|
Table
1: PG&E Corporation Business Priorities
2009
|
|
Table
2: Reconciliation of PG&E Corporation’s Earnings from Operations to
Consolidated Income Available for Common Shareholders in Accordance with
Generally Accepted Accounting Principles
(GAAP)
|
|
First
Quarter, 2009 vs. 2008
|
|
(in
millions, except per share amounts)
|
|
Three
months ended March 31,
|
||||||||||||||||
|
Earnings
|
Earnings
per Common Share (Diluted)
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
PG&E
Corporation Earnings from Operations (1)
|
$ | 246 | $ | 224 | $ | 0.66 | $ | 0.62 | ||||||||
|
Items
Impacting Comparability (2)
|
||||||||||||||||
|
Accelerated
work on gas system
|
(5 | ) | - | (0.01 | ) | - | ||||||||||
|
PG&E
Corporation Earnings on a GAAP basis
|
$ | 241 | $ | 224 | $ | 0.65 | $ | 0.62 | ||||||||
|
1.
|
“Earnings from
operations” is not calculated in accordance with GAAP and excludes items
impacting comparability as described in Note (2)
below.
|
|
|
2.
|
Items
impacting comparability reconcile earnings from operations with
consolidated Income Available for Common Shareholders as reported in
accordance with GAAP. For the three month period ended March
31, 2009, PG&E Corporation recognized $5 million, after-tax, for costs
to perform accelerated system-wide gas integrity surveys and associated
remedial work.
|
|
First
Quarter, 2009 vs. 2008
|
|
(in
millions)
|
|
Three
months ended March 31,
|
||||||||
|
Earnings
|
||||||||
|
2009
|
2008
|
|||||||
|
Pacific
Gas and Electric Company Earnings from Operations (1)
|
$ | 241 | $ | 233 | ||||
|
Items
Impacting Comparability (2)
|
||||||||
|
Accelerated
work on gas system
|
(5 | ) | - | |||||
|
Pacific
Gas and Electric Company Earnings on a GAAP basis
|
$ | 236 | $ | 233 | ||||
|
1.
|
“Earnings from
operations” is not calculated in accordance with GAAP and excludes items
impacting comparability as described in Note (2)
below.
|
|
|
2.
|
Items impacting
comparability reconcile earnings from operations with consolidated Income
Available for Common Shareholders as reported in accordance with
GAAP. For the three month period ended March 31, 2009,
Pacific Gas and Electric Company recognized $5 million, after-tax, for
costs to perform accelerated system-wide gas integrity surveys and
associated remedial
work.
|
|
Table
4: PG&E Corporation Earnings per Common Share from
Operations
|
|
First
Quarter, 2009 vs. 2008
|
|
($/Share,
Diluted)
|
|
Q1
2008 EPS from Operations (1)
|
$ | 0.62 | ||
|
Increase
in rate base revenues
|
0.07 | |||
|
Storm
and outage expenses (2)
|
0.07 | |||
|
Uncollectible
expense, net
|
(0.02 | ) | ||
|
Increase
in shares outstanding
|
(0.02 | ) | ||
|
Nuclear
refueling outage
|
(0.01 | ) | ||
|
Severance
|
(0.01 | ) | ||
|
Miscellaneous
items
|
(0.04 | ) | ||
|
Q1
2009 EPS from Operations (1)
|
$ | 0.66 | ||
|
1.
|
See Table 2 for a
reconciliation of EPS from operations to EPS on a GAAP
basis.
|
|
2.
|
Costs incurred due to
storms and outages in 2008 with no similar costs in
2009.
|
|
|
First
Quarter
2009
|
First
Quarter
2008
|
%
Change
|
|||||||||
|
Common
Stock Data
|
||||||||||||
|
Book
Value per share – end of period (1)
|
$ | 25.06 | $ | 23.19 | 8.06 | % | ||||||
|
Weighted
average common shares outstanding, basic
|
364 | 355 | 2.54 | % | ||||||||
|
Employee
share-based compensation
|
2 | 1 | 100 | % | ||||||||
|
Weighted
average common shares outstanding, diluted
|
366 | 356 | 2.81 | % | ||||||||
|
9.5%
Convertible Subordinated Notes (participating securities)
|
17 | 19 | (10.53 | )% | ||||||||
|
Weighted
average common shares outstanding and participating securities,
diluted
|
383 | 375 | 2.13 | % | ||||||||
|
Table
6: Operational Performance Metrics
|
|
First
Quarter Year-to-Date Actual 2009 vs. Targets
2009
|
|
2009
|
|||||||||||||||||||
|
|
Percentage
Weight (1)
|
Q1
YTD Actual
|
Q1
YTD Target
|
EOY
Target
|
|||||||||||||||
| 1. |
Earnings
From Operations (in millions)
|
50 | % | $ | 246 |
See
note
(2)
|
See
note (2)
|
||||||||||||
| 2. |
Customer
Satisfaction & Brand Health Index (RI)
|
17.5 | % | 76.7 | 76.1 | 76.1 | |||||||||||||
| 3. |
Reliable
Energy Delivery
|
17.5 | % | 1.000 | 1.000 | 1.000 | |||||||||||||
| 4. |
Employee
Engagement Premier Survey
|
5 | % |
See
note
(3)
|
See
note (3)
|
69.5 | % | ||||||||||||
| 5. |
Safety
Performance
|
10 | % | 2.270 | 2.582 | 2.755 | |||||||||||||
|
1.
|
Represents weighting used in calculating PG&E
Corporation Short-Term Incentive Plan performance for management
employees.
|
|
2.
|
Internal target not publicly disclosed but is
consistent with publicly disclosed guidance for 2009 EPS from operations
of $3.15-$3.25.
|
|
3.
|
The Employee Engagement Premier Survey will be
administered in December 2009 with results available in February
2010.
|
|
1.
|
Earnings
from Operations:
|
||
|
Earnings
from operations measures PG&E Corporation’s earnings power from
ongoing core operations. It allows investors to compare the
underlying financial performance of the business from one period to
another, exclusive of items that management believes do not reflect the
normal course of operations (items impacting
comparability). The measurement is not in accordance with
GAAP. For a reconciliation of earnings from operations to
earnings in accordance with GAAP, see Tables 2 and 3 above.
