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$ 697,402,000
$ 159,253,000 l Taxes and Franchise Payments........................ $ 161,469,000 Natural Gas Purchased................................ $ - 196,145,000, $ 185,776,000,
Opera ting Payroll.................................... $ 88,489,000. $ 83,244,000 l Other Expenses and Charges....
................... $ 174,877,000 l $ 166,888,000 !
Ne t In come....................................... $ 110,692,000
$ 102,241,000 '
Earned Per Common Share.......
$1.64
$1.49 i Total Assets........................................ $2,809,136,000 j $2,644 i
Construction Expenditures........................... 5 209,725,000
$ 228,086,000 i
(() Sales of Electricity to Customers (KWH)................. 26,331,210,000 25,767,858,000 Sales of Gas to Customers (MCF)...................
415,590,000 4 387,491,000 i To tal C us to me rs.....................................
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3,809,950 '
Number of Employees................................
19,039 18,383 N.i Number of Stockholders..............................
246,720 i 231,545.
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d fN BOARD OF DIRECTORS g
JAMES B. BLACK
- San Francisco Chairman of the Board RANSOM M. CooIe San Francisco JAMES F. CRArrS* San Francisco W. W. CRocKER* San Francisco PAUL L DAVIES San Jose RosERT H. GERDES San Francisco
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RUSSELL GIFFEx Fresno
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i WALTER A.HAAS* San Francisco -
Eworr McAt. LISTER San Francisco HENRY D. NicHoLS* San Francisco DAVID PACKARD Palo Alto PORTER SESNoN San Francisco S. L SrnLEY" San Francisco N. R. SUTH ERLAND* San Francisco CARL F. WENTE San Francisco
- Member Executive Committee
- Elected February 20.1963 to succeed Suas H. Palmer, deceased EXECUTIVE OFFICERS N. R. SUTHERLAND President i
RosERT H.GERDES - Executive Vice. President
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B. L. SIBLEY Vice. President and General Manager i
L HAROLD ANDERSON Vice President and Assistant General Manager J. S. MoULToN Vice. President and Executive Engineer A.J. SWANKt Vice. President-Electric Operations E. H. FISHER Vice. President-Gas Operations H. W. HABERKoRN Vice. President - General Construction JOHN F. BoNNER Vice-President-Engineering 1
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R. W. Joyce Vice. President - Conunercial Operations i
K. C. CHRISTENsEN Vice. President-Finance RosERT R. Gros Vice-President L W. CoUGHLAN Cornptroller RICHARD H. PrrERSON General Counsel F. T. SEARLS General Attorney E. E. M ANH ARD Secretary i
DoNAID L. BELL Treasurer e ee d.C. NELSoNt Assistant Treasurer and Assistant Secretary V. D. VINCENT Assistant Treasurer J. F. TAYLOR Assistant Secretary
- A. H. CATHERALL Assistant Secretary
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2 id iRetired December 31.1962
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N. R. SUTHERLAND. President Jutes B. BLACK. Chairman of the Board
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n REPORT OF THE DIRECTORS OF PACIFIC GAS AND ELECTRIO COMPANY To OUR STOCKHOLDERS: san trancino. caiuornia. resruary 2s. zoes The continued increase in population and industry in Northern and Central California was reflected in another year of progress for the Company in 1962.
The year's results provide further confirmation of the strong under-lying growth trend that has characterized the Company's operations throughout the postwar period. We have every mason to believe that tlus trend will continue, and we are formulating our plans accordingly.
Net earnings for the common stock amounted to $1.64 a share based on the 56,477,326 shares outstanding during the year. This compares with earnings of $1.49 a share based on the same number of shares outstanding at the end of the previous year.
Construction expenditures totaled $210 million for the year, falling somewhat below the budgeted amount principally because of a strike in the construction industry of about six weeks' duration. Construction expenditures for 1963 are presently estimated at about $238 million.
' Late in the year our principal gas supplier, El Paso Natural Gas Company, filed lower rate tariffs for natural gas delivered to us, pur-suant to order of the Federal Power Commission. As a result, rate C.
reductions aggregating $4.1 million annually were placed in effect for our gas customers, effective January 31,1963. The El Paso rate change also had the effect of reducing fuel costs in our electric generating plants.
Principally because of these lower fuel costs, electric rate reductions totaling $2.4 million annually were also placed in effect.
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Development of nuclear energy as an economic source of power con-I tinues to engage our efforts. Fuel loading of uranium oxide is proceeding l ^
for the 60,000 kilowatt nuclear unit at our Humboldt Bay Power Plant near Eureka, and the reactor is expected to be operating under test shortly. Authority to proceed with the construction of a 330,000 kilo-
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watt nuclear unit at Bodega Bay Atomic Park has been granted by the California Public Utilities Commission, and start of construction awaits the receipt of a construction permit from the Atomic Energy Commission.
