1
EXHIBIT 99
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------
INFORMATION REQUIRED BY
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
for the fiscal year ended December 31, 1993
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
SAVINGS FUND PLAN FOR EMPLOYEES OF
PACIFIC GAS AND ELECTRIC COMPANY
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
PACIFIC GAS AND ELECTRIC COMPANY
77 Beale Street
P.O. Box 770000
San Francisco, California 94177
2
The combined statements of financial condition and statements of financial
condition of the Plan as of December 31, 1993 and 1992, the related combined
statements of changes in participants' interest and the statements of changes
in participants' interest for each of the three years in the period ended
December 31, 1993, and the schedule of investments as of December 31, 1993 and
1992, together with the report of Arthur Andersen & Co., independent
accountants, are presented herewith.
3
[ARTHUR ANDERSEN & CO. LOGO]
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Employee Benefit Finance Committee
of Pacific Gas and Electric Company and
Participants in the Savings Fund Plan:
We have audited the accompanying combined statements of financial condition of
the Savings Fund Plan for Employees of Pacific Gas and Electric Company (the
Plan) as of December 31, 1993 and 1992, and the related combined statements of
changes in participants' interest for each of the three years in the period
ended December 31, 1993. We have also audited the combined statements of
financial condition (by fund) as of December 31, 1993 and 1992, and the combined
statements of changes in participants' interest (by fund) for each of the three
years in the period ended December 31, 1993. These financial statements and the
schedule referred to below are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements and this
schedule based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the combined financial condition and the combined
financial condition (by fund) of the Plan as of December 31, 1993 and 1992, and
the changes in combined participants' interest and the changes in combined
participants' interest (by fund) for each of the three years in the period ended
December 31, 1993, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. Schedule I is presented for purposes of complying
with the Securities and Exchange Commission's rules and is not part of the basic
financial statements. This schedule has been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in our
opinion, fairly states in all material respects the financial data required to
be set forth therein in relation to the basic financial statements taken as a
whole.
ARTHUR ANDERSEN & CO.
San Francisco, California
March 14, 1994
4
SAVINGS FUND PLAN
FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY
FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 1993 AND 1992
WITH
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
5
SAVINGS FUND PLAN
FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY
COMBINED STATEMENT OF FINANCIAL CONDITION
DECEMBER 31,
-----------------------
1993 1992
--------- ---------
(IN THOUSANDS)
ASSETS
Investments, at market (Schedule I)
Pacific Gas and Electric Company common stock (cost $966,716 and
$1,171,745 at December 31, 1993 and December 31, 1992,
respectively).................................................. $1,579,574 $1,963,276
United States Savings Bonds (cost $3,009 and $3,501 at December
31, 1993 and December 31, 1992, respectively).................. 4,562 4,971
Other common stocks (cost $264,199 and $164,278 at December 31,
1993 and December 31, 1992, respectively)...................... 301,338 190,107
Guaranteed income investments..................................... 229,520 114,088
Fixed income investments (cost $28,625 and $18,124 at December 31,
1993 and December 31, 1992, respectively)...................... 28,740 18,080
Other common stocks, bonds, fixed income securities, and
money-market investments (cost $92,144 and $42,944 at December
31, 1993 and December 31, 1992, respectively).................. 104,083 45,788
Utility Stocks (cost $76,395 and $26,682 at December 31, 1993 and
December 31, 1992, respectively)............................... 75,336 26,945
--------- ---------
Total Investments.............................................. 2,323,153 2,363,255
--------- ---------
Cash and short-term investments (at cost, which approximates
market)........................................................... 6,775 34,033
--------- ---------
Receivables
Dividends and interest............................................ 24,856 28,659
Other receivables................................................. 1,821 8,794
--------- ---------
Total Receivables.............................................. 26,677 37,453
--------- ---------
Total Assets.............................................. 2,356,605 2,434,741
--------- ---------
LIABILITIES
Pending distributions............................................... 12,655 1,433
Other liabilities................................................... 1,311 182
--------- ---------
Total Liabilities......................................... 13,966 1,615
--------- ---------
PARTICIPANTS' INTEREST.............................................. $2,342,639 $2,433,126
--------- ---------
--------- ---------
The accompanying Notes to Financial Statements are an integral part of this
statement.
1
6
SAVINGS FUND PLAN
FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY
COMBINED STATEMENT OF FINANCIAL CONDITION
DECEMBER 31, 1993
UNITED
COMPANY STATES DIVERSIFIED GUARANTEED BOND STOCK AND UTILITY
STOCK BOND EQUITY INCOME INDEX BOND STOCK PAYSOP
FUND FUND FUND FUND FUND FUND FUND FUND TOTAL
--------- ------- ------------ ----------- ------- ---------- ------- ------- ---------
(IN THOUSANDS)
ASSETS
Investments, at market
(Schedule I)
Pacific Gas and
Electric Company
common stock (cost
Company Stock Fund,
$960,608; and PAYSOP
Fund, $6,108)....... $1,569,458 $ -- $ -- $ -- $ -- $ -- $ -- $10,116 $1,579,574
United States Savings
Bonds
(cost $3,009)....... -- 4,562 -- -- -- -- -- -- 4,562
Other common stocks
(cost $264,199)..... -- -- 301,338 -- -- -- -- -- 301,338
Guaranteed Income
Investments......... -- -- -- 229,520 -- -- -- -- 229,520
Fixed Income
Investments
(cost $28,625)...... -- -- -- -- 28,740 -- -- -- 28,740
Other common stocks,
bonds, fixed income
securities, and
money-market
investments (cost
$92,144)............ -- -- -- -- -- 104,083 -- -- 104,083
Utility Stocks (cost
$76,395)............ -- -- -- -- -- -- 75,336 -- 75,336
--------- ------- ------------ ----------- ------- ---------- ------- ------- ---------
Total Investments... 1,569,458 4,562 301,338 229,520 28,740 104,083 75,336 10,116 2,323,153
--------- ------- ------------ ----------- ------- ---------- ------- ------- ---------
Cash and short-term
Investments (at cost,
which approximates
market)............... 110 24 5,313 1,328 -- -- -- -- 6,775
--------- ------- ------------ ----------- ------- ---------- ------- ------- ---------
Receivables
Dividends and
interest............ 21,132 -- 767 2,821 -- -- -- 136 24,856
Other receivables..... 306 -- 1,315 75 21 53 51 -- 1,821
--------- ------- ------------ ----------- ------- ---------- ------- ------- ---------
Total Receivables... 21,438 -- 2,082 2,896 21 53 51 136 26,677
--------- ------- ------------ ----------- ------- ---------- ------- ------- ---------
Total Assets.... 1,591,006 4,586 308,733 233,744 28,761 104,136 75,387 10,252 2,356,605
--------- ------- ------------ ----------- ------- ---------- ------- ------- ---------
LIABILITIES
Pending
distributions....... 6,881 5 1,111 3,784 166 391 285 32 12,655
Other liabilities..... 114 -- 1,197 -- -- -- -- -- 1,311
--------- ------- ------------ ----------- ------- ---------- ------- ------- ---------
Total
Liabilities... 6,995 5 2,308 3,784 166 391 285 32 13,966
--------- ------- ------------ ----------- ------- ---------- ------- ------- ---------
PARTICIPANTS'
INTEREST..............$1,584,011 $4,581 $306,425 $ 229,960 $28,595 $103,745 $75,102 $10,220 $2,342,639
--------- ------- ------------ ----------- ------- ---------- ------- ------- ---------
--------- ------- ------------ ----------- ------- ---------- ------- ------- ---------
The accompanying Notes to Financial Statements are an integral part of this
statement.
