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
NOTES TO FINANCIAL STATEMENTS (Continued)
At December 31, 2010, PG&E Corporation’s and the Utility’s outstanding derivative balances were as follows:
Gross
Total
Derivative Cash Derivative
(in millions) Balance (1) Netting (2) Collateral (2) Balances
Commodity Risk (PG&E Corporation and the Utility)
Current assets –other $ 56 $ (45) $ 79 $ 90
Other noncurrent assets –
other 77 (62) 96 111
Current liabilities – other (388) 45 119 (224)
Noncurrent liabilities –
other (486) 62 130 (294)
Total commodity risk $ (741) $ - $ 424 $ (317)
(1) See Note 11 of the Notes to the Consolidated Financial Statements for a discussion of the valuation techniques
used to calculate the fair value of these instruments.
(2) Positions, by counterparty, are netted where the intent and legal right to offset exist in accordance with master
netting agreements.
At December 31, 2009, PG&E Corporation’s and the Utility’s outstanding derivative balances were as follows:
Gross
Total
Derivative Cash Derivative
(in millions) Balance (1) Netting (2) Collateral (2) Balances
Commodity Risk (PG&E Corporation and the Utility)
Current assets –other $ 76 $ (12) $ 77 $ 141
Other noncurrent assets –
other 64 (44) 13 33
Current liabilities – other (231) 12 54 (165)
Noncurrent liabilities –
other (390) 44 44 (302)
Total commodity risk $ (481) $ - $ 188 $ (293)
Other Risk Instruments (3) (PG&E Corporation Only)
Current liabilities – other $ (13) $ - $ - $ (13)
Total derivatives $ (494) $ - $ 188 $ (306)
(1) See Note 11 of the Notes to the Consolidated Financial Statements for a discussion of the valuation techniques
used to calculate the fair value of these instruments.
(2) Positions, by counterparty, are netted where the intent and legal right to offset exist in accordance with master
netting agreements.
(3) This category relates to the dividend participation rights of PG&E Corporation’s Convertible Subordinated
Notes, which were converted to PG&E Corporation common stock in 2010.
For the years ended December 31, 2010 and 2009, the gains and losses recorded on PG&E Corporation’s and the Utility’s
derivative instruments were as follows:
Commodity Risk
(PG&E Corporation and the
Utility)
(in millions) 2010 2009
FERC FORM NO. 1 (ED. 12-88) Page 123.31