The
2009 target for earnings from operations is not publicly reported but is
consistent with PG&E Corporation’s publicly disclosed guidance range
provided for 2009 EPS from operations of $3.15-$3.25. For a
reconciliation of 2009 EPS guidance on an earnings from operations basis
to a GAAP basis, see Table 8.
|
|||
|
2.
|
Customer
Satisfaction & Brand Health Index:
|
||
|
The
Customer Satisfaction & Brand Health Index is a combination of a
Customer Satisfaction Score, which has a 75 percent weighting and a Brand
Favorability Score, which has a 25 percent weighting in the
composite. The Customer Satisfaction Score is a measure of
overall satisfaction with PG&E’s operational performance in delivering
services such as reliability, pricing of services, and customer service
experience. The Brand Favorability Score is a measure of the
overall favorability towards the PG&E brand, and measures the
emotional connection that customers have with the brand and is based on
assessing perceptions regarding PG&E’s images, such as trust,
heritage, and social responsibility. The Brand Favorability
Score will measure residential, small business, and medium business
customer perceptions, with weightings based on revenue: 60 percent for
residential customers and 40 percent for business
customers.
|
|||
|
3.
|
Reliable
Energy Delivery:
|
||
|
Reliable
Energy Delivery Index is a composite of four categories outlined
below. Overall, these metrics provide a balanced view on the
number and duration of electric systems unplanned interruptions, the
integrity of the gas transmission and distribution system, and performance
of the appropriate level of maintenance and focused investment on the
system infrastructure.
1. System
Average Interruption Frequency Index (SAIFI)
2. Customer
Average Interruption Duration Index (CAIDI)
3. Execution
of Electric-Based Work Units
4. Gas
Transmission and Distribution Integrity
|
|||
|
4.
|
Employee
Engagement Premier Survey:
|
||
|
The
employee engagement premier survey is designed around 15 key drivers of
employee engagement. The average overall employee engagement
score provides a comprehensive metric that is derived by averaging the
percent favorable responses from all 40 core survey items (all fall into
one of the 15 key drivers).
|
|||
|
5.
|
Safety
Performance:
|
||
|
The
Occupational Safety & Health Administration (OSHA) Recordable Rate
measures the number of OSHA Recordable injuries, illnesses, or exposures
that (1) satisfy OSHA requirements for recordability, and (2) occur in the
current year. In general, an injury must result in medical
treatment beyond first aid or result in work restrictions, death, or loss
of consciousness to be OSHA Recordable. The rate measures how
frequently OSHA Recordable cases occur for every 200,000 hours worked, or
for approximately every 100 employees.
|
|||
|
Table
7: Pacific Gas and Electric Company Operating
Statistics
|
|
First
Quarter, 2009 vs. 2008
|
|
Three
Months Ended March 31,
|
||||||||
|
2009
|
2008
|
|||||||
|
Electric
Sales (in millions kWh)
|
||||||||
|
Residential
|
7,670 | 8,097 | ||||||
|
Commercial
|
7,394 | 8,100 | ||||||
|
Industrial
|
3,515 | 3,649 | ||||||
|
Agricultural
|
719 | 694 | ||||||
|
BART,
public street and highway lighting
|
205 | 241 | ||||||
|
Sales
from Energy Deliveries
|
19,503 | 20,781 | ||||||
|
|
||||||||
|
Total
Electric Customers at March 31
|
5,135,745 | 5,125,986 | ||||||
|
|
||||||||
|
Bundled
Gas Sales (in millions MCF)
|
||||||||
|
Residential
|
81 | 89 | ||||||
|
Commercial
|
20 | 24 | ||||||
|
Total
Bundled Gas Sales
|
101 | 113 | ||||||
|
Transportation
Only
|
127 | 149 | ||||||
|
Total
Gas Sales
|
228 | 262 | ||||||
|
Total
Gas Customers at March 31
|
4,275,340 | 4,276,096 | ||||||
|
|
||||||||
|
|
||||||||
|
Sources
of Electric Energy (in millions kWh)
|
||||||||
|
Utility
Generation
|
||||||||
|
Nuclear
|
3,191 | 3,327 | ||||||
|
Hydro
(net)
|
2,069 | 2,071 | ||||||
|
Fossil
|
573 | 154 | ||||||
|
Total
Utility Generation
|
5,833 | 5,552 | ||||||
|
Purchased
Power
|
||||||||
|
Qualifying
Facilities
|
3,640 | 4,078 | ||||||
|
Irrigation
Districts
|
301 | 252 | ||||||
|
Other
Purchased Power
|
223 | 435 | ||||||
|
Spot
Market Purchases/Sales, net
|
6,062 | 6,333 | ||||||
|
Total
Purchased Power (1)
|
10,226 | 11,098 | ||||||
|
Delivery
from DWR
|
3,089 | 3,445 | ||||||
|
|
||||||||
|
Delivery
to Direct Access Customers
|
1,328 | 1,509 | ||||||
|
|
||||||||
|
Other
(includes energy loss)
|
(973 | ) | (823 | ) | ||||
|
|
||||||||
|
Total
Electric Energy Delivered
|
19,503 | 20,781 | ||||||
|
|
||||||||
|
Diablo
Canyon Performance
|
||||||||
|
Overall
capacity factor (including refuelings)
|
68 | % | 68 | % | ||||
|
Refueling
outage period
|
1/25/09
- 3/24/09
|
2/3/08
- 3/31/08
|
||||||
|
Refueling
outage duration during the period (days)
|
58.0 | 57.5 | ||||||
|
|
1.
|
For
the three months ended March 31, 2009 and 2008, Total Purchased Power is
net of Spot Market Sales of 761 million kWh and 659 million kWh,
respectively.
|
|
Table
8: PG&E Corporation EPS
Guidance
|
|
2009
EPS Guidance
|
Low
|
High
|
||||||
|
EPS
Guidance on an Earnings from Operations Basis
|
$ | 3.15 | $ | 3.25 | ||||
|
Estimated
Items Impacting Comparability (1)
|
||||||||
|
Tax
refunds
(2)
|
0.13 | 0.16 | ||||||
|
Recovery
of hydro divestiture costs
(3)
|
0.07 | 0.07 | ||||||
|
Accelerated
work on gas system
(4)
|
(0.15 | ) | (0.12 | ) | ||||
|
Estimated
EPS on a GAAP Basis
|
$ | 3.20 | $ | 3.36 | ||||
|
2010
EPS Guidance
|
Low
|
High
|
||||||
|
EPS
Guidance on an Earnings from Operations Basis
|
$ | 3.35 | $ | 3.50 | ||||
|
Estimated
Items Impacting Comparability
|
- | - | ||||||
|
Estimated
EPS on a GAAP Basis
|
$ | 3.35 | $ | 3.50 | ||||
|
2011
EPS Guidance
|
Low
|
High
|
||||||
|
EPS
Guidance on an Earnings from Operations Basis
|
$ | 3.65 | $ | 3.85 | ||||
|
Estimated
Items Impacting Comparability
|
- | - | ||||||
|
Estimated
EPS on a GAAP Basis
|
$ | 3.65 | $ | 3.85 | ||||
|
1.
