PG&E (PCG) 10-K 19 Feb 10 2009 FY Annual report Financial data

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Millions, except Per Share data	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Operating Revenues
Electric	$10,257	$10,738	$9,480
Natural gas	3,142	3,890	3,757
Total operating revenues	13,399	14,628	13,237
Operating Expenses
Cost of electricity	3,711	4,425	3,437
Cost of natural gas	1,291	2,090	2,035
Operating and maintenance	4,346	4,201	3,881
Depreciation, amortization, and decommissioning	1,752	1,651	1,770
Total operating expenses	11,100	12,367	11,123
Operating Income	2,299	2,261	2,114
Interest income	33	94	164
Interest expense	(705)	(728)	(762)
Other income (expense), net	67	(4)	43
Income Before Income Taxes	1,694	1,623	1,559
Income tax provision	460	425	539
Income from Continuing Operations	1,234	1,198	1,020
Discontinued Operations
NEGT income tax benefit	0	154	0
Net Income	1,234	1,352	1,020
Preferred stock dividend requirement of subsidiary	14	14	14
Income Available for Common Shareholders	$1,220	$1,338	$1,006
Weighted Average Common Shares Outstanding, Basic	368	357	351
Weighted Average Common Shares Outstanding, Diluted	386	358	353
Earnings Per Common Share From Continuing Operations, Basic	3.25	3.23	2.79
Net Earnings Per Common Share, Basic	3.25	3.64	2.79
Earnings Per Common Share from Continuing Operations, Diluted	3.2	3.22	2.78
Net Earnings Per Common Share, Diluted	3.2	3.63	2.78
Dividends Declared Per Common Share	1.68	1.56	1.44

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)
In Millions	Dec. 31, 2009	Dec. 31, 2008
Current Assets
Cash and cash equivalents	$527	$219
Restricted cash	633	1,290
Accounts receivable
Customers (net of allowance for doubtful accounts of $68 million in 2009 and $76 million in 2008)	1,609	1,751
Accrued unbilled revenue	671	685
Regulatory balancing accounts	1,109	1,197
Inventories
Gas stored underground and fuel oil	114	232
Materials and supplies	200	191
Income taxes receivable	127	120
Prepaid expenses and other	667	718
Total current assets	5,657	6,403
Property, Plant, and Equipment
Electric	30,481	27,638
Gas	10,697	10,155
Construction work in progress	1,888	2,023
Other	14	17
Total property, plant, and equipment	43,080	39,833
Accumulated depreciation	(14,188)	(13,572)
Net property, plant, and equipment	28,892	26,261
Other Noncurrent Assets
Regulatory assets	5,522	5,996
Nuclear decommissioning funds	1,899	1,718
Income taxes receivable	596	0
Other	379	482
Total other noncurrent assets	8,396	8,196
TOTAL ASSETS	42,945	40,860
Current Liabilities
Short-term borrowings	833	287
Long-term debt, classified as current	342	600
Energy recovery bonds, classified as current	386	370
Accounts payable
Trade creditors	984	1,096
Disputed claims and customer refunds	773	1,580
Regulatory balancing accounts	281	730
Other	349	343
Interest payable	818	802
Income taxes payable	214	0
Deferred income taxes	332	251
Other	1,501	1,567
Total current liabilities	6,813	7,626
Noncurrent Liabilities
Long-term debt	10,381	9,321
Energy recovery bonds	827	1,213
Regulatory liabilities	4,125	3,657
Pension and other postretirement benefits	1,773	2,088
Asset retirement obligations	1,593	1,684
Deferred income taxes	4,732	3,397
Other	2,116	2,245
Total noncurrent liabilities	25,547	23,605
Shareholders' Equity
Common stock, no par value, authorized 800,000,000 shares, issued 370,601,905 common and 670,552 restricted shares in 2009 and issued 361,059,116 common and 1,287,569 restricted shares in 2008	6,280	5,984
Reinvested earnings	4,213	3,614
Accumulated other comprehensive loss	(160)	(221)
Total shareholders' equity	10,333	9,377
Noncontrolling Interest – Preferred Stock of Subsidiary	252	252
Total equity	10,585	9,629
TOTAL LIABILITIES AND EQUITY	$42,945	$40,860

PARENTHETICAL DATA FOR CONSOLID

PARENTHETICAL DATA FOR CONSOLIDATED BALANCE SHEETS (USD $)
In Millions, except Share data	Dec. 31, 2009	Dec. 31, 2008
Current Assets
Allowance for doubtful accounts	$68	$76
Shareholders' Equity
Preferred stock, par value (in dollars per share)	$0	$0
Preferred stock, shares authorized (no par value)	80,000,000	80,000,000
Preferred stock, shares issued (no par value)	0	0
Preferred stock, par value (in dollars per share)	$100	$100
Preferred stock, shares authorized ($100 par value)	5,000,000	5,000,000
Preferred stock, shares issued ($100 par value)	0	0
Common stock, no par value	$0	$0
Common stock, shares authorized (in shares)	800,000,000	800,000,000
Common stock, shares issued (in shares)	370,601,905	361,059,116
Common stock, shares issued (restricted)	670,552	1,287,569

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Millions	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Cash Flows from Operating Activities
Net income	$1,234	$1,352	$1,020
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation, amortization, and decommissioning	1,947	1,863	1,959
Allowance for equity funds used during construction	(94)	(70)	(64)
Deferred income taxes and tax credits, net	809	590	55
Other changes in noncurrent assets and liabilities	(17)	(126)	192
Effect of changes in operating assets and liabilities
Accounts receivable	156	(87)	(6)
Inventories	109	(59)	(41)
Accounts payable	(40)	(140)	(178)
Disputed claims and customer refunds	(700)	0	0
Income taxes receivable/payable	171	(59)	56
Regulatory balancing accounts, net	(521)	(394)	(567)
Other current assets	(2)	(221)	172
Other current liabilities	13	120	8
Other	(26)	(6)	(46)
Net cash provided by operating activities	3,039	2,763	2,560
Cash Flows from Investing Activities
Capital expenditures	(3,958)	(3,628)	(2,769)
Decrease in restricted Cash	666	36	185
Proceeds from sales of nuclear decommissioning trust investments	1,351	1,635	830
Purchases of nuclear decommissioning trust investments	(1,414)	(1,684)	(933)
Other	19	(11)	21
Net cash used in investing activities	(3,336)	(3,652)	(2,666)
Cash Flows from Financing Activities
Borrowings under accounts receivable facility and revolving credit facility	300	533	850
Repayments under accounts receivable facility and revolving credit facility	(300)	(783)	(900)
Net issuance (repayments) of commercial paper, net of discount of $3 million in 2009, $11 million in 2008, and $1 million in 2007	43	6	(209)
Proceeds from issuance of short-term debt, net of issuance costs of $1 million in 2009	499	0	0
Proceeds from issuance of long-term debt, net of premium, discount, and issuance costs of $29 million in 2009, $19 million in 2008, and $16 million in 2007	1,730	2,185	1,184
Long-term debt matured or repurchased	(909)	(454)	0
Rate reduction bonds matured	0	0	(290)
Energy recovery bonds matured	(370)	(354)	(340)
Common stock issued	219	225	175
Common stock dividends paid	(590)	(546)	(496)
Other	(17)	(49)	21
Net cash provided by (used in) financing activities	605	763	(5)
Net change in cash and cash equivalents	308	(126)	(111)
Cash and cash equivalents at January 1	219	345	456
Cash and cash equivalents at December 31	527	219	345
Cash received (paid) for
Interest, net of amounts capitalized	(612)	(523)	(514)
Income taxes, net	359	112	(537)
Supplemental disclosures of noncash investing and financing activities
Common stock dividends declared but not yet paid	157	143	129
Capital expenditures financed through accounts payable	273	348	279
Noncash common stock issuances	$50	$22	$6