In last year's annual report reference was made to plans for con-structing extra high voltage (EHV) transmission lines between the Pacific Northwest and California. On January 11,1963, the Company and three other electric utilities, comprising the California Power Pool, made an offer to construct EHV (500,000 volt) transmission lines be-tween the Oregon California border and Los Angeles. The estimated cost of the initial EHV line is $100,000,000.
The offer was made in response to a request of the Bonneville Power Administrator for "the most feasible and economical plan" to build and operate Northwest-California interties. The Administrator is consider-ing proposals made by public and private agencies. By constructing and operating the new EHV lines as an integral part of the existing electric systems in California, the usefulness and reliability of the lines will be greatly increased and the capital costs substantially reduced. Also, con.
struction of the lines by the California utilities will make unnecessary the expenditure of large sums of taxpayers' money for a Federal EHV transmission system in California, and will increase substantially fed.
eral, state and local revenues. Most importantly, it will eliminate a lh, major federal expense at a time when it is urgent that non-essential government spending be reduced, t
An important part of our activity is planning the additions to our g
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S. L. StaLEY, Vice President and General Manager j
Ronzwr H. Genots, Executive Vice. President l
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our customers. Recently the Company announced, in addition to its current program,its plans for an electric construction program through 1980, which will more than treble the size of our existing electric system.
I While the program is naturally flexible, it includes nine thermal type Q
generating units of at least 660,000 kilowatts each, seven others of at -
least 1,000,000 kilowatts each, and more than 1,200 miles of EHV trans.
mission lines of at least 500,000 volts. Construction of a part of the new EHV transmission system has already commenced. The first 660,000 kilowatt generating unit is scheduled for operation in 1966. If our nuclear unit at Bodega Bay proves to be as economically successful as we are confident it will be, many of the large generating units in this program will be nuclear.
With such a program, it is apparent that the task ahead is a formi-I dable one and presents a real challenge to our organization.
l A more detailed review of our operations for the year will be found on the pages following. Financial statements certified by our inde-pendent public accountants are set forth beginning on page 24 of this report.
In closing this letter we acknowledge with gratitude and pride the outstanding performance of our employees during the past year.
For the Board of Directors l
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Chairman of the Board President The Management will solicit proxies for the annual meeting to be held at
.l the ofice of the Company,245 Market Street, San Francisco, California, on Tuesday, April 23,1963. In connection with such solicitation, it is expected that the proxy statement and form of proxy will be mailed to stockholders on or about March 20,1963.
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DONALD L. BELL, Treasurer K. C. Cmusimusr.n, Vice. President -Finance L. W. CoUCHLAN, Comptroller l
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THE 1962 FINANCIAL STORY REVENUES A significant milestone in the Company's history was passed in 1962 when j
for the first time our operating revenues ex-
[]
ceeded those of any other gas and electric utility in the United States.
Revenues from all sources reached $729,-
425,000, an increase of $33,717,000 over the i
previous year. The Electric Department con-i tributed 63.5% of the total revenues, the Gas Department 36.1%, the small remaining bal-ance being obtained from the sales of water and steam.
The table on page 23 shows a breakdown of revenues and unit sales by major classes of service.
The only major class of electric service which did not show a gain was agricultural power.
This is due to the fact that in 1962 there was an ample supply of gravity water for irrigation in certain areas, which reduced sales of elec-tricity far agricultural pumping. The previous year, on the other hand, was relatively dry, which stimulated sales for pumping.
Revenues from sales of gas are, of course, very eensitive to temperature conditions. In the early months of the year temperatures were gen-C.,)
erally below normal, whereas in the fall of the year they were above normal. The net result was about an average year for revenues in our
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Gas Department.
In addition to its operating revenues, the 7
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sented interest imd dividends received from its
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subsidiary companies associated in the Alberta. "]
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[.. M California gas pipeline project.
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i ispw'.' gh g hm EXPENSES Operating expenses, exclusive of
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"y taxes and depreciation, amounted to $350,132,-
g h,gc ;'f
~G7 000, compared with $335,448,000 in the pre- -
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vacus year.
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tomers and for use as fuel in our steam-electric l
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generating plants accounted for 56% of our
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.s f.x.3&y!.d~.l,<y.,;w jt4.g operating expenses. With our expandm.g vol-
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ume of business we naturally require greater l
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quantities of gas each year for these purposes.
F.T.SmARLs,Genemi Attorney.
Until recently we experienced an uninterrupted -
-l RfCHARD H. PrrzasoN, Geneml Counse' rise in the unit prices we paid for gas. Fortu-E. E. MANH ARD, Secretary nately, this upward trend now appears to have been arrested. As outlined elsewhere in this_
report, our principal supplier, El Paso Natural Gas Company, has Gled lower rate tariffs for gas. delivered by it to the Company at the Arizona California border. Moreover, looking
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farther ahead,' we can confidently expect lower delivered costs for gas from Canada when we.
begin to realize the economies that can be
./ l obtained by transmission of larger volumes.