2
7
SAVINGS FUND PLAN
FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY
COMBINED STATEMENT OF FINANCIAL CONDITION
DECEMBER 31, 1992
UNITED
COMPANY STATES DIVERSIFIED GUARANTEED BOND STOCK AND UTILITY
STOCK BOND EQUITY INCOME INDEX BOND STOCK PAYSOP
FUND FUND FUND FUND FUND FUND FUND FUND TOTAL
--------- ------- ------------ ----------- ------- ---------- ------- ------- ---------
(IN THOUSANDS)
ASSETS
Investments, at market
(Schedule I)
Pacific Gas and
Electric Company
common stock (cost
Company Stock Fund,
$1,161,099; and
PAYSOP Fund,
$10,646)............ $1,946,050 $ -- $ -- $ -- $ -- $ -- $ -- $17,226 $1,963,276
United States Savings
Bonds............... -- 4,971 -- -- -- -- -- -- 4,971
Other common stocks
(cost $164,278)..... -- -- 190,107 -- -- -- -- -- 190,107
Guaranteed Income
Investments......... -- -- -- 114,088 -- -- -- -- 114,088
Fixed Income
Investments
(cost $18,124)...... -- -- -- -- 18,080 -- -- -- 18,080
Other common stocks,
bonds, fixed income
securities, and
money-market
investments (cost
$42,944)............ -- -- -- -- -- 45,788 -- -- 45,788
Utility Stocks (cost
$26,682)............ -- -- -- -- -- -- 26,945 -- 26,945
--------- ------ ---------- --------- ------- --------- ------- ------- ----------
Total
Investments... 1,946,050 4,971 190,107 114,088 18,080 45,788 26,945 17,226 2,363,255
--------- ------ ---------- --------- ------- --------- ------- ------- ----------
Cash and short-term
Investments (at cost,
which approximates
market)............... 203 25 15,164 18,641 -- -- -- -- 34,033
--------- ------ ---------- --------- ------- --------- ------- ------- ----------
Receivables
Dividends and
interest............ 26,043 -- 522 1,865 -- -- -- 229 28,659
Other receivables..... 8,500 -- 144 74 16 36 24 -- 8,794
--------- ------- ----------- --------- ------- --------- ------- ------- ----------
Total
Receivables... 34,543 -- 666 1,939 16 36 24 229 37,453
---------- ------- ----------- --------- ------- --------- ------- ------- ----------
Total Assets... 1,980,796 4,996 205,937 134,668 18,096 45,824 26,969 17,455 2,434,741
---------- ------- ----------- --------- ------- ---------- ------- ------- ----------
LIABILITIES
Pending
distributions....... 1,237 -- 83 111 -- -- -- 2 1,433
Other liabilities..... 122 -- 60 -- -- -- -- -- 182
--------- ------- ----------- ---------- ------- ---------- ------- ------- ----------
Total
Liabilities... 1,359 -- 143 111 -- -- -- 2 1,615
--------- ------- ----------- ---------- ------- ---------- ------- -------- ----------
PARTICIPANTS'
INTEREST.............. $1,979,437 $4,996 $205,794 $ 134,557 $18,096 $ 45,824 $26,969 $17,453 $2,433,126
--------- ------- ----------- --------- ------- ---------- ------- ------- ----------
--------- ------- ----------- --------- ------- ---------- ------- ------- ----------
The accompanying Notes to Financial Statements are an integral part of this
statement.
3
8
SAVINGS FUND PLAN
FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY
COMBINED STATEMENT OF CHANGES IN PARTICIPANTS' INTEREST
YEARS ENDED DECEMBER 31,
-------------------------------------
1993 1992 1991
---------- ---------- ----------
(IN THOUSANDS)
BALANCE, JANUARY 1................................................... $2,433,126 $2,272,426 $1,656,538
---------- ---------- ----------
ADDITIONS
Contributions
Participant........................................................ 94,039 90,057 80,530
Employer........................................................... 34,542 34,309 31,861
---------- ---------- ----------
Total contributions........................................ 128,581 124,366 112,391
---------- ---------- ----------
Earnings from investments
Interest........................................................... 11,859 5,900 5,253
Dividends.......................................................... 108,899 114,676 104,247
Other income....................................................... 85 199 36
---------- ---------- ----------
Total earnings from investments............................ 120,843 120,775 109,536
---------- ---------- ----------
Gain on securities
Realized on sale or distribution................................... 295,659 147,247 38,824
Unrealized appreciation (depreciation) in market value of
securities held................................................. (159,429) (101,997) 451,719
Gains on futures contracts......................................... 61 181 --
---------- ---------- ----------
Total gain on securities................................... 136,291 45,431 490,543
---------- ---------- ----------
Total additions............................................ 385,715 290,572 712,470
---------- ---------- ----------
DEDUCTIONS
Distributions to participants or their beneficiaries, at market...... 464,536 128,242 94,138
Pending distributions to participants or their beneficiaries, at
market............................................................. 11,222 1,433 2,417
Other expenses....................................................... 444 197 27
---------- ---------- ----------
Total deductions........................................... 476,202 129,872 96,582
---------- ---------- ----------
CHANGE IN PARTICIPANTS' INTEREST..................................... (90,487) 160,700 615,888
---------- ---------- ----------
BALANCE, DECEMBER 31................................................. $2,342,639 $2,433,126 $2,272,426
---------- ---------- ----------
---------- ---------- ----------
The accompanying Notes to Financial Statements are an integral part of this
statement.