1_PARENTHETICAL DATA FOR CONSOL

PARENTHETICAL DATA FOR CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Millions	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Cash Flows from Financing Activities
Net issuance (repayments) of commercial paper, discount	$3	$11	$1
Proceeds from issuance of short-term debt, issuance costs	1	0	0
Proceeds from issuance of long-term debt, premium, discount, and issuance costs	$29	$19	$16

CONSOLIDATED STATEMENTS OF EQU

CONSOLIDATED STATEMENTS OF EQUITY (USD $)
In Millions, except Share data	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007	Dec. 31, 2006
Beginning Balance	$9,629	$8,805	$8,063
Income available for common shareholders	1,220	1,338	1,006
Employee benefit plan adjustment (net of income tax expense (benefit) of $17 million, ($156 million) and $8 million in 2007, 2008 and 2009 respectively)	61	(231)	29
Common Stock Issued	269	247	175
Stock-Based Compensation Amortization	20	24	31
Common Stock Dividends Declared and Paid	(464)	(417)	(379)
Common stock dividends declared but not yet paid	(157)	(143)	(129)
Tax Benefit from Employee Stock Plans	7	6	27
Adoption of new accounting pronouncement			(18)
Ending Balance	10,585	9,629	8,805	8,063
Common Stock
Beginning Balance	5,984	6,110	5,877
Shares Beginning Balance	362,346,685	379,646,276	374,181,059
Common Stock Issued	269	247	175
Common Stock Issued	8,925,772	7,365,909	5,465,217
Common Stock Cancelled		(403)
Common Stock Cancelled		(24,665,500)
Stock-Based Compensation Amortization	20	24	31
Tax Benefit from Employee Stock Plans	7	6	27
Ending Balance	6,280	5,984	6,110	5,877
Shares Ending Balance	371,272,457	362,346,685	379,646,276	374,181,059
Common Stock Held by Subsidiary
Beginning Balance		(718)	(718)
Common Stock Cancelled		718
Ending Balance			(718)	(718)
Reinvested Earnings
Beginning Balance	3,614	3,151	2,671
Income available for common shareholders	1,220	1,338	1,006
Common Stock Cancelled		(315)
Common Stock Dividends Declared and Paid	(464)	(417)	(379)
Common stock dividends declared but not yet paid	(157)	(143)	(129)
Adoption of new accounting pronouncement			(18)
Ending Balance	4,213	3,614	3,151	2,671
Accumulated Other Comprehensive Income (Loss)
Beginning Balance	(221)	10	(19)
Employee benefit plan adjustment (net of income tax expense (benefit) of $17 million, ($156 million) and $8 million in 2007, 2008 and 2009 respectively)	61	(231)	29
Ending Balance	(160)	(221)	10	(19)
Total Shareholders' Equity
Beginning Balance	9,377	8,553	7,811
Income available for common shareholders	1,220	1,338	1,006
Employee benefit plan adjustment (net of income tax expense (benefit) of $17 million, ($156 million) and $8 million in 2007, 2008 and 2009 respectively)	61	(231)	29
Common Stock Issued	269	247	175
Stock-Based Compensation Amortization	20	24	31
Common Stock Dividends Declared and Paid	(464)	(417)	(379)
Common stock dividends declared but not yet paid	(157)	(143)	(129)
Tax Benefit from Employee Stock Plans	7	6	27
Adoption of new accounting pronouncement			(18)
Ending Balance	10,333	9,377	8,553	7,811
Noncontrolling Interest - Preferred Stock of Subsidiary
Beginning Balance	252	252	252
Ending Balance	252	252	252	252
Comprehensive Income
Income available for common shareholders	1,220	1,338	1,006
Employee benefit plan adjustment (net of income tax expense (benefit) of $17 million, ($156 million) and $8 million in 2007, 2008 and 2009 respectively)	61	(231)	29
Comprehensive Income	$1,281	$1,107	$1,035

PARENTHETICAL DATA FOR THE CONS

PARENTHETICAL DATA FOR THE CONSOLIDATED STATEMENTS OF EQUITY (USD $)
In Millions	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Statement of Stockholders' Equity [Abstract]
Employee benefit plan adjustment - income tax expense (benefit)	$8	($156)	$17

NOTE 1: ORGANIZATION AND BASIS

NOTE 1: ORGANIZATION AND BASIS OF PRESENTATION
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to the Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	NOTE 1: ORGANIZATION AND BASIS OF PRESENTATION PGE Corporation is a holding company whose primary purpose is to hold interests in energy-based businesses.PGE Corporation conducts its business principally through Pacific Gas and Electric Company (Utility), a public utility operating in northern and central California.The Utility generates revenues mainly through the sale and delivery of electricity and natural gas to customers.The Utility is primarily regulated by the California Public Utilities Commission (CPUC) and the Federal Energy Regulatory Commission (FERC). The Utilitys accounts for electric and gas operations are maintained in accordance with the Uniform System of Accounts prescribed by the FERC. This is a combined annual report of PGE Corporation and the Utility.Therefore, the Notes to the Consolidated Financial Statements apply to both PGE Corporation and the Utility.PGE Corporations Consolidated Financial Statements include the accounts of PGE Corporation, the Utility, and other wholly owned and controlled subsidiaries.The Utilitys Consolidated Financial Statements include the accounts of the Utility and its wholly owned and controlled subsidiaries as well as the accounts of variable interest entities for which the Utility absorbs a majority of the risk of loss or gain.All intercompany transactions have been eliminated from the Consolidated Financial Statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions based on a wide range of factors, including future regulatory decisions and economic conditions that are difficult to predict.Some of the more critical estimates and assumptions, discussed further below in these notes, relate to the Utilitys regulatory assets and liabilities, environmental remediation liability, asset retirement obligations (ARO), income tax-related assets and liabilities, pension plan and other postretirement plan obligations, and accruals for legal matters.Management believes that its estimates and assumptions reflected in the Consolidated Financial Statements are appropriate and reasonable.A change in managements estimates or assumptions could result in an adjustment that would have a material impact on PGE Corporations and the Utilitys financial condition and results of operations during the period in which such change occurred.