In last year's annual report reference was.
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made by converting many of our facilities from 9
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I manual to automatic operation,. simplifying and dered that the reduction in tax expense be off-mechanizing ou procedures, and expanding the set by a charge to Other Income Deductions.
use of electronic computers.'r'hese programs are Under this interim accounting treatment, the Q continuing to produce good results.
investment tax credit does not result in any
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change in reported net income.
TAXES Taxes of all kinds paid or accrued Property taxes continued their upward trend l
for future payment amounted to $169,178,000 due in part to additional pr'operty added to j
in 1962, equivalent to more thar 23% of our local tax rolls as a result of our construction revenues from F sources.
program, but principally because of higher ad A table showing taxes by classes and a com-valorem tax rates. In several counties, partic-parison with the previous year appears on page ularly where we have large hydro installations, 12 of this report.
our property taxes now exceed 25% of the total The provision for Federal taxes on income for taxes paid in such counties. Of the almost $76 the year 1962 does not reflect the use of the new million paid by the Company for property taxes guideline lives for depreciation (see " Guidelines in 1962, about one-half was used to support the Depreciation" under Note 4 to the Financial public schoole in its service area.
l Statements). Since January 1,1963, the Com-With all the talk of tax reform, it is regret-pany has been accruing Federal income taxes on table that our legislators have not yet turned the basie of the new depreciation guidelines, their attention to one of the most glaring which will result in a substantial reduction in inequities in our tax structure, which is the its liability for Federal income taxes. The pro-almost complete tax exemption accorded gov-vision for book depreciation concurrently is be-ernment-owned utilities. When government en-ing accrued at a higher rate than formerly so gages in a commercial enterprise, such as the that the adoption of the guideline lives will not operation of an electric utility system, it is in have any major effect on our net earnings.
direct competition with its own citizens. Such l
The 3% investment tax credit made available enterprises should assume their fair share of Ounder the Revenue Act of 1962 resulted in a re-the tax burden rather than be permitted to duction in Federalincome taxes of about $2.5 operate in a tax sheltered position. It is hoped million. Pending determination of permanent that this situation will soon receive the atten-accounting disposition of the investment tax tion it deserves and that corrective measures j
credit, the Federal Power Commission has or-will be taken.
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I EARNINGS AND DIVIDENDS Net in-Internal Revenue Service. If such review should come for the year amounted to $110,692,000, eventually result in a substantial change from G !
an increase of $8,451,000 over 1961. After pay-the Company's estime.te, common stockholders ment of $18,336,000 in dividends to pn! erred will be so informed.
stockholders there remained $92,356,000 for the o.nmon stock, equivalent to $1.64 a share.
FINAIN CING All of the Company's new On March 14,1962, the Board of Directors money requirements in 1962 were obtained increased the quarterly dividend on the com-from the sale of bonds. In March we sold $65 mon stock to 25 cents a share applicable'to the million of our First and Refunding Mortgage first quarter of the year. The first dividend at Bonds, Series HH 4%%, due 1994, ar.d in No-the new rate was paid on April 16,1962, to vember a similar amount was sold, designated stockholders of record on March 23,1962. The as Series II 4%%, due 1995.
new dividend was equivalent to 75 cents on The proceeds from the sale of these bonds each share outstanding before the 3 for-1 split was more than sufficient, by design, to finance which became effective on December 29,1961.
our construction program for the year, the The quarterly dividend prior to the split was result being that we closed the year with $25 70 cents per share. Total dividends declared on million of temporary cash investments over and l
the common stock for the year amounted to above our normal cash bt. lance. These tem-
$56,477,000, representing a dividend payout porary cash investments will be liquidated as ratio of about 61%. The balance of the earn-required to apply on our 1963 construction ings was reinvested in the business, thereby program.
I strengthening the common stockholders' equity.
Additional financing will, of course, have to On January 22,1963, a letter was sent to all be undertaken in 1963, although the timing and common stockholders a dvising them that 30.9%
nature thereof have not yet been determined. ]
of all common dividend payments in 1962 were At the. year-end the Company's total capital-excludable from their taxable income in com-ization, or invested capital, amounted to $2,528 puting their Federal income tax. This is an million, consisting of 51.5% bonds,13.9% pre-10 estimated percentage subject to review by the ferred stock, and 34.6% common stock equity, j
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a 42Grddi32Ch-FIVE YEARS IN BRIEF p nemc ou ANo ct.Eernic couriNr 1962 1961 1960 1959 1958 Socners or INCOME:
Electric revenues.
$463.405,000 844G,154.000 $416.569,000 $334,450,000 $351.284,000 l
Gas revenues..
263,608,000 246,432,000 228,276,000 196.356.000 181,076,000 Other crerating twenues.