4
9
SAVINGS FUND PLAN
FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY
COMBINED STATEMENT OF CHANGES IN PARTICIPANTS' INTEREST
FOR THE YEAR ENDED DECEMBER 31, 1993
UNITED
COMPANY STATES DIVERSIFIED GUARANTEED BOND STOCK AND UTILITY
STOCK BOND EQUITY INCOME INDEX BOND STOCK PAYSOP
FUND FUND FUND FUND FUND FUND FUND FUND TOTAL
--------- ------- ------------ ----------- ------- ---------- ------- ------- ---------
(IN THOUSANDS)
BALANCE, JANUARY 1,
1993.................. $1,979,437 $4,996 $205,794 $ 134,557 $18,096 $ 45,824 $26,969 $17,453 $2,433,126
---------- ------ -------- --------- ------- -------- ------- ------- ----------
INTERFUND TRANSFERS,
Net................... (432,276) -- 88,138 228,209 13,964 56,332 50,287 (4,654) --
ADDITIONS
Contributions
Participant......... 58,104 -- 20,364 5,904 1,240 4,566 3,861 -- 94,039
Employer.............. 28,649 -- 2,535 800 310 1,092 1,156 -- 34,542
---------- ------ -------- --------- ------- -------- ------- ------- ----------
Total
contributions..... 86,753 -- 22,899 6,704 1,550 5,658 5,017 -- 128,581
---------- ------ -------- --------- ------- -------- ------- ------- ----------
Earnings from investment
Interest.............. 194 351 334 10,980 -- -- -- -- 11,859
Dividends............. 94,633 -- 7,282 -- 2,062 -- 4,050 872 108,899
Other income.......... 42 -- 41 1 -- 1 -- -- 85
---------- ------ -------- --------- ------- -------- ------- ------- ----------
Total earnings from
investments....... 94,869 351 7,657 10,981 2,062 1 4,050 872 120,843
---------- ------ -------- --------- ------- -------- ------- ------- ----------
Gain on securities
Realized on sale or
distribution........ 283,526 -- 10,422 -- 170 746 256 539 295,659
Unrealized
appreciation
(depreciation) in
market value of
securities held..... (176,100) -- 11,312 -- 158 9,094 (1,322) (2,571) (159,429)
Gains on futures
contracts........... 61 61
---------- ------ -------- --------- ------- -------- ------- ------- ----------
Total gain on
securities........ 107,426 -- 21,795 -- 328 9,840 (1,066) (2,032) 136,291
---------- ------ -------- --------- ------- -------- ------- ------- ----------
Total additions
(reductions).... 289,048 351 52,351 17,685 3,940 15,499 8,001 (1,160) 385,715
---------- ------ -------- --------- ------- -------- ------- ------- ----------
DEDUCTIONS
Distributions to
participants or their
beneficiaries, at
market................ 246,554 761 38,829 146,818 7,239 13,076 9,870 1,389 464,536
Pending distributions to
participants or their
beneficiaries, at
market................ 5,644 5 1,028 3,673 166 391 285 30 11,222
Other expenses.......... -- -- 1 -- -- 443 -- -- 444
---------- ------ -------- --------- ------- -------- ------- ------- ----------
Total
deductions.... 252,198 766 39,858 150,491 7,405 13,910 10,155 1,419 476,202
---------- ------ -------- --------- ------- ------- ------- ------- ----------
CHANGE IN PARTICIPANTS'
INTEREST.............. (395,426) (415) 100,631 95,403 10,499 57,921 48,133 (7,233) (90,487)
---------- ------ -------- --------- ------- ------- ------- ------- ----------
BALANCE, DECEMBER 31,
1993.................. $1,584,011 $4,581 $306,425 $ 229,960 $28,595 $103,745 $75,102 $10,220 $2,342,639
---------- ------ -------- --------- ------- -------- ------- ------- ----------
---------- ------ -------- --------- ------- -------- ------- ------- ----------
The accompanying Notes to Financial Statements are an integral part of this
statement.
5
10
SAVINGS FUND PLAN
FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY
COMBINED STATEMENT OF CHANGES IN PARTICIPANTS' INTEREST
FOR THE YEAR ENDED DECEMBER 31, 1992
UNITED
COMPANY STATES DIVERSIFIED GUARANTEED BOND STOCK AND UTILITY
STOCK BOND EQUITY INCOME INDEX BOND STOCK PAYSOP
FUND FUND FUND FUND FUND FUND FUND FUND TOTAL
---------- ------ ----------- ---------- ------- ---------- ------- ------- ----------
(IN THOUSANDS)
BALANCE, JANUARY 1,
1992.................. $2,038,990 $4,850 $ 131,693 $ 62,211 $ 2,467 $ 5,063 $ -- $27,152 $2,272,426
---------- ------ --------- -------- ------- -------- ------- ------- ----------
INTERFUND TRANSFERS,
Net................... (179,904) -- 43,414 67,228 14,494 36,130 25,380 (6,742) --
ADDITIONS
Contributions
Participant........... 63,174 -- 17,322 5,825 658 2,410 665 -- 990,057
Employer.............. 33,165 -- 456 191 63 205 229 -- 34,309
---------- ------ --------- -------- ------- -------- ------- ------- ----------
Total
Contributions..... 96,339 -- 17,776 6,016 721 2,615 697 -- 124,366
---------- ------ --------- -------- ------- -------- ------- ------- ----------
Earnings from investment
Interest.............. 77 413 433 4,977 -- -- -- -- 5,900
Dividends............. 107,706 -- 4,553 -- 619 -- 466 1,332 114,676
Other income.......... 184 -- 10 2 1 -- -- 2 199
---------- ------ --------- -------- ------- -------- ------- ------- ----------
Total earnings from
investments....... 107,967 413 4,996 4,979 620 -- 466 1,334 120,775
---------- ------ --------- -------- ------- -------- ------- ------- ----------
Gain on securities
Realized on sale or
distribution........ 127,513 -- 19,478 -- 13 48 (5) 200 147,247
Unrealized
appreciation
(depreciation) in
market value of
securities held..... (93,466) -- (7,075) -- (152) 2,382 263 (3,947) (101,997)
Gains on future
contracts........... 181 181
---------- ------ --------- -------- ------- -------- ------- ------- ----------
Total gain on
securities........ 34,045 -- 12,584 -- (139) 2,430 258 (3,747) 45,431
---------- ------ --------- -------- ------- ------- ------- ------- ----------
Total additions
(reductions).... 238,351 413 35,358 10,995 1,202 5,405 1,621 (2,413) 290,572
---------- ------ --------- -------- ------- -------- ------- ------- ----------
DEDUCTIONS
Distributions to
participants or their
beneficiaries, at
market................ 116,672 267 4,588 5,766 67 309 32 541 128,242
Pending distributions to
participants or their
beneficiaries, at
market................ 1,237 -- 83 111 -- -- -- 2 1,433
Other expenses.......... 91 -- -- -- -- 105 -- 1 197
---------- ------ --------- -------- ------- -------- ------- ------- -----------
Total
deductions...... 118,000 287 4,671 5,677 67 414 32 544 129,872
---------- ------ --------- -------- ------- -------- ------- ------- -----------
CHANGE IN PARTICIPANTS'
INTEREST.............. (59,553) 145 74,101 72,346 15,629 40,761 26,969 (9,699 ) 160,700
---------- ------ --------- -------- ------- -------- ------- ------- -----------
BALANCE, DECEMBER 31,
1992.................. $1,979,437 $4,996 $ 205,794 $134,557 $18,096 $ 45,824 $26,969 $17,453 $2,433,126
---------- ------ --------- -------- ------- -------- ------- ------- ----------
---------- ------ --------- -------- ------- -------- ------- ------- ----------
The accompanying Notes to Financial Statements are an integral part of this
statement.
