UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
The Registrant meets the conditions set forth in general instruction H (1)(a) and (b) of Form 10-Q and is therefore filing this Form with the reduced disclosure format.
[X] |
| Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the quarterly period ended September 30, 2006 | ||
or | ||
[ ] |
| Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the transition period from ____________________ to ____________________ |
Commission File Number: | 333-30715 |
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(Exact name of registrant as specified in its charter) |
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Delaware | 94-3274751 | |
(State or other jurisdiction of | (IRS Employer Identification Number) | |
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245 Market Street, Suite 424 |
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(Address of principal executive offices) | (Zip code) |
(415) 972-5467 |
(Registrant''s telephone number, including area code) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
[X] Yes [ ] No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of ""accelerated filer and large accelerated filer"" in Rule 12b-2 of the Exchange Act.
[ ] Large accelerated filer [ ] Accelerated filer [X] Non-accelerated filer
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
[ ] Yes [X] No
PART I. FINANCIAL INFORMATION
ITEM 1.Financial Statements
PG&E FUNDING LLC (A DELAWARE LLC)
STATEMENTS OF OPERATIONS AND CHANGES IN MEMBER''S EQUITY
(IN THOUSANDS)
(Unaudited) | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2006 | 2005 | 2006 | 2005 | ||||||||||||||
Income | |||||||||||||||||
Interest income from Transition Property receivable | $ | 9,906 | $ | 17,137 | $ | 27,372 | $ | 47,480 | |||||||||
Other interest income | 1,607 | 1,214 | 4,660 | 3,020 | |||||||||||||
Total Income | 11,513 | 18,351 | 32,032 | 50,500 | |||||||||||||
Expenses | |||||||||||||||||
Interest expense | 7,302 | 11,961 | 25,253 | 39,223 | |||||||||||||
Servicing fees | 274 | 456 | 953 | 1,497 | |||||||||||||
Administrative and general | 36 | 38 | 129 | 147 | |||||||||||||
Total Expenses | 7,612 | 12,455 | 26,335 | 40,867 | |||||||||||||
Net Income | 3,901 | 5,896 | 5,697 | 9,633 | |||||||||||||
Member''s Equity At Beginning of Period | 63,728 | 66,081 | 80,932 | 62,344 | |||||||||||||
Member''s Distribution | - | - | (19,000 | ) | - | ||||||||||||
Member''s Equity At End of Period | $ | 67,629 | $ | 71,977 | $ | 67,629 | $ | 71,977 | |||||||||
See accompanying Notes to the Financial Statements.
See accompanying Notes to the Financial Statements.
PG&E FUNDING LLC (A DELAWARE LLC) | |||||||||||||||||||
STATEMENTS OF CASH FLOWS | |||||||||||||||||||
(IN THOUSANDS) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Nine months ended September 30, | |||||||||||||||||||
2006 | 2005 | ||||||||||||||||||
Cash Flows from Operating Activities | |||||||||||||||||||
Net Income | $ | 5,697 | $ | 9,633 | |||||||||||||||
Adjustments to reconcile net income to net cash | |||||||||||||||||||
provided by operating activities: | |||||||||||||||||||
Interest income from Transition Property receivable | (27,372 | ) | (47,480 | ) | |||||||||||||||
Amortization of debt issuance costs and | |||||||||||||||||||
discount on long-term debt | 831 | 830 | |||||||||||||||||
Net effect of changes in operating assets and liabilities: | |||||||||||||||||||
Transition Property receivable | 233,359 | 253,114 | |||||||||||||||||
Interest Payable | (230 | ) | (229 | ) | |||||||||||||||
Net cash provided by operating activities | 212,285 | 215,868 | |||||||||||||||||
Cash Flows from Investing Activities | |||||||||||||||||||
Decrease/(increase) in restricted cash | 3,568 | (366 | ) | ||||||||||||||||
Net cash provided/(used) by investing activities | 3,568 | (366 | ) | ||||||||||||||||
Cash Flows from Financing Activities | |||||||||||||||||||
Principal payments on long-term debt | (214,009 | ) | (213,863 | ) | |||||||||||||||
Equity distribution to Member | (19,000 | ) | - | ||||||||||||||||
Net cash used by financing activities | (233,009 | ) | (213,863 | ) | |||||||||||||||
Net change in cash and cash equivalents | (17,156 | ) | 1,639 | ||||||||||||||||
Cash and cash equivalents at January 1 | 19,164 | 15,966 | |||||||||||||||||
Cash and cash equivalents at September 30 | $ | 2,008 | $ | 17,605 | |||||||||||||||
Supplemental disclosures of cash flow | |||||||||||||||||||
information: | |||||||||||||||||||
Cash paid for interest | $ | 24,652 | $ | 38,622 | |||||||||||||||
See accompanying Notes to the Financial Statements.
