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Proc-Type: 2001,MIC-CLEAR
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SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report: December 3, 2001 Exact Name of _____________ _____________ _____________ _____________ 1-12609 1-2348 PG&E Corporation Pacific Gas and California California 94-3234914 94-0742640 Pacific Gas and Electric Company PG&E Corporation (Address of principal executive offices) (Zip Code) Pacific Gas and Electric Company PG&E Corporation (Registrant's telephone number, including area code) Item 5. Other Events Regulatory Filings As previously disclosed, on September 20, 2001, Pacific Gas and Electric Company (Utility) and its parent company, PG&E Corporation, jointly filed with the U.S. Bankruptcy Court for the Northern District of California a proposed plan of reorganization (Plan) of the Utility under Chapter 11 of the U.S. Bankruptcy Code and their proposed disclosure statement describing the Plan. The Plan contemplates that the Utility will disaggregate and restructure its business by transferring certain assets and liabilities of its traditional business lines to newly created limited liability companies. The Plan proposes that the majority of the assets and liabilities associated with the Utility's electric transmission business will be transferred to ETrans LLC (ETrans), the majority of the assets and liabilities associated with the Utility's gas transmission business will be transferred to GTrans LLC (GTrans), and the majority of the assets and liabilities associated with the Utility's generation business will be transferred to Electric Generation LLC (Gen) and its subsidiaries. The Utility also has created subsidiaries or affiliates to hold other assets and may create additional entities as deemed necessary. In addition, the Utility has created Newco Energy Corporation (Newco) to hold the membership interests of each of ETrans, GTrans and Gen. The Utility is the sole shareholder of Newco. The Plan proposes that certain other assets of the Utility deemed not essential to operations will be sold to third parties or transferred to one or more special purpose entities wholly-owned by Newco under the Pl
an. The Plan also proposes that the Utility will declare and, after the assets are transferred to the newly-formed entities, pay a dividend of all of the outstanding common stock of Newco to PG&E Corporation, and each of ETrans, GTrans and Gen will continue to be an indirect wholly-owned subsidiary of PG&E Corporation (the foregoing transactions are referred to herein collectively as the "Internal Restructurings"). The Reorganized Utility Debtor would retain the name "Pacific Gas and Electric Company." Finally, the Plan contemplates that on or as soon as practicable after the date on which the Plan becomes effective (Effective Date), PG&E Corporation will distribute the shares of the reorganized Utility's common stock it holds to the holders of PG&E Corporation common stock on a pro rata basis (hereinafter referred to as the "Spin Off"). On November 30, 2001, the Utility and PG&E Corporation on behalf of its subsidiaries ETrans, GTrans, and Gen, filed various applications with the Federal Energy Regulatory Commission (FERC) seeking approval to implement the proposed Internal Restructurings. Among other matters, the applications request that the FERC approve: On November 30, 2001, the Utility also filed applications with the NRC for approval to transfer the NRC operating licenses for the Diablo Canyon Nuclear Power Plant, Units 1 and 2 to Gen and one its subsidiaries and for the indirect transfer of the Humboldt Bay nuclear power plant (which is in the early stages of decommissioning) to the reorganized Utility. In addition, before the Plan can become effective, other regulatory approvals will be required, including approval from the Securities and Exchange Commission (SEC) for PG&E Corporation, a holding company exempt from registration under Section 3(a)(1) of the Public Utility Holding Company Act of 1935 (PUHCA) and Newco, which also will be a holding company exempt from registration under Section 3(a)(1) of PUHCA, to hold more than one public utility as of the date on which the Utility's assets are transferred to Gen and ETrans. This application is currently scheduled to be filed with the SEC in late December 2001. Some of the applications filed at the FERC included revised financial projections for each of the disaggregated entities for the period 2003 through 2005. These financial projections reflect updated assumptions and therefore differ from the financial projections and assumptions that were filed, along with the Plan and Disclosure Statement, with the Bankruptcy Court on September 20, 2001, and with the Securities and Exchange Commission as exhibits to the Current Report on Form 8-K filed by PG&E Corporation and the Utility on September 20, 2001. These revised financial projections and underlying assumptions are attached to this report as Exhibit 99.1. Copies of the voluminous filings are available through the Utility's website at http://apps.pge.com/regulation. It is anticipated that the FERC and NRC approvals will be obtained by August 1, 2002, assuming that evidentiary hearings are either limited in scope or not required. There can be no assurance that the regulatory approvals discussed will be obtained within the time anticipated or at all. If any of the required approvals are not obtained, PG&E Corporation and the Utility will be compelled to consider alternatives and the Plan, as currently contemplated, would not be consummated. In addition to the required regulatory approvals discussed above, the Bankruptcy Court must confirm the Plan and certain other conditions must be satisfied. Objections to Disclosure Statement Pursuant to the Bankruptcy Court's October 9, 2001 order, objections to the form of Disclosure Statement that was filed with the Bankruptcy Court on September 20, 2001, were due November 27, 2001. Approximately 70 objections to the Disclosure Statement have been filed, including objections seeking clarification of the proposed treatment of various claims and contractual relationships under the Plan (including with respect to environmental liabilities, tort claims, generator claims, certain water agency and irrigation district contracts and mainline extension contracts), the claims resolution process, the long-term debt proposed to be issued to creditors under the Plan, the assets and liabilities proposed to be transferred pursuant to the Plan and preemption issues. Some creditors have also complained about the proposed treatment of their claims under the Plan. Further, various counties and cities have filed objections regarding a variety of issues relating to payment of property taxes, franchise fees,
undergrounding fees, and the impact on their police and regulatory power, among other issues. The U.S. Trustee, among other things, has objected to the level of debt proposed to be issued by the reorganized Utility in light of the proposed asset transfers by the reorganized Utility, requested more valuation information to assess the fairness of the proposed asset transfers and debt issuances, requested more information regarding potential claims against PG&E Corporation, and questioned why the right to any benefits that may result from the Utility's pending federal lawsuit against the CPUC Commissioners for the recovery of the Utility's past wholesale power purchase costs from ratepayers would be transferred to PG&E Corporation. Both the State of California and the California Public Utilities Commission (CPUC), among others, have filed objections arguing that the Disclosure Statement contains inaccurate and/or inadequate information in numerous respects, and that the Plan is not confirmable as a matter of law on various grounds. The State, the CPUC and other parties also raise similar arguments as those raised in their respective adversary objections discussed below. The Utility Reform Network ("TURN") has also filed a lengthy objection arguing, among other things, that there is inadequate disclosure regarding the effect of the Plan on rates and treatment of gain on sale, and also requesting that amortization schedules for Gen debt after expiration of the 12-year bilateral power sales contract be provided. The Bankruptcy Court will consider the objections to the form of Disclosure Statement at the hearing scheduled to be held on December 19, 2001. Adversary Objections On November 6, 2001, the California Attorney General, on behalf of various state and local agencies, including the California Department of Water Resources (DWR), filed a brief with the Bankruptcy Court arguing that the Utility should be required to initiate adversary proceedings in the Bankruptcy Court in order to obtain the relief sought in the proposed Plan. The CPUC also filed a brief requesting that the Utility initiate such adversary proceedings, as did numerous other governmental entities and other entities. (Pursuant to the Bankruptcy Court's October 9, 2001 order with respect to the Disclosure Statement regarding the Plan, all briefs in support of an adversary proceeding were due November 6, 2001.) The Attorney General and the CPUC argue that, because the proposed Plan "would completely change the State of California's regulatory scheme governing energy generation, procurement and delivery and thwart State and local governments' respective exercise of their police and regulatory powers," an adversary proceeding is required to protect the State's due process rights and to provide the Bankruptcy Court a more informed proceeding in which to determine whether preemption of State and local laws as proposed in the Plan is permissible as a matter of law. On November 27, 2001, the Utility filed a brief in opposition to these adversary objections, arguing that none of the declaratory relief requested