6
11
SAVINGS FUND PLAN
FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY
COMBINED STATEMENT OF CHANGES IN PARTICIPANTS' INTEREST
FOR THE YEAR ENDED DECEMBER 31, 1991
UNITED MONEY-
COMPANY STATES DIVERSIFIED MARKET GUARANTEED BOND STOCK AND
STOCK BOND EQUITY INVESTMENT INCOME INDEX BOND TRASOP PAYSOP
FUND FUND FUND FUND FUND FUND FUND FUND FUND TOTAL
--------- ------- ------------ ---------- ----------- ------ ---------- ------- ------- ---------
(IN THOUSANDS)
BALANCE, JANUARY 1,
1991................$1,473,377 $4,463 $ 96,552 $ 14,140 $37,938 $ -- $ -- $ 652 $29,416 $1,656,538
---------- ------ -------- ---------- ----------- ------ ---------- ------- ------- ----------
INTERFUND TRANSFERS,
Net................. (3,101) 88 2,149 (14,822) 17,423 2,140 4,181 (470) (7,588) --
ADDITIONS
Contributions
Participant......... 58,688 303 15,011 874 5,052 167 435 -- -- 80,530
Employer............ 31,861 -- -- -- -- -- -- -- -- 31,861
---------- ------ -------- ---------- ----------- ------ ---------- ------- ------- ---------
Total
contributions.... 90,549 303 15,011 874 5,052 167 435 -- -- 112,391
---------- ------ -------- ---------- ----------- ------ ---------- ------- ------- ---------
Earnings from
investment
Interest............ 12 239 496 450 3,995 60 -- -- 1 5,253
Dividends........... 98,637 -- 3,786 -- -- -- -- 33 1,791 104,247
Other income........ 4 -- 13 -- -- -- -- 19 -- 36
---------- ------ -------- ---------- ----------- ------ ---------- ------- ------- ---------
Total earnings from
investments...... 98,653 239 4,295 450 3,995 60 -- 52 1,792 109,536
---------- ------- -------- ---------- ----------- ------ ---------- ------- ------- ---------
Gain on securities
Realized on sale or
distribution...... 35,898 -- 2,760 -- -- -- 1 4 161 38,824
Unrealized
appreciation
(depreciation) in
market value of
securities held... 432,827 -- 14,547 -- -- 109 463 (224) 3,997 451,719
---------- ------- -------- ---------- ----------- ------ ---------- ------- ------- ---------
Total gain on
securities....... 468,725 -- 17,307 -- -- 109 464 (220) 4,158 490,543
---------- ------- -------- ---------- ----------- ------ ---------- ------- ------- ---------
Total additions
(reductions)..... 657,927 542 36,613 1,324 9,047 336 899 (168) 5,950 712,470
---------- ------- -------- ---------- ----------- ------ ---------- ------- ------- ---------
DEDUCTIONS
Distributions to
participants or
their beneficiaries,
at market........... 86,925 230 3,528 642 2,166 9 10 14 614 94,138
Pending distributions
to participants or
their beneficiaries,
at market........... 2,268 13 93 -- 31 -- -- -- 12 2,417
Other expenses........ 20 -- -- -- -- -- 7 -- -- 27
---------- ------- -------- ---------- ----------- ------ ---------- ------- ------- ---------
Total deductions... 89,213 243 3,621 642 2,197 9 17 14 626 96,582
---------- ------- -------- ---------- ----------- ------ ---------- ------- ------- ---------
CHANGE IN
PARTICIPANTS'
INTEREST............ 565,613 387 35,141 (14,140) 24,273 2,467 5,063 (652) (2,264) 615,888
---------- ------- -------- ---------- ----------- ------ ---------- ------- ------- ---------
BALANCE, DECEMBER 31,
1991................$2,038,990 $4,850 $131,693 $ -- $62,211 $2,467 $5,063 $ -- $27,152 $2,272,426
---------- ------- -------- ---------- ----------- ------ ---------- ------- ------- ---------
---------- ------- -------- ---------- ----------- ------ ---------- ------- ------- ---------
The accompanying Notes to Financial Statements are an integral part of this
statement.
7
12
SAVINGS FUND PLAN
FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1993
NOTE 1: PLAN DESCRIPTION
The Savings Fund Plan for Employees of Pacific Gas and Electric Company
(the Plan) is a defined contribution plan which has been in existence since 1959
and is subject to the provisions of the Employee Retirement Income Security Act
of 1974 (ERISA). The Plan covers all eligible employees of Pacific Gas and
Electric Company (the Company), Pacific Gas Transmission Company, Pacific
Service Employees Association and any other entity designated by the Company's
Board of Directors. The Plan is comprised of three parts: the management plan,
the non-management plan, and the Payroll-Based Employee Stock Ownership Plan
(PAYSOP) Fund plan. Although the Company has not expressed any intent to do so,
its Board of Directors reserves the right to amend or terminate the Plan at any
time. The Plan is administered by the Employee Benefit Administrative Committee
and the Employee Benefit Finance Committee. Participants should refer to the
Plan document for a complete description of the Plan's provisions.
The Plan Trustee, State Street Bank and Trust Company, invests a
significant portion of the contributions to the Plan in common stock of the
Company. Purchases of this stock are made directly from the Company. The Company
pays all costs of administering the Plan, including fees and expenses of the
Trustee. However, customary brokerage fees and commissions due to transfers,
withdrawals and distributions are paid by Plan participants. Investment
management fees are netted against the performance of the Stock and Bond Fund
and Bond Index Fund and are paid by the Company in connection with the
Diversified Equity Fund and the Guaranteed Income Fund. In addition, all Plan
securities and cash are held in trust by the Plan Trustee as provided in the
Trust Agreement.
All participants' contributions and their share of all employer
contributions, and the earnings and losses resulting from such contributions are
immediately vested and nonforfeitable.
MANAGEMENT AND NON-MANAGEMENT PLANS
Employees are eligible to participate in the Plan upon completion of one
year of service. Employee contributions, up to a maximum of six percent of
covered compensation, depending on length of service, are matched by employer
contributions at a 75% rate for management employees and at a 50% rate for non-
management employees. Prior to July 1, 1992, matching employer contributions
were invested solely in the common stock of the Company and could not be
transferred. Effective July 1, 1992, the company match (past and future) can be
invested in any Savings Fund Plan fund.
Eligible employees may elect to contribute to the Plan up to 14% of their
covered compensation on a pre-tax or after-tax basis. This amount may be
deferred compensation, 401(k), or after-tax contributions, non-401(k). 401(k)
contributions are not subject to federal or state income tax until withdrawn or
distributed from the Plan. Effective January 1, 1991, the Company began matching
all contributions up to a specified amount depending upon length of service.
Prior to January 1, 1991, the Company only matched 401(k) contributions.
Beginning January 1, 1994, employees may elect to contribute to the Plan up to
15% of their covered compensation on a pre-tax or after-tax basis.
8
13
SAVINGS FUND PLAN
FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1993
NOTE 1: PLAN DESCRIPTION (CONTINUED)
All contributions made to the Plan prior to October 1, 1984, are considered
to be non-401(k) contributions. In accordance with Internal Revenue Service
regulations, employee 401(k) contributions may not exceed $9,240 for 1994,
$8,994 for 1993, $8,728 for 1992, and $8,475 for 1991, and total contributions
to a participant's account may not exceed the lesser of 25% of compensation or
$30,000 a year. This annual limitation is adjusted each year to reflect changes
in the cost of living.
Management and non-management non-bargaining unit employees may elect to
contribute to the Plan any excess funds from the FLEX Benefits Program (Flex),
which is a cafeteria plan qualified under Section 125 of the Internal Revenue
Code (IRC). These funds, which are invested in the participant's account once a
year in December, are considered 401(k) contributions, but are not eligible for
matching employer contributions.
Participants designate the way in which their contributions are invested
and may change their investment designation and may transfer among investment
funds once each calendar quarter. Participants may elect to have their
contributions invested in one or more of the following funds:
- Company Stock Fund, invested in Pacific Gas and Electric Company
common stock;
- Diversified Equity Fund (DEF), invested in a diversified portfolio
of common stock of other companies;
- Guaranteed Income Fund (GIF), invested in contracts which offer a
fixed rate of interest for a specified period of time;
- Bond Index Fund (BIF), invested in a diversified portfolio
consisting of marketable fixed-income securities;
- Stock and Bond Fund (SBF), invested in a diversified portfolio of
marketable equity securities and marketable fixed-income securities;
- Utility Stock Fund (USF), which was added to the Plan effective July
1, 1992, invested in marketable equity securities of electric
utility companies that are members of the Edison Electric Institute,
including PG&E.