PG&E Funding LLC (A Delaware LLC)
Notes to the Financial Statements
Note 1. Organization and Basis of Presentation
This Quarterly Report on Form 10-Q includes the unaudited financial statements and notes of PG&E Funding LLC, a special purpose, single member limited liability company organized under the laws of the State of Delaware. PG&E Funding LLC''s sole member is Pacific Gas and Electric Company, a provider of electricity and natural gas services in northern and central California. Pacific Gas and Electric Company is a subsidiary of PG&E Corporation.
PG&E Funding LLC was formed in July 1997 to effect the issuance of $2,901,000,000 in principal amount of PG&E Funding LLC notes, or the Notes. The proceeds from the Notes were paid to Pacific Gas and Electric Company in return for Transition Property, as described below. Pacific Gas and Electric Company used the proceeds to finance a ten percent electric rate reduction, which became effective on January 1, 1998. The reduction is provided to Pacific Gas and Electric Company''s residential and small commercial electric customers in connection with the electric industry restructuring mandated by California Assembly Bill 1890, as amended by California Senate Bill 477, or the electric industry restructuring legislation.
PG&E Funding LLC was organized for the limited purpose of issuing the Notes and purchasing the Transition Property from Pacific Gas and Electric Company. Transition Property is the right to be paid a specified amount (presented in the financial statements as ""Transition Property receivable"") from nonbypassable Fixed Transition Amount Charges, or the FTA Charges, payable by residential and small commercial electric customers. The California Public Utilities Commission, or the CPUC, authorized the FTA Charges pursuant to the electric industry restructuring legislation. PG&E Funding LLC issued the Notes in December 1997 to the California Infrastructure and Economic Development Bank Special Purpose Trust PG&E-1, a Delaware business trust, or the Trust. The Trust then issued certificates corresponding to each class of Notes, or the Certificates, in a public offering.
Deutsche Bank National Trust Company (formerly known as Bankers Trust Company of California, N.A.), or the Trustee, holds the collected FTA Charges in separate bank accounts. The funds in these bank accounts are restricted and can be used only to pay principal and interest on the Notes and related expenses. These funds are classified as ""Restricted cash"" in the Balance Sheets.
PG&E Funding LLC is restricted by its organizational documents from engaging in other activities. As a result, items that impact PG&E Funding LLC''s results of operations are limited to interest income generated from the Transition Property receivable, interest expense on the Notes, incidental investment interest income and servicing and administrative expenses, as further discussed below. Interest income earned on the Transition Property receivable is expected to offset (1) interest expense on the Notes, (2) amortization of debt issuance costs and the discount on the Notes, (3) the fees charged by Pacific Gas and Electric Company, as Servicer and administrator, for servicing the Transition Property receivable and providing administrative services to PG&E Funding LLC, and (4) other administrative and general operating expenses. PG&E Funding LLC''s most significant expense is the interest expense on the Notes. The interest rate earned on the Transition Propert y receivable balance is adjusted periodically as the weighted average interest rate on the Notes changes.
