Exhibit 5.1
March 12, 2009
PG&E Corporation
One Market Street
Spear Tower, Suite 2400
San Francisco, CA 94105
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PG&E Corporation
Registration Statement (File No. 333-149360) |
Ladies and Gentlemen:
With respect to $350,000,000 aggregate principal amount of 5.75% Senior Notes due April 1, 2014
(the Notes) to be issued and sold by PG&E Corporation (the Company) under the
Registration Statement on Form S-3, File No. 333-149360, filed by the Company with the Securities
and Exchange Commission (the Commission) on February 22, 2008 (the Registration
Statement), and the related prospectus contained in the Registration Statement, as
supplemented by the final Prospectus Supplement, dated March 9, 2009, filed with the Commission
under its Rule 424(b) (together, the Prospectus), we have examined the Registration
Statement, the Prospectus and the Senior Note Indenture (the
Indenture) between the Company and Deutsche Bank
Trust Company Americas, as trustee (the Trustee), dated as of March 12, 2009, as
supplemented by the First Supplemental Indenture, dated as of March 12, 2009 (the
Supplement) pursuant to which the Notes will be issued. The Company is filing the
Supplement and this opinion letter with the Commission on a Current Report on Form 8-K (the
Current Report).
We also have examined the originals, or copies identified to our satisfaction, of such corporate
records of the Company, certificates of public officials, officers of the Company and other
persons, and such other documents, agreements and instruments as we have deemed relevant and
necessary for the basis of the opinions hereinafter expressed. In such examination, we have
assumed the following: (a) the authenticity of original documents and the genuineness of all
signatures; (b) the conformity to the originals of all documents submitted to us as copies; and (c)
the truth, accuracy and completeness of the information, representations and warranties contained
in the records, documents, instruments and certificates we have reviewed.
Based on and subject to the foregoing, assuming that the Notes are issued and sold as contemplated
by the Registration Statement and the Prospectus, we are of the opinion that the Notes will be
legal and binding obligations of the Company.
The opinion set forth above is subject to (a) bankruptcy, insolvency, reorganization, arrangement,
moratorium or other similar laws relating to or affecting creditors rights generally (including,
without limitation, all laws relating to fraudulent transfers or conveyances, preferences and
equitable subordination); and (b) general principles of equity, including, without limitation,
concepts of
PG&E Corporation
March 12, 2009
Page 2
materiality, reasonableness, good faith and fair dealing and the possible unavailability of
specific performance or injunctive relief (regardless of whether enforcement is considered in a
proceeding in equity or at law).
The opinion expressed herein is limited to the laws of the State of New York and the federal laws
of the United States of America.
We hereby consent to the reference to our firm under the heading Legal Matters in the Prospectus
Supplement and to the filing of this opinion letter as an exhibit to the Current Report and its
incorporation by reference into the Registration Statement. By giving this consent, we do not
admit that we are within the category of persons whose consent is required under Section 7 of the
Securities Act of 1933 and the rules and regulations promulgated thereunder.
Very truly yours,
/s/ Orrick, Herrington & Sutcliffe LLP
ORRICK, HERRINGTON & SUTCLIFFE LLP