2,412,000 3.122.000 3,043.000 2.618,000 2.418,000 hliscellaneous income.
2.247.000 1.894,000 __
902.000 1.455.000 86A 000 i
Total 3731.672,000 5697.402.000 $648,790,000 $584.879,000
_505.644,000 i
j DrsrostrroN OFINCOME,
,i Wages and salaries.
$ 88,489,000 $ 83,244,000 $ 79,223,000 $ 74.893.000 $ 68.317,000
{
Power purchased....
5,033,000 4,048,000 4.177,000 5,414.000 9.370,000 1
Netural gas purchased.
196,145,000 185,776,000 164.919,000 135,933.000 114,590,000 j
Oil and other fuel...............
11.718,000 18.464.000 17,793,000 16,781,000 15,683,000 Other operating expenses..
42,747,000 38,216,000 33,259,000 34,314,000 33,338.000 Insurance. injuries and riemages, etc...
6.000,000 5,700,000 4,800,000 3,900,000 4,095.000 Depreciation and amortization....................... ' 71,682,000 66,862,000 59,012,000 55,863,000 51,309,000 Taxes-current........
152.225.000 148,587.000 148,453,000 125.096,000 118,501,000 Tax es -deferred.................................,
4,801.000 6,509,000 9,010,000 12,923.000 9,803,000 Bond interest and other income deductions...
42,140,000 37,755,000 35,579,000 35,025.000 25,328,000
)
Dividends declared on preferred stock...............
18.336,000 18,336,000 18,336,000 18,336,000 18,336,000 Dividends declared on common stock........
56,477,000 51,457,000 46,616,000 46,616,000 42,902,000 i
Balance retained in the business.............
35,879:000 32,448,000 27,613,000 19,785.000 24.072,000 5
Total
......................... $731.672,000 $697.402,000 $648,790,000 $584,879,000 $535,644.000 NUMeta or SHAnra or COMMON stock OUTSTANDING:
A ve ra g e fo r the yea r..............................
56.477,326 55,229,907 53,787,915 53,787,915 52,507,245 1
9 End of year..
56.477,326 56,477,325 53,787,915 53,787,915 53.787.915 i
k,.) EARNINGS PER SHARE OF COMMON STOCK:
^
i On average shares outstanding...................... '
$1.64 81.52 31.38
$1.23 31.28 l
On end-of. year shares outstanding....................
. 1.64 1.49 1.38 1.23 1.25 DtvIDENos rrn SHARE OF COMMON S'!VCE:
Declared basis.....................................
$1.00
$.93 3.87
$.87 8.82 Paid basis.........................................
.98
.92
' 87
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" TAXES AND FRANCHISE PAYMENTS
- ).
1962 1961 increase
~
PACIFIC GAS AND ELECTRIC COMPANY I
LOCAL TAXES AND FRANCHISE PAYMENTS:
Ad valorem property taxes....................,......... " S 75.610,000
$ 70.393.000
$ 5.217.000 Franchise payments.........,.......................
4.443.000 4.157.000 286,000 Total...............
80,053,000 74.550,000 5,503.000 1
STATE TAXES:
I Corpora tion franchise.............................
8,456.000. t 7,935.000
521.000 t
Deferred taxes on income............................
663,000 i 932.000
- 269.000 Unemployment insurance.............
2,096,000 742,000-1.354.000 Other.
537,000 t 481.000 56.000 Total........................................ l 11,752,000 l 10.090.000 1.662.000 i
CrrY AND STATE TAKES:
Sales and use........................................
3,796,000 4,262,000
- 466,000 i
)
FEDERAL TAIES:
Co rpora tion income................................... '
65,770.000_ j 68.400.000
- 2.630.000 Deferred taxes on income............................. j 4,138,000 5,577,000
- 1.439,000 Unemployment insurance............................. '
462,000 243,000 219,000 Insurance contributions................................
2,904,000 2.712.000 192,000 Other......................-...........................
269.000 152,000 117.000 Total.........................................
73,543,000-77,084,000 '
- 3.541.000 CAN ADIAN TAIES..............
34,000 29.000
' 5,000
{
TOTAL TAIES AND FRANCHISE PAYMENTS............
8169.178.000
$166,015.000 8 3,163,000.,
.t CHARGED T0:
\\ ~
)
Income as taxes.......................................
$157,026,000.
$155,096.000
$ ' 1,930,000
.j Income as franchise payments...........................
4,443,000 4,157,000 286.000
.j Capital and other accounts.............................
7.709.000 6,762.000 947.000
,12 '
TCTAL TAIES AND FRANCHISE PAYxENTs............
