PACIFIC GAS AND ELECTRIC COMPANY | |
U.S. TRUSTEE BALANCE SHEET | |
AS OF FEBRUARY 28, 2002 | |
(in millions, except share amounts) | |
February, 2002 | |
ASSETS | |
Current Assets | |
Cash and cash equivalents | $ 4,877 |
Accounts receivable: | |
Customers (net of allowance for doubtful accounts of $45 million) | 1,746 |
Related parties | 32 |
Regulatory balancing accounts | 63 |
Inventories: | |
Gas stored underground and fuel oil | 114 |
Materials and supplies | 117 |
Prepaid expenses and other | 86 |
Total current assets | 7,035 |
Property, Plant, and Equipment | |
Electric | 18,346 |
Gas | 7,829 |
Construction work in progress | 349 |
Total property, plant, and equipment (at original cost) | 26,524 |
Accumulated depreciation and decommissioning | (13,072) |
Net property, plant, and equipment | 13,452 |
Other Noncurrent Assets | |
Regulatory assets | 2,312 |
Nuclear decommissioning trust funds | 1,336 |
Other | 1,825 |
Total noncurrent assets | 5,473 |
TOTAL ASSETS | $ 25,960 |
LIABILITIES AND EQUITY | |
Liabilities | |
Accounts payable |
|
Trade creditors | $ 203 |
Related parties | 118 |
Regulatory Balancing Accounts | 358 |
Other | 280 |
Accrued taxes | 549 |
Rate reduction bonds | 1,688 |
Deferred income taxes | 1,024 |
Deferred tax credits | 152 |
Pre-petition secured debt | 3,411 |
Pre-petition liabilities | 5,601 |
Pre-petition financing debt | 6,024 |
Other liabilities | 3,340 |
Total liabilities | 22,748 |
Preferred Stock With Mandatory Redemption Provisions | 137 |
Stockholders' Equity | |
Preferred stock without mandatory redemption provisions | |
Nonredeemable--5% to 6%, outstanding 5,784,825 shares | 145 |
Redeemable--4.36% to 7.04%, outstanding 5,973,456 shares | 149 |
Common stock, $5 par value, authorized 800,000,000 shares; | |
issued 321,314,760 shares | 1,606 |
Additional paid in capital | 1,964 |
Accumulated deficit | (787) |
Accumulated other comprehensive loss | (2) |
Total stockholders' equity | 3,075 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 25,960 |
PACIFIC GAS AND ELECTRIC COMPANY | ||
U.S. TRUSTEE BALANCE SHEET | ||
AS OF FEBRUARY 28, 2002 | ||
Notes |
| |
1 | These unaudited financial statements were prepared using certain assumptions and estimates. These assumptions and estimates are subject to revision and actual results could differ materially from the information provided in this statement.Further, the amounts shown in this statement, when reported on a quarterly basis, may differ materially due to adjustments in accruals, changes in facts and circumstances, changes in estimates, further analysis, and other factors. | |
2 | These unaudited financial statements are prepared for the U.S. Trustee and differ from the requirements of generally accepted accounting principles in that they exclude certain financial statements (statements of cash flows, stockholders equity, and other comprehensive income), relevant footnotes and certain reclassifications. | |
3 | Cash and cash equivalents have been reduced for uncleared checks. On the balance sheet included with the Utility's Annual Report, Form 10-K and 10-Q, uncleared checks are treated as an accounts payable liability. |
PACIFIC GAS AND ELECTRIC COMPANY | |||
U.S. TRUSTEE INCOME STATEMENT | |||
FOR THE MONTH ENDED FEBRUARY 28, 2002 | |||
AND THE ELEVEN MONTHS ENDED FEBRUARY 28, 2002 | |||
(in millions) | |||
Case to date | |||
Month | eleven months | ||
ended | ended | ||
February 28, 2002 | February 28, 2002 | ||
OPERATING REVENUES | $ 726 | $ 9,564 | |
OPERATING EXPENSES: | |||
Cost of Electric Energy | 160 | 769 | |
Cost of Gas | 83 | 1,179 | |
Operating and Maintenance | 227 | 2,368 | |
Depreciation, Decommissioning, and Amortization | 77 | 829 | |
Total Operating Expenses | 547 | 5,145 | |
OPERATING INCOME (LOSS) | 179 | 4,419 | |
Interest Income (Expense) | (69) | (799) | |
Professional Fees | (1) | (13) | |
Other Income and (Expense) | (1) | (10) | |
PRE-TAX INCOME (LOSS) | 108 | 3,597 | |
Income Taxes | 45 | 1,367 | |
