UNITED STATES | ||
SECURITIES AND EXCHANGE COMMISSION | ||
Washington, D.C. 20549 |
Commission File Number | Exact Name of Registrant as specified in its charter | State or Other Jurisdiction of Incorporation or Organization | IRS Employer Identification Number | |||||||||||||||||
PG&E CORPORATION | ||||||||||||||||||||
PACIFIC GAS AND ELECTRIC COMPANY |
![]() | ![]() | |||||||||||||||||||
(Address of principal executive offices) (Zip Code) | (Address of principal executive offices) (Zip Code) | |||||||||||||||||||
(Registrant’s telephone number, including area code) | (Registrant’s telephone number, including area code) | |||||||||||||||||||
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b) | ||||||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||||||||||||||
Emerging growth company | PG&E Corporation | |||||||
Emerging growth company | Pacific Gas and Electric Company |
PG&E Corporation | ¨ | ||||
Pacific Gas and Electric Company | ¨ |
Exhibit 99.1 | |||||
Exhibit 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |
SIGNATURES | ||||||||
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. | ||||||||
PG&E CORPORATION | ||||||||
By: | /s/ DAVID S. THOMASON | |||||||
Dated: | February 26, 2020 | David S. Thomason Vice President and Controller | ||||||
PACIFIC GAS AND ELECTRIC COMPANY | ||||||||
By: | /s/ DAVID S. THOMASON | |||||||
Dated: | February 26, 2020 | David S. Thomason Vice President, Chief Financial Officer and Controller |
MONTH ENDED: | December 31, 2019 | PETITION DATE: | January 29, 2019 | |||||||||||
1. | Debtors in possession (or trustee) hereby submit this Monthly Operating Report on the Accrual Basis of accounting (or if checked here the Office of the U.S. Trustee or the Court has approved the Cash Basis of Accounting for the Debtors). | ||||
Dollars reported in $ millions |
2. | Asset and Liability Structure | End of Current | End of Prior | As of Petition | |||||||||||||||||||
Month | Month | Filing (1) | |||||||||||||||||||||
a. Current Assets | $ | 10,165 | $ | 10,604 | $ | 9,091 | |||||||||||||||||
b. Total Assets | $ | 85,196 | $ | 85,396 | $ | 79,809 | |||||||||||||||||
c. Current Liabilities | $ | 7,631 | $ | 6,294 | $ | 3,740 | |||||||||||||||||
d. Total Liabilities | $ | 79,808 | $ | 76,274 | $ | 66,888 |
3. | Statement of Cash Receipts & Disbursements for Month | End of Current Month | End of Prior Month | Cumulative (Case to Date) | |||||||||||||||||||
a. Total Receipts | $ | 1,917 | $ | 1,634 | $ | 23,045 | |||||||||||||||||
b. Total Disbursements | $ | (2,481) | $ | (2,192) | $ | (22,400) | |||||||||||||||||
c. Excess (Deficiency) of Receipts Over Disbursements (a - b) | $ | (564) | $ | (558) | $ | 645 | |||||||||||||||||
d. Cash Balance Beginning of Month | $ | 2,119 | $ | 2,677 | $ | 910 | |||||||||||||||||
e. Cash Balance End of Month (c + d) | $ | 1,555 | $ | 2,119 | $ | 1,555 |
End of Current Month | End of Prior Month | Cumulative (Case to Date) (1) | |||||||||||||||||||||
4. | Profit/(Loss) from the Statement of Operations | $ | (3,747) | $ | 132 | $ | (7,654) | ||||||||||||||||
5. | Account Receivables (Pre and Post-Petition) | $ | 4,873 | $ | 4,724 | ||||||||||||||||||
6. | Post-Petition Liabilities | $ | 4,687 | $ | 4,630 | ||||||||||||||||||
7. | Past Due Post-Petition Account Payables (over 30 days) (2) | $ | — | $ | — | ||||||||||||||||||
At the end of this reporting month: | Yes | No | ||||||||||||
8. | Have any payments been made on pre-petition debt, other than payments in the normal course to secured creditors or lessors? (if yes, attach listing including date of payment, amount of payment and name of payee) | ü | ||||||||||||
9. | Have any payments been made to professionals? (if yes, attach listing including date of payment, amount of payment and name of payee) | ü | ||||||||||||
10. | If the answer is yes to 8 or 9, were all such payments approved by the court? | ü | ||||||||||||
11. | Have any payments been made to officers, insiders, shareholders, relatives? (if yes, attach listing including date of payment, amount and reason for payment, and name of payee) | ü | ||||||||||||
12. | Are the estates insured for replacement cost of assets and for general liability? | ü | ||||||||||||
