PG&E 2015 Annual Report Download - page 12

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Table of Contents
Units of Measurement ...............................................................................................................................................................................................................................................................................................................................................6
Glossary ................................................................................................................................................................................................................................................................................................................................................................................................................................................................7
PART I
8
ITEM 1.
Business ............................................................................................................................................................................................................................................................................................................................................................ 8
Regulatory Environment ............................................................................................................................................................................................................................................................................9
Ratemaking Mechanisms ......................................................................................................................................................................................................................................................................10
Electric Utility Operations ...................................................................................................................................................................................................................................................................13
Natural Gas Utility Operations ...............................................................................................................................................................................................................................................17
Competition ..................................................................................................................................................................................................................................................................................................................................18
Environmental Regulation ................................................................................................................................................................................................................................................................. 19
ITEM 1A.
Risk Factors ......................................................................................................................................................................................................................................................................................................................................23
ITEM 1B.
Unresolved Sta Comments ...........................................................................................................................................................................................................................................................32
ITEM 2.
Properties ...............................................................................................................................................................................................................................................................................................................................................32
ITEM 3.
Legal Proceedings.........................................................................................................................................................................................................................................................................................................32
ITEM 4.
Mine Safety Disclosures ................................................................................................................................................................................................................................................................................ 35
Executive Ocers of the Registrants
.................................................................................................................................................................................................................................................................................................
35
PART II
38
ITEM 5.
Market for Registrant’s Common Equity, Related Stockholder Matters
and Issuer Purchases of Equity Securities ..............................................................................................................................................................................................38
ITEM 6.
Selected Financial Data .................................................................................................................................................................................................................................................................................39
ITEM 7.
Management’s Discussion and Analysis of Financial Condition
and Results of Operations .....................................................................................................................................................................................................................................................................39
Overview ..............................................................................................................................................................................................................................................................................................................................................39
Results of Operations .................................................................................................................................................................................................................................................................................... 42
Liquidity and Financial Resources ........................................................................................................................................................................................................................... 46
Contractual Commitments .............................................................................................................................................................................................................................................................49
Enforcement and Litigation Matters..................................................................................................................................................................................................................49
Regulatory Matters ...............................................................................................................................................................................................................................................................................................50
Legislative and Regulatory Initiatives.............................................................................................................................................................................................................53
Environmental Matters ................................................................................................................................................................................................................................................................................55
Risk Management Activities........................................................................................................................................................................................................................................................55
Critical Accounting Policies ........................................................................................................................................................................................................................................................ 56
New Accounting Pronouncements ........................................................................................................................................................................................................................ 59
Cautionary Language Regarding Forward-Looking Statements .................................................................................. 59
ITEM 7A.
Quantitative and Qualitative Disclosures About Market Risk..........................................................................................................61
ITEM 8.
Financial Statements and Supplementary Data ....................................................................................................................................................................62
PG&E Corporation .........................................................................................................................................................................................................................................................................................................62
Consolidated Statements of Income ................................................................................................................................................................................................................62
Consolidated Statements of Comprehensive Income....................................................................................................................................63