Form 8-K PACIFIC GAS & ELECTRIC For: Jun 04 Filed by: PG&E Corp
UNITED STATES
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: June 4, 2018
(Date of earliest event reported)
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Commission
File Number
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Exact Name of Registrant
as specified in its charter
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State or Other Jurisdiction of Incorporation or Organization
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IRS Employer
Identification Number
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1-12609
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PG&E CORPORATION
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California
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94-3234914
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1-2348
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PACIFIC GAS AND ELECTRIC COMPANY
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California
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94-0742640
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77 Beale Street
P.O. Box 770000
San Francisco, California 94177
(Address of principal executive offices) (Zip Code)
(415) 973-1000
(Registrant's telephone number, including area code)
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77 Beale Street
P.O. Box 770000
San Francisco, California 94177
(Address of principal executive offices) (Zip Code)
(415) 973-7000
(Registrant's telephone number, including area code)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company:
| PG&E Corporation |
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| Pacific Gas and Electric Company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
| PG&E Corporation |
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| Pacific Gas and Electric Company |
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Item 8.01 Other Events.
On June 4, 2018, Pacific Gas and Electric Company (the “Utility”), a subsidiary of PG&E Corporation, submitted a request to the California Public
Utilities Commission, requesting an extension of time to file its 2020 General Rate Case application.
The Utility’s request letter is attached as Exhibit 99.1 to this current report on Form 8-K and incorporated herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit 99.1 Pacific Gas and Electric
Company Request Letter dated June 4, 2018
Cautionary Statement Concerning Forward-Looking Statements
This current report on Form 8-K and its exhibit include forward-looking statements that are not historical facts, including statements about the beliefs,
expectations, estimates, future plans and strategies of PG&E Corporation and the Utility. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to
management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, other factors that could cause actual results to differ materially from those contemplated by the
forward-looking statements include factors disclosed in PG&E Corporation and the Utility’s annual report on Form 10-K for the year ended December 31, 2017, their quarterly report for the quarter ended March 31, 2018, and their subsequent
reports filed with the Securities and Exchange Commission.
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.
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PG&E CORPORATION
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By:
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/s/ LINDA Y.H. CHENG
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Dated: June 4, 2018
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LINDA Y.H. CHENG
Vice President, Corporate Governance and
Corporate Secretary
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PACIFIC GAS AND ELECTRIC COMPANY
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By:
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/s/ DAVID S. THOMASON
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Dated: June 4, 2018
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DAVID S. THOMASON
Vice President, Chief Financial Officer and
Controller
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Exhibit 99.1
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Robert S. Kenney
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Mailing Address
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Vice President
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P.O. Box 7442
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Regulatory Affairs
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San Francisco, CA 94120
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Street/Courier Address
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77 Beale Street
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San Francisco, CA 94105
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Tel: (415) 973-2500
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Email: [email protected]
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June 4, 2018
Alice Stebbins
Executive Director
California Public Utilities Commission
505 Van Ness Avenue
San Francisco CA 94102
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Pacific Gas and Electric Company‘s Request for an Extension of Time to File Test Year 2020 General Rate Case Application
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Dear Ms. Stebbins:
Pursuant to Rule 16.6 of the Rules of Practice and Procedure of the California Public Utilities Commission, Pacific Gas and Electric Company (PG&E)
respectfully requests an extension of time of up to four months – from September 1, 2018 to January 1, 2019 – to file its Test Year 2020 General Rate Case application. The Rate Case Plan, Decision 14-12-025 (Table 4), requires PG&E to file its
General Rate Case application by September 1, 2018.
PG&E requests this extension because it is facing extraordinary uncertainties that could significantly impact the content of PG&E’s 2020 General Rate
Case application. Specifically, the nature and extent of the work we would perform may be less than current expectations.
As Governor Brown remarked in his 2018 State of the State address, California is facing a “profound and growing challenge” of extreme weather and fires. The
2017 Northern California Wildfires have created tremendous uncertainty regarding the company’s potential liabilities under the state’s inverse condemnation policy. This uncertainty could impact the company’s access to the financing needed to
support the capital investment plans in the 2020 General Rate Case. The outcome of the legislative session could have a significant impact in either resolving or continuing the uncertainty affecting access to capital. It is, therefore, critical to
understand the outcome prior to submitting our plans in the General Rate Case.
PG&E’s need to invest in and enhance its infrastructure, including new and innovative approaches to address the growing wildfire risk, requires PG&E
to continue to raise new capital to fund these investments. Over the last five years, PG&E and PG&E Corporation together have raised $2 to $3 billion per year in debt and equity to fund these types of investments and to refinance earlier
investments. PG&E’s ability to raise capital, however, is impacted by ongoing uncertainty associated with both the 2017 Northern California Wildfires and future risks resulting from climate change. These uncertainties have led to credit rating
downgrades with ongoing scrutiny and weakened demand for PG&E Corporation stock. These financial uncertainties could impact the amount of work PG&E can commit to financing in the 2020 General Rate Case period.
Alice Stebbins
Executive Director
June 4, 2018
Page 2
Governor Brown and other legislative leaders are working on legislation to respond to increased threats of natural disasters caused by climate change. They
have acknowledged “[i]t is critical we take strong and comprehensive action to protect all Californians from the threat of natural disasters and climate change.” Solutions under consideration include: review of utility and public infrastructure to
determine that it is designed, constructed and operated to maximize resiliency to extreme weather events and natural disasters, and updating liability rules and regulations for utility services in light of changing climate and the increased
severity and frequency of weather events. The outcome of the legislative session may fundamentally change the plan that PG&E will present to the Commission for approval for 2020 and beyond.
The extension of time to file PG&E’s 2020 General Rate Case until no later than January 1, 2019 would allow PG&E to prepare proposals that more fully
consider these complex financial issues and the results of the current legislative session, which will not be completed until September 30, 2018, the deadline for the Governor to sign bills approved by the Legislature.
Please let me know as soon as possible if you have any questions about this request.
Sincerely,
Robert S. Kenney
Cc:
Arocles Aguilar, General Counsel
Anne Simon, Chief Administrative Law Judge
Edward Randolph, Director, Energy Division
Elizaveta Malashenko, Director, Safety and Enforcement Division
Service Lists: R.13-11-006, A.15-09-001 and I.17-11-003