PG&E 2014 Annual Report Download - page 96
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88
Regulatory Liabilities
Long-term regulatory liabilities are comprised of the following:
Balance at December 31,
(in millions) 2014 2013
Cost of removal obligations (1) $ 4,211 $ 3,844
Recoveries in excess of AROs (2) 754 748
Public purpose programs (3) 701 587
Other 624 481
Total long-term regulatory liabilities $ 6,290 $ 5,660
(1) Represents the cumulative differences between asset removal costs recorded and amounts collected in rates for expected asset removal costs.
(2) Represents the cumulative differences between ARO expenses and amounts collected in rates primarily for the decommissioning of the Utility’s
nuclear generation facilities. Decommissioning costs recovered through rates are primarily placed in nuclear decommissioning trusts. This
regulatory liability also represents the deferral of realized and unrealized gains and losses on the nuclear decommissioning trust investments.
(See Note 10 below.)
(3) Represents amounts received from customers designated for public purpose program costs expected to be incurred beyond the next 12 months,
primarily related to energy efficiency programs.
Regulatory Balancing Accounts
The Utility’s recovery of revenue requirements and costs is generally decoupled from the volume of sales. The Utility
tracks (1) differences between the Utility’s authorized revenue requirement and actual customer billings, and (2) differences
between incurred costs and customer billings. To the extent these differences are probable of recovery or refund over the next 12
months, the Utility records a current regulatory balancing account receivable or payable. Regulatory balancing accounts that the
Utility expects to collect or refund over a period exceeding 12 months are recorded as other noncurrent assets – regulatory assets or
noncurrent liabilities – regulatory liabilities, respectively, in the Consolidated Balance Sheets.
The Utility sells and delivers electricity and natural gas. The Utility also administers public purpose programs, primarily
related to customer energy efficiency programs. The balancing accounts associated with these items will fluctuate during the year
based on seasonal electric and gas usage and the timing of when costs are incurred and customer revenues are collected.
Current regulatory balancing accounts receivable and payable are comprised of the following:
Receivable
Balance at December 31,
(in millions) 2014 2013
Electric distribution $ 344 $ 102
Utility generation 261 57
Gas distribution 566 70
Energy procurement 608 410
Public purpose programs 109 56
Other 378 429
Total regulatory balancing accounts receivable $ 2,266 $ 1,124