13. | Are a plan and disclosure statement on file? (1) | ü | ||||||||||||
14. | Was there any post-petition borrowing during this reporting period? (2) | ü |
15. | Check if paid: | ||||||||||
Post-petition taxes: | ü | ||||||||||
U.S. Trustee Quarterly Fees: | ü | ||||||||||
Tax reporting and tax returns: | ü | ||||||||||
(Attach explanation, if post-petition taxes or U.S. Trustee Quarterly Fees are not paid current or if post-petition tax reporting and tax return filings are not current.) | |||||||||||
Date: | February 26, 2020 | /s/ DAVID S. THOMASON | |||||||||
David S. Thomason | |||||||||||
Vice President, Controller, PG&E Corporation | |||||||||||
Vice President, Chief Financial Officer and Controller, Pacific Gas and Electric Company |
(in millions) | Reference | Pacific Gas & Electric Company | PG&E Corporation | PG&E Corporation Consolidated | ||||||||||||||||||||||
Operating Revenues | ||||||||||||||||||||||||||
Electric | $ | 1,427 | $ | — | $ | 1,427 | ||||||||||||||||||||
Natural gas | 594 | — | 594 | |||||||||||||||||||||||
Total operating revenues | 2,021 | — | 2,021 | |||||||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||
Cost of electricity | 143 | — | 143 | |||||||||||||||||||||||
Cost of natural gas | 110 | — | 110 | |||||||||||||||||||||||
Operating and maintenance | 1,024 | (2) | 1,022 | |||||||||||||||||||||||
Wildfire-related claims, net of insurance | 4,988 | — | 4,988 | |||||||||||||||||||||||
Depreciation, amortization, and decommissioning | 246 | — | 246 | |||||||||||||||||||||||
Total operating expenses | 6,511 | (2) | 6,509 | |||||||||||||||||||||||
Operating Income (Loss) | (4,490) | 2 | (4,488) | |||||||||||||||||||||||
Interest income | 7 | — | 7 | |||||||||||||||||||||||
Interest expense | (654) | (19) | (673) | |||||||||||||||||||||||
Other income, net | 16 | (1) | 15 | |||||||||||||||||||||||
Reorganization items, net | Item 15 | (29) | (1) | (30) | ||||||||||||||||||||||
Loss Before Income Taxes | (5,150) | (19) | (5,169) | |||||||||||||||||||||||
Income tax benefit | (1,421) | (3) | (1,424) | |||||||||||||||||||||||
Net Loss | (3,729) | (16) | (3,745) | |||||||||||||||||||||||
Preferred stock dividend requirement | 2 | — | 2 | |||||||||||||||||||||||
Loss Attributable to Common Stock | $ | (3,731) | $ | (16) | $ | (3,747) |
(in millions) | Reference | Pacific Gas & Electric Company | PG&E Corporation | PG&E Corporation Consolidated | ||||||||||||||||||||||
Operating Revenues | ||||||||||||||||||||||||||
Electric | $ | 12,739 | $ | — | $ | 12,739 | ||||||||||||||||||||
Natural gas | 4,388 | — | 4,388 | |||||||||||||||||||||||
Total operating revenues | 17,127 | — | 17,127 | |||||||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||
Cost of electricity | 3,095 | — | 3,095 | |||||||||||||||||||||||
Cost of natural gas | 733 | — | 733 | |||||||||||||||||||||||
Operating and maintenance | 8,749 | (23) | 8,726 | |||||||||||||||||||||||
Wildfire-related claims, net of insurance | 11,436 | — | 11,436 | |||||||||||||||||||||||
Depreciation, amortization, and decommissioning | 3,233 | (1) | 3,232 | |||||||||||||||||||||||
Total operating expenses | 27,246 | (24) | 27,222 | |||||||||||||||||||||||
Operating Income (Loss) | (10,119) | 24 | (10,095) | |||||||||||||||||||||||
Interest income | 82 | 1 | 83 | |||||||||||||||||||||||
Interest expense | (913) | (21) | (934) | |||||||||||||||||||||||
Other income, net | 243 | 9 | 252 | |||||||||||||||||||||||
Reorganization items, net | Item 15 | (320) | (26) | (346) | ||||||||||||||||||||||
Loss Before Income Taxes | (11,027) | (13) | (11,040) | |||||||||||||||||||||||
Income tax provision (benefit) | (3,408) | 8 | (3,400) | |||||||||||||||||||||||
Net Loss | (7,619) | (21) | (7,640) | |||||||||||||||||||||||
Preferred stock dividend requirement | 14 | — | 14 | |||||||||||||||||||||||
Loss Attributable to Common Stock | $ | (7,633) | $ | (21) | $ | (7,654) |
(in millions) | Reference | Pacific Gas & Electric Company | PG&E Corporation | PG&E Corporation Consolidated | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Current Assets | ||||||||||||||||||||||||||
Cash and cash equivalents | Items 10 and 11 | $ | 1,122 | $ | 448 | $ | 1,570 | |||||||||||||||||||
Accounts receivable | ||||||||||||||||||||||||||