in the Plan (for example, that certain CPUC and local regulatory approvals are not required to consummate the transactions contemplated by the Plan) falls within the list of matters for which an adversary proceeding is required under the U.S. Bankruptcy Code. The Utility also argues that the Bankruptcy Code permits the injunctive relief requested in the Plan (for example, that officials of the CPUC and the State be prohibited from taking any action related to allocation or other treatment of any "gain on sale" related to assets transferred or disposed of under the Plan) to be granted without an adversary proceeding. It is not certain when the Bankruptcy Court will consider the adversary objections. Monthly Operating Report On November 30, 2001, Pacific Gas and Electric Company (Utility), a subsidiary of PG&E Corporation, filed its monthly operating report for the month ended October 31, 2001, with the U.S. Bankruptcy Court for the Northern District of California. The Utility's monthly operating report includes an unaudited income statement for the month and an unaudited balance sheet dated as of the end of the month. These unaudited financial statements are attached as Exhibit 99.2 to this report. The monthly operating report also includes a statement of receipts and disbursements, as well as other information. The preliminary financial statements were prepared using certain assumptions and estimates that are subject to revision. Any adjustments for these estimates (based upon changes in facts and circumstances, further analysis, and other factors) will be reflected in the financial statements in the period during which such adjustments are made. These adjustments could have a material impact on reported results i
n the future. B. Amendment of PG&E Corporation Credit Facility On November 19, 2001, PG&E Corporation signed an agreement to amend its current $1 billion aggregate term loan credit facility. The original credit facility, which was entered into with General Electric Capital Corporation and Lehman Commercial Paper Inc. on March 2, 2001, permitted PG&E Corporation to extend the term of the credit facility, which would otherwise expire on March 2, 2003, for an additional one year. The amendment gives PG&E Corporation the right to extend the term of the credit facility for two additional one-year periods so that the termination date could be extended to March 2, 2006. As a condition to exercise of each of the new extensions, PG&E Corporation will pay a fee of 3% of the then-outstanding balance of the loans under the facility, and also will issue to the lenders additional options equal to approximately 1% of the common stock of PG&E Corporation's indirect subsidiary, PG&E National Energy Group, Inc. C. Exposure to Enron Corporation As recently reported, Enron Corporation (Enron) currently owes the Utility damages as a result of an energy contract termination. The market value of the contract to be paid to the Utility upon termination is in dispute, but the Utility presented draws on letters of credit of approximately $100 million. One of the letter of credit banks has refused to honor draws in the approximate amount of $58 million. The Utility and the letter of credit bank are currently discussing the situation. Enron has submitted claims in the Utility's bankruptcy case for a gross amount of approximately $604 million, which amount is in dispute. Cautionary Statement Regarding Forward Looking Statements This report and Exhibit 99.1 hereto contain forward looking statements about the proposed Plan, projected financial information relating to the disaggregated entities and the various assumptions underlying such projections. These statements, financial projections and underlying assumptions, are necessarily subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward looking statements, financial projections, and summary of proposed terms of long-term debt. Although PG&E Corporation and the Utility are not able to predict all of the factors that may affect whether the Plan will be confirmed, or whether, if confirmed, it will become effective, some of the factors that could affect the outcome materially include: the pace of the Bankruptcy Court proceedings; the extent to which the Plan is amended or modified; legislative and regulatory initiatives regarding deregulation and restructuring of the electric and natural gas industrie
s in the United States, particularly in California; whether the Utility is able to obtain timely regulatory approvals or whether the Utility is able to obtain regulatory approvals at all; risks relating to the issuance of new debt securities by each of the disaggregated entities, including higher interest rates than are assumed in the financial projections which could affect the amount of cash raised to satisfy allowed claims, and the inability to successfully market the debt securities due to, among other reasons, an adverse change in market conditions or in the condition of the disaggregated entities before completion of the offerings; whether the Bankruptcy Court exercises its authority to pre-empt relevant non-bankruptcy law and if so, whether and the extent to which such assertion of jurisdiction is successfully challenged; whether a favorable tax ruling or opinion is obtained regarding the tax-free nature of the Internal Restructurings and the Spin Off; and the ability of the Utility to successfully di
saggregate its businesses. In particular, the financial projections, attached as Exhibit 99.1, have been prepared based upon certain assumptions that PG&E Corporation and the Utility believes to be reasonable under the circumstances, taking into account the purpose for which they were prepared. Those assumptions considered to be significant are described in the financial projections, which are also included in Exhibit 99.1. However, the financial projections were not prepared with a view toward compliance with the published guidelines of the SEC or the American Institute of Certified Public Accountants regarding projections or forecasts. In addition, the financial projections have not been examined or compiled by the independent accountants of the Utility or PG&E Corporation. Neither the Utility nor PG&E Corporation makes any representation as to the accuracy of the projections or the ability of the disaggregated entities to achieve the projected results. Many of the assumptions on which the projections are based
are subject to significant uncertainties. Inevitably, some assumptions will not materialize and unanticipated events and circumstances may affect the actual financial results. Therefore, the actual results achieved may vary from the projected results and the variations may be material. Item 7. Financial Statements, Pro Forma Financial Information, and Exhibits Exhibit 99.1 - Financial Projections and Underlying Assumptions related to proposed Plan of Reorganization Exhibit 99.2 - Pacific Gas and Electric Company Income Statement for the month ended October 31, 2001, and Balance Sheet dated October 31, 2001. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. PG&E CORPORATION By: ________________________________________ CHRISTOPHER P. JOHNS PACIFIC GAS AND ELECTRIC COMPANY By: ________________________________________ DINYAR B. MISTRY Dated: December 3, 2001 Exhibit 99.1 Assumptions - Nature and Limitations of Projections The financial projections included in the Disclosure Statement are dependent upon the successful implementation of the business plans of the Reorganized Debtor, ETrans, GTrans and Gen and the validity of the other assumptions contained therein. These projections reflect numerous assumptions, including confirmation and consummation of the Plan in accordance with its terms, continued access by the Reorganized Debtor, ETrans, GTrans and Gen to debt and equity markets, the continued availability of the working capital facilities contemplated by the Disclosure Statement, the anticipated future performance of the Reorganized Debtor, ETrans, GTrans and Gen, certain assumptions with respect to competitors of ETrans, GTrans and Gen, general business and economic conditions and other matters, many of which are beyond the control of the Reorganized Debtor, ETrans, GTrans and Gen. In addition, the risk factors outlined in the Disclosure Statement and unanticipated events and circumstances occurring subsequent to the preparation of the projections may affect the actual financial results of the
Reorganized Debtor, ETrans, GTrans and/or Gen. Although the Proponents believe that the projections are reasonably attainable, variations between the actual financial results and those projected may occur and may be material.| Significant Assumptions Regarding Plan Consummation The Debtor is assuming that the Plan shall be confirmed by the Bankruptcy Court for the purposes of these projections. The assumption of Plan confirmation incorporates the following significant assumptions:
Commission
File
Number
Registrant
as specified in
its charter
State or other
Jurisdiction of
Incorporation
IRS Employer
Identification
Number
Electric Company
77 Beale Street, P. O. Box 770000
San Francisco, California 94177
One Market, Spear Tower, Suite 2400
San Francisco, California 94105
(415) 973-7000
(415) 267-7000
SIGNATURE
CHRISTOPHER P. JOHNS
Senior Vice President and Controller
DINYAR B. MISTRY
Vice President and Controller
Significant Assumptions Regarding the Pre-Consummation Projections
Cash Balance At December 31, 2002
The Debtor expects to have cash available to reimburse creditors at year-end 2002 of about $3.9 billion. This amount is estimated based on the current cash balances, and taking into account various cash impacts through 2002. These impacts include reductions for restricted funds, outstanding checks and all operating receipts and disbursements. Capital expenditures included in the forecast total $1.3 billion in 2001 and $1.6 billion in 2002.
