2010 FERC Form 1 - Pacific Gas and Electric Company

More documents

Recommendations

Info

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) Nuclear Decommission- Long-term Long-term Dividend Price Risk ing Trusts Disability Disability Money Participation Management Equity Equity Corp. Debt Other (in millions) Market Rights Instruments Securities (1) Securities Securities Liabilities Total Asset (liability) balance as of December 31, 2008 $ 12 $ (42) $ (156) $ 5 $ 54 $ 24 $ (2) $ (105) Realized and unrealized gains (losses): Included in earnings - 2 - - 12 3 - 17 Included in regulatory assets and liabilities or balancing accounts - - (61) 1 - - (1) (61) Purchases, issuances, and settlements (8) 28 - - (43) 86 - 63 Transfers into Level 3 - - - - - - - - Transfers out of Level 3 - - - (6) (23) (113) - (142) Asset (liability) balance as of December 31, 2009 $ 4 $ (12) $ (217) $ - $ - $ - $ (3) $ (228) Realized and unrealized gains (losses): Included in earnings - - - - - - - - Included in regulatory assets and liabilities or balancing accounts - - (227) - - - 3 (224) Purchases, issuances, and settlements (4) 12 - - - - - 8 Transfers into Level 3 - - - - - - - - Transfers out of Level 3 - - - - - - - - Asset (liability) balance as of December 31, 2010 $ - $ - $ (444) $ - $ - $ - $ - $ (444) (1) Excludes deferred taxes on appreciation of investment value. Financial Instruments PG&E Corporation and the Utility use the following methods and assumptions in estimating fair value for financial instruments: • ?The fair values of cash, restricted cash and deposits, net accounts receivable, short-term borrowings, accounts payable, customer deposits, and the Utility’s variable rate pollution control bond loan agreements approximate their carrying values at December 31, 2010 and 2009. • ?The fair values of the Utility’s fixed rate senior notes and fixed rate pollution control bond loan agreements, PG&E Corporation’s Convertible Subordinated Notes, PG&E Corporation’s fixed rate senior notes, and the ERBs issued by PERF were based on quoted market prices at December 31, 2010 and 2009. The carrying amount and fair value of PG&E Corporation’s and the Utility’s debt instruments were as follows (the table below excludes financial instruments with carrying values that approximate their fair values): FERC FORM NO. 1 (ED. 12-88) Page 123.36
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 2009 Carrying Fair Carrying Fair (in millions) Amount Value (2) Amount Value (2) Debt (Note 4): PG&E Corporation (1) $ 349 $ 383 $ 597 $ 1,096 Utility 10,444 11,314 9,240 9,824 Energy recovery bonds (Note 5) 827 862 1,213 1,269 (1) PG&E Corporation Convertible Subordinated Notes were no longer outstanding as of December 31, 2010. (2) Fair values are determined using readily available quoted market prices. Nuclear Decommissioning Trust Investments The funds in the decommissioning trusts, along with accumulated earnings, will be used exclusively for decommissioning and dismantling the Utility’s nuclear facilities. At December 31, 2010 and 2009, the Utility had accumulated nuclear decommissioning trust funds with an estimated fair value of $2.0 billion and $1.9 billion, respectively, net of deferred taxes on unrealized gains. In 2010 and 2009, the trusts earned $62 million and $63 million in interest and dividends, respectively. All earnings on the assets held in the trusts, net of authorized disbursements from the trusts and investment management and administrative fees, are reinvested. Amounts may not be released from the decommissioning trusts until authorized by the CPUC. At December 31, 2010 and 2009, total unrealized losses on the investments held in the trusts were $6 million and $8 million, respectively. The Utility concluded that the unrealized losses were other-than-temporary impairments