Customers (net of allowance for doubtful accounts of $43) | Item 4 | 1,287 | — | 1,287 | ||||||||||||||||||||||
Accrued unbilled revenue | 969 | — | 969 | |||||||||||||||||||||||
Regulatory balancing accounts | 2,114 | — | 2,114 | |||||||||||||||||||||||
Other | 2,647 | 121 | 2,617 | |||||||||||||||||||||||
Regulatory assets | 315 | — | 315 | |||||||||||||||||||||||
Inventories | Item 3 | |||||||||||||||||||||||||
Gas stored underground and fuel oil | 97 | — | 97 | |||||||||||||||||||||||
Materials and supplies | 550 | — | 550 | |||||||||||||||||||||||
Income taxes receivable | — | 2 | — | |||||||||||||||||||||||
Other | 635 | 11 | 646 | |||||||||||||||||||||||
Total current assets | 9,736 | 582 | 10,165 | |||||||||||||||||||||||
Property, Plant, and Equipment | ||||||||||||||||||||||||||
Electric | 62,707 | — | 62,707 | |||||||||||||||||||||||
Gas | 22,688 | — | 22,688 | |||||||||||||||||||||||
Construction work in progress | 2,675 | — | 2,675 | |||||||||||||||||||||||
Other Plant in Service | 18 | 2 | 20 | |||||||||||||||||||||||
Total property, plant, and equipment | 88,088 | 2 | 88,090 | |||||||||||||||||||||||
Accumulated depreciation | (26,453) | (2) | (26,455) | |||||||||||||||||||||||
Net property, plant, and equipment | Item 7 | 61,635 | — | 61,635 | ||||||||||||||||||||||
Other Noncurrent Assets | ||||||||||||||||||||||||||
Regulatory assets | 6,066 | — | 6,066 | |||||||||||||||||||||||
Nuclear decommissioning trusts | 3,173 | — | 3,173 | |||||||||||||||||||||||
Operating lease right of use asset | 2,279 | 7 | 2,286 | |||||||||||||||||||||||
Income taxes receivable | 66 | 84 | 67 | |||||||||||||||||||||||
Other | 1,659 | 5,276 | 1,804 | |||||||||||||||||||||||
Total other noncurrent assets | 13,243 | 5,367 | 13,396 | |||||||||||||||||||||||
TOTAL ASSETS | $ | 84,614 | $ | 5,949 | $ | 85,196 |
(in millions) | Reference | Pacific Gas & Electric Company | PG&E Corporation | PG&E Corporation Consolidated | ||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||||||||
Debtor-in-possession financing, classified as current | Item 6 | $ | 1,500 | $ | — | $ | 1,500 | |||||||||||||||||||
Accounts payable | Item 5 | |||||||||||||||||||||||||
Trade creditors | 1,949 | 6 | 1,954 | |||||||||||||||||||||||
Regulatory balancing accounts | 1,797 | — | 1,797 | |||||||||||||||||||||||
Other | 675 | 42 | 566 | |||||||||||||||||||||||
Operating lease liabilities | 553 | 3 | 556 | |||||||||||||||||||||||
Disputed claims and customer refunds | — | — | — | |||||||||||||||||||||||
Interest payable | 4 | — | 4 | |||||||||||||||||||||||
Other | 1,263 | (7) | 1,254 | |||||||||||||||||||||||
Total current liabilities | 7,741 | 44 | 7,631 | |||||||||||||||||||||||
Noncurrent Liabilities | ||||||||||||||||||||||||||
Regulatory liabilities | 9,270 | — | 9,270 | |||||||||||||||||||||||
Pension and other postretirement benefits | 1,884 | — | 1,884 | |||||||||||||||||||||||
Asset retirement obligations | 5,854 | — | 5,854 | |||||||||||||||||||||||
Deferred income taxes | Item 8 | 442 | (122) | 320 | ||||||||||||||||||||||
Operating lease liabilities | 1,726 | 4 | 1,730 | |||||||||||||||||||||||
Other | 2,626 | 58 | 2,573 | |||||||||||||||||||||||
Total noncurrent liabilities | 21,802 | (60) | 21,631 | |||||||||||||||||||||||
Liabilities Subject to Compromise | Item 9 | 49,736 | 810 | 50,546 | ||||||||||||||||||||||
Shareholders’ Equity | ||||||||||||||||||||||||||
Preferred stock | 258 | — | — | |||||||||||||||||||||||
Common stock | 1,322 | 13,058 | 13,038 | |||||||||||||||||||||||
Additional paid-in capital | 8,550 | — | — | |||||||||||||||||||||||
Reinvested earnings | (4,796) | (7,892) | (7,892) | |||||||||||||||||||||||
Accumulated other comprehensive loss | 1 | (11) | (10) | |||||||||||||||||||||||
Total shareholders’ equity | 5,335 | 5,155 | 5,136 | |||||||||||||||||||||||
Noncontrolling Interest - Preferred Stock of Subsidiary | — | — | 252 | |||||||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 84,614 | $ | 5,949 | $ | 85,196 | ||||||||||||||||||||
(in millions) | Pacific Gas & Electric Company | PG&E Corporation | PG&E Corporation Consolidated | ||||||||||||||
Cash Flows from Operating Activities | |||||||||||||||||