|
Items
impacting comparability reconcile earnings from operations with
consolidated income available for common shareholders in accordance with
GAAP.
|
|
2.
|
Tentative
agreement to resolve federal tax refund claims related to tax years 1998
and 1999.
|
|
3.
|
On
April 16, 2009, the CPUC authorized recovery of costs incurred in
connection with efforts to determine the market value of hydroelectric
generation facilities. Amount
will be recorded in 2Q 2009.
|
|
4.
|
Forecast
costs to perform accelerated system-wide gas integrity surveys and
associated remedial work.
|
|
|
|
|
the
Utility’s ability to manage capital expenditures and its operating and
maintenance expenses within authorized levels;
|
|
|
the
outcome of pending and future regulatory proceedings and whether the
Utility is able to timely recover its costs through
rates;
|
|
|
the
adequacy and price of electricity and natural gas supplies, and the
ability of the Utility to manage and respond to the volatility of the
electricity and natural gas markets, including the ability of the Utility
and its counterparties to post or return collateral;
|
|
|
the
effect of weather, storms, earthquakes, fires, floods, disease, other
natural disasters, explosions, accidents, mechanical breakdowns,
disruption of information technology and computer systems, acts of
terrorism, and other events or hazards on the Utility’s facilities and
operations, its customers, and third parties on which the Utility
relies;
|
|
|
the
potential impacts of climate change on the Utility’s electricity and
natural gas businesses;
|
|
|
changes
in customer demand for electricity and natural gas resulting from
unanticipated population growth or decline, general economic and financial
market conditions, changes in technology, including the development of
alternative energy sources, or other reasons;
|
|
|
operating
performance of the Diablo Canyon Power Plant (“Diablo Canyon”), the
availability of nuclear fuel, the occurrence of unplanned outages at
Diablo Canyon, or the temporary or permanent cessation of operations at
Diablo Canyon;
|
|
|
whether
the Utility can maintain the cost savings that it has recognized from
operating efficiencies that it has achieved and identify and successfully
implement additional sustainable cost-saving measures;
|
|
|
whether
the Utility incurs substantial expense to improve the safety and
reliability of its electric and natural gas systems;
|
|
|
whether
the Utility achieves the CPUC’s energy efficiency targets and recognizes
any incentives that the Utility may earn in a timely
manner;
|
|
|
the
impact of changes in federal or state laws, or their interpretation, on
energy policy and the regulation of utilities and their holding
companies;
|
|
|
the
impact of changing wholesale electric or gas market rules, including new
rules of the California Independent System Operator (“CAISO”) to
restructure the California wholesale electricity
market;
|
|
|
how
the CPUC administers the conditions imposed on PG&E Corporation when
it became the Utility’s holding company;
|
|
|
the
extent to which PG&E Corporation or the Utility incurs costs and
liabilities in connection with litigation that are not recoverable through
rates, from insurance, or from other third parties;
|
|
|
the
ability of PG&E Corporation, the Utility, and counterparties to access
capital markets and other sources of credit in a timely manner on
acceptable terms, especially given the recent deteriorating conditions in
the economy and financial markets;
|
|
|
the
impact of environmental laws and regulations and the costs of compliance
and remediation;
|
|
|
the
effect of municipalization, direct access, community choice aggregation,
or other forms of bypass;
|
|
|
the
outcome of federal or state tax audits and the impact of changes in
federal or state tax laws, policies, or regulations;
and
|
|
|
other
factors and risks discussed in PG&E Corporation and Pacific Gas and
Electric Company’s 2008 Annual Report on Form 10-K and other reports
filed with the Securities and Exchange
Commission.
|
|
2008
|
2009
|
2010
|
2011
|
|||||||||||||
|
Recorded
|
Estimated
|
Estimated
|
Estimated
|
|||||||||||||
|
Total
Weighted Average Rate Base (in billions)
|
$ | 18.2 | $ | 20.1 - $ 20.3 | $ | 22.1 - $ 22.4 | $ | 24.3 - $ 25.4 | ||||||||
|
Variable
|
Description
of Change
|
Estimated
2009
Earnings
Impact
|
Estimated
2010
Earnings
Impact
|
Estimated
2011 Earnings Impact
|
|
Rate
base
|
+/-
$100 million change in rate base (1)
|
+/-
$6 million
|
+/-
$6 million
|
+/-
$6 million
|
|
Return
on equity (ROE)
|
+/-
0.1% change in allowed ROE
|
+/-
$11 million
|
+/-
$12 million
|
+/-$13
million
|
|
Share
count
|
+/-
1% change in average shares
|
-/+
$0.03 per share
|
-/+
$0.03 per share
|
+/-
$.04 per share
|
|
Revenues
|
+/-
$7 million change in at-risk revenue (pre-tax), including Electric
Transmission and California Gas Transmission
|
+/-
$0.01 per share
|
+/-
$0.01 per share
|
+/-$.01
per share
|
|
Cash
and Cash Equivalents, December 31, 2008
|
$ | 219 | ||
|
|
||||
|
Sources
of Cash
|
||||
|
Cash
from operations
|
$ | 890 | ||
|
Proceeds
from sale of assets
|
2 | |||
|
Decrease
in restricted cash
|
11 | |||
|
Net
proceeds from issuance of long-term debt
|
884 | |||
|
Borrowings
of commercial paper, net
|
96 | |||
|
Common
stock issued
|
96 | |||
|
Other
|
5 | |||
|
|
$ | 1,984 | ||
|
|
||||
|
Uses
of Cash
|
||||
|
Capital
expenditures
|
$ | 1,079 | ||
|
Investments
in and proceeds from nuclear decommissioning trusts, net
|
25 | |||
|
Long-term
debt matured
|
600 | |||
|
Energy
recovery bonds matured
|
89 | |||
|
Common
stock dividends paid
|
138 | |||
|
Other
|
1 | |||
|
|
$ | 1,932 | ||
|
|
||||
|
Cash
and Cash Equivalents, March 31, 2009
|
$ | 271 |
|
|
2009
|
2008
|
Change
|
|||||||||
|
|
||||||||||||
|
Cash
Flow from Operating Activities (YTD March 31)
|
||||||||||||
|
PG&E
Corporation
|
$ | 113 | $ | (16 | ) | $ | 129 | |||||
|
Pacific
Gas and Electric Company
|
777 | 1,054 | (277 | ) | ||||||||
| $ | 890 | $ | 1,038 | $ | (148 | ) | ||||||
|
Consolidated
Cash Balance (at March 31)
|
||||||||||||
|
PG&E
Corporation
|
$ | 217 | $ | 191 | $ | 26 | ||||||
|
Pacific
Gas and Electric Company
|
54 | 62 | (8 | ) | ||||||||
| $ | 271 | $ | 253 | $ | 18 | |||||||
|
Consolidated
Restricted Cash Balance (at March 31)
|
||||||||||||
|
PG&E
Corporation
|
$ | - | $ | - | $ | - | ||||||
|
Pacific
Gas and Electric Company (1)
|
1,300 | 1,305 | (5 | ) | ||||||||
| $ | 1,300 | $ | 1,305 | $ | (5 | ) | ||||||
|
1.