$169.178.000 3166,015.000 ' S 3.163,000
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. 62.1,973.500 kW
. 12 4.375 500 KW
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. 75 6.366.5C3 KW
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EBEEEllEMBER E. H. Fisurn. Vice-President ~ Gas Operations A. J. SWANu,Vice President-Electric Operations i
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l OPERATIONS AND ADMINISTRATION ELECTRIC OPERATIONS Electric system output reached a new record of 32.3 billion kilo-watt-hours in 1962, which was about twice our l
p~
output only ten years ago. Of the total output, 18.7 billion kilowatt hours (58%) was pro-duced in our steam-electric generating plants, 10.9 billion kilowatt-hours (34%) in our hydro plants, and the balance, amounting to 2.7 bil-lion kilowatt-hours (8%), was generated by l,
other producers.
In contrast with the three preceding years, when sub-normal precipitation limited the out-put from our hydro plants,1962 was a favorable year for hydro generation. As a result, a much larger proportion of our system output was pro-duced from our hydro plants than was the case in the three previous years.
The peak demand on our electric system, which occurred on August 16, amounted to 7 ;.,
5,538,500 kilowatts. Because of the reduction in our agricultural pumping load, previously i
referred to, the peak demand on our electric facilities in 1962 was somewhat less than the normal expectation.
During the year we connected 64,882 new I
electric customers to our lines and at the close of the year we were serving L103,569 electric i.
j cust3mers. A breakdown of sales to customers by major classes of service is shown in the table on page 23.
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In December, Unit No. 3 at our Morro Bay For many years one of our basic objectives power plant was placed in commercial opera-has been to obtain an assured long-range source tion, adding 330,000 kilowatts to our electric of gas supply and adequate capacity to meet i
generating resources.
peak demands. A major step in reaching these The Cornpany's program to augment its elec-Foals was the long term contract entered into I
tric generating capacity, under construction or with El Paso Natural Gas Company in 1948, scheduled for completion before the end of 1967, which conunitted large quantities of mid-con.
is set forth below:
tinent gas reserves for supply to the Company, i
Estimated Presently, our contract demand from this
- '#"'" # D source is over one billion cubic feet' daily, 1963 Humboldt Bay No. 3 (nuclear)...
60,000 Late in 1961, our 1,400-mile Alberta Cali.
Morro Bay No. 4 (conventional form.a pipeh.ne project was completed, tappm.g steam) 330.000 Geysers No. 2 (geothermal)......
12400 the vast gas reserves of the Province of Alberta De Sabla (hydro) 18.500 in Canada. This source of gas now represents Stanislaus (hydro).
82,000 approximately 20% of our total supply, the 1964 Contra Costa No. 6 4
(conventionalsteam).
330,000 purchase contract calling for an average of 415 Contra Costa No. 7 million cubic feet a day. The line is designed, (conventional steam)......... 330,000 with the installation of additional compressor 1965 Potrero No. 3 (conventional 10.000 facilities, to transport over 900 million cubic McCloud. Pit (hydro).......... 155,000 feet a day into our service area.
Pit No. 6 (hydro)..............
74,000 The third source of gas for our custor, na is Pit No.7 (hydro)..
101,000 the production from California fields. After a 1966 Moss Landing No. 6 long pen. d of declining reserves, this trend has (conventional steam)........ 660.000 o
1967 Bodega Bay (nuclear)*....
330,000 been reversed in the past eeveral years by rea-2,693,000 son of some fairly significant discoveries in the
(
Total.
- Scheduled for test in 1966.
Our Mcdonald Island storage reservoir be.
GAS OPERATIONS Scles of gas to our cus-came operative in 1962. When gas injection is tomers reached 416 billion cubic feet in 1962, completed and additional wells drilled it will exceeding those cf the previous year by 7.3%.
provide us with a working storage of 47 billion
' 0 1 aaitie. de=* 254 bittie c dic ree* -ere c=ticreet.-its ve *-a vaetiver ditiiver4oo used as fuel in our steam electric generating million cubic feet.
In summary, we now have a gas system withl plants. At the year-end we were providing gas service to 1,803,989 customers, an increase of excellent operating flexibility, backed by ex-58,959 for the year, tensive reserves in California, in the mid con-17 Q
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tinent of the United States, and in western boiler capacity. Gas air conditioning is ideally
- Canada, suited to balance the loading on our system a
since it adds demand when the gas heating load j
BUSINESS DEVELOPMENT A well de-is low, and eliminates demand on our electric signed and aggressive sales program is an im-system when the summer peak traditionally portant factor in maintaining a high level of occurs.
new business connections and increasing cus-I tomer usage.
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tric household appliances in our service area NIlf.@bh~U i
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ifhl 6.5% over 1961. After making allowance for
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$18,000,000.
For the past three years the Company has L mt--
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co-sponsored a Light for Living Model Home Mv program to stimulate better home lightmg.
- 1 More than 400,000 people have visited these model homes.
As one measure of the success of our pmmo-m tional efforts, the average annual use of elec-
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g, tricity by our residential customers reached L. HAROLD ANDERs0N,Vice-President and 3,828 kilowatt-hours in 1962, an increase of 164 Assistant GeneralManager kilowatt hours over the previous year.