Earnings For 2001 -2002
Earnings over the period 2001 - 2002 reflect both earnings from ongoing utility operations, as well as non-recurring items such as the impact of FERC-ordered refunds and reversal of charges for costs the Debtor believes are invalid. Starting common equity balances in 2003 incorporate these earnings.
The Distribution Company (Reorganized Debtor)
B. Significant Assumptions Regarding the Projections for the Reorganized Debtor
Income Statement
Total Operating Revenues
Revenues include customer payments for electric and gas distribution services, electric transmission and gas transmission services, electric and gas energy procurement purchases (excluding DWR sources of electricity), public purpose programs and Rate Reduction Bonds.
Operating Expenses
Interest Expense
Other Income
Income Taxes
Dividends
Balance Sheet
Starting balances are based on separation of the assets into the lines of business as described in the POR and Disclosure Statement. Generally, balances of assets and liabilities are either held constant at their starting level, or are taken as a percentage of a revenue or expense. Plant in service, construction work in progress, common stock and long-term debt are dynamic balances, changing as a function of cash from operations and capital expenditures. Cash balances are assumed to be zero, since any excess cash is either netted against short-term borrowings or is used to buy back long-term debt and equity in order to meet the assumed capital structure targets for each year. For the Distribution Business, the targeted debt/capital ratio is less than 50%, declining from an initial debt/capital ratio of 51%.
Cash Flow Statement
Cash from operations is estimated by adding back depreciation and deferred taxes to net income, plus changes in working capital. Seasonal variations in receipts and reimbursements will cause these average requirements to fluctuate within a range of approximately +/- $250 million.
The Generation Company (Gen)
Table 1. Gen Capability
|
Capacity (MW) |
Hydro (incl. Helms) |
3,896 |
Diablo Canyon |
2,174 |
Irrigation Districts |
1,048 |
Total |
7,118 |
Income Statement
Total Operating Revenues
Operating Expenses
1. Total Cost of Energy represents the cost of nuclear fuel for Diablo Canyon, as well as the spent fuel storage fee imposed by the Department of Energy.
2. M&O and A&G Costs - - Hydro and Helms
3. M&O and A&G Costs - - Diablo Canyon
4. M&O and A&G Costs - - Irrigation District Contracts
5. Depreciation and Decommissioning - - Depreciation expense is almost entirely for PG&E conventional hydro. Depreciation expense on hydro assumes a 35 year remaining life on gross plant. Diablo Canyon, Helms, and one conventional hydro project (South Yuba) have previously been expensed for financial reporting purposes.
Total Interest Income
Interest Expense
Income Taxes
Balance Sheet
Assets
Net Plant
Other Noncurrent Assets
Short-term Investments (Net)
Current Assets
Accounts Receivable - Customers
Other Current Assets
Capitalization
Common Stock Equity
Other Long Term Debt
Current Liabilities
Accounts Payable - Creditors
Deferred Credits and Other NC Liabilities
Deferred Income Taxes
Other Noncurrent Liab.
Cash Flow Statement
Cash Flows From Operations
Investing Activities
Capital Expenditures
Hydro and Helms
1. Capital spending is divided into normal capital and mandated capital costs. The normal capital spending forecast is the same as that contained in the Revenue Sharing Agreement.
2. Mandated capital costs, like mandated expenses, are capital costs incurred as a result of an order from a government agency or regulatory body. Mandated capital costs are based on a Company forecast and average $16 million (2001$) over the first 10 years.
Diablo Canyon
Irrigation District Contracts
Financing Activities
The Electric Transmission Company (ETrans)
1. ETrans will operate as an independent electric transmission company, selling transmission services to wholesale customers (other utilities), and to electric generators. ETrans will not procure electricity or ancillary services, except to the extent already required under existing transmission contracts to be assumed by ETrans and to meet any obligations under an ISO or RTO. ETrans' transmission network capacity will be controlled by the ISO/RTO.
2. ETrans will own electric facilities at voltages 60 kilovolts and above, including substations and telecommunications infrastructure.
Income Statement
Total Operating Revenues
1. Operating revenues are estimated by assuming that ETrans' transmission rates are set annually by FERC. Authorized returns on common equity are 12.5% in 2003-2004, and 12.0% in 2005.
2. Authorized revenues are assumed to be increased each year to reflect additions of new transmission plant, and the effects of inflation on operating costs.
Operating Expenses
1. Grid Services - - The amounts on this line include the expenses of reliability-must-run (RMR) contracts. RMR costs are assumed to total about $250 million/year.
2. M&O and A&G Costs are the costs of operating and maintaining ETrans' electric infrastructure for delivering energy. These expenses are for the portion of costs that are not capitalized, and include employee compensation and benefits, payroll taxes, materials and supplies, contract labor, franchise fees paid to the cities and counties ETrans serves, and other costs and fees.
3. Depreciation & Decommissioning - - Depreciation expense is estimated as a function of investment in plant, and computed using currently approved depreciation rates.
4. Property & Other Taxes - - Property Tax is estimated at about 1% of net plant.
5. Total Interest Income - - ETrans is assumed to not carry a cash balance, and not to have any balancing account interest income.
Interest Expense
Other Income
Income Taxes
Preferred Dividend Req
Balance Sheet
Starting balances are based on separation of the assets into the lines of business as described in the POR and Disclosure Statement. Generally, balances of assets and liabilities are either held constant at their starting level, or are taken as a percentage of a revenue or expense. Plant in service, construction work in progress, common stock and long-term debt are dynamic balances, changing as a function of cash from operations and capital expenditures. Cash balances are shown as zero, since any excess cash is offset against short-term debt, or is used to buy back debt and equity in order to meet the assumed capital structure targets for each year.
Plant in Service
Changes in Plant in Service are based on business unit forecasts of annual capital expenditures during the forecast period, which in turn are based on current business plans and projections. Significant capital expenditures for capacity additions, including Path 15, are included in the forecast.