|
Includes $16 million
and $19 million of restricted cash classified as Other Noncurrent Assets –
Other in the Condensed Consolidated Balance Sheets at March 31, 2009
and 2008,
respectively.
|
|
|
|
Balance
at
|
||||||||
|
|
March
31, 2009
|
December
31, 2008
|
||||||
|
PG&E
Corporation
|
||||||||
|
Convertible
subordinated notes, 9.50%, due 2010
|
$ | 252 | $ | 280 | ||||
|
Senior
notes, 5.75%, due 2014
|
350 | - | ||||||
|
Unamortized
discount
|
(2 | ) | - | |||||
|
Total
senior notes
|
348 | - | ||||||
|
Total
PG&E Corporation long-term debt
|
600 | 280 | ||||||
|
Utility
|
||||||||
|
Senior
notes:
|
||||||||
|
3.60%
due 2009
|
- | 600 | ||||||
|
4.20%
due 2011
|
500 | 500 | ||||||
|
6.25%
due 2013
|
400 | 400 | ||||||
|
4.80%
due 2014
|
1,000 | 1,000 | ||||||
|
5.625%
due 2017
|
700 | 700 | ||||||
|
8.25%
due 2018
|
800 | 800 | ||||||
|
6.05%
due 2034
|
3,000 | 3,000 | ||||||
|
5.80%
due 2037
|
700 | 700 | ||||||
|
6.35%
due 2038
|
400 | 400 | ||||||
|
6.25%
due 2039
|
550 | - | ||||||
|
Less:
current portion
|
- | (600 | ) | |||||
|
Unamortized
discount, net of premium
|
(28 | ) | (22 | ) | ||||
|
Total
senior notes
|
8,022 | 7,478 | ||||||
|
Pollution
control bonds:
|
||||||||
|
Series
1996 C, E, F, 1997 B, variable rates(1),
due 2026(2)
|
614 | 614 | ||||||
|
Series
1996 A, 5.35%, due 2016
|
200 | 200 | ||||||
|
Series
2004 A-D, 4.75%, due 2023
|
345 | 345 | ||||||
|
Series
2008 A-D, variable rates(3),
due 2016 and 2026(4)
|
309 | 309 | ||||||
|
Series
2008 F and G, 3.75%(5),
due 2018 and 2026
|
95 | 95 | ||||||
|
Total
pollution control bonds
|
1,563 | 1,563 | ||||||
|
Total
Utility long-term debt, net of current portion
|
9,585 | 9,041 | ||||||
|
Total
consolidated long-term debt, net of current portion
|
$ | 10,185 | $ | 9,321 | ||||
|
(1) At
March 31, 2009, interest rates on these bonds and the related loans ranged
from 0.20% to 0.45%.
|
||||||||
|
(2) Each
series of these bonds is supported by a separate letter of credit which
expires on February 24, 2012. Although the stated maturity date is
2026, each series will remain outstanding only if the Utility extends or
replaces the letter of credit related to the series or otherwise obtains a
consent from the issuer to the continuation of the series without a credit
facility.
|
||||||||
|
(3)
At March 31, 2009, interest rates on these bonds and the related loans
ranged from 0.25% to 0.35%.
|
||||||||
|
(4)
Each series of these bonds is supported by a separate direct-pay letter of
credit which expires on October 29, 2011. The Utility may choose to
provide a substitute letter of credit for any series of these bonds,
subject to a rating requirement.
|
||||||||
|
(5)
These bonds bear interest at 3.75% per year through September 19, 2010,
are subject to mandatory tender on September 10, 2010, and may be
remarketed in a fixed or variable rate mode.
|
||||||||
|
2009
|
2010
|
2011
|
2012
|
2013
|
Thereafter
|
Total
|
||||||||||||||||||||||
|
LONG-TERM
DEBT:
|
||||||||||||||||||||||||||||
|
PG&E
Corporation
|
||||||||||||||||||||||||||||
|
Average
fixed interest rate
|
- | 9.50 | % | - | - | - | 5.75 | % | 7.32 | % | ||||||||||||||||||
|
Fixed
rate obligations
|
$ | - | $ | 252 | $ | - | $ | - | $ | - | $ | 350 | $ | 602 | ||||||||||||||
|
Utility
|
||||||||||||||||||||||||||||
|
Average
fixed interest rate
|
- | 3.75 | % | 4.20 | % | - | 6.25 | % | 6.01 | % | 5.89 | % | ||||||||||||||||
|
Fixed
rate obligations
|
$ | - | $ | 95 | $ | 500 | - | $ | 400 | $ | 7,695 | $ | 8,690 | |||||||||||||||
|
Variable
interest rate as of March 31, 2009
|
- | - | 0.28 | % | 0.28 | % | - | - | 0.28 | % | ||||||||||||||||||
|
Variable
rate obligations
|
$ | - | $ | - | $ | 308 | (1) | $ | 614 | (2) | $ | - | $ | - | $ | 922 | ||||||||||||
|
Total
consolidated long-term debt
|
$ | - | $ | 347 | $ | 808 | $ | 614 | $ | 400 | $ | 8,045 | $ | 10,214 | ||||||||||||||
|
(1)
These bonds,
due in 2016-2026, are backed by a direct-pay letter of credit which
expires on October 29, 2011. The bonds will be subject to a mandatory
redemption unless the letter of credit is extended or replaced or the
issuer consents to the continuation of these series without a credit
facility. Accordingly, the bonds have been classified for repayment
purposes in 2011.
|
||||||||||||||||||||||||||||
|
(2)
The $614
million pollution control bonds, due in 2026, are backed by letters of
credit which expire on February 24, 2012. The bonds will be subject
to a mandatory redemption unless the letters of credit are extended or
replaced. Accordingly, the bonds have been classified for repayment
purposes in 2012.