PG&E Funding LLC entered into a servicing agreement, or the Servicing Agreement, with Pacific Gas and Electric Company. The Servicing Agreement requires Pacific Gas and Electric Company, as Servicer, to service the Transition Property on behalf of PG&E Funding LLC. In addition, PG&E Funding LLC entered into an Administrative Services Agreement with Pacific Gas and Electric Company. This agreement requires Pacific Gas and Electric Company to perform administrative and operational duties for PG&E Funding LLC.
In addition, PG&E Funding LLC''s organizational documents require it to operate in a manner such that it should not be included in the bankruptcy estate of Pacific Gas and Electric Company. PG&E Funding LLC is legally separate from Pacific Gas and Electric Company, accordingly, the Transition Property is legally not an asset of Pacific Gas and Electric Company or PG&E Corporation. The assets of PG&E Funding LLC are not available to creditors of Pacific Gas and Electric Company or PG&E Corporation. PG&E Funding LLC is expected to dissolve after the scheduled maturity of the Notes on December 26, 2007.
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of revenues and assets. A change in management''s estimates or assumptions could have a material impact on PG&E Funding LLC''s financial condition and results of operations during the period in which such change occurred. Actual results could differ materially from these estimates and assumptions. PG&E Funding LLC''s Financial Statements reflect all adjustments that management believes are necessary for the fair presentation of their financial condition and results of operations for the periods presented. The results of operations for interim periods are not necessarily indicative of the results of operations for the full year.
Note 2. Summary of Accounting Policies
PG&E Funding LLC is following the same accounting policies discussed in its 2005 Annual Report on Form 10-K.
Note 3. Distribution to Member
On May 8, 2006, the PG&E Funding LLC Board of Directors declared a cash distribution in the aggregate amount of $19 million from member''s equity. The distributionwas paid on May 9, 2006 to Pacific Gas and Electric Company, PG&E Funding LLC''s sole equity member.
ITEM 2.
MANAGEMENT''S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview
The following analysis of PG&E Funding LLC''s financial condition and results of operations is in an abbreviated format pursuant to Instruction H of Form 10-Q. Such analysis should be read in conjunction with the financial statements included herein and PG&E Funding LLC''s Annual Report on Form 10-K as of and for the year ended December 31, 2005.
PG&E Funding LLC is a special purpose, single member limited liability company. PG&E Funding LLC''s sole member is Pacific Gas and Electric Company, a provider of electricity and natural gas services in northern and central California. Pacific Gas and Electric Company is a subsidiary of PG&E Corporation. PG&E Funding LLC was organized in July 1997 for the limited purpose of issuing the Notes and purchasing the Transition Property from Pacific Gas and Electric Company. PG&E Funding LLC has no employees and is restricted by its organizational documents from engaging in other activities. Additionally, PG&E Funding LLC''s organizational documents require it to operate in a manner such that it should not be included in the bankruptcy estate of Pacific Gas and Electric Company.
PG&E Funding LLC issued $2,901,000,000 in principal amount of PG&E Funding LLC Notes, Series 1997-1, Class A-1 through Class A-8, or the Notes, pursuant to an Indenture between PG&E Funding LLC and Deutsche Bank National Trust Company (formerly known as Bankers Trust Company of California, N.A.), as ""Trustee"". PG&E Funding LLC sold the Notes to the California Infrastructure and Economic Development Bank Special Purpose Trust PG&E-1, a Delaware business trust, or the Trust. The Trust then issued certificates corresponding to each class of Notes, or the Certificates, in a public offering.
The California Public Utilities Code, or the PU Code, provides for the creation of Transition Property, the right to receive a specified amount from nonbypassable Fixed Transition Amount Charges, or the FTA Charges, payable by residential and small commercial electric customers. Transition Property is presented in the financial statements as Transition Property receivable. The FTA Charges were established by a financing order dated September 3, 1997, or the Financing Order, issued by the California Public Utilities Commission, or the CPUC, together with the related Issuance Advice Letter. Under the PU Code and the Financing Order, the owner of Transition Property (i.e., PG&E Funding LLC) is entitled to collect the FTA Charges until a sufficient amount has been received to:
- repay in full the Certificates;
- fund the Overcollateralization and Capital Subaccounts, or the Subaccounts, established under the Indenture; and
- pay all related costs and fees.
