_____________________________________________________________________________________
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: October 15, 2009
(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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|||
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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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 |
 |
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One
Market, Spear Tower
Suite
2400
San
Francisco, California 94105
(Address
of principal executive offices) (Zip Code)
(415)
267-7000
(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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o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
Material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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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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o
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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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Item
8.01. Other Events
Cost
of Capital Proceeding
On
October 15, 2009, the California Public Utilities Commission (CPUC) approved a
decision that maintains Pacific Gas and Electric Company’s (Utility) authorized
cost of capital, including a return on equity (ROE) of 11.35%, through
2010. The decision approves a joint request made by the Utility and
the CPUC’s Division of Ratepayer Advocates (DRA) to avoid imposing a rate
increase corresponding to an increase in the Utility’s ROE during a time of
economic hardship. This increase would otherwise have been triggered
as of January 1, 2010 by the cost of capital adjustment mechanism previously
adopted by the CPUC on May 29, 2008 The Utility’s capital structure,
including a 52% equity component, will be maintained through 2012.
In
addition, as requested by the Utility and the DRA, the CPUC extended the cost of
capital adjustment mechanism through 2012. The cost of capital
adjustment mechanism will be triggered if the 12-month October-through-September
average yield for the applicable Moody’s Investors Services utility bond index
increases or decreases by more than 1% as compared to the applicable
benchmark. Finally, the CPUC agreed to defer the due date for the
Utility’s next full cost of capital application from April 20, 2010 until April
20, 2012, so that any resulting changes would become effective on January 1,
2013.
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SIGNATURES
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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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Dated: October
15, 2009
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By:
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STEPHEN
J. CAIRNS
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Stephen
J. Cairns
Vice
President, Controller
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PACIFIC
GAS AND ELECTRIC COMPANY
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Dated: October
15, 2009
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By:
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STEPHEN
J. CAIRNS
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Stephen
J. Cairns
Vice
President, Controller
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