NOTE 2: SUMMARY OF SIGNIFICANT

NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to the Financial Statements [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents Invested cash and other short-term investments with original maturities of three months or less are considered cash equivalents.Cash equivalents are stated at cost, which approximates fair value.PGE Corporation and the Utility primarily invest their cash in money market funds. Restricted Cash Restricted cash consists primarily of the Utilitys cash held in escrow pending the resolution of the remaining disputed claims made by electricity suppliers in the Utilitys proceeding under Chapter 11 of the U.S. Bankruptcy Code (Chapter 11).(See Note 14 of the Notes to the Consolidated Financial Statements.)Restricted cash also includes the Utilitys deposits of cash and cash equivalents made under certain third-party agreements. Allowance for Doubtful Accounts Receivable PGE Corporation and the Utility recognize an allowance for doubtful accounts to record accounts receivable at estimated net realizable value.The allowance is determined based upon a variety of factors, including historical write-off experience, delinquency rates, current economic conditions, and assessment of customer collectability.If circumstances require changes in the assumption, allowance estimates are adjusted accordingly. Inventories Inventories are carried at average cost and are valued at the lower of average cost or market.Inventories include materials, supplies, and natural gas stored underground.Materials and supplies are charged to inventory when purchased and then expensed or capitalized to plant, as appropriate, when consumed or installed.Natural gas stored underground represents purchases that are injected into inventory and then expensed at average cost when withdrawn and distributed to customers or used in electric generation. Property, Plant, and Equipment Property, plant, and equipment are reported at their original cost.These original costs include labor and materials, construction overhead, and allowance for funds used during construction (AFUDC). The Utilitys balances at December 31, 2009 are as follows: (in millions) Gross Plant as of December 31, 2009 Accumulated Depreciation as of December 31, 2009 Net Plant as of December 31, 2009 Electricity generating facilities $ 4,777 $ (1,279 ) $ 3,498 Electricity distribution facilities 19,924 (6,924 ) 13,000 Electricity transmission 5,780 (1,751 ) 4,029 Natural gas distribution facilities 7,069 (2,667 ) 4,402 Natural gas transportation 3,573 (1,554 ) 2,019 Natural gas storage 55 - 55 Construction work in progress 1,888 - 1,888 Total $ 43,066 $ (14,175 ) $ 28,891 The Utilitys balances at December 31, 2008 are as follows: (in millions) Gross Plant as of December 31, 2008 Accumulated Depreciation as of December 31, 2008 Net Plant as of December 31, 2008 Electricity generating facilities $ 3,711 $ (1,134 ) $ 2,577 Electricity distribution facilities 18,777 (6,722 ) 12,055

NOTE 3: REGULATORY ASSETS, LIAB

NOTE 3: REGULATORY ASSETS, LIABILITIES, AND BALANCING ACCOUNTS
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to the Financial Statements [Abstract]
REGULATORY ASSETS, LIABILITIES, AND BALANCING ACCOUNTS	NOTE 3: REGULATORY ASSETS, LIABILITIES, AND BALANCING ACCOUNTS Regulatory Assets Current Regulatory Assets At December 31, 2009 and 2008, the Utility had current regulatory assets of $427 million and $355 million, respectively, consisting primarily of the current portion of price risk management regulatory assets.Price risk management regulatory assets represent the deferral of unrealized losses related to price risk management derivative instruments with terms of less than one year.(See Note 10 of the Notes to the Consolidated Financial Statements for further discussion.)Current regulatory assets are included in Prepaid expenses and other in the Consolidated Balance Sheets. Long-Term Regulatory Assets Long-term regulatory assets are composed of the following: Balance at December 31, (in millions) 2009 2008 Pension benefits $ 1,386 $ 1,624 Energy recovery bonds 1,124 1,487 Deferred income tax 1,027 847 Utility retained generation 737 799 Environmental compliance costs 408 385 Price risk management 346 362 Unamortized loss, net of gain, on reacquired debt 203 225 Other 291 267 Total long-term regulatory assets $ 5,522 $ 5,996 The regulatory asset for pension benefits represents the cumulative differences between amounts recognized for ratemaking purposes and amounts recognized in accordance with GAAP, which also includes amounts that otherwise would be fully recorded to Accumulated other comprehensive loss in the Consolidated Balance Sheets.(See Note 13 of the Notes to the Consolidated Financial Statements for further discussion.) The regulatory asset for energy recovery bonds (ERB) represents the refinancing of the regulatory asset provided for in the settlement agreement entered into between PGE Corporation, the Utility, and the CPUC in 2003 to resolve the Utilitys proceeding under Chapter 11 (Chapter 11 Settlement Agreement).(See Note 5 of the Notes to the Consolidated Financial Statements for further discussion of the ERBs.)The regulatory asset is amortized over the life of the bonds consistent with the period over which the related billed revenues and bond-related expenses are recognized.The Utility expects to fully recover this asset by the end of 2012 when the ERBs mature. The regulatory assets for deferred income taxes represent deferred income tax benefits previously passed through to customers offset by deferred income tax liabilities.The CPUC requires the Utility to pass through certain tax benefits to customers, ignoring the effect of deferred taxes on rates.Based on current regulatory ratemaking and income tax laws, the Utility expects to recover deferred income taxes related to regulatory assets over periods ranging from 1 to 45 years.(See Note 9 of the Notes to the Consolidated Financial Statements for a discussion of income taxes.) In connection with the Chapter 11 Settlement Agreement, the CPUC authorized the Utility to recover $1.2 billion of costs related to the Utilitys retained generation assets.The individual components of these regulatory

NOTE 4: DEBT

NOTE 4: DEBT
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to the Financial Statements [Abstract]
DEBT	NOTE 4: DEBT Long-Term Debt The following table summarizes PGE Corporations and the Utilitys long-term debt: December 31, (in millions) 2009 2008 PGE Corporation Convertible subordinated notes, 9.50%, due 2010 $ 247 $ 280 Less: current portion (247 ) - Total convertible subordinated notes - 280 Senior notes, 5.75%, due 2014 350 - Unamortized discount (2 ) - Total senior notes 348 - Total PGE Corporation long-term debt, net of current portion 348 280 Utility Senior notes: 3.60% due 2009 - 600 4.20% due 2011 500 500 6.25% due 2013 400 400 4.80% due 2014 1,000 1,000 5.625% due 2017 700 700 8.25% due 2018 800 800 6.05% due 2034 3,000 3,000 5.80% due 2037 700 700 6.35% due 2038 400 400 6.25% due 2039 550 - 5.40% due 2040 550 - Less: current portion - (600 ) Unamortized discount, net of premium (35 ) (22 ) Total senior notes 8,565 7,478 Pollution control bonds: Series 1996 C, E, F, 1997 B, variable rates(1), due 2026(2) 614 614 Series 1996 A, 5.35%, due 2016 200 200 Series 2004 AD, 4.75%, due 2023 345 345 Series 2008 AD, variable rates, due 2016 and 2026 - 309 Series 2008 G and F, 3.75%(3), due 2018 and 2026 95 95 Series 2009 AD, variable rates (4), due 2016 and 2026 (5) 309 - Less: current portion (95 ) - Total pollution control bonds 1,468 1,563 Total Utility long-term debt, net of current portion 10,033 9,041 Total consolidated long-term debt, net of current portion $ 10,381 $ 9,321 (1)At December 31, 2009, interest rates on these bonds and the related loans ranged from 0.20% to 0.25%. (2)Each series of these bonds is supported by a separate letter of credit that expires on February 26, 2012.Although the stated maturity date is 2026, each series will remain outstanding only if the Utility extends or replaces the letter of credit related to the series or otherwise obtains a consent from the issuer to the continuation of the series without a credit facility. (3) These bonds bear interest at 3.75% per year through September 19, 2010; are subject to mandatory tender on September 20, 2010; and may be remarketed in a fixed or variable rate mode. (4) At December 31, 2009, interest rates on these bonds and the related loans ranged from 0.18% to 0.24%. (5) Each series of these bonds is supported by a separate direct-pay letter of credit that expires on October 29, 2011.The Utility may choose to provide a substitute letter of credit for any series of these bonds, subject to a rating requirement. PGE Corporation Senior Notes On March 12, 2009, PGE Corporation issued $350 million principal amount of 5.75% Senior Notes due April 1, 2014.The PGE Corporation senior notes are unsecured and rank eq