EARNINGS (LOSS) | 63 | 2,230 | |
Preferred Dividend Requirement | 2 | 23 | |
EARNINGS (LOSS) AVAILABLE FOR (ALLOCATED TO) COMMON STOCK | $ 61 | $ 2,207 |
PACIFIC GAS AND ELECTRIC COMPANY | ||
U.S. TRUSTEE INCOME STATEMENT | ||
FOR THE MONTH ENDED FEBRUARY 28, 2002 | ||
AND THE ELEVEN MONTHS ENDED FEBRUARY 28, 2002 | ||
Notes |
| |
1 | These unaudited financial statements are prepared for the U.S. Trustee and differ from the requirements of generally accepted accounting principles in that they exclude certain financial statements (statements of cash flows, stockholders equity, and other comprehensive income), relevant footnotes and certain reclassifications. | |
2 | These unaudited financial statements were prepared using certain assumptions and estimates. These assumptions and estimates are subject to revision and actual results could differ materially from the information provided in this statement. Further, the amounts shown in this statement, when reported on a quarterly basis, may differ materially due to adjustments in accruals, changes in facts and circumstances, changes in estimates, further analysis, and other factors. | |
3 | These unaudited financial statements were prepared using certain assumptions and estimates, including the estimated amount payable to the California Department of Water Resources (DWR) for its February 2002 revenue requirement. The estimated amount recorded was the product of the estimated amount of power purchased by the DWR on behalf of retail customers during February 2002 and the rate of results could differ materially from the information provided in this statement. | |
The Utility acts as an agent for the DWR with respect to the collection of the portion of the Utility's retail rates that must be paid to the DWR for DWR's revenue requirement. Therefore, the Utility does not include these amounts (pass-through revenues) in its U.S. Trustee Income Statement. To the extent that estimated DWR pass-through revenues are adjusted, the Utility's recorded revenues will be adjusted. | ||
The results for the month of February 2002 are not indicative of future earnings. Future earnings could differ materially as a result of the implementation of the CPUC's decision adopting DWR's revenue requirement described below. In addition, implementation of the decision described below may result in adjustments to current and previously recorded amounts payable to the DWR. | ||
On February 21, 2002, the CPUC issued a decision establishing a total statewide revenue requirement for the DWR for the two-year period ending December 31, 2002, of $9 billion. In this decision, the CPUC determined that the $9 billion revenue requirement would be allocated among the three California investor-owned utilities based on an adopted allocation methodology. Specifically, the decision orders that the Utility's share of the total $9 billion revenue requirement is $4.50 billion (for the period from January 2001 through December 2002). On March 21, 2002, the CPUC issued a rehearing decision which reduces the DWR allocation to PG&E's customers from $4.50 billion to $4.37 billion. The total revenue requirement as well as the allocation to the Utility is subject to true-up adjustments (true-up) based on the actual amount of power purchased by the DWR for the Utility during the 2001-2002 period. The Utility can not predict the extent of these future true-ups. | ||
In addition, the decision also requires the Utility to remit to the DWR, over a six month period, the shortfall between the amounts prescribed in the decision and the amounts previously remitted to the DWR from January 17, 2001, through March 15, 2002. | ||
The Utility has accrued approximately $900 million as payable to the ISO for energy that the Utility believes is included in the DWR revenue requirement. | ||
4 | Case to date results reflect the entire eleven month period ended February 28, 2002. The bankruptcy petition date is April 6, 2001. |