Cash Flow Statement
1. Cash from operations is estimated by adding back depreciation and deferred taxes to net income, plus any change in working capital. Cash from operations over the forecast period is insufficient to fund ETrans' capital spending program over this period. As result, external financing, both equity and debt, is required. Equity infusions are assumed to be funded by the parent company, either through internally generated funds from other businesses or from stock issuance.
2. Working capital is estimated based on year-end recorded balances.
The Gas Transmission Company (GTrans)
1. GTrans will operate as an independent, FERC-regulated interstate gas transmission company, and will provide open access, non-discriminatory gas transportation, storage and related services to local gas and electric distribution companies, gas marketers, electric generators and other credit-worthy parties. GTrans will focus on providing open access transportation and related services, and, at least initially, will not buy and sell natural gas or other commodities.
2. GTrans will own gas transmission lines above 60 psig, including approximately 6,300 miles of pipelines, three underground storage facilities, eight compressor stations and certain end-use customer service lines. In addition, GTrans will receive all other assets currently used primarily to support the gas transmission business, except the Reorganized Debtor will retain gas gathering facilities and operations.
Income Statement
Total Operating Revenues
Operating Expenses
1. Total Cost of Energy - - The amounts on this line are zero, since GTrans has no plans to market natural gas commodity sales to its customers. Natural gas used to operate GTrans' compressor stations and to reflect other line losses will be collected from shippers through an "in-kind" shrinkage adjustment.
2. M&O and A&G Costs - - Maintenance and Operation (M&O) costs are based on GTrans' current forecast for 2002, and are escalated thereafter. These are the costs of operating and maintaining GTrans' infrastructure for delivering and storing natural gas. These expenses are for the portion of costs that are not capitalized, and include employee compensation and benefits, payroll taxes, materials and supplies, contract labor, franchise fees paid to cities and counties, and other costs and fees. Activities covered by these costs include pipeline, underground storage, and right-of-way maintenance. Administrative and General (A&G) costs represent the administrative costs of running the business. These costs also are forecast based on 2002 estimates.
3. Depreciation & Decommissioning expense is estimated as a function of investment in plant, and computed using currently-approved depreciation rates.
4. Property and Other taxes, such as Franchise Fees, are estimated based on the sum of 1% of net plant and 1% of revenues.
Total Interest Income
Interest Expense
Other Income
Income Taxes
Preferred Dividend Req
Balance Sheet
Starting balances are based on separation of the assets into the lines of business as described in the POR and Disclosure Statement. Generally, balances of assets and liabilities are either held constant at their starting level, or are taken as a percentage of a revenue or expense. Plant in service, construction work in progress, common stock and long-term debt are dynamic balances, changing as a function of cash from operations and capital expenditures. Cash balances are assumed to be zero, since any excess cash is used to offset short-term debt or is used to buy back debt and equity in order to meet the assumed capital structure targets for each year.
Plant in Service
Changes in Plant in Service are based GTrans' expected annual capital expenditures during the forecast period, which in turn are based on current business plans and projections. These forecasts reflect the forecasted timing of plant additions. Significant capital expenditures for pipeline and storage capacity additions are included in the forecast.
Cash Flow Statement
Cash from operations is estimated by adding back depreciation and deferred taxes to net income, plus any change in working capital.
Reorganized Debtor |
($Millions) |
|||
|
12/31/02 |
12/31/03 |
12/31/04 |
12/31/05 |
INCOME STATEMENT |
||||
Total Operating Revenues* |
9461.6 |
9445.2 |
9712.7 |
|
Operating Expenses: |
||||
Total Cost of Energy* |
5400.4 |
5230.7 |
5364.7 |
|
M&O and A&G Costs |
1843.0 |
1878.0 |
1893.4 |
|
Depreciation & Decommissioning |
731.7 |
738.1 |
752.7 |
|
Property & Other Taxes |
109.3 |
110.8 |
112.1 |
|
RRB Asset Amortization |
290.1 |
290.1 |
290.1 |
|
Total Operating Expenses |
8374.4 |
8247.8 |
8413.0 |
|
Operating Income |
1087.2 |
1197.4 |
1299.7 |
|
Total Interest Income |
16.0 |
9.9 |
9.4 |
|
Interest Expense (Excl RRBs) |
372.5 |
354.4 |
364.4 |
|
RRB Interest |
87.9 |
68.9 |
50.3 |
|
Total Interest Expense |
460.4 |
423.3 |
414.7 |
|
Other Income |
(36.3) |
(42.7) |
(45.8) |
|
Pretax Income |
606.5 |
741.3 |
848.6 |
|
Total Booked Income Taxes |
196.3 |
255.5 |
298.5 |
|
Preferred Dividend Req |
22.6 |
23.0 |
23.9 |
|
Total Earnings Avail for Common |
387.7 |