NOTE 5: ENERGY RECOVERY BONDS

NOTE 5: ENERGY RECOVERY BONDS
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to the Financial Statements [Abstract]
ENERGY RECOVERY BONDS	NOTE 5: ENERGY RECOVERY BONDS In 2005, PGE Energy Recovery Funding, LLC (PERF), a wholly owned consolidated subsidiary of the Utility, issued two separate series of ERBs in the aggregate amount of $2.7 billion to refinance a regulatory asset that the Utility recorded in connection with the Chapter 11 Settlement Agreement.The proceeds of the ERBs were used by PERF to purchase from the Utility the right, known as recovery property, to be paid a specified amount from a dedicated rate component (DRC) to be collected from the Utilitys electricity customers.DRC charges are authorized by the CPUC under state legislation and will be paid by the Utilitys electricity customers until the ERBs are fully retired.Under the terms of a recovery property servicing agreement, DRC charges are collected by the Utility and remitted to PERF for payment of principal, interest, and miscellaneous expenses associated with the bonds. The first series of ERBs issued on February 10, 2005 included five classes aggregating to a $1.9 billion principal amount with scheduled maturities ranging from September 25, 2006 to December 25, 2012.Interest rates on the remaining three outstanding classes range from 4.14% for the earliest maturing class to 4.47% for the latest maturing class.The proceeds of the first series of ERBs were paid by PERF to the Utility and were used by the Utility to refinance the remaining unamortized after-tax balance of the settlement regulatory asset.The second series of ERBs, issued on November 9, 2005, included three classes aggregating to an $844 million principal amount, with scheduled maturities ranging from June 25, 2009 to December 25, 2012.Interest rates on the remaining two classes are 5.03% for the earliest maturing class and 5.12% for the latest maturing class.The proceeds of the second series of ERBs were paid by PERF to the Utility to pre-fund the Utilitys tax liability that will be due as the Utility collects the DRC charges from customers. The total amount of ERB principal outstanding was $1.2billion at December 31, 2009 and $1.6 billion at December 31, 2008.The scheduled principal repayments for ERBs are reflected in the table below: (in millions) 2010 2011 2012 Total Utility Average fixed interest rate 4.49 % 4.59 % 4.66 % 4.58 % Energy recovery bonds $ 386 $ 404 $ 423 $ 1,213 While PERF is a wholly owned consolidated subsidiary of the Utility, it is legally separate from the Utility.The assets (including the recovery property) of PERF are not available to creditors of the Utility or PGE Corporation, and the recovery property is not legally an asset of the Utility or PGE Corporation.

NOTE 6: COMMON STOCK

NOTE 6: COMMON STOCK
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to the Financial Statements [Abstract]
COMMON STOCK	NOTE 6: COMMON STOCK PGE Corporation PGE Corporation has authorized 800 million shares of no-par common stock, of which 371,272,457 shares were issued and outstanding at December 31, 2009 and 362,346,685 shares were issued and outstanding at December 31, 2008. Of the 371,272,457 shares issued and outstanding at December 31, 2009, 670,552 shares were granted as restricted stock as share-based compensation awarded under the PGE Corporation Long-Term Incentive Program and the 2006 Long-Term Incentive Plan (2006 LTIP), and 6,773,290 shares were issued upon the exercise of employee stock options, for the account of 401(k) plan participants, and to participants in the Dividend Reinvestment and Stock Purchase Plan (DRSPP).(See Note 13 of the Notes to the Consolidated Financial Statements.)In addition, 2,187,269 shares were issued upon the conversion of Convertible Subordinated Notes.(See Note 4 of the Notes to the Consolidated Financial Statements.) Utility The Utility is authorized to issue 800 million shares of its $5 par value common stock, of which 264,374,809 shares were issued and outstanding as of December 31, 2009 and 2008.As of December 31, 2009, PGE Corporation held all of the Utilitys outstanding common stock. The Utility may pay common stock dividends and repurchase its common stock provided that cumulative preferred dividends on its preferred stock are paid. Dividends During 2009, the Utility paid common stock dividends totaling $624 million to PGE Corporation.During 2009, PGE Corporation paid common stock dividends of $1.65 per share, totaling $590 million, net of $17 million that was reinvested in additional shares of common stock by participants in the DRSPP.On December 16, 2009, the Board of Directors of PGE Corporation declared a quarterly dividend of $0.42 per share, totaling $157 million, which was paid on January 15, 2010 to shareholders of record on December 31, 2009. During 2008, the Utility paid common stock dividends totaling $589 million, including $568 million of common stock dividends paid to PGE Corporation and $21 million paid to PGE Holdings, LLC.During 2008, PGE Corporation paid common stock dividends of $1.53 per share, totaling $554 million, net of $20 million that was reinvested in additional shares of common stock by participants in the DRSPP, and including $28 million that was paid to Elm Power Corporation. During 2007, the Utility paid common stock dividends of $547 million, including $509 million of common stock dividends paid to PGE Corporation and $38 million paid to PGE Holdings, LLC.During 2007, PGE Corporation paid common stock dividends of $1.41 per share totaling $526 million, net of $5 million that was reinvested in additional shares of common stock by participants in the DRSPP, and including $35 million that was paid to Elm Power Corporation. Effective August 29, 2008, PGE Holdings, LLC, and Elm Power Corporation, wholly owned subsidiaries of the Utility and PGE Corporation, respectively, were dissolved, and the shares of each entity were subsequently cancelled. PGE Corporation and the Utility each have a revolving credit facility that requires the company to main

NOTE 7: PREFERRED STOCK

NOTE 7: PREFERRED STOCK
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to the Financial Statements [Abstract]
PREFERRED STOCK	NOTE 7: PREFERRED STOCK PGE Corporation PGE Corporation has authorized 85 million shares of preferred stock, which may be issued as redeemable or nonredeemable preferred stock.No preferred stock of PGE Corporation has been issued to date. Utility The Utility has authorized 75 million shares of $25 par value preferred stock and 10 million shares of $100 par value preferred stock.The Utility specifies that 5,784,825 shares of the $25 par value preferred stock authorized are designated as nonredeemable preferred stock without mandatory redemption provisions.All remaining shares of preferred stock may be issued as redeemable or nonredeemable preferred stock. The following table summarizes the Utilitys issued and outstanding preferred stock without mandatory redemption provisions at December 31, 2009 and 2008: (in millions, except share amounts and redemption price) Shares Outstanding Redemption Price Balance Nonredeemable $25 par value preferred stock 5.00% Series 400,000 $ 10 5.50% Series 1,173,163 30 6.00% Series 4,211,662 105 Total nonredeemable preferred stock 5,784,825 $ 145 Redeemable $25 par value preferred stock 4.36% Series 418,291 $ 25.75 $ 11 4.50% Series 611,142 26.00 15 4.80% Series 793,031 27.25 20 5.00% Series 1,778,172 26.75 44 5.00% Series A 934,322 26.75 23 Total redeemable preferred stock 4,534,958 $ 113 Holders of the Utilitys nonredeemable preferred stock have rights to annual dividends ranging from $1.25 to $1.50 per share.The Utilitys redeemable preferred stock is subject to redemption at the Utilitys option, in whole or in part, if the Utility pays the specified redemption price plus accumulated and unpaid dividends through the redemption date.At December 31, 2009, annual dividends on redeemable preferred stock ranged from $1.09 to $1.25 per share. Dividends on all Utility preferred stock are cumulative.All shares of preferred stock have voting rights and an equal preference in dividend and liquidation rights.During the years ended December 31, 2009, 2008, and 2007, the Utility paid $14 million of dividends on preferred stock without mandatory redemption provisions.On December 16, 2009, the Board of Directors of the Utility declared a cash dividend on its outstanding series of preferred stock totaling $4 million that was paid on February 15, 2010 to preferred shareholders of record on January 29, 2010.Upon liquidation or dissolution of the Utility, holders of preferred stock would be entitled to the par value of such shares plus all accumulated and unpaid dividends, as specified for the class and series.

