Pacific Gas and Electric Company
U.S. Trustee Balance Sheet
As of April 30, 2001
(in millions, except share amounts)
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
-------
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)
-------
Net property, plant, and equipment 13,042
Other Noncurrent Assets
Regulatory assets 1,789
Nuclear decommissioning funds 1,300
Other 1,756
-------
Total noncurrent assets 4,845
-------
TOTAL ASSETS $22,938
-------
-------
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
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)
--------
Total stockholders' equity 759
--------
Commitments and Contingencies -
--------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $22,938
-------
-------
Pacific Gas and Electric Company
U.S. Trustee Balance Sheet
As of April 30, 2001
Notes:
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. Certain reclassifications made for GAAP presentation purposes may not
be included, such as reclassifications of regulatory assets with credit
balances which would normally be moved to the liability section.
Pacific Gas and Electric Company
U.S. Trustee Income Statement
For the month ended April 30, 2001
(in millions)
OPERATING REVENUES (see note 2) $678
OPERATING EXPENSES:
Cost of Electric Energy 217
Cost of Gas 190
Operating and Maintenance 204
Depreciation, Decommissioning, and Amortization 73
------
Total Operating Expenses 684
------
OPERATING INCOME (LOSS) (6)
------
Interest Income (Expense) (67)
Other Income and (Expense) (4)
------
PRE-TAX INCOME (LOSS) (77)
------
Income Taxes (33)
------
EARNINGS (LOSS) $(44)
------
------
Pacific Gas and Electric Company
U.S. Trustee Income Statement
For the month ended April 30, 2001
Notes:
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. On June 13, 2001, the FERC
denied requests for a rehearing of its April 6, 2001 order. In addition,
the DWR has recently requested that the Utility pay the DWR the amount
collected from customers for the DWR's out of market purchases made on
behalf of the Utility's customers since January 17, 2001 pursuant to
Assembly Bill 1X. The Utility believes it cannot be responsible for
paying the ISO and for collecting on behalf of the DWR for the same
kilowatt hours.
4. Items impacting comparability: $millions
Undercollected purchased power costs 76
Interest expense 16
-------
$92
-------
-------
Pacific Gas and Electric Company
U.S. Trustee Balance Sheet
As of May 31, 2001
(in millions, except share amounts)
ASSETS
Current Assets
Cash and cash equivalents $ 21
Short-term investments 3,045
Accounts receivable:
Customers (net of allowance for doubtful accounts of $54 million) 841
Related parties 36
Regulatory balancing accounts (598)
Inventories:
Gas stored underground and fuel oil 220
Materials and supplies 131
Prepaid expenses and other 82
----------
Total current assets 3,778
Property, Plant, and Equipment
Electric 16,684
Gas 7,504
Construction work in progress 264
----------
Total property, plant, and equipment (at original cost) 24,452
Accumulated depreciation and decommissioning (11,408)
----------
Net property, plant, and equipment 13,044
Other Noncurrent Assets
Regulatory assets 2,079
Nuclear decommissioning trust funds 1,330
Other 1,756
----------
Total noncurrent assets 5,165
----------
TOTAL ASSETS $21,987
----------
----------
LIABILITIES AND EQUITY
Liabilities
Accounts payable
Trade creditors $ 216
Related parties 82
Other 206
Accrued taxes (331)
Risk management liabilities - current 10
Rate reduction bonds 1,869
Deferred income taxes 998
Deferred tax credits 176
Pre-petition secured debt 3,469
Pre-petition liabilities 5,700
Pre-petition financing debt 5,715
Other liabilities 2,767
----------
Total liabilities 20,877
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 (2,834)
Accumulated other comprehensive loss (57)
----------
Total stockholders' equity 973
----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $21,987
----------
----------
Pacific Gas and Electric Company
U.S. Trustee Balance Sheet
As of May 31, 2001
Notes:
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. Certain reclassifications made for GAAP presentation purposes may not
be included such as reclassifications of regulatory assets with credit
balances which would normally be moved to the liability section.
3. Pre-petition liabilities declined in May due to court authorized payments
and reclassifications.
Pacific Gas and Electric Company
U.S. Trustee Income Statement
For the month ended May 31, 2001
and the period April 6 through May 31, 2001
(in millions)
May Case
2001 to Date
OPERATING REVENUES $788 $1,338
OPERATING EXPENSES:
Cost of Electric Energy (89) 39
Cost of Gas 187 370
Operating and Maintenance 209 362
Depreciation, Decommissioning, and Amortization 75 102
-----------------
Total Operating Expenses 382 873
-----------------
OPERATING INCOME (LOSS) 406 465
-----------------
Interest Income (Expense) (68) (127)
Other Income and (Expense) (4) (5)
-----------------
PRE-TAX INCOME (LOSS) 334 333
-----------------
Income Taxes 130 143
-----------------
EARNINGS (LOSS) $204 $190
-----------------
-----------------
Pacific Gas and Electric Company
U.S. Trustee Income Statement
For the month ended May 31, 2001
and the period April 6 through May 31, 2001
Notes:
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 and May 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. On June 13, 2001, the FERC
denied requests for a rehearing of its April 6, 2001 order. In addition,
the DWR has recently requested that the Utility pay the DWR the amount
collected from customers for the DWR's out of market purchases made on
behalf of the Utility's customers since January 17, 2001 pursuant to
Assembly Bill 1X. The Utility believes it cannot be responsible for
paying the ISO and for collecting on behalf of the DWR for the same
kilowatt hours.
4. May activity reflects true-up of prior months' power purchase
invoices and accruals.
5. Items impacting comparability: $millions
Purchased power cost true-ups (175)
Interest expense 15
------
$(160)
------
------