9
14
SAVINGS FUND PLAN
FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1993
NOTE 1: PLAN DESCRIPTION (CONTINUED)
A participant's interest in the investment funds is measured in "units".
For investments in the common stock of the Company and in United States Savings
Bonds, a unit is a share of common stock and a United States Savings Bond,
respectively. For additional information of the DEF, GIF, BIF, SBF and USF, see
Note 6.
PAYSOP FUND
Effective January 1, 1983, the Economic Recovery Tax Act of 1981 (ERTA)
permitted the Company to establish the PAYSOP Fund for all eligible employees.
ERTA allowed the Company to claim a tax credit if it contributed Company common
stock or money to purchase Company common stock to the PAYSOP Fund equal to .5
percent of eligible employee covered compensation. Company stock held by the
PAYSOP Fund became fully vested and nonforfeitable. The PAYSOP tax credit was
eliminated by the Tax Reform Act of 1986 for the tax years beginning January 1,
1987. For the PAYSOP Fund, the tax year coincides with the calendar year.
Contributions to the PAYSOP Funds cannot be withdrawn until 84 months after
the month in which the stock was purchased. After the 84th month, the stock and
the earnings attributable to that stock are transferred to the Savings Fund Plan
Company Stock Fund. The last allocation to the PAYSOP Fund was made in 1987
based upon compensation earned by participants in tax year 1986. Therefore, the
PAYSOP Fund will fulfill the 84-month requirement in 1994.
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements and related schedules of the Plan are prepared in
conformity with regulations under Article 6A of the Securities and Exchange
Commission's Regulation S-X. The accounts of the Plan are maintained on an
accrual basis.
Investments in the GIF are valued at cost which approximates market. All
other investments held by the Plan are stated at market value based on published
market quotations at the end of the year.
The DEF routinely enters into futures contracts in the Standard and Poor's
(S&P) index as a hedge against price increases in the S&P stocks that are to be
purchased at a future date. The contracts are marked to market at each balance
sheet date, and a resulting gain or loss is recorded.
10
15
SAVINGS FUND PLAN
FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1993
NOTE 3: INVESTMENT FUNDS
Pacific Gas and Electric Company common stock purchased for the Plan was
$175,522,000 (5,236,797 shares) in 1993, $216,248,000 (6,996,307 shares) in
1992; and $191,459,000 (7,218,364 shares) in 1991.
Participants' contributions are invested by the Plan Trustee in the
investment fund(s) elected by each participant. The investment funds available
under the Plan and the number of participants in each fund at December 31, 1993,
1992 and 1991 were as follows:
NUMBER OF PARTICIPANTS
BY FUND
----------------------------
INVESTMENT 1993 1992 1991
------------------------------------------------- ------ ------ ------
Company Stock Fund -- Pacific Gas and Electric
Company common stock........................... 25,885 27,181 26,921
------ ------ ------
United States Bond Fund -- United States Savings
Bonds.......................................... 1,154 1,247 1,298
------ ------ ------
DEF -- other common stocks....................... 12,421 11,181 9,854
------ ------ ------
GIF -- contracts with a fixed rate of interest... 6,354 5,753 5,078
------ ------ ------
BIF -- marketable fixed-income securities........ 1,816 1,226 408
------ ------ ------
SBF -- marketable equity securities and
marketable fixed-income securities............. 4,517 2,807 899
------ ------ ------
USF -- marketable equity securities of electric
utility companies.............................. 4,317 1,874 --
------ ------ ------
PAYSOP Fund -- Pacific Gas and Electric Company
common stock................................... 19,485 21,306 21,843
------ ------ ------
11
16
SAVINGS FUND PLAN
FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1993
NOTE 4: FEDERAL INCOME TAXES
The Internal Revenue Service has ruled that the Plan is a qualified
tax-exempt plan under Section 401(a) and Section 409(a) of the IRC and the trust
forming a part thereof is exempt under Section 501(a). Accordingly, no provision
for federal income taxes has been made in the financial statements. Furthermore,
participating employees are not liable for federal income tax on amounts
allocated to their accounts attributable to: (1) employee 401(k) contributions,
(2) dividends, earnings, and interest on both 401(k) contributions and
non-401(k) contributions, or (3) employer contributions, until the time that
they withdraw such amounts from the Plan.
NOTE 5: CONTRIBUTIONS
Employee and employer contributions to the Plan for both management and
non-management employees as classified by employer were as follows:
YEAR ENDED DECEMBER 31, 1993
---------------------------------------------
401(K) NON-401(K)
CONTRIBUTIONS CONTRIBUTIONS
----------------------------- -------------
EMPLOYEE EMPLOYER EMPLOYEE
CONTRIBUTIONS CONTRIBUTIONS CONTRIBUTIONS
------------- ------------- -------------
(IN THOUSANDS)
Pacific Gas and Electric Company......................... $86,609 $33,954 $ 5,877
Pacific Gas Transmission Company......................... 1,238 500 110
Pacific Service Employees Association.................... 197 86 8
------------- ------------- -------------
Total.................................................. $88,044 $34,542 $ 5,995
------------- ------------- -------------
------------- ------------- -------------
12
17
SAVINGS FUND PLAN
FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1993
NOTE 5: CONTRIBUTIONS (CONTINUED)
YEAR ENDED DECEMBER 31, 1992
----------------------------------------------
401(K) NON-401(K)
CONTRIBUTIONS CONTRIBUTIONS
----------------------------- -------------
EMPLOYEE EMPLOYER EMPLOYEE
CONTRIBUTIONS CONTRIBUTIONS CONTRIBUTIONS
------------- ------------- -------------
(IN THOUSANDS)
Pacific Gas and Electric Company......................... $82,869 $33,760 $ 5,817
Pacific Gas Transmission Company......................... 1,120 446 91
Pacific Service Employees Association.................. 152 103 8
------------- ------------- -------------
Total.......................................... $84,141 $34,309 $ 5,916
------------- ------------- -------------
------------- ------------- -------------
13
18
SAVINGS FUND PLAN
FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1993
NOTE 5: CONTRIBUTIONS (CONTINUED)
YEAR ENDED DECEMBER 31, 1991
----------------------------------------------
401(K) NON-401(K)
CONTRIBUTIONS CONTRIBUTIONS
----------------------------- -------------
EMPLOYEE EMPLOYER EMPLOYEE
CONTRIBUTIONS CONTRIBUTIONS CONTRIBUTIONS
------------- ------------- -------------
(IN THOUSANDS)
Pacific Gas and Electric Company......................... $74,695 $31,372 $ 4,664
Pacific Gas Transmission Company......................... 958 417 64
Pacific Service Employees Association.................. 145 72 4
------------- ------------- -------------
Total.......................................... $75,798 $31,861 $ 4,732
------------- ------------- -------------
------------- ------------- -------------
14
19
SAVINGS FUND PLAN
FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1993
NOTE 6: NET ASSET VALUE PER UNIT:
The net asset value per unit of the DEF, BIF, SBF and USF is determined by
dividing the market value of Fund assets by the number of Fund units
outstanding. The net asset value per unit of the GIF is $1.00, whereby each
$1.00 of contributions or interest earned represents one unit. The total number
of units and the value per unit of the DEF, GIF, BIF, SBF and USF as of December
31, 1993 and 1992 are as follows:
DECEMBER DECEMBER
31, 31,
1993 1992
----------- -----------
DEF
Number of Units................................................ 4,423,282 3,291.012
Value per unit................................................. $69.23 $62.48
GIF
Number of Units................................................ 229,960,000 134,557,000
Value per unit................................................. $1.00 $1.00
BIF
Number of Units................................................ 2,383,266 1,642,284
Value per unit................................................. $12.00 $11.01
SBF
Number of Units................................................ 16,702,833 8,253,122
Value per unit................................................. $6.21 $5.55
USF
Number of Units................................................ 5,159,002 2,060,533
Value per unit................................................. $14.56 $13.09
15
20
SAVINGS FUND PLAN
FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1993
NOTE 7: REALIZED GAIN ON INVESTMENTS
The following summarizes the proceeds, cost and gain/(loss) on investment
transactions for the years ended December 31, 1993, 1992 and 1991. Actual unit
cost by participant is used to determine the cost of shares sold for the Company
Stock and PAYSOP Funds. Average unit cost by participant is used to determine
the cost of shares sold for the DEF, BIF, SBF and USF.