NOTE 8: EARNINGS PER SHARE

NOTE 8: EARNINGS PER SHARE
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to the Financial Statements [Abstract]
EARNINGS PER SHARE	NOTE 8: EARNINGS PER SHARE Earnings per common share (EPS) is calculated utilizing the two-class method, by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding during the period.In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities.PGE Corporations 9.5% Convertible Subordinated Notes are entitled to receive pass-through dividends and meet the criteria of participating securities.All of the participating securities participate in dividends on a 1:1 basis with shares of common stock. The following is a reconciliation of PGE Corporations income available for common shareholders and weighted average shares of common stock outstanding for calculating basic EPS: Year Ended December 31, (in millions, except per share amounts) 2009 2008 2007 Basic Income Available for Common Shareholders $ 1,220 $ 1,338 $ 1,006 Less: distributed earnings to common shareholders 621 560 508 Undistributed earnings 599 778 498 Less: undistributed earnings from discontinued operations - 154 - Undistributed earnings from continuing operations $ 599 $ 624 $ 498 Allocation of undistributed earnings to common shareholders Distributed earnings to common shareholders $ 621 $ 560 $ 508 Undistributed earnings allocated to common shareholders - continuing operations 573 592 472 Undistributed earnings allocated to common shareholders discontinued operations - 146 - Total common shareholders earnings $ 1,194 $ 1,298 $ 980 Weighted average common shares outstanding, basic 368 357 351 Convertible subordinated notes 17 19 19 Weighted average common shares outstanding and participating securities 385 376 370 Net earnings per common share, basic Distributed earnings, basic (1) $ 1.69 $ 1.57 $ 1.45 Undistributed earnings continuing operations, basic 1.56 1.66 1.34 Undistributed earnings discontinued operations, basic - 0.41 - Total $ 3.25 $ 3.64 $ 2.79 (1) Distributed earnings, basic may differ from actual per share amounts paid as dividends, as the EPS computation under GAAP requires the use of the weighted average, rather than the actual, number of shares outstanding. In calculating diluted EPS, PGE Corporation applies the if-converted method to reflect the dilutive effect of the Convertible Subordinated Notes to the extent that the impact is dilutive when compared to basic EPS.In addition, PGE Corporation applies the treasury stock method of reflecting the dilutive effect of outstanding stock-based compensation in the calculation of diluted EPS.The following is a reconciliation of PGE Corporations income available for common shareholders and weighted average s

NOTE 9: INCOME TAXES

NOTE 9: INCOME TAXES
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to the Financial Statements [Abstract]
INCOME TAXES	NOTE 9: INCOME TAXES The significant components of income tax provision (benefit) for continuing operations were as follows: PGE Corporation Utility Year Ended December 31, 2009 2008 2007 2009 2008 2007 (in millions) Current: Federal $ (747 ) $ (268 ) $ 526 $ (696 ) $ (188 ) $ 563 State (41 ) 33 140 (45 ) 24 149 Deferred: Federal 1,161 604 (81 ) 1,139 596 (92 ) State 92 62 (40 ) 89 62 (43 ) Tax credits, net (5 ) (6 ) (6 ) (5 ) (6 ) (6 ) Income tax provision $ 460 $ 425 $ 539 $ 482 $ 488 $ 571 The following describes net deferred income tax liabilities: PGE Corporation Utility Year Ended December 31, 2009 2008 2009 2008 (in millions) Deferred income tax assets: Customer advances for construction $ 8 $ 199 $ 8 $ 199 Reserve for damages 138 130 138 129 Environmental reserve 227 225 227 225 Compensation 338 339 304 306 Other 176 231 172 201 Total deferred income tax assets $ 887 $ 1,124 $ 849 $ 1,060 Deferred income tax liabilities: Regulatory balancing accounts $ 1,340 $ 1,425 $ 1,340 $ 1,425 Property related basis differences 4,036 2,819 4,032 2,813 Income tax regulatory asset 418 345 418 345 Unamortized loss on reacquired debt 93 102 93 102 Other 64 81 64 81 Total deferred income tax liabilities $ 5,951 $ 4,772 $ 5,947 $ 4,766 Total net deferred income tax liabilities $ 5,064 $ 3,648 $ 5,098 $ 3,706 Classification of net deferred income tax liabilities: Included in current liabilities $ 332 $ 251 $ 334 $ 257 Included in noncurrent liabilities 4,732 3,397 4,764 3,449 Total net deferred income tax liabilities $ 5,064 $ 3,648 $ 5,098 $ 3,706 The differences between income taxes and amounts calculated by applying the federal statutory rate to income before income tax expense for continuing operations were as follows: PGE Corporation Utility Year Ended December 31, 2009 2008 2007 2009 2008 2007 Federal statutory income tax rate 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % Increase (decrease) in income tax rate resulting from: State income tax (net of federal benefit) 1.6 3.1 4.2 1.4 3.3 4.3 Effect of regulatory treatment of fixed asset differences (2.7) (3.2) (3.0) (2.6)

NOTE 10: DERIVATIVES AND HEDGIN

NOTE 10: DERIVATIVES AND HEDGING ACTIVITIES
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to the Financial Statements [Abstract]
DERIVATIVES AND HEDGING ACTIVITIES	NOTE 10: DERIVATIVES AND HEDGING ACTIVITIES Use of Derivative Instruments The Utility faces market risk primarily related to electricity and natural gas commodity prices.Substantially all of the Utilitys risk management activities involving derivatives occur to reduce the volatility of commodity costs on behalf of its customers.The CPUC and the FERC allow the Utility to charge customer rates designed to recover the Utilitys reasonable costs of providing services, including the cost to obtain and deliver electricity and natural gas.As these costs are passed through to customers, the Utilitys earnings are not exposed to the commodity price risk inherent in the purchase and sale of electricity and natural gas. The Utility uses both derivative and non-derivative contracts in managing its customers exposure to commodity-related price risk, including: forward contracts that commit the Utility to purchase a commodity in the future; swap agreements that require payments to or from counterparties based upon the difference between two prices for a predetermined contractual quantity; option contracts that provide the Utility with the right to buy a commodity at a predetermined price; and futures contracts that are exchange-traded contracts that commit the Utility to purchase a commodity or make a cash settlement at a specified price and future date. These instruments are not held for speculative purposes and are subject to certain regulatory requirements. Commodity-Related Price Risk Commodity-related price risk management activities that meet the definition of a derivative are recorded at fair value on the Consolidated Balance Sheets.Certain commodity-related price risk management activities reduce the cash flow variability associated with fluctuating commodity prices.Prior to September 2009, the Utility designated qualifying derivative transactions as cash flow hedges for accounting purposes.As long as the ratemaking mechanisms discussed above remain in place and the Utilitys risk management activities are carried out in accordance with CPUC directives, the Utility expects to fully recover from customers, in rates, all costs related to commodity-related price risk-related derivative instruments.Therefore, all unrealized gains and losses associated with the fair value of these derivative instruments, including those designated as cash flow hedges, are deferred and recorded within the Utilitys regulatory assets and liabilities on the Consolidated Balance Sheets. (See Note 3 of the Notes to the Consolidated Financial Statements.)Net realized gains or losses on derivative instruments related to price risk for commodities are recorded in the cost of electricity or the cost of natural gas with corresponding increases or decreases to regulatory balancing accounts for recovery from customers.As of September 30, 2009, the Utility de-designated all cash flow hedge relationships.Due to the regulatory accounting treatment described above, the de-designation of cash flow hedge relationships had no impact on Income Available for Common Shareholders or the Consolidated Balance Sheets. The Utility elects the normal purchase

