PACIFIC GAS AND ELECTRIC COMPANY |
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U.S. TRUSTEE BALANCE SHEET |
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AS OF NOVEMBER 30, 2001 |
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(in millions, except share amounts) |
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November, 2001 |
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ASSETS |
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Current Assets |
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Cash and cash equivalents |
$(10) |
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Short-term investments |
4,885 |
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Accounts receivable: |
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Customers (net of allowance for doubtful accounts of $48 million) |
1,447 |
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Related parties |
35 |
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Regulatory balancing accounts |
198 |
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Inventories: |
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Gas stored underground and fuel oil |
263 |
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Materials and supplies |
123 |
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Prepaid expenses and other |
114 |
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Total current assets |
7,055 |
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Property, Plant, and Equipment |
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Electric |
17,150 |
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Gas |
7,636 |
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Construction work in progress |
286 |
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Total property, plant, and equipment (at original cost) |
25,072 |
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Accumulated depreciation and decommissioning |
(11,772) |
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Net property, plant, and equipment |
13,300 |
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Other Noncurrent Assets |
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Regulatory assets |
1,963 |
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Nuclear decommissioning trust funds |
1,305 |
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Other |
2,150 |
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Total noncurrent assets |
5,418 |
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TOTAL ASSETS |
$25,773 |
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LIABILITIES AND EQUITY |
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Liabilities |
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Accounts payable |
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Trade creditors |
258 |
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Related parties |
37 |
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Regulatory Balancing Accounts |
221 |
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Other |
205 |
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Accrued taxes |
495 |
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Rate reduction bonds |
1,752 |
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Deferred income taxes |
1,281 |
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Deferred tax credits |
157 |
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Pre-petition secured debt |
3,351 |
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Pre-petition liabilities |
5,716 |
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Pre-petition financing debt |
5,887 |
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Other liabilities |
3,566 |
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Total liabilities |
22,926 |
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Preferred Stock With Mandatory Redemption Provisions |
137 |
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Stockholders' Equity |
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Preferred stock without mandatory redemption provisions |
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Nonredeemable--5% to 6%, outstanding 5,784,825 shares |
145 |
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Redeemable--4.36% to 7.04%, outstanding 5,973,456 shares |
149 |
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Common stock, $5 par value, authorized 800,000,000 shares; |
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issued 321,314,760 shares |
1,606 |
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Additional paid in capital |
1,964 |
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Accumulated deficit |
(1,152) |
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Accumulated other comprehensive loss |
(2) |
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Total stockholders' equity |
2,710 |
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$25,773 |
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PACIFIC GAS AND ELECTRIC COMPANY |
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U.S. TRUSTEE BALANCE SHEET |
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AS OF NOVEMBER 30, 2001 |
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Notes |
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1 |
These preliminary financial statements were prepared using certain assumptions |
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and estimates. These assumptions and estimates are subject to revision and |
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actual results could differ materially from the information provided in this statement. |
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Further, the amounts shown in this statement, when reported on a quarterly |
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basis, may differ materially due to adjustments in accruals, changes in facts and |
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circumstances, changes in estimates, further analysis, and other factors. |
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2 |
These unaudited statements are prepared for the U.S. Trustee and differ from the |
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requirements of generally accepted accounting principles in that they exclude |
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certain financial statements (statements of cash flows, stockholders equity, and |
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other comprehensive income), relevant footnotes and certain reclassifications. |
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3 |
Cash and cash equivalents have been reduced for uncleared checks. On the |
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balance sheet included with the Utility's 10-Q, uncleared checks are treated |
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as an accounts payable liability. |
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PACIFIC GAS AND ELECTRIC COMPANY |
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U.S. TRUSTEE INCOME STATEMENT |
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FOR THE MONTH ENDED NOVEMBER 30, 2001 |
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AND THE EIGHT MONTHS ENDED NOVEMBER 30, 2001 |
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(in millions) |
Case to date |