Net loss(1) | $ | (7,622) | $ | (20) | $ | (7,642) | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation, amortization, and decommissioning | 3,233 | 1 | 3,234 | ||||||||||||||
Allowance for equity funds used during construction | (79) | — | (79) | ||||||||||||||
Deferred income taxes and tax credits, net | (2,952) | 4 | (2,948) | ||||||||||||||
Reorganization items, net (Item 15) | 97 | 11 | 108 | ||||||||||||||
Disallowed capital expenditures | 581 | — | 581 | ||||||||||||||
Other | 167 | 40 | 207 | ||||||||||||||
Effect of changes in operating assets and liabilities: | |||||||||||||||||
Accounts receivable | (132) | 28 | (104) | ||||||||||||||
Wildfire-related insurance receivable | 35 | — | 35 | ||||||||||||||
Inventories | (80) | — | (80) | ||||||||||||||
Accounts payable | 579 | (63) | 516 | ||||||||||||||
Wildfire-related claims | (114) | — | (114) | ||||||||||||||
Income taxes receivable/payable | 5 | 18 | 23 | ||||||||||||||
Other current assets and liabilities | 101 | (24) | 77 | ||||||||||||||
Regulatory assets, liabilities, and balancing accounts, net | (1,417) | — | (1,417) | ||||||||||||||
Liabilities subject to compromise | 12,194 | 28 | 12,222 | ||||||||||||||
Other noncurrent assets and liabilities | 214 | (17) | 197 | ||||||||||||||
Net cash provided by operating activities | 4,810 | 6 | 4,816 | ||||||||||||||
Cash Flows from Investing Activities | |||||||||||||||||
Capital expenditures | (6,313) | — | (6,313) | ||||||||||||||
Proceeds from sales and maturities of nuclear decommissioning trust investments | 956 | — | 956 | ||||||||||||||
Purchases of nuclear decommissioning trust investments | (1,032) | — | (1,032) | ||||||||||||||
Other | 11 | — | 11 | ||||||||||||||
Net cash used in investing activities | (6,378) | — | (6,378) | ||||||||||||||
Cash Flows from Financing Activities | |||||||||||||||||
Proceeds from debtor-in-possession credit facility | 1,850 | — | 1,850 | ||||||||||||||
Repayments of debtor-in-possession credit facility | (350) | — | (350) | ||||||||||||||
Debtor-in-possession credit facility debt issuance costs | (97) | (16) | (113) | ||||||||||||||
Common stock issued | — | 85 | 85 | ||||||||||||||
Other | (8) | — | (8) | ||||||||||||||
Net cash provided by financing activities | 1,395 | 69 | 1,464 | ||||||||||||||
Net change in cash, cash equivalents, and restricted cash | (173) | 75 | (98) | ||||||||||||||
Cash, cash equivalents, and restricted cash at January 1 | 1,302 | 373 | 1,675 | ||||||||||||||
Cash, cash equivalents, and restricted cash at December 31 | $ | 1,129 | $ | 447 | $ | 1,577 | |||||||||||
Less: Restricted cash and restricted cash equivalents included in other current assets | (7) | — | (7) | ||||||||||||||
Cash and cash equivalents at December 31 | $ | 1,122 | $ | 448 | $ | 1,570 | |||||||||||
Supplemental disclosures of cash flow information | |||||||||||||||||
Cash paid for: | |||||||||||||||||
Interest, net of amounts capitalized | $ | (7) | $ | (3) | $ | (10) | |||||||||||
Supplemental disclosures of noncash investing and financing activities | |||||||||||||||||
Capital expenditures financed through accounts payable | $ | 826 | $ | — | $ | 826 | |||||||||||
Operating lease liabilities arising from obtaining ROU assets | $ | 2,807 | $ | 9 | $ | 2,816 |
(in millions) | Accounts Receivable – Customers (Pre and Post-Petition) | |||||||
Receivables Aging | ||||||||
0 -30 Days | $ | 782 | ||||||
31-60 Days | 112 | |||||||
61-90 Days | 62 | |||||||
91+ Days | 174 | |||||||
Unmailed invoices | 160 | |||||||
Total accounts receivable – Customers | 1,290 | |||||||
Other (1) | 40 | |||||||
Allowance for doubtful accounts | (43) | |||||||
Accounts receivable – Customers (net) | $ | 1,287 | ||||||
(in millions) | Aggregate Limit | Term Loan Borrowings | Revolver Borrowings | Letters of Credit Outstanding | Aggregate Availability | |||||||||||||||||||||||||||
PG&E Corporation | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Utility | 5,500 | (1) | 1,500 | — | 663 | 3,337 | ||||||||||||||||||||||||||
Total DIP credit facilities | $ | 5,500 | $ | 1,500 | $ | — | $ | 663 | $ | 3,337 | ||||||||||||||||||||||
(in millions) | PG&E Corporation Consolidated | |||||||
Electric (1) | $ | 62,707 | ||||||
Gas | 22,688 | |||||||
Construction work in progress | 2,675 | |||||||
Other Plant in Service | 20 | |||||||
