Schedule I - Condensed Financial Information Of Parent

12 Months Ended

Dec. 31, 2011

Schedule I - Condensed Financial Information Of Parent

PG&E CORPORATION

SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF PARENT — (Continued)

CONDENSED STATEMENTS OF INCOME

(in millions, except per share amounts)

		september 30		september 30		september 30
	Year Ended December 31,
	2011		2010		2009
Administrative service revenue		$ 44		$ 53		$ 59
Operating expenses		(44)		(55)		(61)
Interest income		1		1		1
Interest expense		(22)		(35)		(43)
Other income (expense)		(17)		4		11
Equity in earnings of subsidiaries		852		1,105		1,231

Income before income taxes		814		1,073		1,198
Income tax benefit		30		26		22

Income Available for Common Shareholders		$ 844		$ 1,099		$ 1,220


Weighted average common shares outstanding, basic		401		382		368


Weighted average common shares outstanding, diluted		402		392		386

Earnings per common share, basic		$ 2.10		$ 2.86		$ 3.25

Earnings per common share, diluted		$ 2.10		$ 2.82		$ 3.20

In calculating diluted EPS during the period PG&E Corporation's Convertible Subordinated Notes were outstanding, PG&E Corporation applied the "if-converted" method to reflect the dilutive effect of the Convertible Subordinated Notes to the extent that the impact is dilutive when compared to basic EPS. In addition, PG&E Corporation applies the treasury stock method of reflecting the dilutive effect of outstanding stock-based compensation in the calculation of diluted EPS.

PG&E CORPORATION

SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF PARENT

CONDENSED BALANCE SHEETS

(in millions)

		september 30		september 30
	Balance at December 31,
	2011		2010
ASSETS
Current Assets
Cash and cash equivalents		$ 209		$ 240
Advances to affiliates		18		25
Income taxes receivable		8		1
Deferred income taxes		4		5

Total current assets		239		271

Noncurrent Assets
Equipment		14		14
Accumulated depreciation		(14)		(14)

Net equipment		–		–
Investments in subsidiaries		12,378		11,618
Other investments		94		89
Income taxes receivable		2		–
Deferred income taxes		143		116
Other		2		2

Total noncurrent assets		12,619		11,825

Total Assets		$ 12,858		$ 12,096


LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable – related parties		$ –		$ 106
Accounts payable – other		21		3
Income taxes payable		57		1
Other		208		213

Total current liabilities		286		323

Noncurrent Liabilities
Long-term debt		349		349
Income taxes payable		3		48
Other		119		94

Total noncurrent liabilities		471		491

Common Shareholders' Equity
Common stock		7,602		6,878
Reinvested earnings		4,712		4,606
Accumulated other comprehensive loss		(213)		(202)

Total common shareholders' equity		12,101		11,282

Total Liabilities and Shareholders' Equity		$ 12,858		$ 12,096

PG&E CORPORATION

SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT – (Continued)

CONDENSED STATEMENTS OF CASH FLOWS

(in millions)

	september 30		september 30		september 30		september 30
		Year Ended December 31,
		2011		2010		2009
Cash Flows from Operating Activities:
Net income		$	844	$	1,099	$	1,220
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			36		38		20
Equity in earnings of subsidiaries			(852)		(1,105)		(1,231)
Deferred income taxes and tax credits, net			(26)		19		–
Noncurrent income taxes receivable/payable			(47)		34		(9)
Current income taxes receivable/payable			49		(1)		148
Other			(80)		(50)		(13)

Net cash provided by (used in) operating activities			(76)		34		135

Cash Flows From Investing Activities:
Investment in subsidiaries			(759)		(347)		(721)
Dividends received from subsidiaries⁽¹⁾			716		716		624
Proceeds from tax equity investments			129		7		–
Other			–		(4)		10

Net cash provided by (used in) investing activities			86		372		(87)

Cash Flows From Financing Activities:
Borrowings under revolving credit facilities			150		90		–
Repayments under revolving credit facilities			(150)		(90)		–
Proceeds from issuance of long-term debt, net of discount and issuance costs of $2 in 2009			–		–		348
Common stock issued			662		303		219
Common stock dividends paid⁽²⁾			(704)		(662)		(590)
Other			1		–		1

Net cash used in financing activities			(41)		(359)		(22)

Net change in cash and cash equivalents			(31)		47		26
Cash and cash equivalents at January 1			240		193		167

Cash and cash equivalents at December 31		$	209	$	240	$	193

⁽¹⁾	Because of its nature as a holding company, PG&E Corporation classifies dividends received from subsidiaries as an investing cash flow.

⁽²⁾	On January 15, April 15, July 15, October 15, 2011, PG&E Corporation paid quarterly common stock dividends of $0.455 per share.