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Month |
eight months |
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ended |
ended |
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November 30, 2001 |
November 30, 2001 |
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OPERATING REVENUES |
$648 |
$6,859 |
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OPERATING EXPENSES: |
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Cost of Electric Energy |
77 |
281 |
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Cost of Gas |
81 |
816 |
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Operating and Maintenance |
225 |
1,636 |
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Depreciation, Decommissioning, and Amortization |
76 |
596 |
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Total Operating Expenses |
459 |
3,329 |
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OPERATING INCOME (LOSS) |
189 |
3,530 |
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Interest Income (Expense) |
(55) |
(529) |
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Professional Fees |
(1) |
(10) |
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Other Income and (Expense) |
(1) |
(11) |
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PRE-TAX INCOME (LOSS) |
132 |
2,980 |
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Income Taxes |
36 |
1,121 |
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EARNINGS (LOSS) |
96 |
1,859 |
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Preferred Dividend Requirement |
2 |
17 |
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EARNINGS (LOSS) AVAILABLE FOR (ALLOCATED TO) COMMON STOCK |
$94 |
$1,842 |
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PACIFIC GAS AND ELECTRIC COMPANY |
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U.S. TRUSTEE INCOME STATEMENT |
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FOR THE MONTH ENDED NOVEMBER 30, 2001 |
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AND THE EIGHT MONTHS ENDED NOVEMBER 30, 2001 |
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Notes |
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1 |
These preliminary financial statements were prepared using certain assumptions and estimates. |
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These assumptions and estimates are subject to revision and actual results could differ |
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materially from the information provided in this statement. Further, the amounts shown in this |
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statement, when reported on a quarterly basis, may differ materially due to adjustments in accruals, |
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changes in facts and circumstances, changes in estimates, further analysis, and other factors. |
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2 |
These financial statements were prepared using certain assumptions and estimates, including the |
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estimated amount payable to the California Department of Water Resources (DWR) for the estimated |
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amount of power purchased by the DWR on behalf of retail customers based on approximately 10 cents |
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per kilowatt hour (kWh). The Utility acts solely as a billing agent for the DWR. While the rate freeze |
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is in effect, to the extent revenue is allocable to the DWR, there will be a corresponding reduction in the |
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Utility's revenues. Therefore, the amounts paid to the DWR for deliveries are not recorded as expense |
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and the revenue billed by the Utility to its customers associated with this energy is excluded from |
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revenues. These assumptions and estimates are subject to revision and actual results could differ |
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materially from the information provided in this statement. |
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The results for the month of November 2001 are not indicative of future earnings. While the rate freeze |
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is in effect, earnings could differ materially as a result of the implementation of the DWR's revenue |
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requirements when and if adopted by the California Public Utilities Commission (CPUC). On |
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October 19, 2001, the DWR issued a draft revised revenue requirement which reduces its overall revenue |
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requirement statewide from $12.6 billion to $10.2 billion for the two year period 2001-2002. On |
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November 5, 2001, the DWR formally submitted its revised revenue requirement to the CPUC. The revised |
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DWR revenue requirement does not resolve issues relating to: (1) allocation of DWR's costs among the |
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three utilities, which are pending before the CPUC in a separate proceeding, (2) how the DWR request |
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would be reconciled with PG&E's existing rates, including those for its retained generation facilities, and |
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(3) the dispute between DWR and the CPUC regarding the form and substance of a rate agreement |
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which DWR has requested for the purpose of financing its bonds. |
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Further, the income statement does not reflect the DWR revised revenue requirement dated |
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November 5, 2001, nor does it reflect the CPUC's Proposed Decision issued on September 4, 2001, |
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to increase the amount of the allocation of the DWR revenue requirement to be collected |
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from the Utility's customers compared to the amount contained in its earlier request submitted to the |
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CPUC on August 7, 2001. |
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3 |
Items impacting comparability for the month ended November 30, 2001, (net of taxes): |
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(in millions of dollars) |
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After-Tax |
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Generation Regulatory Asset Valuation Reserve |
(23) |
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Interest Expense |
11 |
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Other |
2 |
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Total |
$ (10) |
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4 |
Case to date results reflect the entire seven month period ended November 30, 2001. The bankruptcy |
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petition date is April 6, 2001. |
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