DECEMBER DECEMBER DECEMBER
31, 31, 31,
1993 1992 1991
----------- ----------- -----------
(IN THOUSANDS)
Company Stock Fund,
PAYSOP Funds
Proceeds.................................. $ 664,616 $ 325,288 $ 105,540
Cost...................................... 380,551 197,575 69,477
----------- ----------- -----------
Gain...................................... $ 284,065 $ 127,713 $ 36,063
----------- ----------- -----------
----------- ----------- -----------
DEF
Proceeds.................................. $ 99,509 $ 101,846 $ 7,077
Cost...................................... 89,087 82,368 4,317
----------- ----------- -----------
Gain...................................... $ 10,422 $ 19,478 $ 2,760
----------- ----------- -----------
----------- ----------- -----------
BIF
Proceeds.................................. $ 8,184 $ 1,057 $ 11
Cost...................................... 8,014 1,044 11
----------- ----------- -----------
Gain...................................... $ 170 $ 13 $ --
----------- ----------- -----------
----------- ----------- -----------
SBF
Proceeds.................................. $ 8,623 $ 1,130 $ 18
Cost...................................... 7,877 1,082 17
----------- ----------- -----------
Gain...................................... $ 746 $ 48 $ 1
----------- ----------- -----------
----------- ----------- -----------
USF
Proceeds.................................. $ 8,682 $ 657 $ --
Cost...................................... 8,426 662 --
----------- ----------- -----------
Gain/(Loss)............................... $ 256 $ (5) $ --
----------- ----------- -----------
----------- ----------- -----------
16
21
SAVINGS FUND PLAN
FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1993
NOTE 8: UNREALIZED APPRECIATION (DEPRECIATION) OF SECURITIES
Investments in securities have been reported in the financial statements at
market value. Unrealized appreciation (depreciation) of securities resulting
from changes between the cost and related market values of investments held at
the end of the year as compared to the beginning of the year is as follows:
UNREALIZED APPRECIATION
(DEPRECIATION)
-----------------------------------
12/31/93 12/31/92 CHANGE
-------- -------- ---------
(IN THOUSANDS)
Company Stock Fund -- Pacific Gas and
Electric Company common stock........... $608,850 $784,950 $(176,100)
DEF -- other common stocks................ 37,139 25,827 11,312
BIF -- government, corporate, and mortgage
backed securities....................... 115 (43) 158
SBF -- other common stocks, investment
grade bonds, other fixed income
securities, and money market
securities.............................. 11,939 2,845 9,094
USF -- marketable equity securities of
electric utility companies.............. (1,059) 263 (1,322)
PAYSOP Fund -- Pacific Gas and Electric
Company common stock.................... 4,008 6,579 (2,571)
-------- -------- ---------
Total........................... $660,992 $820,421 $(159,429)
-------- -------- ---------
-------- -------- ---------
12/31/92 12/31/91 CHANGE
-------- -------- ---------
Company Stock Fund -- Pacific Gas and
Electric Company common stock........... $784,950 $878,418 $ (93,468)
DEF -- other common stocks................ 25,827 32,902 (7,075)
BIF -- government, corporate, and mortgage
backed securities....................... (43) 109 (152)
SBF -- other common stocks, investment
grade bonds, other fixed income
securities, and money market
securities.............................. 2,845 463 2,382
USF -- marketable equity securities of
electric utility companies.............. 263 -- 263
PAYSOP Fund -- Pacific Gas and Electric
Company common stock.................... 6,579 10,526 (3,947)
-------- -------- ---------
Total........................... $820,421 $922,418 $(101,997)
-------- -------- ---------
-------- -------- ---------
17
22
SAVINGS FUND PLAN
FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1993
NOTE 8: UNREALIZED APPRECIATION (DEPRECIATION) (CONTINUED)
UNREALIZED APPRECIATION
(DEPRECIATION)
----------------------------------
12/31/91 12/31/90 CHANGE
-------- -------- --------
(IN THOUSANDS)
Company Stock Fund -- Pacific Gas and
Electric Company common stock............ $878,418 $445,591 $432,827
DEF -- other common stocks................. 32,902 18,355 14,547
BIF -- government, corporate, and mortgage
backed securities........................ 109 -- 109
SBF -- other common stocks, investment
grade bonds, other fixed income
securities, and money market
securities............................... 463 -- 463
TRASOP Fund -- Pacific Gas and Electric
Company common stock..................... -- 224 (224)
PAYSOP Fund -- Pacific Gas and Electric
Company common stock..................... 10,526 6,529 3,997
-------- -------- --------
Total............................ $922,418 $470,699 $451,719
-------- -------- --------
-------- -------- --------
The unrealized depreciation on Pacific Gas and Electric Company's common
stock in the Company Stock Fund and the PAYSOP Fund for the years ended December
31, 1993 and 1992 is due to a decrease in the number of shares held in those
Funds as opposed to a decrease in the stock price.
Since December 31, 1993, the market value of Pacific Gas and Electric
Company's common stock has decreased in value from $35.13 to $30.38 at March 14,
1994.
NOTE 9: GAIN ON FUTURES CONTRACTS
For the years ended December 31, 1993 and 1992, a gain on futures contracts
was recorded. The collateral (included in cash and short-term investments) held
by the Bank of New York with respect to these contracts consisted of an $50,000
United States Treasury Bill maturing on April 14, 1994 and a $100,000 United
States Treasury Bill maturing on May 19, 1994.
