SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: April 16, 1998
Exact Name of
Commission Registrant State or other IRS Employer
File as specified Jurisdiction of Identification
Number in its charter Incorporation Number
- ----------- -------------- --------------- --------------
1-12609 PG&E Corporation California 94-3234914
1-2348 Pacific Gas and California 94-0742640
Electric Company
Pacific Gas and Electric Company PG&E Corporation
77 Beale Street, P.O. Box 770000 One Market, Spear Tower, Suite 2400
San Francisco, California 94177 San Francisco, California 94105
(Address of principal (Address of principal
executive offices) (Zip Code) executive offices) (Zip Code)
Pacific Gas and Electric Company PG&E Corporation
(415) 973-7000 (415) 267-7000
(Registrant's telephone number, including area code)
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Item 5. Other Events
A. First Quarter 1998 Consolidated Earnings (unaudited)
On April 15, 1998, PG&E Corporation reported earnings per common share
of $.36 for the three months ended March 31, 1998. Financial results
for the three months ended March 31, 1998, are shown below:
Three Months Ended March 31, 1998
=================================================================
(unaudited)(1)
Earnings Per Common Share:
Pacific Gas and Electric Company (Utility) $ .36
Unregulated Business Operations(2) .00
---------
PG&E Corporation $ .36
=========
(1) In the opinion of management, the unaudited financial information
presented above reflects all adjustments to date which are necessary
to present a fair statement of earnings per common share for the
period. This information should be read in conjunction with the 1997
Consolidated Financial Statements and Notes to Consolidated Financial
Statements incorporated by reference in the Annual Report on Form 10-K
for PG&E Corporation and Pacific Gas and Electric Company.
(2) Unregulated Business Operations includes those business
activities that are not directly regulated by the California Public
Utilities Commission (CPUC).
B. Pacific Gas and Electric Company's General Rate Case Proceeding
As discussed in the Annual Report on Form 10-K for the year ended
December 31, 1997, filed by PG&E Corporation and its subsidiary,
Pacific Gas and Electric Company, on December 12, 1997, Pacific Gas
and Electric Company filed its Test Year 1999 General Rate Case (GRC)
application with the CPUC requesting increases in electric and gas
base revenues to become effective on January 1, 1999. The current
amount of the requested increases are $572 million and $460 million
for electric and gas base revenues, respectively, over the 1998
authorized amounts.
On April 7, 1998, a CPUC commissioner issued a ruling adopting a
schedule for the 1999 GRC proceeding. The ruling delays the projected
date for a final CPUC decision until January 28, 1999, with a
proposed decision to be issued by December 24, 1998. This schedule
delays the proceedings by approximately one month compared to previous
expectations. The revised schedule reflects the desire by intervenor
parties, including the CPUC's Office of Ratepayer Advocates (ORA), for
more time to prepare analysis and testimony. To accommodate the
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delayed schedule, the ruling permits Pacific Gas and Electric Company
to submit a plan for establishing interim rates, to be effective on
January 1, 1999, to cover the period between that date and the date a
final CPUC decision is issued. The schedule calls for a decision on
interim rates to be issued in November 1998.
The ruling requires the ORA to submit its report responding to the GRC
application by May 18, 1998. The next prehearing conference is
scheduled for May 29, 1998, with hearings to begin on June 8, 1998.
The schedule adopted in the ruling is subject to further revision by
either the CPUC or the administrative law judge assigned to the GRC
proceeding.
The commissioner's ruling also limits the scope of the issues to be
considered in the GRC proceeding to those issues which are identified
in Pacific Gas and Electric Company's application or which may be
reasonably inferred from the proposals contained in the application.
The primary focus of the GRC proceeding will be on Pacific Gas and
Electric Company's electric and gas distribution services and related
customer service functions. The ruling noted that issues related to
both affiliate transactions and the GRC proceeding should be resolved
through procedures established in the separate pending CPUC proceeding
concerning the audit of transactions between Pacific Gas and Electric
Company and its affiliates.
<PAGE>
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.
PG&E CORPORATION
and
PACIFIC GAS AND ELECTRIC COMPANY
CHRISTOPHER P. JOHNS
By ________________________________
CHRISTOPHER P. JOHNS
Vice President and Controller
(PG&E Corporation)
Vice President and Controller
(Pacific Gas and Electric Company)
Dated: April 16, 1998