462.8 |
526.3 |
|
* Excludes Receipts and Disbursements for CDWR Procurement. |
Reorganized Debtor |
($Millions) |
|||
|
12/31/02 |
12/31/03 |
12/31/04 |
12/31/05 |
BALANCE SHEET |
||||
Assets: |
||||
Plant in Service |
19743.0 |
20795.2 |
21544.3 |
22282.6 |
Accumulated Depr |
(9169.4) |
(9901.1) |
(10495.3) |
(11058.7) |
Net Plant |
10573.5 |
10894.1 |
11049.1 |
11223.9 |
Construction Work In Progress |
140.5 |
142.0 |
143.5 |
145.4 |
Other Noncurrent Assets |
64.4 |
64.4 |
64.4 |
64.4 |
Total Long-term Assets |
10778.5 |
11100.6 |
11257.0 |
11433.7 |
Current Assets: |
||||
Short-term Investments (Net) |
0.0 |
0.0 |
0.0 |
0.0 |
Accounts Receivable |
1692.5 |
1731.4 |
1770.3 |
1801.7 |
Balancing Accts Receivable |
0.0 |
0.0 |
0.0 |
0.0 |
Inventory - Fuels |
168.7 |
165.8 |
163.0 |
163.4 |
Inventory - M&S |
64.2 |
65.9 |
67.6 |
69.2 |
Total Current Assets |
1925.4 |
1963.1 |
2000.9 |
2034.3 |
Deferred Charges: |
||||
Expense Deferral (Reg Assets) |
1545.0 |
1254.9 |
964.8 |
674.7 |
Other Deferred Charges |
1418.3 |
1418.3 |
1418.3 |
1418.3 |
Total Deferred Charges |
2963.3 |
2673.2 |
2383.1 |
2093.0 |
TOTAL ASSETS |
15667.1 |
15736.9 |
15641.0 |
15561.0 |
Reorganized Debtor |
($Millions) |
|||
|
12/31/02 |
12/31/03 |
12/31/04 |
12/31/05 |
Capitalization: |
||||
Common Stock Equity |
4221.5 |
4631.7 |
4837.9 |
4985.7 |
Preferred Stock (incl QUIDS) |
423.5 |
419.7 |
434.9 |
448.0 |
RRBs Outstanding |
1160.4 |
870.3 |
580.2 |
290.1 |
Other Long-term Debt |
4700.2 |
4689.1 |
4814.1 |
4962.3 |
Total Capitalization |
10505.6 |
10610.8 |
10667.1 |
10686.2 |
Current Liabilities: |
||||
Short-Term Borrowings |
164.8 |
164.2 |
161.4 |
161.8 |
Accounts Payable - Creditors |
1050.5 |
1082.3 |
||
Accounts Payable - Affiliates |
0.0 |
0.0 |
||
Balancing Accounts Payable |
29.3 |
29.1 |
28.9 |
28.6 |
Accrued Taxes Payable |
567.8 |
567.8 |
540.7 |
543.8 |
Current Portion of RRBs |
290.1 |
290.1 |
290.1 |
290.1 |
Long-Term Debt - Current |
0.0 |
0.0 |
0.0 |
0.0 |
Interest Payable |
41.9 |
37.2 |
32.4 |
33.4 |
Dividends Payable |
0.0 |
0.0 |
0.0 |
0.0 |
Other Current Liabilities |
610.4 |
610.4 |
610.4 |
610.4 |
Total Current Liabilities |
2677.8 |
2710.8 |
2714.3 |
2750.4 |
Deferred Credits and Other NC Liabilities: |
||||
Deferred Income Taxes |
821.8 |
729.7 |
637.6 |
557.0 |
Deferred ITC |
108.3 |
103.8 |
99.4 |
94.9 |
Noncurrent Balancing Acct Liab |
0.0 |
0.0 |
0.0 |
0.0 |
Customer Advances for Construction |
123.9 |
126.8 |
||
Other Deferred Credits |
1301.9 |
1301.9 |
1301.9 |
1301.9 |
Other Noncurrent Liab. |
134.6 |
158.1 |
96.7 |
43.7 |
Total Deferred Credits & NC Liab |
2483.7 |
2415.3 |
2259.6 |
2124.4 |
TOTAL CAPITAL & LIABILITIES |
15667.1 |
15736.9 |
15641.0 |
15561.0 |
Reorganized Debtor |
($Millions) |
|||
|
12/31/02 |
12/31/03 |
12/31/04 |
12/31/05 |
CASH FLOW STATEMENT |
||||
Cash Flows From Operations: |
||||
Net Income |
410.3 |
485.7 |
550.2 |
|
Depreciation |
717.0 |
738.1 |
752.7 |
|
Change in Deferred Taxes |
(92.1) |
(96.5) |
(85.1) |
|
Change in Accts Receivable |
(38.9) |
(38.9) |
(31.4) |
|
Change in Inventories |
1.2 |
1.2 |
(2.0) |
|
Change in Accts Payable |
38.5 |
38.5 |
31.8 |
|
Change in Accrued Taxes Payable |
0.0 |
(27.2) |
3.1 |
|
Change in Bal Accts & Reg Asset Amort |
289.8 |
|||
Change in Other Working Capital |
0.0 |
(4.8) |
1.0 |
|
Other Net Cash from Operations |
56.5 |
1.6 |
2.0 |
|
Net Cash from Operations |
1382.4 |
1387.6 |
1512.2 |
|
Investing Activities: |
||||
Capital Expenditures |
(1053.8) |
(955.4) |
(981.7) |
|
Other Net Investing Activities |
0.0 |
0.0 |
0.0 |
|
Net Cash Used In Investing |
(1053.8) |
(955.4) |
(981.7) |
|
Financing Activities: |
||||
Common Stock Issued (Repurchased) |
(378.5) |
|||
Preferred Stock Issued |
0.0 |
22.0 |
20.0 |
|
Preferred Stock redeemed |
(3.8) |
(6.9) |
(6.9) |
|
Long-term Debt issued |
(11.1) |
125.1 |
148.2 |
|
Long-term Debt matured/redeemed |
(0.0) |
0.0 |
0.0 |
|
Long-term Debt purch/sinking |
0.0 |
0.0 |
0.0 |
|
RRB Principal Repayments |
(290.1) |
(290.1) |
(290.1) |
|
Change in Short-term Position |
(0.6) |
(2.8) |
0.4 |
|
Dividends Disbursed |
(22.9) |
(22.9) |
(23.7) |
|
Other Net Financing Activities |
0.0 |
0.0 |
0.0 |
|
Net Cash Used In Financing |
(328.5) |
(432.2) |
(530.5) |
|
Net Change in Cash |
0.0 |
0.0 |
0.0 |
|
ETrans |
($Millions) |
|||
12/31/02 |
12/31/03 |
12/31/04 |
12/31/05 |
|
INCOME STATEMENT |
||||
Total Operating Revenues |
751.6 |
813.7 |
863.9 |
|
Operating Expenses: |
||||
Grid Services |
263.0 |
260.9 |
258.9 |
|
M&O and A&G Costs |
166.3 |
169.4 |
172.6 |
|
Depreciation |
99.9 |
112.7 |
125.4 |
|
Property & Other Taxes |
20.9 |
24.1 |
27.3 |
|
Total Operating Expenses |
550.0 |
567.2 |
584.2 |
|
Operating Income |
201.6 |
246.6 |
279.7 |
|
Total Interest Income |
0.0 |
0.0 |
0.0 |
|
Total Interest Expense |
81.2 |
85.4 |
95.5 |
|
Other Income |
11.8 |
7.9 |
6.5 |
|
Pretax Income |
132.2 |
169.1 |
190.7 |
|
Total Booked Income Taxes |
53.9 |
68.9 |
77.7 |
|
Preferred Dividend Req |
0.0 |
0.0 |
0.0 |
|
Total Earnings Avail for Common |
78.3 |
100.2 |
113.0 |
ETrans |
($Millions) |
|||
12/31/02 |
12/31/03 |
12/31/04 |
12/31/05 |
|
BALANCE SHEET |
||||
