2010 FERC Form 1 - Pacific Gas and Electric Company

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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) Unrealized gain/(loss) – Regulatory assets and liabilities (1) $ (260) $ 15 Realized gain/(loss) – Cost of electricity (2) (573) (701) Realized gain/(loss) – Cost of natural gas (2) (79) (54) Total commodity risk instruments $ (912) $ (740) (1) Unrealized gains and losses on commodity risk-related derivative instruments are recorded to regulatory assets or liabilities rather than being recorded to the Consolidated Statements of Income. These amounts exclude the impact of cash collateral postings. (2) These amounts are fully passed through to customers in rates. Accordingly, net income was not impacted by realized amounts on these instruments. Cash inflows and outflows associated with the settlement of all derivative instruments are included in operating cash flows on PG&E Corporation’s and the Utility’s Consolidated Statements of Cash Flows. The majority of the Utility’s commodity risk-related derivative instruments contain collateral posting provisions tied to the Utility’s credit rating from each of the major credit rating agencies. If the Utility’s credit rating were to fall below investment grade, the Utility would be required to immediately post additional cash to fully collateralize its net liability derivative positions. At December 31, 2010, the additional cash collateral that the Utility would be required to post if its credit risk-related contingency features were triggered was as follows: (in millions) Derivatives in a liability position with credit risk-related contingencies that are not fully collateralized $ (518) Related derivatives in an asset position - Collateral posting in the normal course of business related to these derivatives 7 Net position of derivative contracts/additional collateral posting requirements (1) $ (511) (1) This calculation excludes the impact of closed but unpaid positions, as their settlement is not impacted by any of the Utility’s credit risk-related contingencies. NOTE 11: FAIR VALUE MEASUREMENTS PG&E Corporation and the Utility measure their cash equivalents, trust assets, and price risk management instruments at fair value. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2—Include other inputs that are directly or indirectly observable in the marketplace. Level 3—Unobservable inputs which are supported by little or no market activities. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Assets and liabilities measured at fair value on a recurring basis for PG&E Corporation and the Utility are summarized below (money market investments and assets held in rabbi trusts are held by PG&E Corporation and not the Utility): FERC FORM NO. 1 (ED. 12-88) Page 123.32
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) Fair Value Measurements at December 31, 2010 (in millions) Level 1 Level 2 Level 3 Total Assets: Money market investments $ 138 $ - $ - $ 138 Nuclear decommissioning trusts U.S. equity securities (1) 1,029 7 - 1,036 Non-U.S. equity securities 349 - - 349 U.S. government and agency securities 584 40 - 624 Municipal securities - 119 - 119 Other fixed income securities - 66 - 66 Total nuclear decommissioning trusts (2) 1,962 232 - 2,194 Price risk management instruments (Note 10) Electric (3) 130 - - 130 Gas (4) 3 - - 3 Total price risk management instruments 133 - - 133 Rabbi trusts Fixed Income securities - 24 - 24 Life insurance contracts - 65 - 65 Total rabbi trusts - 89 - 89 Long-term disability trust U.S. equity securities (1) 11 24 - 35 Corporate debt securities (1) - 150 - 150 Total long-term disability trust 11 174 - 185 Total assets $ 2,244 $ 495 $ - $ 2,739 Liabilities: Price risk management instruments (Note 10) Electric (5) $ - $ 5 $ 403 $ 408 Gas (6) - 1 41 42 Total price risk management instruments - 6 444 450 Total liabilities $ - $ 6 $ 444 $ 450 (1) Level 2 balances include commingled funds, which are comprised primarily of securities traded publicly on exchanges. Price quotes for the assets held by the funds are readily observable and available. (2) Excludes $185 million primarily related to deferred taxes on appreciation of investment value. (3) Balances include the impact of netting adjustments of $359 million to Level 1. Includes natural gas for electric portfolio. (4) Balances include the impact of netting adjustments of $44 million to Level 1. Includes natural gas for core customers. (5) Balances include the impact of netting adjustments of $66 million to Level 2 and $(48) million to Level 3. Includes natural gas for electric portfolio. (6) Balances include the impact of netting adjustments of $3 million to Level 3. Includes natural gas for core customers. Fair Value Measurements at December 31, 2009 (in millions) Level 1 Level 2 Level 3 Total Assets: Money market investments $ 189 $ - $ 4 $ 193 Nuclear decommissioning trusts FERC FORM NO. 1 (ED. 12-88) Page 123.33
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2010 ANNUAL REPORT of Pacific Gas a
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FERC FORM NO. 1 (REV. 12-03) Page 4
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SELECTED FINANCIAL DATA - CLASS A,
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2010 FERC Form 1 - Pacific Gas and Electric Company

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