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 14, 2000
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 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. Pacific Gas and Electric Company's 2000 Cost of Capital Proceeding
On April 13, 2000, Pacific Gas and Electric Company (Utility) reached an
all party settlement agreement to make a joint recommendation to the
California Public Utilities Commission (CPUC) in the Utility's 2000 Cost of
Capital proceeding. (The Utility is the California utility subsidiary of
PG&E Corporation.) The settling parties included the Office of Ratepayer
Advocates (ORA) of the CPUC and several intervenor groups. The joint
recommendation specifies a return on common equity (ROE) of 11.22% on
electric and gas distribution operations, retroactive to February 17, 2000,
as compared to the Utility's current authorized ROE of 10.6%. The Utility
had requested 12.5%, while the ORA had recommended 10.8%. The joint
recommendation also recommends no changes to the currently authorized
Utility capital structure of 46.2% long-term debt, 5.8% preferred stock,
and 48.0% common equity.
If adopted by the CPUC, the recommendation would result in an authorized
9.12% overall return on Utility electric and gas distribution rate base.
If adopted by the CPUC, the Utility's 2000 electric and gas revenues, for
the period February 17, 2000 through December 31, 2000, would increase by
approximately $37 million and $12 million, respectively.
A final CPUC decision on the parties' recommendation is expected in the
second quarter of 2000.
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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.
PG&E CORPORATION
By CHRISTOPHER P. JOHNS
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CHRISTOPHER P. JOHNS
Vice President and Controller
PACIFIC GAS AND ELECTRIC COMPANY
By KENT M. HARVEY
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KENT M. HARVEY
Senior Vice President, Treasurer, Chief
Financial Officer, and Controller
Dated: April 14, 2000
