PG&E 2009 Annual Report Download - page 18

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RESULTS OF OPERATIONS
The table below details certain items from the accompanying Consolidated Statements of Income for 2009, 2008, and
2007:
Year ended December 31,
(in millions) 2009 2008 2007
Utility
Electric operating revenues $10,257 $10,738 $ 9,481
Natural gas operating revenues 3,142 3,890 3,757
Total operating revenues 13,399 14,628 13,238
Cost of electricity 3,711 4,425 3,437
Cost of natural gas 1,291 2,090 2,035
Operating and maintenance 4,343 4,197 3,872
Depreciation, amortization, and decommissioning 1,752 1,650 1,769
Total operating expenses 11,097 12,362 11,113
Operating income 2,302 2,266 2,125
Interest income 33 91 150
Interest expense (662) (698) (732)
Other income, net 59 28 52
Income before income taxes 1,732 1,687 1,595
Income tax provision 482 488 571
Net income 1,250 1,199 1,024
Preferred stock dividend requirement 14 14 14
Income Available for Common Stock $ 1,236 $ 1,185 $ 1,010
PG&E Corporation, Eliminations, and Other(1)
Operating revenues $—$ — $ (1)
Operating expenses 3510
Operating loss (3) (5) (11)
Interest income —314
Interest expense (43) (30) (30)
Other income (expense), net 8(32) (9)
Loss before income taxes (38) (64) (36)
Income tax benefit (22) (63) (32)
Loss from continuing operations (16) (1) (4)
Discontinued operations(2) —154 —
Net income (loss) $ (16) $ 153 $ (4)
Consolidated Total
Operating revenues $13,399 $14,628 $13,237
Operating expenses 11,100 12,367 11,123
Operating income 2,299 2,261 2,114
Interest income 33 94 164
Interest expense (705) (728) (762)
Other income (expense), net 67 (4) 43
Income before income taxes 1,694 1,623 1,559
Income tax provision 460 425 539
Income from continuing operations 1,234 1,198 1,020
Discontinued operations(2) —154 —
Net income 1,234 1,352 1,020
Preferred stock dividend requirement of subsidiary 14 14 14
Income Available for Common Shareholders $ 1,220 $ 1,338 $ 1,006
(1) PG&E Corporation eliminates all intercompany transactions in consolidation.
(2) Discontinued operations reflect items related to PG&E Corporation’s former subsidiary, National Energy & Gas Transmission, Inc. (“NEGT”). See
“PG&E Corporation Eliminations and Other” section in “Results of Operations” for further discussion.
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