2010 FERC Form 1 - Pacific Gas and Electric Company

Name of Respondent
PACIFIC GAS AND ELECTRIC COMPANY
This Report is:
(1) X An Original
(2) A Resubmission
Date of Report
(Mo, Da, Yr)
04/08/2011
Year/Period of Report
2010/Q4
IMPORTANT CHANGES DURING THE QUARTER/YEAR (Continued)
Colusa County, California, the switching Station was energized on February 3, 2010.
The switching station has protection, control, and communication equipment that
enables power output from the 660 MW generation station be delivered to the
transmission corridor between Cottonwood and Vaca Dixon Substations.
6. Obligations incurred as a result of issuance of securities or assumption of liabilities
or guarantees including issuance of short-term debt and commercial paper having maturity
of one year or less. Give reference to FERC or State Commission authorization, as
appropriate, and the amount of obligation or guarantee:
a) Financings:
At December 31, 2010, the Utility had $10.15 billion of unsecured senior notes
outstanding with various interest rates and maturity dates, including the
following issuances made during 2010.
On April 1, 2010, the Utility issued $250 million of 30-year unsecured Senior
Notes. The issuance was a re-opening of the 5.80% 30-year Senior Notes issued in
March 2007. In a bond re-opening, all of the terms of the new issue are
identical to that of the original issue including coupon, interest payment dates,
maturity date, etc. The Senior Notes were authorized by the California Public
Utilities Commission (“CPUC”) Decision No. 08-10-013.
On September 15, 2010, the Utility issued $550 million of unsecured Senior Notes
due October 1, 2020 at a coupon of 3.50%. The Senior Notes were authorized by
the CPUC Decision No. 08-10-013.
On October 12, 2010, the Utility issued $250 principal amount of Floating Rate
Senior Notes due October 11, 2011. The Senior Notes were authorized by CPUC
Decision No. 04-10-037 as modified by Decision Nos. 05-04-023, 06-11-006 and
09-05-002.
On November 18, 2010, the Utility issued $250 million of 10-year unsecured Senior
Notes and $250 million 30-year unsecured Senior Notes. Issuances were
re-openings of the 3.50% 10-year Senior Notes and the 5.40% 30-year Senior Notes
issued in September 15, 2010 and November 18, 2009, respectively. The Senior
Notes were authorized by the CPUC Decision No. 08-10-013.
On April 8, 2010, the California Infrastructure and Economic Development Bank
(I-Bank), issued $50 million of tax-exempt pollution control bond series 2010 E
at a yield of 2.25%, due on November 1, 2026 with a 2-year mandatory put. The
proceeds were loaned to the Utility to repurchase pollution control bonds series
2005 E. The pollution control bonds were authorized by the CPUC Decision No.
08-10-013.
Refer to Note 4, Debt, of the Notes to Financial Statements on page 123 of the
FERC Form 3-Q.
b) Bank Credit Facilities:
On June 8, 2010, the Utility entered into a $750 million revolving credit
facility agreement. This credit facility will expire on February 26, 2012 and
does not support the letters of credit program. At December 31, 2010, the
Utility had nothing outstanding under this revolving credit facility.
At December 31, 2010, the Utility had $329 million of letters of credit
outstanding under the Utility’s $1.94 billion revolving credit facility.
FERC FORM NO. 1 (ED. 12-96) Page 109.3