NOTE 11: FAIR VALUE MEASUREMENT

NOTE 11: FAIR VALUE MEASUREMENTS
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to the Financial Statements [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 11: FAIR VALUE MEASUREMENTS PGE Corporation and the Utility determine the fair value of certain assets and liabilities based on assumptions that market participants would use in pricing the assets or liabilities.PGE Corporation and the Utility utilize a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value and give precedence to observable inputs in determining fair value.An instruments level within the hierarchy is based on the lowest level of any significant input to the fair value measurement.The following levels were established for each input: Level 1:Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.Active markets are those in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.Instruments classified as Level 1 consist of financial instruments such as exchange-traded derivatives (other than options), listed equities, and U.S. government treasury securities. Level 2:Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.Instruments classified as Level 2 consist of financial instruments such as non-exchange-traded derivatives (other than options) valued using exchange inputs and exchange-traded derivatives (other than options) for which the market is not active. Level 3:Unobservable inputs for the asset or liability.These are inputs for which there is no market data available or observable inputs that are adjusted using Level 3 assumptions.Instruments classified as Level 3 consist primarily of financial and physical instruments such as options, non-exchange-traded derivatives valued using broker quotes, and new and/or complex instruments that have immature or limited markets. The following table sets forth the fair value hierarchy by level of PGE Corporations and the Utilitys recurring fair value financial instruments as of December 31, 2009 and 2008.The instruments are classified based on the lowest level of input that is significant to the fair value measurement.PGE Corporations and the Utilitys assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. PGE Corporation Fair Value Measurements at December 31, 2009 (in millions) Level 1 Level 2 Level 3 Total Assets: Money market investments (held by PGE Corporation) $ 189 $ - $ 4 $ 193 Nuclear decommissioning trusts Equity securities 1,106 6 - 1,112 U.S. government and agency issues 653 51 - 704 Municipal bonds and other 1 197 - 198 Total nuclear decommissioning trusts (1) 1,760 254 - 2,014 Rabbi trusts-equity securities 81 - - 81 Long-

NOTE 12: NUCLEAR DECOMMISSIONIN

NOTE 12: NUCLEAR DECOMMISSIONING
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to the Financial Statements [Abstract]
DECOMMISSIONING TRUST ASSETS DESCRIPTION	NOTE 12: NUCLEAR DECOMMISSIONING The Utilitys nuclear power facilities consist of two units at Diablo Canyon and the retired facility at Humboldt Bay.Nuclear decommissioning requires the safe removal of nuclear facilities from service and the reduction of residual radioactivity to a level that permits termination of the Nuclear Regulatory Commission (NRC) license and release of the property for unrestricted use.The Utility makes contributions to trust funds (described below) to provide for the eventual decommissioning of each nuclear unit.The CPUC conducts a NDCTP everythree years to review the Utilitys updated nuclear decommissioning cost study and to determine the level of Utility trust contributions and related revenue requirements. In April 2009, the Utility filed its 2009 NDCTP with new decommissioning cost estimates and other funding assumptions, such as projected cost escalation factors and projected earnings of the funds for 2010, 2011, and 2012.Hearings were completed in October 2009 and a CPUC decision is expected in the second quarter of 2010.The Utility filed a partial settlement in the 2009 NDCTP with The Utility Reform Network, Southern California Edison, and San Diego Gas Electric on December 18, 2009. In the Utilitys 2009 NDCTP, the CPUC assumed that the eventual decommissioning of Diablo Canyon Unit 1 would be scheduled to begin in 2024 and be completed in 2052; that decommissioning of Diablo Canyon Unit 2 would be scheduled to begin in 2025 and be completed in 2052; and that decommissioning of Humboldt Bay Unit 3 would be scheduled to begin in 2010 and be completed in 2020.As presented in the Utilitys 2009 NDCTP, the estimated nuclear decommissioning cost for Diablo Canyon Units 1 and 2 and Humboldt Bay Unit 3 is approximately $2.26 billion in 2009 dollars (or approximately $4.56 billion in future dollars).These estimates are based on the 2009 decommissioning cost studies, prepared in accordance with CPUC requirements.The Utility's revenue requirements for nuclear decommissioning costs (i.e., the revenue requirements used by the Utility to make contributions to the decommissioning trust funds) are recovered from customers through a non-bypassable charge that the Utility expects will continue until those costs are fully recovered.The decommissioning cost estimates are based on the plant location and cost characteristics for the Utility's nuclear power plants.Actual decommissioning costs may vary from these estimates as a result of changes in assumptions such as decommissioning dates; regulatory requirements; technology; and costs of labor, materials, and equipment. The estimated nuclear decommissioning cost described above is used for regulatory purposes.However, for GAAP purposes, the Utility adjusts its nuclear decommissioning obligation to reflect the fair value of decommissioning its nuclear power facilities and records this as an ARO on its Consolidated Balance Sheets.The total nuclear decommissioning obligation accrued in accordance with GAAP was $1.4 billion at December 31, 2009 and December 31, 2008.Differences between amounts collected in rates for decommissioning the Utilitys nuclear power facilities

NOTE 13: EMPLOYEE COMPENSATION

NOTE 13: EMPLOYEE COMPENSATION PLANS
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to the Financial Statements [Abstract]
EMPLOYEE COMPENSATION PLANS	NOTE 13: EMPLOYEE COMPENSATION PLANS Pension and Other Postretirement Benefits PGE Corporation and the Utility provide a non-contributory defined benefit pension plan for eligible employees and retirees, referred to collectively as pension benefits.PGE Corporation and the Utility also provide contributory postretirement medical plans for eligible employees and retirees and their eligible dependents, and non-contributory postretirement life insurance plans for eligible employees and retirees (referred to collectively as other benefits).PGE Corporation and the Utility have elected that certain of the trusts underlying these plans be treated under the Code as qualified trusts.If certain conditions are met, PGE Corporation and the Utility can deduct payments made to the qualified trusts, subject to certain Code limitations.The following schedules aggregate all of PGE Corporations and the Utilitys plans and are presented based on the sponsor of each plan.PGE Corporation and the Utility use a December 31 measurement date for all plans. Regulatory adjustments are recorded in the Consolidated Statements of Income and Consolidated Balance Sheets to reflect the difference between pension expense or income for accounting purposes and pension expense or income for ratemaking, which is based on a funding approach.A regulatory adjustment is also recorded for the amounts that would otherwise be charged to accumulated other comprehensive income for the pension benefits related to the Utilitys qualified benefit pension plan. The Utility would record a regulatory liability for a portion of the credit balance in accumulated other comprehensive income, should the other benefits be in an overfunded position.However, this recovery mechanism does not allow the Utility to record a regulatory asset for an underfunded position related to other benefits.Therefore, the charge remains in accumulated other comprehensive income (loss) for other benefits. Benefit Obligations The following tables reconcile changes in aggregate projected benefit obligations for pension benefits and changes in the benefit obligation of other benefits during 2009 and 2008: Pension Benefits PGE Corporation Utility 2009 2008 2009 2008 (in millions) Projected benefit obligation at January 1 $ 9,767 $ 9,081 $ 9,717 $ 9,036 Service cost for benefits earned 227 236 223 234 Interest cost 624 581 621 578 Actuarial (gain) loss 494 258 490 255 Plan amendments 71 2 71 3 Transitional costs 3 - 3 - Benefits and expenses paid (420 ) (391 ) (417 ) (389 ) Projected benefit obligation at December 31 $ 10,766 $ 9,767 $ 10,708 $ 9,717 Accumulated benefit obligation $ 9,527 $ 8,601 $ 9,479 $ 8,559 Other Benefits PGE Corporation Utility 2009 2008 2009 2008 (in millions) Benefit obligation at January 1 $ 1,382 $ 1,311 $ 1,382 $ 1,311 Se

