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SECURITIES AND EXCHANGE COMMISSION |
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Washington, D.C. 20549 |
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FORM 8-K |
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CURRENT REPORT |
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Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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Date of Report: May 13, 2003 |
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Exact Name of |
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_____________ |
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1-12609 1-2348 |
PG&E Corporation Pacific Gas and |
California California |
94-3234914 94-0742640
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Pacific Gas and Electric Company |
PG&E Corporation |
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(Address of principal executive offices) (Zip Code) |
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Pacific Gas and Electric Company |
PG&E Corporation |
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(Registrant's telephone number, including area code) |
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Item 9. Regulation FD Disclosure
The information included in this Current Report on Form 8-K, including the financial and statistical information attached hereto as an exhibit, is being furnished, not filed, pursuant to Item 9 of Form 8-K.
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SIGNATURE |
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.
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PG&E CORPORATION |
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By: CHRISTOPHER P. JOHNS |
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CHRISTOPHER P.
JOHNS
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PACIFIC GAS AND ELECTRIC COMPANY |
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By: LINDA Y.H. CHENG |
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LINDA Y.H. CHENG Corporate Secretary |
Dated: May 13, 2003
Pacific Gas and Electric Company [logo] |
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Three months ended |
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March 31, |
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2003 |
2002 |
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Electric Sales (in millions kWh) |
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Residential |
7,194 |
7,022 |
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Commercial |
7,239 |
7,457 |
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Industrial |
3,543 |
3,611 |
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Agricultural |
475 |
462 |
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Public street and highway lighting |
141 |
145 |
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Other electric utilities |
51 |
- |
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Sales from Energy Deliveries |
18,643 |
18,697 |
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Total Electric Customers (1) |
4,883,841 |
4,729,364 |
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Bundled Gas Sales (in MMDTh) (2) |
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Residential |
80 |
88 |
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Commercial |
27 |
27 |
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Industrial |
- |
- |
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Total Bundled Gas Sales |
107 |
115 |
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Total Transportation Only |
124 |
115 |
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Total Gas Sales |
231 |
230 |
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Total Gas Customers (1) |
4,045,690 |
3,923,027 |
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Sources of Electric Energy (in millions kWh) |
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Utility Generation |
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Nuclear |
3,266 |
4,613 |
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Hydro (net) |
2,933 |
2,469 |
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Fossil |
159 |
207 |
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Total Utility Generation |
6,358 |
7,289 |
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Purchased Power |
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Qualifying Facilities |
4,543 |
5,266 |
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Irrigation Districts |
1,038 |
794 |
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Other Purchased Power (3) |
1,771 |
1,042 |
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Total Purchased Power |
7,352 |
7,102 |
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Delivery from DWR |
6,598 |
4,125 |
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Delivery to Direct Access Customers |
2,318 |
1,996 |
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Other (includes energy loss) |
(3,983) |
(1,816) |
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Total Electric Energy Delivered |
18,643 |
18,696 |
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Diablo Canyon Performance |
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Overall capacity factors (including refuelings) |
70% |
98% |
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Refueling outage period |
2/3/03-3/26/03 |
- |
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Refueling outage duration (days) |
51 days |
- |
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(1) Customers reported as number of active service agreements. The Utility implemented a new customer information system |
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in Q4 of 2002, whereby the number of "customers" for Q1 03 is not comparable to the number of "customers" for Q1 02. |
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(2) The Q1 02 bundled gas sales were reported in millions of MCF, they were converted form MCF to MMDth in this report. |
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For the reporting period: MMDTH = MCF *1.108/(1,000,000) |
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(3) Energy via California Power Exchange, ISO, bilateral contracts, DWR Renewable power, and other Interchange Power. |
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PG&E NATIONAL ENERGY GROUP (logo) |
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Three Months Ended |
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3/31/2003 |
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3/31/2002 |
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NEG Earnings Per Share Metrics |
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Integrated Energy and Marketing |
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$ (0.39) |
$ 0.05 |
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Interstate Pipeline Operations |
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0.04 |
0.05 |
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Discontinued Operations |
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(0.18) |
0.02 |
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Eliminations and Other |
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$ (0.16) |
$ (0.02) |
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Total Reported - National Energy Group |
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$ (0.69) |
$ 0.10 |
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Generating Operations |
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Owned and Controlled Capacity in Operation (MW) |
1,476 |
7,099 |
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Owned and Controlled Capacity in Construction (MW) |
0 |
7,743 |
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Total Owned and Controlled Capacity (MW) |
1,476 |
1 |
14,842 |
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Capital Expenditures ($MM) |
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$98 |
$316 |
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MM MWh generated (owned and controlled) |
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6.1 |
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9.2 |
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Pipeline Operations |
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% of capacity under long-term contracts |
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94.9% |
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99.6% |
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Average Receipts (MDth/d) |
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From Canadian Supply (at Kingsgate) |
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1,468 |
2,326 |
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From Rockies/BC Supply (at Stanfield) |
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58 |
5 |
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Average Deliveries (MDth/d) |
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To Pacific Northwest |
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435 |
579 |
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To California |
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1,062 |
1,631 |
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To Nevada |
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65 |
86 |
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Capital Expenditures ($MM) |
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$3 |
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$42 |
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Trading and Non-Trading Activity Gross Margin ($MM) |
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Trading unrealized gain/(loss) |
$8 |
($3) |
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Trading realized gain/(loss) |
($33) |
$45 |
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Total Mark-to-market Gross Margin |
($25) |
$42 |
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Non-Trading MtM gain/(loss) 2 |
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As of |
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Value-at-Risk ($MM) 3 |
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3/31/2003 |
12/31/2002 |
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Daily Trading VaR at 95% confidence level |
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$16 |
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$8 |
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Daily Non-trading VaR at 95% confidence level for contracts that receive MtM accounting treatment |
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$10 |
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$3 |
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Daily Non-trading VaR at 95% confidence level for contracts accounted for as hedges |
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$12 |
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$9 |
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Fair value of price risk management assets and liabilities ($MM) |
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(of trading and non trading activities) 4 |
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Price risk management assets |
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$981 |
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$896 |
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Price risk management liabilities |
$901 |
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$811 |
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Net Portfolio Value |
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$80 |
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$85 |
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Maturity of Fair Value of Trading Contracts at March 31, 2003 ($MM) |
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Less than one year |
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$57 |
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($43) |
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One to three years |
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($79) |
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($13) |
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Four to five years |
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($17) |
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($28) |
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Beyond five years |
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$50 |
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$62 |
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Total |
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$11 |
($22) |
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As of |
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NEG Capitalization (consolidated) |
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3/31/2003 |
12/31/2002 |
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Debt to Capitalization Ratio |
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138.2% |
127.1% |
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Debt to Capitalization Ratio (debt net of cash) |
144.2% |
129.9% |
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Capitalization ($MM) |
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Debt |
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$5,238 |
$4,877 |
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Equity |
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($1,449) |
($1,040) |
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Cash |
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$513 |
$363 |
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Owned and contolled capacity excludes assets to be abandoned and assets held for sale. |
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2 |
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Non-trading MtM gains/(losses) include ineffective hedges associated with assets and contracts that no longer qualify for normal purchases and sales treatment under FAS 133. |
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The NEG expresses value-at-risk as a dollar amount of the potential loss in the fair value of the portfolios based on a 95% confidence level using a one-day liquidation period. |
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Balance excludes price risk management assets (liabilities) held for sale. |
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