On January 15, 2010, PG&E Corporation paid a quarterly common stock dividend of $0.42 per share. On April 15, July 15, and October 15, 2010, PG&E Corporation paid quarterly common stock dividends of $0.455 per share.

On January 15, 2009, PG&E Corporation paid a quarterly common stock dividend of $0.39 per share. On April 15, July 15, and October 15, 2009, PG&E Corporation paid quarterly common stock dividends of $0.42 per share.

Pacific Gas And Electric Company [Member]

Schedule I - Condensed Financial Information Of Parent

PG&E CORPORATION

SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF PARENT — (Continued)

CONDENSED STATEMENTS OF INCOME

(in millions, except per share amounts)

		september 30		september 30		september 30
	Year Ended December 31,
	2011		2010		2009
Administrative service revenue		$ 44		$ 53		$ 59
Operating expenses		(44)		(55)		(61)
Interest income		1		1		1
Interest expense		(22)		(35)		(43)
Other income (expense)		(17)		4		11
Equity in earnings of subsidiaries		852		1,105		1,231

Income before income taxes		814		1,073		1,198
Income tax benefit		30		26		22

Income Available for Common Shareholders		$ 844		$ 1,099		$ 1,220


Weighted average common shares outstanding, basic		401		382		368


Weighted average common shares outstanding, diluted		402		392		386

Earnings per common share, basic		$ 2.10		$ 2.86		$ 3.25

Earnings per common share, diluted		$ 2.10		$ 2.82		$ 3.20

PG&E CORPORATION

SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF PARENT

CONDENSED BALANCE SHEETS

(in millions)

		september 30		september 30
	Balance at December 31,
	2011		2010
ASSETS
Current Assets
Cash and cash equivalents		$ 209		$ 240
Advances to affiliates		18		25
Income taxes receivable		8		1
Deferred income taxes		4		5

Total current assets		239		271

Noncurrent Assets
Equipment		14		14
Accumulated depreciation		(14)		(14)

Net equipment		–		–
Investments in subsidiaries		12,378		11,618
Other investments		94		89
Income taxes receivable		2		–
Deferred income taxes		143		116
Other		2		2

Total noncurrent assets		12,619		11,825

Total Assets		$ 12,858		$ 12,096


LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable – related parties		$ –		$ 106
Accounts payable – other		21		3
Income taxes payable		57		1
Other		208		213

Total current liabilities		286		323

Noncurrent Liabilities
Long-term debt		349		349
Income taxes payable		3		48
Other		119		94

Total noncurrent liabilities		471		491

Common Shareholders' Equity
Common stock		7,602		6,878
Reinvested earnings		4,712		4,606
Accumulated other comprehensive loss		(213)		(202)

Total common shareholders' equity		12,101		11,282

Total Liabilities and Shareholders' Equity		$ 12,858		$ 12,096

PG&E CORPORATION

SCHEDULE I – CONDENSED FINANCIAL INFORMATION OF PARENT – (Continued)

CONDENSED STATEMENTS OF CASH FLOWS

(in millions)

	september 30		september 30		september 30		september 30
		Year Ended December 31,
		2011		2010		2009
Cash Flows from Operating Activities:
Net income		$	844	$	1,099	$	1,220
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			36		38		20
Equity in earnings of subsidiaries			(852)		(1,105)		(1,231)
Deferred income taxes and tax credits, net			(26)		19		–
Noncurrent income taxes receivable/payable			(47)		34		(9)
Current income taxes receivable/payable			49		(1)		148
Other			(80)		(50)		(13)

Net cash provided by (used in) operating activities			(76)		34		135

Cash Flows From Investing Activities:
Investment in subsidiaries			(759)		(347)		(721)
Dividends received from subsidiaries⁽¹⁾			716		716		624
Proceeds from tax equity investments			129		7		–
Other			–		(4)		10

Net cash provided by (used in) investing activities			86		372		(87)

Cash Flows From Financing Activities:
Borrowings under revolving credit facilities			150		90		–
Repayments under revolving credit facilities			(150)		(90)		–
Proceeds from issuance of long-term debt, net of discount and issuance costs of $2 in 2009			–		–		348
Common stock issued			662		303		219
Common stock dividends paid⁽²⁾			(704)		(662)		(590)
Other			1		–		1

Net cash used in financing activities			(41)		(359)		(22)

Net change in cash and cash equivalents			(31)		47		26
Cash and cash equivalents at January 1			240		193		167

Cash and cash equivalents at December 31		$	209	$	240	$	193

⁽¹⁾	Because of its nature as a holding company, PG&E Corporation classifies dividends received from subsidiaries as an investing cash flow.

⁽²⁾	On January 15, April 15, July 15, October 15, 2011, PG&E Corporation paid quarterly common stock dividends of $0.455 per share.

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

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