PG&E 2014 Annual Report Download - page 99

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Pollution Control Bonds
The California Pollution Control Financing Authority and the California Infrastructure and Economic Development
Bank have issued various series of fixed rate and multi-modal tax-exempt pollution control bonds for the benefit of the Utility.
Substantially all of the net proceeds of the pollution control bonds were used to finance or refinance pollution control and sewage
and solid waste disposal facilities at the Geysers geothermal power plant or at the Utility’s Diablo Canyon nuclear power plant. In
1999, the Utility sold all bond-financed facilities at the non-retired units of the Geysers geothermal power plant to Geysers Power
Company, LLC pursuant to purchase and sale agreements stating that Geysers Power Company, LLC will use the bond-financed
facilities solely as pollution control facilities for so long as any tax-exempt pollution control bonds issued to finance the Geysers
project are outstanding. The Utility has no knowledge that Geysers Power Company, LLC intends to cease using the bond-financed
facilities solely as pollution control facilities.
Short-term Borrowings
The following table summarizes PG&E Corporation’s and the Utility’s outstanding borrowings under their revolving
credit facilities and commercial paper programs at December 31, 2014:
Letters of
Termination Facility Credit Commercial Facility
(in millions) Date Limit Outstanding Paper Availability
PG&E Corporation April 2019 $ 300(1) $ - $ - $ 300
Utility April 2019 3,000(2) 84 333 2,583
Total revolving credit facilities $ 3,300 $ 84 $ 333 $ 2,883
(1) Includes a $100 million sublimit for letters of credit and a $100 million commitment for loans that are made available on a same-day basis and
are repayable in full within 7 days.
(2) Includes a $1.0 billion sublimit for letters of credit and a $300 million commitment for loans that are made available on a same-day basis and
are repayable in full within 7 days.
For 2014, the average outstanding bank borrowings on PG&E Corporation’s revolving credit facility was $27 million
and the maximum outstanding balance during the year was $260 million. In February 2014, PG&E Corporation repaid the full
outstanding bank borrowings of $260 million and initiated borrowing under its commercial paper program established in January
2014. For the year ended December 31, 2014, PG&E Corporation’s average outstanding commercial paper balance was $118 million
and the maximum outstanding balance during the period was $260 million. For 2014, the Utility’s average outstanding commercial
paper balance was $609 million and the maximum outstanding balance during the year was $1.4 billion. The Utility did not have
any bank borrowings in 2014.
Revolving Credit Facilities
In April 2014, PG&E Corporation and the Utility amended and restated their revolving credit facilities to extend their
termination dates from April 1, 2018 to April 1, 2019. These agreements contain substantially similar terms as the original 2011
credit agreements. PG&E Corporation’s and the Utility’s revolving credit facilities may be used for working capital, the repayment
of commercial paper, and other corporate purposes. At PG&E Corporation’s and the Utility’s request and at the sole discretion of
each lender, the facilities may be extended for additional periods. Provided certain conditions are met, PG&E Corporation and
the Utility have the right to increase, in one or more requests, given not more frequently than once a year, the aggregate lenders’
commitments under the revolving credit facilities by up to $100 million and $500 million, respectively, in the aggregate for all
such increases.