Assets: |
||||
Plant in Service |
2866.9 |
3288.6 |
3625.7 |
3961.8 |
Accumulated Depr |
(1163.5) |
(1263.4) |
(1320.3) |
(1385.2) |
Net Plant |
1703.3 |
2025.2 |
2305.4 |
2576.6 |
Construction Work In Progress |
204.5 |
130.7 |
56.9 |
57.9 |
Other Noncurrent Assets |
0.0 |
0.0 |
0.0 |
0.0 |
Total Long-term Assets |
1907.9 |
2155.9 |
2362.3 |
2634.5 |
Current Assets: |
||||
Short-term Investments (Net) |
0.0 |
0.0 |
0.0 |
0.0 |
Accounts Receivable |
73.7 |
80.3 |
86.9 |
92.3 |
Other Current Assets |
5.8 |
5.9 |
6.1 |
6.1 |
Total Current Assets |
79.5 |
86.3 |
93.0 |
98.5 |
Deferred Charges |
204.3 |
204.3 |
204.3 |
204.3 |
TOTAL ASSETS |
2191.6 |
2446.4 |
2659.6 |
2937.2 |
ETrans |
($Millions) |
|||
12/31/02 |
12/31/03 |
12/31/04 |
12/31/05 |
|
Capitalization: |
||||
Common Stock Equity |
536.6 |
790.6 |
890.7 |
1008.4 |
Preferred Stock (incl QUIDS) |
0.0 |
0.0 |
0.0 |
0.0 |
Other Long-term Debt |
1050.0 |
1050.0 |
1158.7 |
1311.7 |
Total Capitalization |
1586.6 |
1840.6 |
2049.4 |
2320.1 |
Current Liabilities: |
||||
Short-Term Borrowings (Net) |
0.0 |
0.0 |
0.0 |
0.0 |
Accounts Payable |
42.2 |
42.3 |
42.4 |
42.6 |
Balancing Accounts Payable |
0.0 |
0.0 |
0.0 |
0.0 |
Accrued Taxes Payable |
45.0 |
45.5 |
45.9 |
46.6 |
Long-Term Debt - Current |
0.0 |
0.0 |
0.0 |
0.0 |
Interest Payable |
0.0 |
0.0 |
0.0 |
0.0 |
Dividends Payable |
0.0 |
0.0 |
0.0 |
0.0 |
Other Current Liabilities |
42.4 |
42.4 |
42.4 |
42.4 |
Total Current Liabilities |
129.6 |
130.2 |
130.7 |
131.5 |
Deferred Credits and Other NC Liabilities: |
||||
Deferred Income Taxes |
303.2 |
307.3 |
311.4 |
318.0 |
Deferred ITC |
14.2 |
13.6 |
13.1 |
12.6 |
Noncurrent Balancing Acct Liab |
0.0 |
0.0 |
0.0 |
0.0 |
Customer Advances for Construction |
0.0 |
0.0 |
0.0 |
0.0 |
Other Deferred Credits |
154.0 |
154.4 |
154.9 |
155.0 |
Other Noncurrent Liab. |
4.1 |
0.3 |
0.0 |
(0.0) |
Total Deferred Credits & NC Liab |
475.5 |
475.7 |
479.4 |
485.5 |
TOTAL CAPITAL & LIABILITIES |
2191.6 |
2446.4 |
2659.6 |
2937.2 |
ETrans |
($Millions) |
|||
12/31/02 |
12/31/03 |
12/31/04 |
12/31/05 |
|
CASH FLOW STATEMENT |
||||
Cash Flows From Operations: |
||||
Net Income |
78.3 |
100.2 |
113.0 |
|
Depreciation |
99.9 |
112.7 |
125.4 |
|
Change in Deferred Taxes |
3.6 |
3.6 |
6.1 |
|
Change in Accts Receivable |
(6.6) |
(6.6) |
(5.4) |
|
Change in Inventories |
0.0 |
0.0 |
0.0 |
|
Change in Accts Payable |
0.1 |
0.1 |
0.1 |
|
Change in Accrued Taxes Payable |
0.7 |
|||
Change in Other Working Capital |
0.0 |
|||
Other Net Cash from Operations |
(1.4) |
0.0 |
0.0 |
|
Net Cash from Operations |
174.3 |
210.4 |
239.9 |
|
Investing Activities: |
||||
Capital Expenditures |
(347.9) |
(319.1) |
(397.6) |
|
Other Net Investing Activities |
(2.9) |
0.0 |
0.0 |
|
Net Cash Used In Investing |
(350.9) |
(319.1) |
(397.6) |
|
Financing Activities: |
||||
Common Stock Issued (Repurchased) |
4.7 |
|||
Preferred Stock Issued |
0.0 |
0.0 |
0.0 |
|
Preferred Stock redeemed |
0.0 |
0.0 |
0.0 |
|
Long-term Debt issued |
0.0 |
108.7 |
153.0 |
|
Long-term Debt matured/redeemed |
0.0 |
|||
Long-term Debt purch/sinking |
0.0 |
0.0 |
0.0 |
|
Change in Short-term Position |
0.0 |
0.0 |
0.0 |
|
Dividends Disbursed |
0.0 |
0.0 |
0.0 |
|
Other Net Financing Activities |
0.0 |
0.0 |
0.0 |
|
Net Cash Used In Financing |
176.5 |
108.7 |
157.7 |
|
Net Change in Cash |
0.0 |
0.0 |
0.0 |
GTrans |
($Millions) |
|||
12/31/02 |
12/31/03 |
12/31/04 |
12/31/05 |
|
INCOME STATEMENT |
||||
Total Operating Revenues |
430.5 |
433.0 |
456.3 |
|
Operating Expenses: |
||||
Total Cost of Energy |
0.0 |
0.0 |
0.0 |
|
M&O and A&G Costs |
130.2 |
134.1 |
138.3 |
|
Depreciation |
77.2 |
81.4 |
83.8 |
|
Property & Other Taxes |
19.7 |
21.7 |
22.4 |
|
Total Operating Expenses |
227.0 |
237.1 |
244.5 |
|
Operating Income |
203.5 |
195.9 |
211.7 |
|
Total Interest Income |
0.0 |
0.0 |
0.0 |
|
Total Interest Expense |
70.1 |
71.5 |
70.0 |
|
Other Income |
2.6 |
3.2 |
1.9 |
|
Pretax Income |
135.9 |
127.5 |
143.6 |
|
Total Booked Income Taxes |
55.4 |
52.0 |
58.5 |
|
Preferred Dividend Req |
0.0 |
0.0 |
0.0 |
|
Total Earnings Avail for Common |
80.5 |
75.6 |
85.1 |
GTrans |
($Millions) |
|||
12/31/02 |
12/31/03 |
12/31/04 |
12/31/05 |
|
BALANCE SHEET |
||||
Assets: |
||||
Plant in Service |
2794.7 |
2886.0 |
3062.2 |
3108.9 |
Accumulated Depr |
(1110.3) |
(1187.5) |
(1214.9) |
(1272.0) |
Net Plant |
1684.3 |
1698.5 |
1847.2 |
1836.9 |
Construction Work In Progress |
10.0 |
37.8 |
9.9 |
28.5 |
Other Noncurrent Assets |
0.0 |
0.0 |
0.0 |
0.0 |
Total Long-term Assets |
1694.3 |
1736.2 |
1857.1 |
1865.4 |
Current Assets: |
||||
Short-term Investments (Net) |
0.0 |
0.0 |
0.0 |
0.0 |
Accounts Receivable |
45.7 |
46.0 |
46.3 |
48.8 |
Other Current Assets |
6.5 |
6.7 |
6.9 |
7.0 |
Total Current Assets |
52.2 |
52.7 |
53.1 |
55.8 |
Deferred Charges |
104.7 |
104.7 |
104.7 |
104.7 |
TOTAL ASSETS |
1851.3 |
1893.6 |
2014.9 |
2025.8 |
GTrans |
($Millions) |
|||
12/31/02 |
12/31/03 |
12/31/04 |
12/31/05 |
|
Capitalization: |
||||
Common Stock Equity |
485.9 |
544.9 |
617.3 |
692.8 |
Preferred Stock (incl QUIDS) |
0.0 |
0.0 |
0.0 |
0.0 |
Other Long-term Debt |
900.0 |
900.0 |
938.7 |