and recorded a reduction to the nuclear decommissioning trusts assets and the corresponding regulatory liability for asset retirement costs. There were no individually material unrealized losses. The following table provides a summary of available-for-sale investments held in the Utility’s nuclear decommissioning trusts: Total Total Amortized Unrealized Unrealized Estimated (1) Cost Gains Losses Fair Value (in millions) As of December 31, 2010 Equity securities U.S. $ 509 $ 529 $ (2) $ 1,036 Non-U.S. 180 170 (1) 349 Debt securities U.S. government and agency securities 571 55 (2) 624 Municipal securities 119 1 (1) 119 Other fixed income securities 65 1 - 66 Total $ 1,444 $ 756 $ (6) $ 2,194 As of December 31, 2009 Equity securities U.S. $ 344 $ 425 $ (1) $ 768 Non-U.S. 182 163 (1) 344 Debt securities U.S. government and agency securities 656 52 (4) 704 FERC FORM NO. 1 (ED. 12-88) Page 123.37
Page 1:
2010 ANNUAL REPORT of Pacific Gas a
Page 5 and 6:
Name of Respondent PACIFIC GAS AND
Page 7 and 8:
Page 9 and 10:
Page 11 and 12:
Page 13 and 14:
Page 15 and 16:
Page 17 and 18:
Page 19 and 20:
Page 21 and 22:
Page 23 and 24:
Page 25 and 26:
Page 27 and 28: Name of Respondent This Report Is:
Page 29 and 30: Name of Respondent PACIFIC GAS AND
Page 77: Name of Respondent PACIFIC GAS AND
Page 128 and 129:
Page 130 and 131:
Page 132 and 133:
Page 134 and 135:
Page 136 and 137:
Page 138 and 139:
Page 140 and 141:
Page 142 and 143:
Page 144 and 145:
Page 146 and 147:
Page 148 and 149:
Page 150 and 151:
Name of Respondent This Report Is:
Page 152 and 153:
Page 154 and 155:
Page 156 and 157:
Page 158 and 159:
Page 160 and 161:
Page 162 and 163:
Page 164 and 165:
Page 166 and 167:
Page 168 and 169:
Page 170 and 171:
Page 172 and 173:
Page 174 and 175:
Page 176 and 177:
Page 178 and 179:
Page 180 and 181:
Page 182 and 183:
Page 184 and 185:
Page 186 and 187:
Page 188 and 189:
Page 190 and 191:
Page 192 and 193:
Page 194 and 195:
Page 196 and 197:
Page 198 and 199:
Page 200 and 201:
Page 202 and 203:
Page 204 and 205:
Page 206 and 207:
Page 208 and 209:
Page 210 and 211:
Page 212 and 213:
Page 214 and 215:
Page 216 and 217:
Page 218 and 219:
Page 220 and 221:
Page 222 and 223:
Page 224 and 225:
Page 226 and 227:
Page 228 and 229:
Page 230 and 231:
Page 232 and 233:
Page 234 and 235:
Page 236 and 237:
Page 238 and 239:
Page 240 and 241:
Page 242 and 243:
Page 244 and 245:
Page 246 and 247:
Page 248 and 249:
Page 250 and 251:
Page 252 and 253:
Page 254 and 255:
Page 256 and 257:
Page 258 and 259:
Page 260 and 261:
Page 262 and 263:
Page 264 and 265:
Page 266 and 267:
Page 268 and 269:
Page 270 and 271:
Page 272 and 273:
Page 274 and 275:
Page 276 and 277:
Page 278 and 279:
Page 280 and 281:
Page 282 and 283:
FERC FORM NO. 1 (REV. 12-03) Page 4
Page 284 and 285:
Page 286 and 287:
Page 288 and 289:
Page 290 and 291:
Page 292 and 293:
Page 294 and 295:
Page 296 and 297:
Page 298 and 299:
Page 300 and 301:
Page 302 and 303:
Page 304 and 305:
Page 306 and 307:
Page 308 and 309:
Page 310 and 311:
Page 312 and 313:
Page 314 and 315:
Page 316 and 317:
Page 318 and 319:
Page 320 and 321:
Page 322 and 323:
Page 324 and 325:
Page 326 and 327:
Page 328 and 329:
Page 330 and 331:
Page 332 and 333:
Page 334 and 335:
Page 336 and 337:
Page 338 and 339:
Page 340 and 341:
Page 342 and 343:
Page 344 and 345:
Page 346 and 347:
Page 348 and 349:
Page 350 and 351:
Page 352 and 353:
Page 354 and 355:
Page 356 and 357:
Page 358 and 359:
Page 360 and 361:
Page 362 and 363:
Page 364 and 365:
Page 366 and 367:
Page 368 and 369:
Page 370 and 371:
Page 372 and 373:
Page 374 and 375:
Page 376 and 377:
Page 378 and 379:
Page 380 and 381:
Page 382 and 383:
SELECTED FINANCIAL DATA - CLASS A,
show all

2010 FERC Form 1 - Pacific Gas and Electric Company

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?