|
||||||||||||||||||||||||||||
|
ENERGY RECOVERY BONDS
(1):
|
2009
|
2010
|
2011
|
2012
|
Total
|
|||||||||
|
Utility
|
|
|||||||||||||
|
Average
fixed interest rate
|
4.41%
|
4.49%
|
4.59%
|
4.66%
|
4.55%
|
|||||||||
|
Energy
recovery bonds
|
$
281
|
$
386
|
$
404
|
$
423
|
|
$
1,494
|
||||||||
|
(1) These
bonds were issued by PG&E Energy Recovery Funding LLC ("PERF"), a
wholly owned consolidated subsidiary of Pacific Gas and Electric
Company. The proceeds were used by PERF to purchase from Pacific Gas
and Electric Company the right, know as "recovery property," to be paid a
specified amount from a dedicated rate component. While PERF is a
wholly owned subsidiary of Pacific Gas and Electric Company, it is legally
separate from Pacific Gas and Electric Company. The assets,
including recovery property, of PERF are not available to creditors of
PG&E Corporation or Pacific Gas and Electric Company, and recovery
property is not legally an asset of PG&E Corporation or Pacific Gas
and Electric Company.
|
||
|
Name
|
Brief
Description
|
Docket
Number
|
||
|
Request
for New Generation Offers and Potential New
Utility-Owned
Generation
|
Pacific
Gas and Electric Company (“Utility”) has developed a shortlist of
participants who responded to the Utility’s request for offers (“RFO”)
solicitation for 800 to 1,200 megawatts of dispatchable and operationally
flexible new generation resources to be on-line no later than May
2015. The Utility anticipates executing contracts and
requesting CPUC approval of the executed contracts in the first half of
2009.
|
R.06-02-013
A.09-04-001
|
|
Energy
Efficiency Order Instituting Rulemaking (OIR)
Post-2005
|
CPUC
proceeding to establish incentive ratemaking mechanisms applicable to the
California investor-owned utilities’ implementation of their 2006-2008 and
2009-2011 energy efficiency program cycles. Scoping ruling
was issued on April 16, 2009 with hearings set to begin May 9,
2009.
|
R.09-01-019
D.08-12-059
|
|
Cost
of Capital 2008
|
CPUC
proceeding to establish capital structure and cost of capital for the
California investor-owned electric utilities. The CPUC issued a
final decision on December 20, 2007, maintaining the Utility’s authorized
ROE at 11.35% and its common equity ratio at 52%.
|
A.07-05-008
D.07-12-049
|
|
Three-Year
Cost of Capital Mechanism
|
On
May 29, 2008, the CPUC adopted a uniform three-year cost of capital
mechanism to replace the annual cost of capital proceeding. The
Utility’s capital structure, including an equity component of 52%, and its
cost of capital, including an 11.35% ROE, is set until 2011 and will only
be changed before 2011 if the annual automatic adjustment mechanism
established by the CPUC is triggered.
|
D.08-05-035
|
|
Proposed
Electric Distribution Reliability Program (Cornerstone Improvement
Program)
|
The
Utility has requested the CPUC to authorize $2.1 billion in costs
associated with proposed electric distribution reliability capital
expenditures and operating and maintenance expense incremental to amounts
recovered in the 2007 General Rate Case. Hearings have been
scheduled to begin in August 2009 with a final decision scheduled to be
issued in January 2010.
|
A.08-05-023
|
|
Application
to Recover Hydroelectric Generation Facility Divestiture
Costs
|
On
April 16, 2009, the CPUC authorized the Utility to
recover approximately $47 million, including approximately $12 million of
interest, of costs incurred in connection with the Utility’s efforts to
determine the market value of its hydroelectric generation facilities in
2000 and 2001.
|
A.08-04-022
D.09-04-033
|
|
Name
|
Brief
Description
|
Docket
Number
|
||
|
SmartGrid
OIR
|
CPUC
proceeding to consider the development of Smart Grid technologies in
California.
|
R.08-12-009
|
|
Photovoltaic
Program
|
The
Utility has requested the CPUC approve a proposal to develop up to 250 MW
of Utility-owned renewable generation resources based on solar
photovoltaic (“PV”) technology and to execute power purchase agreements
for up to 250 MW of PV projects to be developed by independent power
producers.
|
A.09-02-019
|
|
Retirement
Plan Funding Mechanism
|
The
Utility has requested the CPUC approve a ratemaking mechanism to annually
adjust gas and electric revenue requirements outside of the GRC, beginning
in 2011, to ensure timely recovery of contributions to the Utility’s
retirement plan.
|
A.09-03-003
|
|
SmartMeterTM
Program Upgrade Application
|
On
March 12, 2009, the CPUC approved the Utility’s request to upgrade
elements of the SmartMeterTM
program and to recover additional costs of $466.8 million related to the
upgrade program.
|
A.07-12-009
D.09-03-026
|
|
Transmission
Owner 11 Rate Case
|
On
April 20, 2009, the Utility requested that the FERC approve an uncontested
settlement in the Utility’s TO11 rate case that proposes to set a retail
base transmission revenue requirement of $776 million, effective March 1,
2009.