R. W. Joxcz. Vice. President-Commercs,al Operations Roncur R. caos,Vice President On the gas side of our business, one of the most promising developments has been the per-Our market studies indicate that there is also 1
fection of gas absorption air conditioning, equip-a great potential for gas-fired air conditioning
. Oment fer cemmerciei aveticatiens. we are new in hemes. tast vee we instientea a saies vre-supplying gas for cooling to a number of large motion and advertising campaign to increase commercial buildings. These installations have residential customer knowledge and acceptance
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the advantage of quiet, vibration-free opera-of gas for cooling, a program which we will tion, low maintenance and year around use of accelerate this year.
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4 J. S. MovLion, Vice-President and Executive Engineer H.W. HAsstuconn,Vice. President-
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General Construction
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Joun F.Bosnza.Vice President-Engineering l
has not been stayed and the reduction was made
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effective as of December 1,1962. As a conse.
Is CUSTOMERS tm im Electric Department 2,103.569 2,038,687 64,882 quence the Company reduced rates to its gas Gas Department.. 1,803,989 1,745,030 58,959 customers effective for meter readings on and Water Department.
12,745 25,633 '12,888(a) after January 31,1963 by approximately $4.1
,j Steam Department.
565 Goo
- 35 million annually. Simultaneously the Company Total...... 3,920.868 3,809.950 110.918 reduced the interdepartmental charges foi gas
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consumod by its Electric Department by $2.4 milhou annually. A rate reduction in the same ]~
j w w.4,,,,,u,,.uus.sor,=,o,ny,,ow.a r,6. ss. nas-amount was thereupon made to residential and There has been no cessation m our efforts general service electric customers, effective Feb-to attract new m. dustn.es into our service area.
ruary 26,1963.
This is done through our area development de-The Federal Power Comnu.ssion's order at partment, m. co-operation with other private t,ne conclusion of the hearings above mentioned and public agencies. The progress of industrial also directed El Paso to refund to the Company J
development in our service area has been very a portion of the m.erease m effect from April encouragmg, resultm.g m a more diversified and 4
1955 to December 1,1962, but permitted El stable economy.
Paso to defer that portion of the refund relating l
RATE MATTERS In April 1955 and on to the period subsequent to January 1,1958 j
three occasions thereafter in 1958,1959 and until other issues which are still pending have 1960 El Paso Natural Gas Company increased been finally determined by the Federal Power the price of gas sold to the Company. After Commission. El Paso has attacked the refund hearings in each instance, the California Public order in the court proceedings above mentioned, Utilities Commission authorized the Company but the order ha' not been stayed. El Paso has s
l to place four gas rate increases in effect to offset filed with the Federal Power Commission a cal-in part the higher cost of gas.
culation showing a refund to the Company of i
Following extensive hearings in 1961 and approximately $14,400,000 for the period April
]
1962 ths Federal Power Commission ordered El 1955 to the end of 1957 inclusive of interest. As Paso to reduce its current rates by an amount of February 28,1963 the Federal Power Com-which the Company estimates will reduce its mission had not yet passed upon the El Paso total cost of gas purchased from El Paso in calculations. When the amount of this r 1963 by approximately $6 million. Although the has been fixed and payment has been made, the orderis the subject of review proceedings in the Company will make refunds to its customers in United. States Court of Appeals which are not an amount and manner to be determined by l'
20 expected to be completed for some months, it the California Public Utilities Commission.
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l EMPLOYEES One of the most valuable tensive experience in this field whose work has assets a cornpany can have is the quality, com-been endorsed by labor and business for its petence and experience of its employees. We objectivity, non partisan character and prac-are particularly fortunate in this respect as our tical approach to political action. Known as the work-force, numbering 19,039 at the year-end, Applied Citizenship Training Program,it will be possesses these qualities to a high degree, open to employees on a purely voluntary basis.
Good recruiting practices, training and man-STOCK OWNERSHIP Stockholders will re-agement development programs, and organiza-call that the Board of Directors recommended
]tional realignments to make the most effective late in 1961 that the common stock be split on
" use of our manpower and to improve service t a 3-for-1 ba* sis in the expectation that the re-our customers, contmued to receive our closest duction in market price would result in a broad-attention during the year, ened public interest in the stock and an i ncrease Wages cnd salaries amounted to $141,514,-
in the number of stockholders. That these ex.
000, of which $88,489,000 was paid to operating pectations are being realized is evidenced by employees and charged against income.The bal-the fact that by the end of 1962 we had 165,350 ance was paid to employees engaged in construc-common stockholders of record, an increase of l
tion activities and charged to capital accounts.
