EXHIBIT 99
Pacific Gas and Electric Company
Condensed Statement of Consolidated Operations
For the month ended April 30, 2001
Unaudited
(in millions)
$mms
1 OPERATING REVENUES (see note 2) 678
OPERATING EXPENSES
2 Cost of Electric Energy 217
3 Cost of Gas 190
4 Maintenance, Operating, Administrative & General 204
5 Depreciation, Decommissioning, and Amortization 73
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6 TOTAL OPERATING EXPENSES 684
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7 OPERATING INCOME (LOSS) (6)
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8 Interest Income/Expense (67)
9 Other Income and (Expense) (4)
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10 PRE-TAX INCOME (LOSS) (77)
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11 Income Taxes (33)
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12 EARNINGS (LOSS) $ (44)
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Notes:
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1. These preliminary financial statements were prepared using certain
assumptions and estimates. These assumptions and estimates are subject
to revision and actual results could differ materially from the information
provided in this statement. Further, the amounts shown in this statement,
when reported on a quarterly basis, may differ materially due to adjustments
in accruals, changes in facts and circumstances, changes in estimates,
further analysis, and other factors.
2. These preliminary financial statements were prepared using certain
assumptions and estimates, including the estimated amount payable to
the California Department of Water Resources (DWR) for power purchased
by the DWR on behalf of retail customers during April 2001. These
assumptions and estimates are subject to revision and actual results
could differ materially from the information provided in this statement.
3. Pacific Gas and Electric Company believes that in light of the Federal
Energy Regulatory Commission's April 6, 2001 order which reaffirmed its
February 14, 2001 order barring the California Independent System Operator
(ISO) from charging the utility for its power purchases, the utility is not
responsible for any ISO charges since it became non-creditworthy,
except for an allocated share of the ISO's grid management charge.
The amounts shown above do not include any estimated ISO charges after
April 6, 2001, other than the estimated grid management charge, and the
utility believes it is not responsible for any ISO charges since January
2001 when it became non-creditworthy.
4. The income statement reflects activity for the entire month of April 2001.
5. Items impacting comparability:
- Undercollected purchased power costs 76
- Interest expense 16
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92
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Pacific Gas And Electric Company
Unconsolidated Balance Sheet (Unaudited)
(in millions, except share amounts)
As of April 30, 2001
ASSETS
Current Assets
Cash and cash equivalents 60
Short-term investments 2,783
Accounts receivable:
Customers (net of allowance for doubtful accounts
of $54 million) 1,171
Related parties 31
Regulatory balancing accounts 61
Inventories:
Gas stored underground and fuel oil 147
Materials and supplies 134
Income taxes receivable 427
Prepaid expenses and other 237
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Total current assets 5,051
Property, Plant, and Equipment
Electric 16,352
Gas 7,695
Construction work in progress 305
Total property, plant, and equipment --------
(at original cost) 24,352
Accumulated depreciation and decommissioning (11,310)
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Net property, plant, and equipment 13,042
Other Noncurrent Assets
Regulatory assets 1,789
Nuclear decommissioning funds 1,300
Other 1,756
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Total noncurrent assets 4,845
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TOTAL ASSETS 22,938
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LIABILITIES AND EQUITY
Liabilities
Accounts payable
Trade creditors 281
Related parties 62
Regulatory balancing accounts 509
Other 292
Risk management liabilities - current 12
Rate reduction bonds 1,889
Deferred income taxes 1,000
Deferred tax credits 179
Pre-petition Liabilities 15,472
Other Liabilities 2,346
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Total liabilities 22,042
Preferred Stock With Mandatory Redemption Provisions 137
Stockholders' Equity
Preferred stock without mandatory redemption provisions
Nonredeemable--5% to 6%, outstanding 5,784,825 shares 145
Redeemable--4.36% to 7.04%, outstanding 5,973,456
shares 149
Common stock, $5 par value, authorized 800,000,000 shares;
issued 321,314,760 shares 1,606
Additional paid in capital 1,964
Accumulated deficit (3,038)
Accumulated other comprehensive loss (67)
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Total stockholders' equity 759
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Commitments and Contingencies (Notes 1,2, and 5) -
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TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY 22,938
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