|
ER08-1318-000
|
|
Table
16: PG&E Corporation
|
|
Condensed
Consolidated Statements of Income
|
| (in millions, except per share amounts) |
|
(Unaudited)
|
||||||||
|
|
Three
Months Ended
|
|||||||
|
March
31,
|
||||||||
|
2009
|
2008
|
|||||||
|
Operating
Revenues
|
||||||||
|
Electric
|
$ | 2,426 | $ | 2,514 | ||||
|
Natural
gas
|
1,005 | 1,219 | ||||||
|
Total
operating revenues
|
3,431 | 3,733 | ||||||
|
Operating
Expenses
|
||||||||
|
Cost
of electricity
|
883 | 1,027 | ||||||
|
Cost
of natural gas
|
557 | 775 | ||||||
|
Operating
and maintenance
|
1,059 | 1,036 | ||||||
|
Depreciation,
amortization, and decommissioning
|
419 | 402 | ||||||
|
Total
operating expenses
|
2,918 | 3,240 | ||||||
|
Operating
Income
|
513 | 493 | ||||||
|
Interest
income
|
9 | 26 | ||||||
|
Interest
expense
|
(181 | ) | (187 | ) | ||||
|
Other
income, net
|
18 | 5 | ||||||
|
Income
Before Income Taxes
|
359 | 337 | ||||||
|
Income
tax provision
|
115 | 110 | ||||||
|
Net
Income
|
244 | 227 | ||||||
|
Preferred
dividend requirement of subsidiary
|
3 | 3 | ||||||
|
Income
Available for Common Shareholders
|
$ | 241 | $ | 224 | ||||
|
Weighted
Average Common Shares Outstanding, Basic
|
364 | 355 | ||||||
|
Weighted
Average Common Shares Outstanding, Diluted
|
366 | 356 | ||||||
|
Net
Earnings Per Common Share, Basic
|
$ | 0.65 | $ | 0.62 | ||||
|
Net
Earnings Per Common Share, Diluted
|
$ | 0.65 | $ | 0.62 | ||||
|
Dividends
Declared Per Common Share
|
$ | 0.42 | $ | 0.39 | ||||
|
Table
17: PG&E Corporation
|
|
Condensed
Consolidated Balance Sheets
|
| (in millions) |
|
(Unaudited)
|
||||||||
|
Balance
At
|
||||||||
|
|
March
31,
2009
|
December
31, 2008
|
||||||
|
ASSETS
|
||||||||
|
Current
Assets
|
||||||||
|
Cash
and cash equivalents
|
$ | 271 | $ | 219 | ||||
|
Restricted
cash
|
1,284 | 1,290 | ||||||
|
Accounts
receivable:
|
||||||||
|
Customers
(net of allowance for doubtful accounts of $87 million in 2009 and $76
million in 2008)
|
1,490 | 1,751 | ||||||
|
Accrued
unbilled revenue
|
645 | 685 | ||||||
|
Regulatory
balancing accounts
|
1,372 | 1,197 | ||||||
|
Inventories:
|
||||||||
|
Gas
stored underground and fuel oil
|
62 | 232 | ||||||
|
Materials
and supplies
|
195 | 191 | ||||||
|
Income
taxes receivable
|
45 | 120 | ||||||
|
Prepaid
expenses and other
|
833 | 718 | ||||||
|
Total
current assets
|
6,197 | 6,403 | ||||||
|
Property,
Plant, and Equipment
|
||||||||
|
Electric
|
28,730 | 27,638 | ||||||
|
Gas
|
10,241 | 10,155 | ||||||
|
Construction
work in progress
|
1,644 | 2,023 | ||||||
|
Other
|
17 | 17 | ||||||
|
Total
property, plant, and equipment
|
40,632 | 39,833 | ||||||
|
Accumulated
depreciation
|
(13,709 | ) | (13,572 | ) | ||||
|
Net
property, plant, and equipment
|
26,923 | 26,261 | ||||||
|
Other
Noncurrent Assets
|
||||||||
|
Regulatory
assets
|
6,087 | 5,996 | ||||||
|
Nuclear
decommissioning funds
|
1,634 | 1,718 | ||||||
|
Other
|
494 | 482 | ||||||
|
Total
other noncurrent assets
|
8,215 | 8,196 | ||||||
|
TOTAL
ASSETS
|
$ | 41,335 | $ | 40,860 | ||||
|
Table
17 (continued): PG&E
Corporation
|
|
Condensed
Consolidated Balance Sheets
|
| (in millions, except share amounts) |
|
(Unaudited)
|
||||||||
|
Balance
At
|
||||||||
|
|
March
31,
2009
|
December
31, 2008
|
||||||
|
LIABILITIES
AND EQUITY
|
||||||||
|
Current
Liabilities
|
||||||||
|
Short-term
borrowings
|
$ | 385 | $ | 287 | ||||
|
Long-term
debt, classified as current
|
- | 600 | ||||||
|
Energy
recovery bonds, classified as current
|
374 | 370 | ||||||
|
Accounts
payable:
|
||||||||
|
Trade
creditors
|
839 | 1,096 | ||||||
|
Disputed
claims and customer refunds
|
1,552 | 1,580 | ||||||
|
Regulatory
balancing accounts
|
727 | 730 | ||||||
|
Other
|
408 | 343 | ||||||
|
Interest
payable
|
778 | 802 | ||||||
|
Income
taxes payable
|
134 | - | ||||||
|
Deferred
income taxes
|
389 | 251 | ||||||
|
Other
|
1,364 | 1,567 | ||||||
|
Total
current liabilities
|
6,950 | 7,626 | ||||||
|
Noncurrent
Liabilities
|
||||||||
|
Long-term
debt
|
10,185 | 9,321 | ||||||
|
Energy
recovery bonds
|
1,120 | 1,213 | ||||||
|
Regulatory
liabilities
|
3,770 | 3,657 | ||||||
|
Pension
and other postretirement benefits
|
2,133 | 2,088 | ||||||
|
Asset
retirement obligations
|
1,530 | 1,684 | ||||||
|
Income
taxes payable
|
36 | 35 | ||||||
|
Deferred
income taxes
|
3,496 | 3,397 | ||||||
|
Deferred
tax credits
|
92 | 94 | ||||||
|
Other
|
2,161 | 2,116 | ||||||
|
Total
noncurrent liabilities
|
24,523 | 23,605 | ||||||
|
Commitments
and Contingencies
|
||||||||
|
Shareholders'
Equity
|
||||||||
|
Preferred
stock, no par value, authorized 80,000,000 shares, $100 par value,
authorized 5,000,000 shares, none issued
|
- | - | ||||||
|
Common
stock, no par value, authorized 800,000,000 shares, issued 366,336,769
common and 683,656 restricted shares in 2009 and issued 361,059,116 common
and 1,287,569 restricted shares in 2008
|
6,123 | 5,984 | ||||||
|
Reinvested
earnings
|
3,701 | 3,614 | ||||||
|
Accumulated
other comprehensive loss
|
(214 | ) | (221 | ) | ||||
|
Total shareholders’
equity
|
9,610 | 9,377 | ||||||
|
Non-Controlling
Interest – Preferred Stock of Subsidiary
|
252 | 252 | ||||||
|
Total
Equity
|
9,862 | 9,629 | ||||||
|
TOTAL
LIABILITIES AND EQUITY
|
$ | 41,335 | $ | 40,860 | ||||
|
Table
18: PG&E Corporation
|
|
Condensed
Consolidated Statements of Cash
Flows
|
| (in millions) |
|
(Unaudited)
|
||||||||
|
Three
Months Ended
|
||||||||
|
March
31,
|
||||||||