Total property, plant, and equipment | 88,090 | |||||||
Accumulated depreciation | (26,455) | |||||||
Net property, plant, and equipment | $ | 61,635 | ||||||
(in millions) | Pacific Gas & Electric Company | PG&E Corporation | PG&E Corporation Consolidated | ||||||||||||||
Financing Debt (1) | $ | 22,450 | $ | 666 | $ | 23,116 | |||||||||||
Wildfire-related Claims(2) | 25,548 | — | 25,548 | ||||||||||||||
Trade creditors | 1,183 | 5 | 1,188 | ||||||||||||||
Non-qualified benefit plan | 20 | 137 | 157 | ||||||||||||||
2001 bankruptcy disputed claims (3) | 234 | — | 234 | ||||||||||||||
Customer deposits & advances | 71 | — | 71 | ||||||||||||||
Others | 230 | 2 | 232 | ||||||||||||||
Total Liabilities Subject to Compromise | $ | 49,736 | $ | 810 | $ | 50,546 | |||||||||||
Legal Entity | Bank | Account No. | Balance, End of Month (in ones) | |||||||||||||||||
PG&E Corporation | The Bank of New York Mellon | 8400 | $ | 448,000,000 | ||||||||||||||||
PG&E Corporation | The Bank of New York Mellon | 9023 | — | |||||||||||||||||
PG&E Corporation | Bank of America | 7107 | — | |||||||||||||||||
PG&E Corporation | The Bank of New York Mellon | 4558 | — |
PG&E Corporation | Union Bank of California | 9557 | 737 | |||||||||||||||||
PG&E Corporation | Bank of America | 0X30 | — | |||||||||||||||||
PG&E Corporation | Barclays Capital Inc. | 1362 | — | |||||||||||||||||
PG&E Corporation | BNP Paribas | 0652 | — | |||||||||||||||||
PG&E Corporation | Citigroup Global Markets | 0473 | — | |||||||||||||||||
PG&E Corporation | Goldman, Sachs & Co | 0609 | — | |||||||||||||||||
PG&E Corporation | JP Morgan Chase Bank, N.A. | 0698 | — | |||||||||||||||||
PG&E Corporation | Merrill Lynch | 0X30(3) | — | |||||||||||||||||
PG&E Corporation | Mitsubishi UFJ Securities USA, INC. | 0189 | — | |||||||||||||||||
PG&E Corporation | Morgan Stanley / ISG Operations | 4966 | — | |||||||||||||||||
PG&E Corporation | RBC Capital Markets | 2226 | — | |||||||||||||||||
PG&E Corporation | Wells Fargo Securities, LLC | 7221 | — | |||||||||||||||||
PG&E Corporation | Bank of America | 7981(3) | — | |||||||||||||||||
PG&E Corporation | The Bank of New York Mellon | 9946(3) | — | |||||||||||||||||
Pacific Gas & Electric Company | The Bank of New York Mellon | 8400 | 824,500,000 | |||||||||||||||||
Pacific Gas & Electric Company | Union Bank of California | 5581 | 271,884,170 | |||||||||||||||||
Pacific Gas & Electric Company | Citibank N. A. | 2091 | 478,489 | |||||||||||||||||
Pacific Gas & Electric Company | Bank of America | 3212 | 493,380 | |||||||||||||||||
Pacific Gas & Electric Company | The Bank of New York Mellon | 9994 | 585,989 | |||||||||||||||||
Pacific Gas & Electric Company | The Bank of New York Mellon | 7822 | — | |||||||||||||||||
Pacific Gas & Electric Company | The Bank of New York Mellon | 5477 | — | |||||||||||||||||
Pacific Gas & Electric Company | Royal Bank of Canada | 0446 | 1,378,522 | |||||||||||||||||
Pacific Gas & Electric Company | Bank of America | 7115 | — | |||||||||||||||||
Pacific Gas & Electric Company | U.S. Bank | 2311 | 629,308 | |||||||||||||||||
Pacific Gas & Electric Company | Bank of America | 2988 | 46,730 | |||||||||||||||||
Pacific Gas & Electric Company | The Bank of New York Mellon | 3044 | — | |||||||||||||||||
Pacific Gas & Electric Company | Bank of America | 2302 | 713,732 | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 4XL9 | 3,040 | |||||||||||||||||
Pacific Gas & Electric Company | The Bank of New York Mellon | 4122 | 1,000 | |||||||||||||||||
Pacific Gas & Electric Company | The Bank of New York Mellon | 3532 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 43.11 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 543.7 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 550.2 | — | |||||||||||||||||
Pacific Gas & Electric Company | Bank of America | 0817 | — | |||||||||||||||||
Pacific Gas & Electric Company | Bank of America | 1675(3) | — | |||||||||||||||||
Pacific Gas & Electric Company | Citibank N. A. | 0901 | — | |||||||||||||||||
Pacific Gas & Electric Company | Citibank N. A. | 1958 | — | |||||||||||||||||
Pacific Gas & Electric Company | Citibank N. A. | 2316 | — | |||||||||||||||||