FTA Charges collected that are greater than the required payments on the Notes and payments for interest, servicing fees and administrative and general expenses in a period are held in a Reserve Subaccount. Funds in this subaccount are available for periods in which the above payments are in excess of that period''s FTA collections.
PG&E Funding LLC entered into a servicing agreement, or the Servicing Agreement, with Pacific Gas and Electric Company. The Servicing Agreement requires Pacific Gas and Electric Company, as Servicer, to service the Transition Property on behalf of PG&E Funding LLC. In addition, PG&E Funding LLC entered into an Administrative Services Agreement with Pacific Gas and Electric Company. This agreement requires Pacific Gas and Electric Company to perform administrative and operational duties for PG&E Funding LLC.
On January 4, 2001, Standard and Poor''s lowered the short-term credit rating of the Servicer to A-3. On January 5, 2001, Moody''s Investors Service Inc. lowered the short-term credit rating of the Servicer to P-3. In accordance with section 6.11(b) of the Servicing Agreement, on January 8, 2001, the Servicer began to remit FTA Charges collected to the Trustee on a daily basis. Previously, the Servicer remitted FTA Charges on a monthly basis. On December 28, 2005, Standard and Poor''s assigned the Servicer a short term credit rating of A-2. On January 11, 2006, Moody''s Investors Service Inc. assigned the Servicer a short term credit rating of P-2. The Servicer will continue to remit FTA Charges collected on a daily basis until an S&P rating of A-1 and a Moody''s rating of P-1 are assigned.
The Servicing Agreement requires Pacific Gas and Electric Company, as the Servicer of the Transition Property, to seek periodic adjustments to the FTA Charges through advice letters filed with the CPUC. The Financing Order and the PU Code require the CPUC to approve the periodic adjustments. The adjustments are intended to increase the likelihood that actual FTA Charges collected are neither more nor less than the amount necessary to pay all of the aforementioned amounts. The adjustments to the FTA Charges are based on:
- actual collections and updated assumptions by the Servicer as to future usage of electricity by specified customers;
- future expenses relating to the Transition Property, the Notes, and the Certificates; and
- the rate of delinquencies and write-offs.
The Servicer has filed the following advice letters:
- In December 2004, the Servicer filed a routine advice letter advising the CPUC of a decrease to the FTA Charges effective January 1, 2005.
- In December 2005, the Servicer filed a routine advice letter advising the CPUC of a decrease to the FTA Charges effective January 1, 2006.
Results of Operations
Interest income generated from the Transition Property receivable was approximately $10 million and $27 million for the three and nine months ended September 30, 2006, in comparison to approximately $17 million and $47 million for the three and nine months ended September 30, 2005. The decrease in interest income in 2006 reflects the declining Transition Property receivable balance.
Interest income earned from other investments was approximately $2 million and $5 million for the three and nine months ended September 30, 2006, in comparison to approximately $1 million and $3 million for the three and nine months ended September 30, 2005. PG&E Funding LLC earns interest income on the Restricted cash balance. The increase in interest income in 2006 was mainly due to a higher average interest rate on the Restricted cash balance.
Interest expense was approximately $7 million and $25 million for the three and nine ended September 30, 2006, in comparison to approximately $12 million and $39 million for the three and nine months ended September 30, 2005. Interest expense includes interest on the Notes, amortization of the Notes'' discount, and amortization of debt issuance costs. The decrease in interest expense in 2006 was primarily due to the declining balance of the Notes.
PG&E Funding LLC incurred servicing fees of approximately $274,000 and $953,000 during the three and nine months ended September 30, 2006, and approximately $456,000 and $1,497,000 during the three and nine months ended September 30, 2005. Servicing fees are calculated as a percentage of the outstanding Notes balance. The decrease in servicing fees in 2006 was due to the declining balance of the Notes.