|
|
2009
|
2008
|
||||||
|
Cash
Flows from Operating Activities
|
||||||||
|
Net
income
|
$ | 244 | $ | 227 | ||||
|
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
|
Depreciation,
amortization, and decommissioning
|
463 | 437 | ||||||
|
Allowance
for equity funds used during construction
|
(25 | ) | (20 | ) | ||||
|
Deferred
income taxes and tax credits, net
|
235 | 167 | ||||||
|
Other
changes in noncurrent assets and liabilities
|
(51 | ) | 111 | |||||
|
Effect
of changes in operating assets and liabilities:
|
||||||||
|
Accounts
receivable
|
301 | 89 | ||||||
|
Inventories
|
166 | 107 | ||||||
|
Accounts
payable
|
(116 | ) | 144 | |||||
|
Income
taxes receivable/payable
|
209 | (37 | ) | |||||
|
Regulatory
balancing accounts, net
|
(180 | ) | (356 | ) | ||||
|
Other
current assets
|
32 | 103 | ||||||
|
Other
current liabilities
|
(390 | ) | 68 | |||||
|
Other
|
2 | (2 | ) | |||||
|
Net
cash provided by operating activities
|
890 | 1,038 | ||||||
|
Cash
Flows from Investing Activities
|
||||||||
|
Capital
expenditures
|
(1,079 | ) | (853 | ) | ||||
|
Proceeds
from sale of assets
|
2 | 6 | ||||||
|
Decrease
in restricted cash
|
11 | 2 | ||||||
|
Proceeds
from nuclear decommissioning trust sales
|
387 | 164 | ||||||
|
Purchases
of nuclear decommissioning trust investments
|
(412 | ) | (117 | ) | ||||
|
Other
|
5 | - | ||||||
|
Net
cash used in investing activities
|
(1,086 | ) | (798 | ) | ||||
|
Cash
Flows from Financing Activities
|
||||||||
|
Net
repayments under revolving credit facility
|
- | (250 | ) | |||||
|
Net
issuance (repayments) of commercial paper, net of discount of $2 million
in 2009 and $1million in 2008
|
96 | (198 | ) | |||||
|
Proceeds
from issuance of long-term debt, net of premium, discount, and issuance
costs of $16 million in 2009 and $2 million in 2008
|
884 | 598 | ||||||
|
Long-term
debt matured or repurchased
|
(600 | ) | (300 | ) | ||||
|
Energy
recovery bonds matured
|
(89 | ) | (83 | ) | ||||
|
Common
stock issued
|
96 | 39 | ||||||
|
Common
stock dividends paid
|
(138 | ) | (129 | ) | ||||
|
Other
|
(1 | ) | (9 | ) | ||||
|
Net
cash provided by (used in) financing activities
|
248 | (332 | ) | |||||
|
Net
change in cash and cash equivalents
|
52 | (92 | ) | |||||
|
Cash
and cash equivalents at January 1
|
219 | 345 | ||||||
|
Cash
and cash equivalents at March 31
|
$ | 271 | $ | 253 | ||||
|
Supplemental
disclosures of cash flow information
|
||||||||
|
Cash
(paid) received for:
|
||||||||
|
Interest,
net of amounts capitalized
|
$ | (190 | ) | $ | (189 | ) | ||
|
Income
taxes, net
|
294 | - | ||||||
|
Supplemental
disclosures of noncash investing and financing activities
|
||||||||
|
Common
stock dividends declared but not yet paid
|
$ | 154 | $ | 139 | ||||
|
Capital
expenditures financed through accounts payable
|
235 | 242 | ||||||
|
Noncash
common stock issuances
|
33 | 6 | ||||||
|
Table
19: Pacific Gas and Electric
Company
|
|
Condensed
Consolidated Statements of Income
|
| (in millions) |
|
(Unaudited)
|
||||||||
|
Three
Months Ended
|
||||||||
|
(in
millions)
|
March
31,
|
|||||||
|
2009
|
2008
|
|||||||
|
Operating
Revenues
|
||||||||
|
Electric
|
$ | 2,426 | $ | 2,514 | ||||
|
Natural
gas
|
1,005 | 1,219 | ||||||
|
Total
operating revenues
|
3,431 | 3,733 | ||||||
|
Operating
Expenses
|
||||||||
|
Cost
of electricity
|
883 | 1,027 | ||||||
|
Cost
of natural gas
|
557 | 775 | ||||||
|
Operating
and maintenance
|
1,059 | 1,036 | ||||||
|
Depreciation,
amortization, and decommissioning
|
419 | 402 | ||||||
|
Total
operating expenses
|
2,918 | 3,240 | ||||||
|
Operating
Income
|
513 | 493 | ||||||
|
Interest
income
|
9 | 24 | ||||||
|
Interest
expense
|
(173 | ) | (180 | ) | ||||
|
Other
income, net
|
21 | 19 | ||||||
|
Income
Before Income Taxes
|
370 | 356 | ||||||
|
Income
tax provision
|
131 | 120 | ||||||
|
Net
Income
|
239 | 236 | ||||||
|
Preferred
dividend requirement
|
3 | 3 | ||||||
|
Income
Available for Common Shareholders
|
$ | 236 | $ | 233 | ||||
|
Table
20: Pacific Gas and Electric
Company
|
|
Condensed
Consolidated Balance Sheets
|
| (in millions) |
|
(Unaudited)
|
||||||||
|
Balance
At
|
||||||||
|
|
March
31,
2009
|
December
31,
2008
|
||||||
|
ASSETS
|
||||||||
|
Current
Assets
|
||||||||
|
Cash
and cash equivalents
|
$ | 54 | $ | 52 | ||||
|
Restricted
cash
|
1,284 | 1,290 | ||||||
|
Accounts
receivable:
|
||||||||
|
Customers
(net of allowance for doubtful accounts of $87 million in 2009 and $76
million in 2008)
|
1,490 | 1,751 | ||||||
|
Accrued
unbilled revenue
|
645 | 685 | ||||||
|
Related
parties
|
5 | 2 | ||||||
|
Regulatory
balancing accounts
|
1,372 | 1,197 | ||||||
|
Inventories:
|
||||||||
|
Gas
stored underground and fuel oil
|
62 | 232 | ||||||
|
Materials
and supplies
|
195 | 191 | ||||||
|
Income
taxes receivable
|
21 | 25 | ||||||
|
Prepaid
expenses and other
|
823 | 705 | ||||||
|
Total
current assets
|
5,951 | 6,130 | ||||||
|
Property,
Plant, and Equipment
|
||||||||
|
Electric
|
28,730 | 27,638 | ||||||
|
Gas
|
10,241 | 10,155 | ||||||
|
Construction
work in progress
|
1,644 | 2,023 | ||||||
|
Total
property, plant, and equipment
|
40,615 | 39,816 | ||||||
|
Accumulated
depreciation
|
(13,693 | ) | (13,557 | ) | ||||
|
Net
property, plant, and equipment
|
26,922 | 26,259 | ||||||
|
Other
Noncurrent Assets
|
||||||||
|
Regulatory
assets
|
6,087 | 5,996 | ||||||
|
Nuclear
decommissioning funds
|
1,634 | 1,718 | ||||||
|