Pacific Gas & Electric Company | Citigroup Global Markets | 6473 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 854.1 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 854.1 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 54.11 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 54.12 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 54.13 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 54.14 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 54.15 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 54.16 | — |
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 854.2 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 854.3 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 854.4 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 854.5 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 854.6 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 854.7 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 854.8 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 854.9 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 43.10 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 43.12 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 543.6 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 543.8 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 550.1 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 50.10 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 50.11 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 50.12 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 50.13 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 50.14 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 50.15 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 50.16 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 50.17 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 50.18 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 50.19 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 50.20 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 50.21 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 50.22 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 50.23 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 50.24 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 550.3 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 550.4 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 550.5 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 550.6 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 550.7 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 550.8 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 550.9 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 387.1 | — | |||||||||||||||||
Pacific Gas & Electric Company | Deutsche Bank Trust Company Americas | 7110 | — | |||||||||||||||||
Pacific Gas & Electric Company | The Bank of New York Mellon | 8400 | — | |||||||||||||||||
Pacific Gas & Electric Company | The Bank of New York Mellon | 8544 | 259 | |||||||||||||||||
Pacific Gas & Electric Company | The Bank of New York Mellon | 9990 | 4,947,069 | |||||||||||||||||
Pacific Gas & Electric Company | The Bank of New York Mellon | 4017 | — | |||||||||||||||||
Pacific Gas & Electric Company | The Bank of New York Mellon | 0143 | — | |||||||||||||||||
Pacific Gas & Electric Company | Wells Fargo Bank N.A. | 9578 | — | |||||||||||||||||
Pacific Gas & Electric Company | The Bank of New York Mellon | 9978 | — | |||||||||||||||||
Pacific Gas & Electric Company | U.S. Bank | 5000 | 1,002,457 | |||||||||||||||||
Pacific Gas & Electric Company | Bank of America | 2520 | — | |||||||||||||||||
Total Funds on Hand for all Accounts (1)(2) | $ | 1,554,664,882 | ||||||||||||||||||
(in ones) | Pacific Gas & Electric Company | PG&E Corporation | PG&E Corporation Consolidated | ||||||||||||||
Beginning Cash (1)(2) | $ | 1,670,412,733 | $ | 448,479,798 | $ | 2,118,892,531 | |||||||||||
Total receipts (3) | 1,907,745,100 | 9,267,035 | 1,917,012,135 | ||||||||||||||
Total disbursements (3) | (2,471,493,685) | (9,746,099) | (2,481,239,784) | ||||||||||||||
DIP borrowing and repayments, net (net of fees) | — | — | — | ||||||||||||||
Total Change in Cash | (563,748,585) | (479,064) | (564,227,649) | ||||||||||||||