18
23
SAVINGS FUND PLAN
FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY
SCHEDULE I -- INVESTMENTS
DECEMBER 31, 1993
NUMBER OF
SHARES OF
U.S. SAVINGS
BONDS HELD AT MARKET
NAME OF ISSUER CLOSE OF PERIOD COST VALUE
- ------------------------------------------------------ --------------- -------- ----------
(IN THOUSANDS)
Funds with Pacific Gas and Electric Company common
stock(2)
Company Stock Fund.................................. 44,682,070 $960,608 $1,569,458
--------------- -------- ----------
PAYSOP Fund......................................... 288,059 6,108 10,116
--------------- -------- ----------
Total Pacific Gas and Electric Company
common stock.............................. 44,970,129 $966,716 $1,579,574
--------------- -------- ----------
--------------- -------- ----------
United States Bond Fund
United States Savings Bonds, Series E............... 7,605 143 504
(units of $18.75 bonds)
United States Savings Bonds, Series EE.............. 93,848 2,346 3,466
(units of $25.00 bonds)
United States Savings Bonds, Series EE.............. 10,397 520 592
(units of $50.00 bonds)
--------------- -------- ----------
Total United States Bond Fund............... 111,850 $ 3,009 $ 4,562
--------------- -------- ----------
--------------- -------- ----------
DEF -- other common stocks
Basic industries.................................... 466,500 17,728 19,849
Capital goods....................................... 406,400 17,074 20,938
Consumer basics..................................... 1,301,500 55,472 58,440
Consumer durable goods.............................. 209,700 9,178 12,513
Consumer non-durables............................... 704,100 23,674 22,910
Consumer services................................... 147,200 5,813 6,590
Energy.............................................. 551,500 27,659 32,181
Finance............................................. 824,300 29,255 34,403
General Business.................................... 208,900 10,655 11,897
Miscellaneous....................................... 29,996 1,779 2,600
Shelter............................................. 110,700 3,645 4,790
Technology.......................................... 528,500 20,720 25,262
Transportation...................................... 80,600 3,500 5,093
Utilities........................................... 1,098,500 38,047 43,872
--------------- -------- ----------
Total DEF................................... 6,668,396 $264,199 $ 301,338
--------------- -------- ----------
--------------- -------- ----------
19
24
SAVINGS FUND PLAN
FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY
SCHEDULE I -- INVESTMENTS (CONTINUED)
DECEMBER 31, 1993
NUMBER OF SHARES OR
U.S. SAVINGS BONDS
HELD AT CLOSE OF MARKET
NAME OF ISSUER PERIOD COST VALUE
- --------------------------------------------------- ------------------- -------- ----------
(IN THOUSANDS)
GIF(1)
Blended Contracts
Bankers Tr Basic -- 3/95...................... N/A $ 3,030 $ 3,030
Bankers Tr Basic -- 7/96...................... N/A 3,006 3,006
Bankers Tr Basic -- 7/97...................... N/A 9,685 9,685
Bankers Tr Gic -- 9/94........................ N/A 2,535 2,535
Canada Life Assurance -- 12/95................ N/A 4,012 4,012
Canada Life Assurance -- 3/96................. N/A 5,010 5,010
Confederated Life Assur -- 3/94............... N/A 1,000 1,000
Confederated Life Assur -- 3/96............... N/A 1,000 1,000
Continental Assurance Co. -- 6/96............. N/A 4,203 4,203
Continental Assurance Co. -- 8/94............. N/A 3,409 3,409
Crown Life -- 9/98............................ N/A 1,209 1,209
Hancock John Mutual Life -- 9/96............. N/A 4,243 4,243
Hancock John Mutual Life -- 10/97............ N/A 6,343 6,343
Hartford -- 12/94............................. N/A 1,460 1,460
Hartford -- 12/95............................. N/A 2,992 2,992
IBM CR Corp PGE 005 -- 11/94.................. N/A 2,500 2,500
IBM CR Corp PGE 004 -- 4/94................... N/A 2,500 2,500
IBM CR Corp GIC 001 -- 10/94.................. N/A 1,000 1,000
IBM CR Corp GIC 002 -- 2/95................... N/A 1,000 1,000
Life Ins. Co. of Virginia -- 8/94............. N/A 1,389 1,389
Mass Mutual Life Ins. -- 11/03................ N/A 17,003 17,003
Met Life Ins. -- 8/99......................... N/A 4,671 4,671
New York Life Ins. Co. -- 5/94................ N/A 1,500 1,500
New York Life Ins. Co. -- 5/96................ N/A 1,500 1,500
New York Life Ins. Co. -- 12/98............... N/A 9,876 9,876
New York Life Ins. Co. -- 12/99............... N/A 9,898 9,898
Peoples Security Life -- 7/96................. N/A 7,916 7,916
Peoples Security Life -- 9/96................. N/A 6,847 6,847
Peoples Security Life -- 7/98................. N/A 5,961 5,961
Peoples Security Life -- 6/97................. N/A 9,999 9,999
Peoples Security Life -- 1/98................. N/A 2,835 2,835
Peoples Security Life -- 9/98................. N/A 3,214 3,214
Peoples Security Life -- 3/99................. N/A 4,994 4,994
Peoples Security Life -- 9/97................. N/A 5,216 5,216
Peoples Security Life -- 6/96................. N/A 2,505 2,505
Peoples Security Life -- 7/94................. N/A 1,229 1,229
20
25
SAVINGS FUND PLAN
FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY
SCHEDULE I -- INVESTMENTS (CONTINUED)
DECEMBER 31, 1993
NUMBER OF
SHARES OR
U.S. SAVINGS
BONDS HELD AT MARKET
NAME OF ISSUER CLOSE OF PERIOD COST VALUE
- ----------------------------------------------------- --------------- ---------- ----------
(IN THOUSANDS)
Prudential Ins. Co. -- 6769 11/95.................... N/A 4,357 4,357
Prudential Ins. Co. -- 6769 4/96..................... N/A 3,000 3,000
Prudential Ins. Co. -- 6769 3/95..................... N/A 3,000 3,000
Prudential Ins. Co. -- 7486 9/98..................... N/A 4,735 4,735
Provident Mutual Life Ins. Co. -- 5/95............... N/A 4,381 4,381
Provident Mutual Life Ins. Co. -- 11/94.............. N/A 2,702 2,702
Provident Mutual Life Ins. Co. -- 10/94.............. N/A 3,180 3,180
State Mutual Life GA 91905A -- 2/94.................. N/A 3,000 3,000
Union Bank of Switzerland -- 3/00.................... N/A 6,575 6,575
Union Bank of Switzerland -- 10/98................... N/A 10,268 10,268
Union Bank of Switzerland -- 3/00.................... N/A 10,310 10,310
Union Bank of Switzerland -- 8/97.................... N/A 7,099 7,099
United of Omaha Life -- 1/94......................... N/A 1,000 1,000
United of Omaha Life -- 9/96......................... N/A 1,572 1,572
United of Omaha Life -- 7/95......................... N/A 2,067 2,067
United of Omaha Life -- 8/95......................... N/A 3,567 3,567
United of Omaha Life -- 9/95......................... N/A 2,017 2,017
--------------- ---------- ----------
Total GIF.................................. N/A $ 229,520 $ 229,520
--------------- ---------- ----------
--------------- ---------- ----------
BIF
Vanguard Bond Market Fund............................ 2,856,822 $ 28,625 $ 28,740
--------------- ---------- ----------
--------------- ---------- ----------
SBF
Columbia Balanced Fund............................... 161,452 $ 92,144 $ 104,083
--------------- ---------- ----------
--------------- ---------- ----------
USF
Dreyfus Utility Stock Fund........................... 5,467,083 $ 76,395 $ 75,336
--------------- ---------- ----------
--------------- ---------- ----------
Total Investments.......................... $1,660,608 $2,323,153
---------- ----------
---------- ----------
- ---------------
(1) The GIF is not measured in number of shares and is not applicable (N/A).
(2) Party-in-interest transactions.
