001 are not indicative of future earnings. While the rate freeze is in effect, earnings could differ materially as a result of the implementation of the DWR's revenue requirements when and if adopted by the California Public Utilities Commission (CPUC). The DWR has provided the following revenue requirement request to the CPUC for 2001 and 2002, by quarter, based on the DWR's projected retail sales to the Utility's customers |
|||||||
2001 |
2002 |
|||||||
1st Quarter |
$542,003,000 |
$691,501,000 |
||||||
2nd Quarter |
1,319,835,000 |
452,819,000 |
||||||
3rd Quarter |
719,188,000 |
639,895,000 |
||||||
4th Quarter |
780,906,000 |
781,635,000 |
||||||
Further, the income statement does not reflect the CPUC's Proposed Decision issued on September 4, 2001, to increase the amount of the allocation of the DWR revenue requirement to be collected from the Utility's customers as compared to the amount contained in its most recent request submitted to the CPUC. |
||||||||
3 |
Items impacting comparability for the month ended August 31, 2001, (net of taxes): |
|||||||
(in millions of dollars) |
||||||||
After-Tax |
||||||||
Generation Regulatory Asset Valuation Reserve |
(239) |
|||||||
California Tax Adjustment |
(5) |
|||||||
Interest Expense |
14 |
|||||||
Other |
55 |
|||||||
Total |
(175) |
|||||||
4 |
Case to date results reflect the entire five month period ended August 31, 2001. The bankruptcy petition date is April 6, 2001. |