Ending Cash (1)(2) | $ | 1,106,664,148 | $ | 448,000,734 | $ | 1,554,664,882 | |||||||||||
(in millions) | Disbursed in Month | ||||
First Day Motions | |||||
Operational Integrity Supplier | $ | — | |||
Cash Management | — | ||||
NGX - CAISO | — | ||||
Public Purpose Programs | 1 | ||||
Shippers / Liens | — | ||||
Tax | — | ||||
Employee Wage and Benefits | 5 | ||||
Insurance | — | ||||
503(b)(9) (1) | — | ||||
Total | $ | 6 | |||
(in ones) | ||||||||||||||
Name | Payment Date | Total Payments for the Month | ||||||||||||
Axiom Advisors Inc. | 12/23/19 | $ | 60,000 | |||||||||||
Baker & Hostetler LLP | 12/4/2019 | 3,196,461 | ||||||||||||
Berman And Todderud PLLP | 12/28/2019 | 84,948 | ||||||||||||
Centerview Partners LLC | 12/11, 12/23/2019 | 1,059,664 | ||||||||||||
Coblentz Patch Duffy & Bass LLP | 12/11, 12/27/2019 | 239,273 | ||||||||||||
Cravath Swaine & Moore LLP | 12/7, 12/10, 12/11, 12/17, 12/18, 12/19/2019 | 27,110,225 | ||||||||||||
Deloitte & Touche LLP | 12/19/2019 | 733,721 | ||||||||||||
Development Specialists Inc. | 12/18/2019 | 381,153 | ||||||||||||
Dundon Advisers LLC | 12/16/2019 | 127,733 | ||||||||||||
FTI Consulting Inc. | 12/4, 12/18/2019 | 1,954,981 | ||||||||||||
Groom Law Group Chartered | 12/11/2019 | 478,836 | ||||||||||||
Jenner & Block LLP | 12/17, 12/18, 12/19/2019 | 2,037,730 | ||||||||||||
Keller & Benvenutti LLP | 12/4, 12/31/2019 | 450,114 | ||||||||||||
Lincoln International LP | 12/11/2019 | 1,180,316 | ||||||||||||
Milbank LLP | 12/12/2019 | 1,289,250 | ||||||||||||
Morrison & Foerster LLP | 12/18/2019 | 1,213,834 | ||||||||||||
Munger Tolles & Olson LLP | 12/3, 12/6, 12/10, 12/11, 12/17, 12/21/2019 | 5,739,855 | ||||||||||||
PricewaterhouseCoopers LLP | 12/24/2019 | 748,795 | ||||||||||||
Simpson Thacher & Bartlett LLP | 12/10, 12/12/2019 | 973,905 | ||||||||||||
Weil Gotshal & Manges LLP | 12/4, 12/17, 12/18/2019 | 6,855,088 | ||||||||||||
Willis Towers Watson US LLC | 12/11, 12/12, 12/14/2019 | 378,054 | ||||||||||||
Total | $ | 56,293,936 |
(in ones) | Total Payments for Month (2) | ||||||||||||||||
Name (1) | Title | ||||||||||||||||
William D. Johnson | Chief Executive Officer and President, PG&E Corporation | 208,333 | |||||||||||||||
Michael A. Lewis | Senior Vice President, Electric Operations, Pacific Gas and Electric Company | 44,167 | |||||||||||||||
Janet C. Loduca | Senior Vice President and General Counsel, PG&E Corporation and Pacific Gas and Electric Company | 48,382 | |||||||||||||||
John R. Simon | Executive Vice President, Law, Strategy, and Policy, PG&E Corporation | 58,382 | |||||||||||||||
David S. Thomason | Vice President, Chief Financial Officer, and Controller, Pacific Gas and Electric Company Vice President and Controller, PG&E Corporation | 27,548 | |||||||||||||||
Andrew M. Vesey | Chief Executive Officer and President, Pacific Gas and Electric Company | 83,333 | |||||||||||||||
Jason P. Wells | Executive Vice President and Chief Financial Officer, PG&E Corporation | 52,965 | |||||||||||||||
James M. Welsch | Senior Vice President and Chief Nuclear Officer, Pacific Gas and Electric Company | 45,417 | |||||||||||||||
(in millions) | Pacific Gas & Electric Company | PG&E Corporation | PG&E Corporation Consolidated | ||||||||||||||
Debtor-in-possession financing costs | $ | 97 | $ | 17 | $ | 114 | |||||||||||
Legal and other (1) | 273 | 19 | 292 | ||||||||||||||
Interest income | (50) | (10) | (60) | ||||||||||||||
Adjustments to LSTC | — | — | — | ||||||||||||||
Total reorganization items, net | $ | 320 | $ | 26 | $ | 346 | |||||||||||
J(3.?@(90,$[KLQA4P)@
M0N&!@P*<*(0#8A#Q@'B#XF=7014T$$\YC]SH#G 6@#*85;X@-<(%SQACRP)^
MC:/.15WA)-,"H#@R3DV60.+2=]AIL(D# &S0 0 @"$! ""^$, (!XA'@ 0:(
MHM4/ *8AI5LH"RC %&6A(#M!)PS,\DQ5H/1202]N0*)!]< N9;.%W20"0>
M^@G_@ ,/ -#3!?
87?2N
MJGQG KMU4R]YLD
MC"?5^9=!*);GDW.N.GN+0<_ 3,(/?$Y7#P0OR4:J$G('OYHA@-4^(6?3-3DT
MDF@.(WTF )R_ N['WA.A[HC[,"X+87F*$F(X!QX4W,YDN5@!E@-_D-GVSB8B
M?>$#;U4']:4R+&3P9S*IQ\K7K[,"8A() :H2JWM AO/5N8C4$W)!F]:5:1>]!AZ)XSE[,:II$LU2.QAC^#+//)DZK>']5"EPV
MVB*PE>HIN%1LG.(&4QD6,\JFDC9N4-M7FG=-FK4Z&)JC[KL5VTXES04+B3AI
MD>]3>2>!(ST[>1IS"G/WB)W*9#;=13OM1<%4(Y98,0E VYKI
M;Z))POPFIF7AW3^W,!F$$;)I^LK\4B;% Z[NV6]%<7,0COID5:'!O,B;RF
M'$\U7%OZ%YI0%,;L8%#]K6NEB^F.^Y#:/1N/=EU,1[77*>><.EQP7O3WYH=?