861.7 |
Total Capitalization |
1385.9 |
1444.9 |
1556.0 |
1554.5 |
Current Liabilities: |
||||
Short-Term Borrowings |
0.0 |
0.0 |
0.0 |
0.0 |
Accounts Payable |
12.5 |
12.8 |
13.2 |
13.6 |
Balancing Accounts Payable |
0.0 |
0.0 |
0.0 |
0.0 |
Accrued Taxes Payable |
(16.9) |
(16.8) |
(16.6) |
(16.5) |
Long-Term Debt - Current |
0.0 |
0.0 |
0.0 |
0.0 |
Interest Payable |
0.0 |
0.0 |
0.0 |
0.0 |
Dividends Payable |
0.0 |
0.0 |
0.0 |
0.0 |
Other Current Liabilities |
34.5 |
34.5 |
34.5 |
34.5 |
Total Current Liabilities |
30.0 |
30.6 |
31.1 |
31.6 |
Deferred Credits and Other NC Liabilities: |
||||
Deferred Income Taxes |
278.2 |
288.3 |
298.3 |
310.5 |
Deferred ITC |
10.2 |
9.7 |
9.3 |
8.8 |
Noncurrent Balancing Acct Liab |
0.0 |
0.0 |
0.0 |
0.0 |
Customer Advances for Construction |
0.0 |
0.0 |
||
Other Deferred Credits |
120.4 |
120.1 |
119.8 |
121.8 |
Other Noncurrent Liab. |
26.6 |
0.0 |
0.4 |
(1.4) |
Total Deferred Credits & NC Liab |
435.4 |
418.1 |
427.8 |
439.7 |
TOTAL CAPITAL & LIABILITIES |
1851.3 |
1893.6 |
2014.9 |
2025.8 |
GTrans |
($Millions) |
|||
12/31/02 |
12/31/03 |
12/31/04 |
12/31/05 |
|
CASH FLOW STATEMENT |
||||
Cash Flows From Operations: |
||||
Net Income |
80.5 |
75.6 |
85.1 |
|
Depreciation |
77.2 |
81.4 |
83.8 |
|
Change in Deferred Taxes |
10.1 |
9.6 |
11.7 |
|
Change in Accts Receivable |
0.3 |
(0.3) |
(2.5) |
|
Change in Inventories |
0.0 |
0.0 |
0.0 |
|
Change in Accts Payable |
0.3 |
0.4 |
0.4 |
|
Change in Accrued Taxes Payable |
0.1 |
|||
Change in Other Working Capital |
0.0 |
|||
Other Net Cash from Operations |
(27.8) |
1.3 |
(0.2) |
|
Net Cash from Operations |
140.6 |
168.1 |
178.4 |
|
Investing Activities: |
||||
Capital Expenditures |
(119.1) |
(203.6) |
(91.8) |
|
Other Net Investing Activities |
(0.0) |
0.0 |
0.0 |
|
Net Cash Used In Investing |
(119.1) |
(203.6) |
(91.8) |
|
Financing Activities: |
||||
Common Stock Issued (Repurchased) |
(9.6) |
|||
Preferred Stock Issued |
0.0 |
0.0 |
0.0 |
|
Preferred Stock redeemed |
0.0 |
0.0 |
0.0 |
|
Long-term Debt issued |
0.0 |
38.7 |
(77.0) |
|
Long-term Debt matured/redeemed |
0.0 |
|||
Change in Short-term Position |
0.0 |
0.0 |
0.0 |
|
Dividends Disbursed |
0.0 |
0.0 |
0.0 |
|
Other Net Financing Activities |
0.0 |
0.0 |
0.0 |
|
Net Cash Used In Financing |
(21.4) |
35.5 |
(86.6) |
|
Net Change in Cash |
0.0 |
0.0 |
0.0 |
Gen |
($Millions) |
|||
12/31/02 |
12/31/03 |
12/31/04 |
12/31/05 |
|
INCOME STATEMENT |
||||
Total Operating Revenues |
1472.5 |
1492.4 |
1509.7 |
|
Operating Expenses: |
||||
Total Cost of Energy |
95.7 |
89.5 |
93.8 |
|
M&O and A&G Costs |
533.2 |
570.2 |
519.4 |
|
Depreciation |
49.4 |
52.7 |
62.5 |
|
Property & Other Taxes |
66.1 |
66.8 |
68.3 |
|
Total Operating Expenses |
744.4 |
779.3 |
743.9 |
|
Operating Income |
728.1 |
713.1 |
765.8 |
|
Total Interest Income |
0.0 |
0.0 |
0.0 |
|
Total Interest Expense |
196.8 |
196.8 |
193.2 |
|
Other Income |
79.4 |
88.5 |
95.9 |
|
Pretax Income |
610.7 |
604.8 |
668.4 |
|
Total Booked Income Taxes |
247.4 |
245.0 |
271.0 |
|
Preferred Dividend Req |
0.0 |
0.0 |
0.0 |
|
Total Earnings Avail for Common |
363.3 |
359.8 |
397.5 |
Gen |
($Millions) |
|||
12/31/02 |
12/31/03 |
12/31/04 |
12/31/05 |
|
BALANCE SHEET |
||||
Assets: |
||||
Plant in Service |
9513.9 |
9603.5 |
9703.4 |
9912.0 |
Accumulated Depr |
(8640.3) |
(8689.8) |
(8742.5) |
(8804.9) |
Net Plant |
873.6 |
913.8 |
960.9 |
1107.0 |
Construction Work In Progress |
1.0 |
25.3 |
66.5 |
0.0 |
Other Noncurrent Assets |
1389.3 |
1466.6 |
1548.8 |
1636.2 |
Total Long-term Assets |
2263.9 |
2405.7 |
2576.2 |
2743.3 |
Current Assets: |
||||
Short-term Investments (Net) |
0.0 |
168.2 |
339.0 |
344.0 |
Accounts Receivable |
200.3 |
181.5 |
184.0 |
186.1 |
Inventory - M&S |
66.0 |
66.0 |
66.0 |
66.0 |
Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
Total Current Assets |
266.3 |
415.8 |
589.0 |
596.1 |
Deferred Charges |
0.0 |
0.0 |
0.0 |
0.0 |
TOTAL ASSETS |
2530.1 |
2821.5 |
3165.2 |
3339.4 |
Gen |
($Millions) |
|||
12/31/02 |
12/31/03 |
12/31/04 |
12/31/05 |
|
Capitalization: |
||||
Common Stock Equity |
(1183.2) |
(996.4) |
(755.8) |
(590.0) |
Preferred Stock (incl QUIDS) |
0.0 |
0.0 |
0.0 |
0.0 |
Other Long-term Debt |
2400.0 |
2400.0 |
2400.0 |
2226.7 |
Total Capitalization |
1216.8 |
1403.6 |
1644.2 |
1636.7 |
Current Liabilities: |
||||
Short-Term Borrowings |
0.0 |
0.0 |
0.0 |
0.0 |
Accounts Payable |
72.9 |
76.2 |
79.4 |
73.2 |
Long-Term Debt - Current |
0.0 |
0.0 |
0.0 |
86.6 |
Interest Payable |
0.0 |
0.0 |
0.0 |
0.0 |
Dividends Payable |
0.0 |
0.0 |
0.0 |
0.0 |
Other Current Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
Total Current Liabilities |
72.9 |
76.2 |
79.4 |
159.9 |
Deferred Credits and Other NC Liabilities: |
||||
Deferred Income Taxes |
5.9 |
30.0 |
48.9 |
64.2 |
Deferred ITC |
0.0 |
0.0 |
0.0 |
0.0 |
Other Deferred Credits |
0.0 |
0.0 |
0.0 |
0.0 |
Other Noncurrent Liab. |
1234.6 |
1311.8 |
1392.6 |
1478.6 |
Total Deferred Credits & NC Liab |
1240.5 |
1341.8 |
1441.5 |
1542.8 |
TOTAL CAPITAL & LIABILITIES |
2530.1 |
2821.5 |
3165.2 |
3339.4 |
Gen |
($Millions) |
|||
12/31/02 |
12/31/03 |
12/31/04 |
12/31/05 |
|