16,988 over the previous year.There was a slight 1
Increases in wages and other benefits ag-loss in the number of preferred stockholders, l
gregating approximately $6,575,000 annually leaving 81,370 at the year-end. Combined, the l
became effective July 1 and August 1,1962 W
d hw&iW b m e following negotiations with the International ership at the close of 1962 was 246,720, repre-l Brotherhood of Electrical Workers (IBEW) 1 senting a net gain of 15,175 for the year.
and the Ergineers and Scientists of California The Company continues to enjoy the distine-(ESC). Wage adjustments were also made for tion of being the most wid 4y aned electric and employees not represented by a union, gas utility in the nation, had ranks eighth in Late in the year the Company took the first number of stockholders among all corporations l
steps to establish a full scale non partisan polit-in the country.
ical action training course. The program is de-Through the Employees' Savings Fund Plan, 3
signed to train and encourage employees to take which was established in April 1959, over
]
a more active part as citizens. In January 1963 800,000 shares of common stock have been pur-j (jtwo Sve-day training sessions were conducted chased by the Trustee for the account of nearly 1
for 50 discussion leaders to prepare them for. 12,000 employees. Under the Plan members conducting courses in their respective depart-may withdraw their own and Company contri-ments and divisions. The orientation and train-butions and the dividends earned thereon when ing sessions were conducted by a firm with ex-they vest at the end of the third year. The first 21 G
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,f opportunity to make such withdrawals occurred ruary 8,1963 of Mr. Silas H. Palmer, a mem-at the end of 1962, but over 94% of those eligible ber of the Company's Board of Directors for to withdraw elected to leave their holdings with more than twenty-six years, and of its Exec-the Trustee.
utive Committee for twenty-four years. A dis-A breakdown of our stock ownership by class tinguished engineer and civic leader, Mr. Palmer ofinvestor appears in the table below.The table gave unstintedly of his time and talent to the shows that, while the majority of our outstand-growth and development of the Company.
ing stock is held by individuals and joint tenan-Toward the close of 1962, for reasons of health, Mr. Palmer resigned from the Executive -
.j cies, most of the balance is held by institutional Committee and was replaced by Mr. Ja investors such as insurance companies, invest.
ment companies and pension funds. Through Crafts.
I these holdings, literally millions of people have On February 20,1963, Mr. S. L. Sibley, Vice-an indirect ownership interest in the Company.
President and General Manager of the Com-pany, was elected to the Board of ISirectors to DISTRIBUTION.0F STOCK OWNERSHIP fill the vacancy left by the death of Mr. Palmer.
l BY Mss F mvESMR. DECNa M. Im Mr. Sibley began his career with the Company Number of Number of Stockholders Shares Oumed in 1936, and has held his present position smce j
Women stockholders 96.280 17,998,829 1958.
Joint and other tenancies...
69,334 11,042,055 Effective October 1,1962, Mr. K. C. Christen.
Men stockholders...
53,896 10.939,963 sen was appointed to the newly-created position Trustees, guardians and other of Vice-President-Finance. Mr. Christensen 8duciaries................ 18.156 3.599.690 was Vice President and Treasurer of the Com-Nominees 2,687 13,686,167 pany at the tu.ne of his appointment, a position Corporations, partnerships nnd proprietorships............ 2.k53 2,340,463 he had held since August 1958, and had served
.g,i Chanteade and fraternal as Treasurer since January 1952.
organizations and foundatir no 1.360 521.259 Mr. Donald L. Bell, an Assistant Treasurer i
since 1956, was. appointed Treasurer of the and e
1,089 4.249,295 3
Insurance companita........
666 5,464,294 ~ Company effective October 1,1962.
l Religious institutions.......
554 165,432 Mr. A. J. Swank, Vice-President-Electric 1
Educational institutions......
414 461,435 Operations, retired on December 31,1962, af ter 43 years of loyal and valuable service to the ]
l Labor organizations..........
31 18.434 Total............... 246.720 70.487.316 Company. Mr. Howard P. Braun, Assistant to
}
the Vice-President-Electric Operations, was j
DIRECTORS AND OFFICERS It is with appointed to succeed Mr. Swank, effective Jan-
)
j 22 deep regret that we record the death on Feb-uary 1,1963.
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- gEJ!M,iMgMW?Mmind REVENUES AND SALES ELECTRIC AND GAS DEPARTMENTS BY CLASSES OF SERVICE Increase ELECTRIC DEPARTMENT 1962 1961
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REVENUES j
Reside ntial.......................... $ 163,022,753
$ 153,581,465 8 9,441.288 6.1%
.I Small Light and Power...............
78.971,111 75.614.479 3,356,632 4.4 l
Large Light an.1 Power....................
142.182,460 i 132.510,526 9,671,934 7.3 l
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Agricultural Power.....................
48,701,645 52.752.447
'4,050,802
'7.7
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Public Street and Highway Lighting....
7,498.081 7,048.848 449,233 6.4 i
Other Electric Utilities...