M?N9EYFV$*R!@2\6\ ^8=6C)DD9M/,>\@IZXG81YVBV'+E4J.U?W14+)I!U]#
M>GIX.*8=Q",;@2H1TPYRZOH&'MY*#>7R<-VWD9T>'@X.!Z^!P_=.5W"X#"H:
MIHZ'M#P>'@-7#XWNE:>'CQP1'Y'"5=&I%+FGYC.4+R6ZJG8[FFL-J!R$'D
M+7%SN Z[@]J\^8Y_#R,8/_ZP:.[9K_MLQW"R=L?&2P,%U5
MCPQTM<*@D^/.;^3KV #OJ4L#3+D:^TQ8HB8D@:']!-Q3.1
MGT@,'Y!\_#^.;WFW?Y-$$3]U909?HL(80 1MU72Z&/"P+."LGX_"P I"N^W#
M5ES35SQ["SDH@!' B+E*O$[#'KNGG!P&R3AC)TDRJO:?@2+:*>C4!O#8@W;;
M@&MYBNLC$9$8)B W0W3"X:@@AIL![0T>(XQHFD =]79X>1STDDCQ/NJLNC M:RHT*C>ZIKHB5SE?Y
M($]&MQ2UE.41D:0@)A0F<KZ'?TQ TN*8\%8
M?A(GH8_:CMI>4)?+5RO^P4W,^.Z%)=AWNKCO;&KXCDY5LC;[(?)19-N&BL10
MGH>0HBIGC4LJ.YF)IEP"?B%.$H8RCR5<^K:5>YW(>A%&??*V]$7535*_7]"]
M9>E/-6PEK*_)*.>L39B8L6U:-\@D*R(1X:>-.U4>PEQ;1Y&\YTYZ-I*/U/\>
M)N/8>2)GHEPQ;>3XCX##T5QC&K08;XV,UZ#KGMU)K%7[=C>ZZCJ%?>05<$^@#11Q%
M'&VX7@*N&411!J_W,G$\1D/B,B<8C7@4\<"'^9(X3"*$*K0='W-OULATO6*U
MZU@ABLEEI@HX]G5%$3=
F]J*(&R[B
M:+_U<'>-1W\QL5?G\1$86%O^8+=R. 0V'A9 2^)@!^UG]T.B8*-@EU^P0;+
MC:T;-/%P
M)-_ @H$*/9IY[82RV81ITZXU^O%XASW8*>YW]
M<7I]U[L1UO/3Q9>+R\\&R?,T^Y1,$T]G#I/3%,ZEF\AD>UETJ;9*;5N5OC:%
ML_X"ERAR^<0#6N[-^4OS(J1K.\U'D&?OT:S#MI#XIJ -<5'.\E^(59HI!MG%
M5)45]!T+VHD-349!:C_C(X4)5B9>[BA0[O!L1L:]_>&]\^.5G7F[>8$HI5G2/09B-(CHYC).8O>!"W_'1IKEWK[Y_9S=_-TD#
MEI9?P(M LB0* S)MY@ME%JLS_;$Y6%RKV@2U:EVQ;4MQ'$OQ/*-IZOZ.BA2O
M 7Z_F]==O
'J?)H">-"))T-3T6'ZCC+(_^LW #
M?UR[+OPSE>91R./J:-GD2)JF0]+/K2R)(VG]LUCQP^/NB^F T^,#Y720<@+-
M0XP>0(-^HRRZ5*!K<+;X>5ZI(C18_-:\&\7#U?]I P)D5DN=6WM)E_?^9SGC
MO0QE8#!ZK7RTT3@>^,Q+GP]:.^VM36N_O=[>VA\KYEP*_EEEZ_T$V>YO;1SL
M[;1WMO:M]=:FM?6?C7^OM[9-J5VSN;._O[/;FF^!5YI>=? &E/T[SSHPOCSI
M+5N;C8V&1<%!!-.U5'^)5R7027X:VYQ!/(<(\&T(W()X!#@@2VM?,
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MZ@M^Q&BCH\+3XB-JO-]/DS[0\EQ9(KFPA(J3
JU(@8YB$;=/NE
MV$UW@$Z1X:-9M99=]7#K9<4$3!E7L;X.EXUN_S(HDGJE:O"N,9%"A<][XYAQ
M/-)"N#+2NH@Z2DYL4K" XP8:Y
>&E@ JK'MNN*E$.P>[M[J>5XTR"U<3.V0ZP__X