CASH FLOW STATEMENT |
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Cash Flows From Operations: |
||||
Net Income |
363.3 |
359.8 |
397.5 |
|
Depreciation |
49.4 |
52.7 |
62.5 |
|
Change in Deferred Taxes |
24.1 |
18.9 |
15.3 |
|
Change in Accts Receivable |
18.7 |
(2.4) |
(2.1) |
|
Change in Inventories |
0.0 |
0.0 |
0.0 |
|
Change in Accts Payable |
3.3 |
3.3 |
(6.2) |
|
Change in Accrued Taxes Payable |
0.0 |
|||
Change in Other Working Capital |
0.0 |
|||
Other Net Cash from Operations |
(0.1) |
(1.4) |
(1.4) |
|
Net Cash from Operations |
458.7 |
430.8 |
465.5 |
|
Investing Activities: |
||||
Capital Expenditures |
(113.9) |
(141.0) |
(142.1) |
|
Other Net Investing Activities |
0.0 |
0.0 |
0.0 |
|
Net Cash Used In Investing |
(113.9) |
(141.0) |
(142.1) |
|
Financing Activities: |
||||
Common Stock Issued (Repurchased) |
(231.8) |
|||
Preferred Stock Issued |
0.0 |
0.0 |
0.0 |
|
Preferred Stock redeemed |
0.0 |
0.0 |
0.0 |
|
Long-term Debt issued |
0.0 |
0.0 |
0.0 |
|
Long-term Debt matured/redeemed |
(86.6) |
|||
Long-term Debt purch/sinking |
0.0 |
0.0 |
0.0 |
|
Change in Short-term Position |
0.0 |
0.0 |
0.0 |
|
Dividends Disbursed |
0.0 |
0.0 |
0.0 |
|
Other Net Financing Activities |
(168.2) |
(170.7) |
(5.0) |
|
Net Cash Used In Financing |
(344.8) |
(289.8) |
(323.4) |
|
Net Change in Cash |
0.0 |
0.0 |
0.0 |
Exhibit 99.2
PACIFIC GAS AND ELECTRIC COMPANY |
|
U.S. TRUSTEE BALANCE SHEET |
|
AS OF OCTOBER 31, 2001 |
|
(in millions, except share amounts) |
|
October, 2001 |
|
ASSETS |
|
Current Assets |
|
Cash and cash equivalents |
$ (12) |
Short-term investments |
4,780 |
Accounts receivable: |
|
Customers (net of allowance for doubtful accounts of $49 million) |
1,583 |
Related parties |
35 |
Regulatory balancing accounts |
132 |
Inventories: |
|
Gas stored underground and fuel oil |
294 |
Materials and supplies |
128 |
Prepaid expenses and other |
105 |
Total current assets |
7,045 |
Property, Plant, and Equipment |
|
Electric |
17,135 |
Gas |
7,619 |
Construction work in progress |
256 |
Total property, plant, and equipment (at original cost) |
25,010 |
Accumulated depreciation and decommissioning |
(11,728) |
Net property, plant, and equipment |
13,282 |
Other Noncurrent Assets |
|
Regulatory assets |
1,934 |
Nuclear decommissioning trust funds |
1,281 |
Other |
2,139 |
Total noncurrent assets |
5,354 |
TOTAL ASSETS |
$ 25,681 |
LIABILITIES AND EQUITY |
|
Liabilities |
|
Accounts payable |
|
Trade creditors |
$ 269 |
Related parties |
40 |
Regulatory Balancing Accounts |
268 |
Other |
191 |
Accrued taxes |
570 |
Rate reduction bonds |
1,767 |
Deferred income taxes |
1,187 |
Deferred tax credits |
160 |
Pre-petition secured debt |
3,450 |
Pre-petition liabilities |
5,709 |
Pre-petition financing debt |
5,864 |
Other liabilities |
3,453 |
Total liabilities |
22,928 |
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 |
(1,246) |
Accumulated other comprehensive loss |
(2) |
Total stockholders' equity |
2,616 |
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ 25,681 |
PACIFIC GAS AND ELECTRIC COMPANY |
|||||||
U.S. TRUSTEE BALANCE SHEET |
|||||||
Notes |
|||||||
1 |
These preliminary financial statements were prepared using certain assumptions |
||||||
2 |
These unaudited statements are prepared for the U.S. Trustee and differ from the |
||||||
3 |
Cash and cash equivalents have been reduced for uncleared checks. On the |
||||||
Case to date |
|||
Month |
seven months |
||
ended |
ended |
||
October 31, 2001 |
October 31, 2001 |
||
OPERATING REVENUES |
$ 964 |
$ 6,211 |
|
OPERATING EXPENSES: |
|||
Cost of Electric Energy |
132 |
204 |
|
Cost of Gas |
43 |
735 |
|
Operating and Maintenance |
147 |
1,411 |
|
Depreciation, Decommissioning, and Amortization |
74 |
520 |
|
Total Operating Expenses |
396 |
2,870 |
|
OPERATING INCOME (LOSS) |
568 |
3,341 |
|
Interest Income (Expense) |
(60) |
(474) |
|
Professional Fees |
(1) |
(9) |
|
Other Income and (Expense) |
(2) |
(10) |
|
PRE-TAX INCOME (LOSS) |
505 |
2,848 |
|
Income Taxes |
189 |
1,085 |
|
EARNINGS (LOSS) |
316 |
1,763 |
|
Preferred Dividend Requirement |
2 |
15 |
|
EARNINGS (LOSS) AVAILABLE FOR (ALLOCATED TO) COMMON STOCK |
$ 314 |
$ 1,748 |
|
PACIFIC GAS AND ELECTRIC COMPANY |
|||||||||
Notes |
|||||||||
1 |
These preliminary financial statements were prepared using certain assumptions and estimates. |
||||||||
2 |
These financial statements were prepared using certain assumptions and estimates, including the |
||||||||
The results for the month of October 2001 are not i ndicative of future earnings. While the rate freeze |
|||||||||
Further, the income statement does not reflect the DWR revised revenue requirement dated |
|||||||||
3 |
Items impacting comparability for the month ended October 31, 2001, (net of taxes): |
||||||||
(in millions of dollars) |
|||||||||
After-Tax |
|||||||||
Generation Regulatory Asset Valuation Reserve |
(231) |
||||||||
Interest Expense |
12 |
||||||||
Other |
1 |
||||||||
Total |
$ (218) |
||||||||
4 |
Case to date results reflect the entire seven month period ended October 31, 2001. The bankruptcy |
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