Restricted Cash
As previously discussed, the Servicer collects FTA Charges from residential and small commercial electric customers and remits the amounts collected to the Trustee on a daily basis. The Trustee holds the collected FTA Charges in separate bank accounts. The funds in these bank accounts are restricted and can only be used to pay principal and interest on the Notes and related expenses. Any funds expected to cover required payments on the Notes and related expenses within the next year are classified as Restricted cash under Current assets in the Balance Sheets. As discussed below, during the nine months ended September 30, 2006, funds were drawn from the Reserve Subaccount to cover required payments on the Notes.
The Indenture requires PG&E Funding LLC to maintain certain minimum balances in the Subaccounts within Restricted cash. The balances in the Subaccounts are to be used only in the event of a shortfall in collections of FTA Charges. No default occurs under the Indenture if the minimum balances are not maintained. However, the Servicer is required to take reasonable actions to establish the rate of FTA Charges at a level that is projected to replenish the Subaccounts to their required balances within twelve months of the effective date of any change in FTA Charge rates. The Subaccounts were funded to the levels required under the Indenture as of September 30, 2006.
Liquidity and Financial Resources
PG&E Funding LLC expects that future collections of FTA Charges will be sufficient to make scheduled principal and interest payments on the Notes. As previously discussed, interest income earned on the Transition Property receivable is expected to offset (1) interest expense on the Notes, (2) amortization of debt issuance costs and the discount on the Notes, (3) the fees charged by Pacific Gas and Electric Company, as Servicer and administrator, for servicing the Transition Property and providing administrative services to PG&E Funding LLC, and (4) other administrative and general operating expenses.
On May 8, 2006, the PG&E Funding LLC Board of Directors declared a cash distribution in the aggregate amount of $19 million from member''s equity. The distribution was paid on May 9, 2006 to Pacific Gas and Electric Company, PG&E Funding LLC''s sole equity member.
Operating Activities:
Operating activities provided net cash of approximately $212 million for the nine months ended September 30, 2006, and approximately $216 million for the nine months ended September 30, 2005. Cash provided by operating activities represents the excess of FTA Charges and earnings on FTA Charge collections over cash payments for interest, servicing fees and administrative and general expenses. The decrease in net cash provided by operating activities in 2006 was primarily as a result of a decrease in FTA Charge collections for 2006.
Investing Activities:
Investing activities provided net cash of approximately $4 million for the nine months ended September 30, 2006, and used $366,000 for the nine months ended September 30, 2005. FTA Charges collected were less than the required payments on the Notes and payments for interest, servicing fees and administrative and general expenses for the nine months ended September 30, 2006. As a result of this shortfall, cash was used from the Reserve Subaccount to cover the required payments. FTA Charges, based on forecast sales, are set at the beginning of the year to reduce the excess cash balances in the Reserve Subaccount. In prior years, the balance in the Reserve Subaccount increased as FTA Charge collections were greater than required payments.
Financing Activities:
Financing activities used net cash of approximately $233 million for the nine months ended September 30, 2006, and $214 million for the nine months ended September 30, 2005. On May 9, 2006, PG&E Funding LLC distributed $19 million to its sole member, Pacific Gas and Electric Company. In addition, $214 million was used for principal payments on the Notes. For the nine months ended September 30, 2005, cash used in financing activities was solely for principal payments on the Notes.
Critical Accounting Policies
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America, or GAAP, involves the use of estimates and assumptions that affect the amounts reported in the financial statements. Application of PG&E Funding LLC''s significant accounting policies did not result in management needing to make material assumptions about matters that would be considered highly uncertain at the time of estimation. PG&E Funding LLC is following the same accounting principles discussed in its 2005 Annual Report on Form 10-K.