Related
parties receivable
|
26 | 27 | ||||||
|
Other
|
423 | 407 | ||||||
|
Total
other noncurrent assets
|
8,170 | 8,148 | ||||||
|
TOTAL
ASSETS
|
$ | 41,043 | $ | 40,537 | ||||
|
Table
20 (continued): Pacific Gas and Electric
Company
|
|
Condensed
Consolidated Balance Sheets
|
| (in millions, except share amounts) |
|
(Unaudited)
|
||||||||
|
Balance
At
|
||||||||
|
|
March
31,
2009
|
December
31,
2008
|
||||||
|
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
||||||||
|
Current
Liabilities
|
||||||||
|
Short-term
borrowings
|
$ | 385 | $ | 287 | ||||
|
Long-term
debt, classified as current
|
- | 600 | ||||||
|
Energy
recovery bonds, classified as current
|
374 | 370 | ||||||
|
Accounts
payable:
|
||||||||
|
Trade
creditors
|
839 | 1,096 | ||||||
|
Disputed
claims and customer refunds
|
1,552 | 1,580 | ||||||
|
Related
parties
|
19 | 25 | ||||||
|
Regulatory
balancing accounts
|
727 | 730 | ||||||
|
Other
|
405 | 325 | ||||||
|
Interest
payable
|
771 | 802 | ||||||
|
Income
tax payable
|
144 | 53 | ||||||
|
Deferred
income taxes
|
396 | 257 | ||||||
|
Other
|
1,169 | 1,371 | ||||||
|
Total
current liabilities
|
6,781 | 7,496 | ||||||
|
Noncurrent
Liabilities
|
||||||||
|
Long-term
debt
|
9,585 | 9,041 | ||||||
|
Energy
recovery bonds
|
1,120 | 1,213 | ||||||
|
Regulatory
liabilities
|
3,770 | 3,657 | ||||||
|
Pension
and other postretirement benefits
|
2,084 | 2,040 | ||||||
|
Asset
retirement obligations
|
1,530 | 1,684 | ||||||
|
Income
taxes payable
|
12 | 12 | ||||||
|
Deferred
income taxes
|
3,546 | 3,449 | ||||||
|
Deferred
tax credits
|
92 | 94 | ||||||
|
Other
|
2,119 | 2,064 | ||||||
|
Total
noncurrent liabilities
|
23,858 | 23,254 | ||||||
|
Commitments
and Contingencies
|
||||||||
|
Shareholders’
Equity
|
||||||||
|
Preferred
stock without mandatory redemption provisions:
|
||||||||
|
Nonredeemable,
5.00% to 6.00%, outstanding 5,784,825 shares
|
145 | 145 | ||||||
|
Redeemable,
4.36% to 5.00%, outstanding 4,534,958 shares
|
113 | 113 | ||||||
|
Common
stock, $5 par value, authorized 800,000,000 shares, issued 264,374,809
shares in 2009 and 2008
|
1,322 | 1,322 | ||||||
|
Additional
paid-in capital
|
2,861 | 2,331 | ||||||
|
Reinvested
earnings
|
6,172 | 6,092 | ||||||
|
Accumulated
other comprehensive loss
|
(209 | ) | (216 | ) | ||||
|
Total
shareholders’ equity
|
10,404 | 9,787 | ||||||
|
TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$ | 41,043 | $ | 40,537 | ||||
|
Table
21: Pacific Gas and Electric
Company
|
|
Condensed
Consolidated Statements of Cash
Flows
|
| (in millions) |
|
(Unaudited)
|
||||||||
|
Three
Months Ended
|
||||||||
|
March
31,
|
||||||||
|
|
2009
|
2008
|
||||||
|
Cash
Flows from Operating Activities
|
||||||||
|
Net
income
|
$ | 239 | $ | 236 | ||||
|
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
|
Depreciation,
amortization, and decommissioning
|
456 | 437 | ||||||
|
Allowance
for equity funds used during construction
|
(25 | ) | (20 | ) | ||||
|
Deferred
income taxes and tax credits, net
|
234 | 160 | ||||||
|
Other
changes in noncurrent assets and liabilities
|
(48 | ) | 106 | |||||
|
Effect
of changes in operating assets and liabilities:
|
||||||||
|
Accounts
receivable
|
298 | 88 | ||||||
|
Inventories
|
166 | 107 | ||||||
|
Accounts
payable
|
(107 | ) | 149 | |||||
|
Income
taxes receivable/payable
|
95 | (20 | ) | |||||
|
Regulatory
balancing accounts, net
|
(180 | ) | (356 | ) | ||||
|
Other
current assets
|
34 | 104 | ||||||
|
Other
current liabilities
|
(386 | ) | 65 | |||||
|
Other
|
1 | (2 | ) | |||||
|
Net
cash provided by operating activities
|
777 | 1,054 | ||||||
|
Cash
Flows from Investing Activities
|
||||||||
|
Capital
expenditures
|
(1,079 | ) | (853 | ) | ||||
|
Proceeds
from sale of assets
|
2 | 6 | ||||||
|
Decrease
in restricted cash
|
11 | 2 | ||||||
|
Proceeds
from nuclear decommissioning trust sales
|
387 | 164 | ||||||
|
Purchases
of nuclear decommissioning trust investments
|
(412 | ) | (117 | ) | ||||
|
Net
cash used in investing activities
|
(1,091 | ) | (798 | ) | ||||
|
Cash
Flows from Financing Activities
|
||||||||
|
Net
repayments under revolving credit facility
|
- | (250 | ) | |||||
|
Net
issuance (repayments) of commercial paper, net of discount of $2 million
in 2009 and $1 million in 2008
|
96 | (198 | ) | |||||
|
Proceeds
from issuance of long-term debt, net of premium, discount, and issuance
costs of $12 million in 2009 and $2 million in 2008
|
538 | 598 | ||||||
|
Long-term
debt matured or repurchased
|
(600 | ) | (300 | ) | ||||
|
Energy
recovery bonds matured
|
(89 | ) | (83 | ) | ||||
|
Preferred
stock dividends paid
|
(3 | ) | (3 | ) | ||||
|
Common
stock dividends paid
|
(156 | ) | (142 | ) | ||||
|
Equity
contribution
|
528 | 50 | ||||||
|
Other
|
2 | (7 | ) | |||||
|
Net
cash provided by (used in) financing activities
|
316 | (335 | ) | |||||
|
Net
change in cash and cash equivalents
|
2 | (79 | ) | |||||
|
Cash
and cash equivalents at January 1
|
52 | 141 | ||||||
|
Cash
and cash equivalents at March 31
|
$ | 54 | $ | 62 | ||||
|
Supplemental
disclosures of cash flow information
|
||||||||
|
Cash
(paid) received for:
|
||||||||
|
Interest,
net of amounts capitalized
|
$ | (190 | ) | $ | (189 | ) | ||
|
Income
taxes, net
|
163 | - | ||||||
|
Supplemental
disclosures of noncash investing and financing activities
|
||||||||
|
Capital
expenditures financed through accounts payable
|
$ | 235 | $ | 242 | ||||