21
26
SAVINGS FUND PLAN
FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY
SCHEDULE I -- INVESTMENTS
DECEMBER 31, 1992
NUMBER OF
SHARES OR
U.S. SAVINGS
BONDS HELD AT MARKET
NAME OF ISSUER CLOSE OF PERIOD COST VALUE
- ----------------------------------------------------- --------------- ---------- ----------
(IN THOUSANDS)
Funds with Pacific Gas and Electric Company common
stock(2)
Company Stock Fund................................. 54,748,699 $1,161,099 $1,946,050
--------------- ---------- ----------
PAYSOP Fund........................................ 520,019 10,646 17,226
--------------- ---------- ----------
Total Pacific Gas and Electric Company
common stock............................. 55,268,718 $1,171,745 $1,963,276
--------------- ---------- ----------
--------------- ---------- ----------
United States Bond Fund
United States Savings Bonds, Series E.............. 9,011 169 566
(units of $18.75 bonds)
United States Savings Bonds, Series EE............. 109,941 2,749 3,771
(units of $25.00 bonds)
United States Savings Bonds, Series EE............. 11,659 583 634
(units of $50.00 bonds)
--------------- ---------- ----------
Total United States Bond Fund.............. 130,611 $ 3,501 $ 4,971
--------------- ---------- ----------
--------------- ---------- ----------
DEF -- other common stocks
Basic industries................................... 262,800 10,600 13,550
Consumer basics.................................... 868,900 36,350 42,232
Consumer durable goods............................. 153,225 5,086 5,191
Capital goods...................................... 276,500 8,452 10,784
Consumer non-durables.............................. 383,800 16,130 17,992
Consumer services.................................. 41,600 1,844 2,027
Energy............................................. 366,200 15,846 16,771
Finance............................................ 493,900 17,505 20,847
General Business................................... 166,600 6,557 7,018
Miscellaneous...................................... 24,694 1,230 1,526
Shelter............................................ 80,100 2,346 2,811
Technology......................................... 308,950 14,375 15,307
Transportation..................................... 56,600 1,928 3,056
Utilities.......................................... 682,300 23,665 27,088
Basic industries -- CANADA......................... 11,900 287 278
Capital goods -- CANADA............................ 21,200 157 194
FINANCE -- CANADA.................................. 8,900 122 171
Energy -- NETHERLANDS.............................. 40,300 1,798 3,264
--------------- ---------- ----------
Total DEF.................................. 4,248,469 $ 164,278 $ 190,107
--------------- ---------- ----------
--------------- ---------- ----------
22
27
SAVINGS FUND PLAN
FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY (CONTINUED)
SCHEDULE I -- INVESTMENTS
DECEMBER 31, 1992
NUMBER OF
SHARES OR
U.S. SAVINGS
BONDS HELD AT MARKET
NAME OF ISSUER CLOSE OF PERIOD COST VALUE
- --------------------------------------------------------- --------------- ---------- ----------
(IN THOUSANDS)
GIF(1)
Blended Contracts
Bankers Tr Basic 3/95............................... N/A 3,069 3,069
Bankers Tr Basic 7/96............................... N/A 3,014 3,014
Bankers Tr Basic 3/94............................... N/A 2,005 2,005
Bankers Tr Gic 9/94................................. N/A 4,756 4,756
Confederated Life Assur - 3/94...................... N/A 1,000 1,000
Confederated Life Assur - 3/96...................... N/A 1,000 1,000
Continental Assurance Co. - 6/96.................... N/A 5,000 5,000
Continental Assurance Co. - 8/94.................... N/A 3,201 3,201
Crown Life - 9/93................................... N/A 1,220 1,220
Hancock John Mutual Life - 9/96..................... N/A 5,000 5,000
Hartford - 9/93..................................... N/A 2,000 2,000
Hartford - 12/94.................................... N/A 1,500 1,500
Hartford - 12/95.................................... N/A 3,000 3,000
IBM CR Corp PGE 005 - 11/94......................... N/A 2,500 2,500
IBM CR Corp PGE 004 - 4/94.......................... N/A 2,500 2,500
IBM CR Corp GIC 001 - 10/94......................... N/A 1,000 1,000
IBM CR Corp GIC 002 - 2/95.......................... N/A 1,000 1,000
IBM CR Corp GIC 003 - 11/93......................... N/A 2,000 2,000
Life Ins. Co. of Virginia........................... N/A 2,285 2,285
Met Life Ins. - 12700............................... N/A 4,380 4,380
New York Life Ins. Co. - 06205...................... N/A 1,500 1,500
New York Life Ins. Co. - 06330...................... N/A 3,000 3,000
New York Life Ins. Co. - 06206...................... N/A 1,500 1,500
New York Life Ins. Co. - 20018 18C.................. N/A 10,000 10,000
Peoples Security Life - 7/93........................ N/A 1,170 1,170
Peoples Security Life - 5/93........................ N/A 1,000 1,000
Prudential Ins. Co. - 6769 11/95.................... N/A 4,106 4,106
Prudential Ins. Co. - 6769 4/96..................... N/A 3,000 3,000
Prudential Ins. Co. - 6848 3/98..................... N/A 3,005 3,005
Prudential Ins. Co. - 6769 3/95..................... N/A 5,000 5,000
Prudential Ins. Co. - 7486 9/98..................... N/A 5,000 5,000
Provident Mutual Life Ins. Co. 8/93................. N/A 1,000 1,000
Provident Mutual Life Ins. Co. 5/95................. N/A 4,120 4,120
Provident Mutual Life Ins. Co. 11/94................ N/A 2,559 2,559
Provident Mutual Life Ins. Co. 10/94................ N/A 3,039 3,039
State Mutual Life GA 91905A - 2/94.................. N/A 3,000 3,000
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SAVINGS FUND PLAN
FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY (CONTINUED)
SCHEDULE I -- INVESTMENTS
DECEMBER 31, 1992
NUMBER OF
SHARES OR
U.S. SAVINGS
BONDS HELD AT MARKET
NAME OF ISSUER CLOSE OF PERIOD COST VALUE
- --------------------------------------------------------- --------------- ---------- ----------
(IN THOUSANDS)
United of Omaha Life - 4/93............................ N/A 1,000 1,000
United of Omaha Life - 1/94............................ N/A 1,000 1,000
United of Omaha Life - 7/95............................ N/A 2,067 2,067
United of Omaha Life - 12/93........................... N/A 1,025 1,025
United of Omaha Life - 8/95............................ N/A 3,567 3,567
United of Omaha Life - 9/95............................ N/A 2,000 2,000
--------------- ---------- ----------
Total GIF...................................... N/A $ 114,088 $ 114,088
--------------- ---------- ----------
--------------- ---------- ----------
BIF
Vanguard Bond Market Fund................................ 1,829,970 $ 18,124 $ 18,080
--------------- ---------- ----------
--------------- ---------- ----------
SBF
Columbia Balanced Fund................................... 8,058,044 $ 42,944 $ 45,788
--------------- ---------- ----------
--------------- ---------- ----------
USF
Dreyfus Utility Stock Fund............................... 2,032,040 $ 26,682 $ 26,945
--------------- ---------- ----------
--------------- ---------- ----------
Total Investments.............................. $1,541,362 $2,363,255
---------- ----------
---------- ----------
- ---------------
(1) The GIF is not measured in number of shares and is not applicable (N/A).
(2) Party-in-interest transactions.
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