Forward-Looking Statements
This Quarterly Report on Form 10-Q contains a forward-looking statement that future collections of FTA Charges are expected to be sufficient to cover scheduled principal and interest payments on the Notes and related expenses. This statement involves risks and uncertainties and is based on the beliefs and assumptions of management and on information currently available to management. Actual results or outcomes could differ materially as a result of various factors, including:
- future electricity sales levels, which are affected by a variety of factors, including general economic and financial market conditions, weather, conservation efforts, and outages; and
- updated assumptions by the Servicer as to future expenses relating to the Transition Property, the Notes, and the rate of delinquencies and write-offs.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Omitted with respect to PG&E Funding LLC pursuant to Instruction H 1(a) and (b) of Form 10-Q. Not applicable.
CONTROLS AND PROCEDURES
Based on an evaluation of PG&E Funding LLC''s disclosure controls and procedures conducted as of September 30, 2006, PG&E Funding LLC''s principal executive officer and principal financial officer have concluded that such controls and procedures are effective to ensure that information required to be disclosed by PG&E Funding LLC in reports the company files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized, and reported, within the time periods specified in the Securities and Exchange Commission rules and forms. In addition, PG&E Funding LLC''s principal executive officer and principal financial officer have concluded that such controls were effective in ensuring that information required to be disclosed by PG&E Funding LLC in the reports that PG&E Funding LLC files or submits under the Act is accumulated and communicated to PG&E Funding LLC''s ma nagement, including PG&E Funding LLC''s principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
There were no changes in internal controls over financial reporting that occurred during the quarter ended September 30, 2006, that have materially affected, or are reasonably likely to materially affect, PG&E Funding LLC''s internal controls over financial reporting.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None.
ITEM 1A. RISK FACTORS
None.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Omitted with respect to PG&E Funding LLC pursuant to Instruction H 1(a) and (b) of Form 10-Q. Not applicable.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Omitted with respect to PG&E Funding LLC pursuant to Instruction H 1(a) and (b) of Form 10-Q. Not applicable.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Omitted with respect to PG&E Funding LLC pursuant to Instruction H 1(a) and (b) of Form 10-Q. Not applicable.
ITEM 5. OTHER INFORMATION
The Quarterly Servicer''s Certificate dated September 25, 2006, attached as Exhibit 99.1 hereto, includes certain additional information regarding collections of FTA Charges.
ITEM 6. EXHIBITS
Exhibits required to be filed by Item 601 of Regulation S-K: | |||
31.1 | Certification of the Principal Executive Officer of PG&E Funding LLC required by Section 302 of the Sarbanes-Oxley Act of 2002 | ||
31.2 | Certification of the Principal Financial Officer of PG&E Funding LLC required by Section 302 of the Sarbanes-Oxley Act of 2002 | ||
*32.1 | Certification of the Principal Executive Officer of PG&E Funding LLC required by Section 906 of the Sarbanes-Oxley Act of 2002 | ||
*32.2 | Certification of the Principal Financial Officer of PG&E Funding LLC required by Section 906 of the Sarbanes-Oxley Act of 2002 | ||
99.1 | Quarterly Servicer''s Certificate dated September 25, 2006 | ||
* Pursuant to Item 601(b)(32) of SEC Regulation S-K, these exhibits are furnished rather than filed with this report. | |||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on the 13th day of November, 2006.
PG&E FUNDING LLC, as Registrant
By /s/ G. Robert Powell
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G. Robert Powell, Controller
(Duly authorized officer and principal accounting officer)
Exhibit No. | Description of Exhibit | ||
31.1 | Certification of the Principal Executive Officer of PG&E Funding LLC required by Section 302 of the Sarbanes-Oxley Act of 2002 | ||
31.2 | Certification of the Principal Financial Officer of PG&E Funding LLC required by Section 302 of the Sarbanes-Oxley Act of 2002 | ||
32.1* | Certification of the Principal Executive Officer of PG&E Funding LLC required by Section 906 of the Sarbanes-Oxley Act of 2002 | ||
32.2* | Certification of the Principal Financial Officer of PG&E Funding LLC required by Section 906 of the Sarbanes-Oxley Act of 2002 | ||
99.1 | Quarterly Servicer''s Certificate dated September 25, 2006 | ||
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