NOTE 14: RESOLUTION OF REMAININ

NOTE 14: RESOLUTION OF REMAINING CHAPTER 11 DISPUTED CLAIMS
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to the Financial Statements [Abstract]
RESOLUTION OF REMAINING CHAPTER 11 DISPUTED CLAIMS	NOTE 14: RESOLUTION OF REMAINING CHAPTER 11 DISPUTED CLAIMS As part of the Utilitys plan of reorganization under Chapter 11, which became effective on April 12, 2004, the Utility established an escrow account for the resolution of certain disputed claims.These claims were filed by various electricity suppliers seeking payment for energy supplied to the Utilitys customers through the wholesale electricity markets operated by the CAISO and the California Power Exchange (PX) between May 2000 and June 2001.These claims are being addressed in various FERC and judicial proceedings in which the State of California, the Utility, and other electricity purchasers are seeking refunds from electricity suppliers, including municipal and governmental entities, for overcharges incurred in the CAISO and the PX wholesale electricity markets between May 2000 and June 2001.At December 31, 2009 and December 31, 2008, the Utility held $515 million and $1,212 million, respectively, in escrow, including interest earned, for payment of the remaining net disputed claims.These amounts are included within Restricted cash on the Consolidated Balance Sheets. While the FERC and judicial proceedings have been pending, the Utility entered into a number of settlements with various electricity suppliers to resolve some of these disputed claims and to resolve the Utilitys refund claims against these electricity suppliers.These settlement agreements provide that the amounts payable by the parties are, in some instances, subject to adjustment based on the outcome of the various refund offset and interest issues being considered by the FERC.The proceeds from these settlements, after deductions for contingencies based on the outcome of the various refund offset and interest issues being considered by the FERC, will continue to be refunded to customers in rates.Additional settlement discussions with other electricity suppliers are ongoing.Any net refunds, claim offsets, or other credits that the Utility receives from energy suppliers through resolution of the remaining disputed claims, either through settlement or the conclusion of the various FERC and judicial proceedings, will also be credited to customers. On August 26, 2009, the Utility paid $700 million to the PX from the Utilitys escrow account to reduce the Utilitys liability for the remaining net disputed claims.The following table presents the changes in the remaining disputed claims liability and interest accrued from December 31, 2008: (in millions) Balance at December 31, 2008 $ 1,750 Interest accrued 53 Less: Supplier Settlements (157 ) Less: August 26, 2009 Payment (700 ) Balance at December 31, 2009 $ 946 At December 31, 2009, the Utilitys net disputed claims liability was $946 million, consisting of $773 million of remaining disputed claims (classified on the Consolidated Balance Sheets within Accounts payable Disputed claims and customer refunds) and interest accrued at the FERC-ordered rate of $667 million (classified on the Consolidated Balance Sheets within Interest payable) offset by accounts receivable from the CAISO and the PX of $494 million

NOTE 15: RELATED PARTY AGREEMEN

NOTE 15: RELATED PARTY AGREEMENTS AND TRANSACTIONS
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to the Financial Statements [Abstract]
RELATED PARTY AGREEMENTS AND TRANSACTIONS	NOTE 15: RELATED PARTY AGREEMENTS AND TRANSACTIONS The Utility and other subsidiaries provide and receive various services to and from their parent, PGE Corporation, and among themselves.The Utility and PGE Corporation exchange administrative and professional services in support of operations.Services provided directly to PGE Corporation by the Utility are priced at the higher of fully loaded cost (i.e., direct cost of good or service and allocation of overhead costs) or fair market value, depending on the nature of the services.Services provided directly to the Utility by PGE Corporation are generally priced at the lower of fully loaded cost or fair market value, depending on the nature and value of the services.PGE Corporation also allocates various corporate administrative and general costs to the Utility and other subsidiaries using agreed-upon allocation factors, including the number of employees, operating and maintenance expenses, total assets, and other cost allocation methodologies.Management believes that the methods used to allocate expenses are reasonable and meet the reporting and accounting requirements of its regulatory agencies. The Utilitys significant related party transactions were as follows: Year Ended December 31, 2009 2008 2007 (in millions) Utility revenues from: Administrative services provided to PGE Corporation $ 5 $ 4 $ 4 Interest from PGE Corporation on employee benefit assets - - 1 Utility expenses from: Administrative services received from PGE Corporation $ 62 $ 122 $ 107 Utility employee benefit due to PGE Corporation 3 2 4 At December 31, 2009 and December 31, 2008, the Utility had a receivable of $26 million and $29 million, respectively, from PGE Corporation included in Accounts receivable Related parties and Other Noncurrent Assets Related parties receivable on the Utilitys Consolidated Balance Sheets, and a payable of $16 million and $25 million, respectively, to PGE Corporation included in Accounts payable Related parties on the Utilitys Consolidated Balance Sheets.

NOTE 16: COMMITMENTS AND CONTIN

NOTE 16: COMMITMENTS AND CONTINGENCIES
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to the Financial Statements [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 16: COMMITMENTS AND CONTINGENCIES PGE Corporation and the Utility have substantial financial commitments in connection with agreements entered into to support the Utilitys operating activities.PGE Corporation and the Utility also have significant contingencies arising from their operations, including contingencies related to guarantees, regulatory proceedings, nuclear operations, environmental compliance and remediation, tax matters, and legal matters. Commitments Utility Third-Party Power Purchase Agreements As part of the ordinary course of business, the Utility enters into various agreements to purchase power and electric capacity.The price of purchased power may be fixed or variable.Variable pricing is generally based on the current market price of either gas or electricity at the date of purchase. Qualifying Facility Power Purchase Agreements Under the Public Utility Regulatory Policies Act of 1978 (PURPA), electric utilities are required to purchase energy and capacity from independent power producers that are qualifying co-generation facilities and qualifying small power production facilities (QFs).To implement the purchase requirements of PURPA, the CPUC required California investor-owned electric utilities to enter into long-term power purchase agreements with QFs and approved the applicable terms and conditions, prices, and eligibility requirements.These agreements require the Utility to pay for energy and capacity.Energy payments are based on the QFs actual electrical output and CPUC-approved energy prices, while capacity payments are based on the QFs total available capacity and contractual capacity commitment.Capacity payments may be adjusted if the QF exceeds or fails to meet performance requirements specified in the applicable power purchase agreement. The Energy Policy Act of 2005 significantly amended the purchase requirements of PURPA. As amended, Section 210(m) of PURPA authorizes the FERC to waive the obligation of an electric utility under Section 210 of PURPA to purchase the electricity offered to it by a QF (under a new contract or obligation) if the FERC finds the QF has nondiscriminatory access to one of three defined categories of competitive wholesale electricity markets. The statute permits such waivers as to a particular QF or on a service territory-wide basis. As of December 31, 2009, the Utility had agreements with approximately 240 QFs for approximately 3,900 MW that are in operation.Agreements for approximately 3,600 MW expire at various dates between 2010 and 2028.QF power purchase agreements for approximately 300 MW have no specific expiration dates and will terminate only when the owner of the QF exercises its termination option.The Utility also has power purchase agreements with approximately 75 inoperative QFs.The total of approximately 3,900 MW consists of approximately 2,500 MW from cogeneration projects and approximately 1,400 MW from renewable sources.QF power purchase agreements accounted for 17%, 18%, and 20% of the Utilitys 2009, 2008, and 2007 electricity sources, respectively.No single QF accounted for more than 5% of the Utilitys 2009, 2008, or 2007 electricity

