PG&E 2009 Annual Report Download - page 25

The following table summarizes PG&E Corporation’s
and the Utility’s cash positions:
December 31,
(in millions) 2009 2008
PG&E Corporation $ 193 $ 167
Utility 334 52
Total consolidated cash and cash
equivalents 527 219
Utility restricted cash 633 1,290
Total consolidated cash, including restricted
cash $1,160 $1,509
Restricted cash primarily consists of cash held in escrow
pending the resolution of the remaining disputed claims
filed in the Utility’s reorganization proceeding under
Chapter 11. PG&E Corporation and the Utility maintain
separate bank accounts. PG&E Corporation and the Utility
primarily invest their cash in money market funds.
Credit Facilities
The following table summarizes PG&E Corporation’s and the Utility’s outstanding commercial paper and credit facilities
at December 31, 2009:
(in millions) At December 31, 2009
Authorized Borrower Facility Termination Date Facility Limit
Letters
of Credit
Outstanding Cash Borrowings
Commercial
Paper
Backup Availability
PG&E Corporation Revolving credit facility February 2012 $ 187(1) $ – $– N/A $ 187
Utility Revolving credit facility February 2012 1,940(2) 252 – $ 333 1,355
Total credit facilities $2,127 $252 $– $ 333 $1,542
(1) Includes an $87 million sublimit for letters of credit and a $100 million sublimit for “swingline” loans, defined as loans that are made available ona
same-day basis and are repayable in full within 30 days.
(2) Includes a $921 million sublimit for letters of credit and a $200 million sublimit for swingline loans.
At December 31, 2009, PG&E Corporation and the
Utility were in compliance with all covenants under these
revolving credit facilities. (See Note 4 of the Notes to the
Consolidated Financial Statements for further detail.)
2009 Financings
The following table summarizes PG&E Corporation’s and
the Utility’s debt issuances in 2009:
(in millions) Issue Date Amount
PG&E Corporation
Senior Notes
5.75%, due 2014 March 12 $ 350
Utility
Senior Notes
6.25%, due 2039 March 6 550
Floating rate, due 2010 June 11 500
5.40%, due 2040 November 18 550
Total Utility senior notes 1,600
Pollution control bonds
Series 2009 A and B, variable rates,
due 2026 September 1 149
Series 2009 C and D, variable rates,
due 2016 September 1 160
Total pollution control bonds 309
Total Utility debt 1,909
Total debt issuances in 2009 $2,259
The net proceeds from the various Utility senior notes
in 2009 were used to finance capital expenditures and for
general working capital and other corporate purposes. The
net proceeds from the pollution control bonds were used
to repurchase the corresponding series of 2008 pollution
control bonds. (See Note 4 of the Notes to the
Consolidated Financial Statements for further detail.)
During 2009, PG&E Corporation issued 6,773,290
shares of common stock upon the exercise of employee
stock options and under its 401(k) plan and Dividend
Reinvestment and Stock Purchase Plan, generating $219
million of cash. The equity issuances, combined with the
proceeds from the issuance of $350 million of senior notes
and other funds, allowed PG&E Corporation to contribute
$718 million of cash to the Utility in 2009 to ensure that
the Utility had adequate capital to fund its capital
expenditures and to maintain the 52% common equity
ratio authorized by the CPUC.
Future Financing Needs
The amount and timing of the Utility’s future financing
needs will depend on various factors, including the
conditions in the capital markets, the timing and amount
of forecasted capital expenditures, and the amount of cash
internally generated through normal business operations,
among other factors. The Utility’s future financing needs
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