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| PCG > SEC Filings for PCG > Form 8-K on 13-Mar-2009 | All Recent SEC Filings |
13-Mar-2009
Unregistered Sale of Equity Securities, Other Events
On March 13, 2009, PG&E Corporation made an equity contribution of $450 million to its subsidiary, Pacific Gas and Electric Company (Utility), in order to maintain the 52% common equity target authorized by the California Public Utilities Commission (CPUC) and to ensure that the Utility has adequate capital to fund its capital expenditures.
Approval of SmartMeterTM Program Upgrade
On March 12, 2009, the CPUC authorized the Utility to upgrade elements of its SmartMeterTM advanced metering infrastructure project. The CPUC authorized funding of $466.8 million, including $400 million of capital costs, to be recovered through an increased revenue requirement. The Utility intends to install upgraded electric meters with associated devices that would offer an expanded range of service features for electric customers that would support energy conservation and demand response options, such as the enablement of "smart" appliances that could use energy more wisely in response to near real-time energy data. These upgraded meters would also increase operational efficiencies for the Utility through, among other things, the ability to remotely connect and disconnect service to electric customers. In addition, the upgraded electric meters are designed to facilitate the Utility's ability to incorporate future advanced metering technology innovations in a timely and cost-effective manner.
The $466.8 million in funding for upgrades to the SmartMeterTM program is in addition to the $1.74 billion that the CPUC previously authorized the Utility to recover in estimated SmartMeterTM program costs, including an estimated capital cost of $1.4 billion.
The Utility's ability to recognize the expected benefits of its SmartMeterTM advanced metering infrastructure remains subject to a number of risks, including whether the Utility incurs additional advanced metering project costs that the CPUC does not find reasonable or that are not recoverable in rates, whether the project is implemented on schedule, whether the Utility can successfully integrate the new advanced metering system with its billing and other computer information systems, and whether the new technology performs as intended.
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