QUARTERLY CONSOLIDATED FINANCIA

QUARTERLY CONSOLIDATED FINANCIAL DATA (UNAUDITED)
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to the Financial Statements [Abstract]
QUARTERLY CONSOLIDATED FINANCIAL DATA (UNAUDITED)	QUARTERLY CONSOLIDATED FINANCIAL DATA (UNAUDITED) Quarter ended December 31 September 30 June 30 March 31 (in millions, except per share amounts) 2009 PGE CORPORATION Operating revenues $ 3,539 $ 3,235 $ 3,194 $ 3,431 Operating income 523 607 656 513 Income from continuing operations 277 321 392 244 Net income 277 321 392 244 Income available for common shareholders 273 318 388 241 Earnings per common share from continuing operations, basic 0.72 0.84 1.03 0.65 Earnings per common share from continuing operations, diluted 0.71 0.83 1.02 0.65 Net earnings per common share, basic 0.72 0.84 1.03 0.65 Net earnings per common share, diluted 0.71 0.83 1.02 0.65 Common stock price per share: High 45.79 41.97 39.11 41.06 Low 39.74 36.59 34.60 34.50 UTILITY Operating revenues $ 3,539 $ 3,235 $ 3,194 $ 3,431 Operating income 525 607 657 513 Net income 267 353 391 239 Income available for common shareholders 263 350 387 236 2008 PGE CORPORATION Operating revenues $ 3,643 $ 3,674 $ 3,578 $ 3,733 Operating income 545 639 584 493 Income from continuing operations 367 307 297 227 Net income 521 307 297 227 Income available for common shareholders 517 304 293 224 Earnings per common share from continuing operations, basic 0.98 0.83 0.80 0.62 Earnings per common share from continuing operations, diluted 0.97 0.83 0.80 0.62 Net earnings per common share, basic 1.39 0.83 0.80 0.62 Net earnings per common share, diluted 1.37 0.83 0.80 0.62 Common stock price per share: High 39.20 42.64 40.90 44.95 Low 29.70 36.81 38.09 36.46 UTILITY Operating revenues $ 3,643 $ 3,674 $ 3,578 $ 3,733 Operating income 548 640 585 493 Net income 329 321 313 236 Income available for common shareholders 325 318 309 233

Schedule I

Schedule I
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to the Financial Statements [Abstract]
Schedule I	PGE CORPORATION SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT (Continued) CONDENSED STATEMENTS OF INCOME (in millions, except per share amounts) Year Ended December 31, 2009 2008 2007 Administrative service revenue $ 59 $ 119 $ 102 Equity in earnings of subsidiaries 1,231 1,182 1,006 Operating expenses (61 ) (105 ) (112 ) Interest income 1 4 15 Interest expense (43 ) (30 ) (31 ) Other income (expense) 11 (46 ) (6 ) Income before income taxes 1,198 1,124 974 Income tax benefit 22 60 32 Income from continuing operations 1,220 1,184 1,006 Gain on disposal of NEGT - 154 - Income Available for Common Shareholders $ 1,220 $ 1,338 $ 1,006 Weighted average common shares outstanding, basic 368 357 351 Weighted average common shares outstanding, diluted 386 358 353 Earnings per common share, basic $ 3.25 $ 3.64 $ 2.79 Earnings per common share, diluted $ 3.20 $ 3.63 $ 2.78 PGE Corporation currently has outstanding $247million principal amount of convertible subordinated 9.50% notes due 2010, or Convertible Notes, that are entitled to receive (non-cumulative) dividend payments without exercising the conversion option. These Convertible Notes, which were issued in June2002, are entitled to receive pass-through dividends and meet the criteria of a participating security in the calculation of earnings per share using the "two-class" method for basic EPS. In calculating diluted EPS, PGE Corporation applies the if-converted method to reflect the dilutive effect of the Convertible Subordinated Notes to the extent that the impact is dilutive when compared to basic EPS.In addition, PGE Corporation applies the treasury stock method of reflecting the dilutive effect of outstanding stock-based compensation in the calculation of diluted EPS. Accordingly, the basic and diluted earnings per share calculations for 2008 and 2007 reflect the allocation of earnings between PGE Corporation common stock and the participating security. PGE CORPORATION SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT CONDENSED BALANCE SHEETS (in millions) Balance at December31, 2009 2008 ASSETS Current Assets: Cash and cash equivalents $ 193 $ 167 Advances to affiliates 20 28 Deferred income taxes 3 - Income taxes receivable 9 148 Other current assets 5 14 Total current assets 230 357 Equipment 14 17 Accumulated depreciation (13 ) (15 ) Net equipment 1 2 Investments in subsidiaries 10,935 9,539 Other investments 84 68 Deferred income taxes 32 51 Other 4 4 Total Assets $ 11,286 $ 10,021 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payablerelated parties

Schedule II

Schedule II
	12 Months Ended Dec. 31, 2009 USD / shares
Notes to the Financial Statements [Abstract]
Schedule II	Pacific Gas and Electric Company SCHEDULE II CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS For the Years Ended December 31, 2009, 2008, and 2007 Additions Description Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions(2) Balance at End of Period (in millions) Valuation and qualifying accounts deducted from assets: 2009: Allowance for uncollectible accounts(1) $ 76 $ 68 $ - $ 76 $ 68 2008: Allowance for uncollectible accounts(1) $ 58 $ 68 $ 11 $ 61 $ 76 2007: Allowance for uncollectible accounts(1) $ 50 $ 20 $ - $ 12 $ 58 (1) Allowance for uncollectible accounts is deducted from Accounts receivable Customers, net. (2) Deductions consist principally of write-offs, net of collections of receivables previously written off. PGE Corporation SCHEDULE II CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS For the Years Ended December 31, 2009, 2008, and 2007 Additions Description Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions(3) Balance at End of Period (in millions) Valuation and qualifying accounts deducted from assets: 2009: Allowance for uncollectible accounts(1)(2) $ 76 $ 68 $ - $ 76 $ 68 2008: Allowance for uncollectible accounts(1)(2) $ 58 $ 68 $ 11 $ 61 $ 76 2007: Allowance for uncollectible accounts(1)(2) $ 50 $ 20 $ - $ 12 $ 58 (1) Allowance for uncollectible accounts is deducted from Accounts receivable Customers, net. (2) Allowance for uncollectible accounts does not include NEGT. (3) Deductions consist principally of write-offs, net of collections of receivables previously written off.

Document Information

Document Information
	12 Months Ended Dec. 31, 2009 USD / shares
Document Information [Text Block]
Document Type	10-K
Document Period End Date	2009-12-31
Amendment Flag	false

Entity Information

Entity Information (USD $)
In Hundreds, except Share data	12 Months Ended Dec. 31, 2009
Entity [Text Block]
Entity Registrant Name	PG&E Corp
Entity Central Index Key	0001004980
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Filer Category	Large Accelerated Filer
Entity Public Float	123.4
Entity Common Stock, Shares Outstanding	12,345