15,603,140 17,675,026
- 2,071,886 *11.7 Miscellaneous 7,425.667 6.971.091 454.576-6.5 TOTAL 8 463,404,857
$ 446.153.882 5 17.250.975 3.9%
l SALES-Kilowatt Hours Residential 6,551,342,342 6,061.015,931 490,326.411 8.1%
Small Light and Power.
2,453.158,301 2.344,502,510 108,655,791 4.6 Large Light and Power........
11,323.869,541 10,582,805,027 741,064.514 7.0 l
Agricultural Power.........
3,517,055,309 4,016,131,802
- 499,076,493 *12.4 l
Public Street and Highway Lighting..
216,039,548 200,810,872 15,229.676 7.6 Other Electric Utilities.................., 2.269.745.343 '
2.562.591.708
- 292.846,365 *11.4 Total Sales to Customers......
26,331,210,384 25,767,857,850 563,352.534 2.2 Delivired for the Account of Others...
1.271.649.310 615.587.572 656.061,738 106.6 i
l TOTAL.
27,602.859,694 26.383,445.422 1.219.414.272 4.6%
i GAS DEPARTMENT l
REvENvEs Residential..
..................... $ 14 5,629,045
$ 135,407,029
$ 10,222,016 7.5%
Commercial............
35,882,888 23,504.964 2,377,924 7.1 1
Industrial......
78.805,223 74,454,750 4.360,473 5.8 Other Gas Utilities.......
2,759,180 '
2.584,862 174,318 6.7 Miscellaneous...........
531.032 480.521 51.411 10.7 TOTAL.
8 263.608,268 S 246.432.12C 5 17.176.142 7.0%
SALT,S-Thousands of Cubic Feet Residential..............................
177,250,142 4 164.994,923 12,255.219 7.4%
Commercial...........................
53.067,795 '
49,349,103 3,718,692 7.5
?
Ind ust ri al.................................
179.989,007,
168,137,418 11,851,569 7.0 Other Gas Utilities..
5.283.534 5.009.327 274.207 5.5 Total Sales to Customers...........
415,590,478 _
387,490,771 28,099,707 7.3 Company Use (Steam electric plants, etc.)....l, 154,655.807 l 169.831.307
- 15.175.500
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TOTAL......,,...................:
670.246.285 l 557.322.078 12.924.207 2.3%
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-STATEMENT OF EARNED SURPLUS
~p,g,,;*p,.,. 6 "gJ 7,
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t-PACIFIC OAS AND ELECTRIC COMPANY
FoR THE YEARS ENDED DECEMBER 31,1962 AND' 1961 (1hh2 1hh1 q.
3-
- B ALANCE. JAN UARY l...............'... T.................... ' I $146,772,698 [ $207,005,817
... ~ N ET IN CO E.............I. '..... [. '......................... I ~110,691,661 102,241,100
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WJ Yl@.M N <
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3,-
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r.
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'.'4.:. otal a. ',. ;i.:......'....w. Tec c';.... l. 'c.......... L. 258,719,261 310,067.505
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three for-one stock split...................... ' ',7.. ~..... 1 93.502.048
' Dividends declared-cash:
<{
1
' First preferred-wilous ' series............................ '
.18,335,635 18,335.647 j
Comrnon........... / T. '. ;.. h......................... i
' 56.477,326 !
'51,457,112 l
To tal....,..................... 1 y
74,812,961 - l; 69,792,759 1
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- 7. Total '..... J.. 3'J. :..;. L 1................ I 74,812,961 1 163,294,807 3
a:..: 71 -:.
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p merge BALANCE, DECEMER 31. r. ;....pc p 3. ni. c. l.m....,..s....... ;.4..... + - $183.906,300 w $146,772,6 s-x.
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g NglgyG@WM,We have exaniined the financial statements and schedules of Pacific Gas and Electric Company for the year.
' +
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J c:w.L:.4 d pf,. ended December 31.1962. Our examination. was'made In accordance with generally accepted auditing standards s
f yg%'t[f$$$@5 Wand accordingly included such tests of the accountw, records and such other auditin J 40C @.M}J' side ~ red necessary In'the ' circumstances.TUgR RMB MMM R/ WWW.f A,.
% % - X'@QY,In ' ur opinion the" accompanying balance sheet and schedule c
WW o
Nstatements'of income and earned surplus, with'their notes, present fairly the financial position of the Company '
' - ' y;M '.M N and the resulta of its operations for the year then ended, in confermity with generally
' M'Qg;,3*Gc;M g. l.?W at' December 31,1962yd sacepted accounti r*
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STATEMENT OF INCOME PACIFIC GAS AND ELECTRIC COMPANY FoR T!!E YEARS ENDED DECEMDER 81.1962 AND 1961 1962 1961 i
OPERATINc REVENUES:
E l e ct ric.............................................
$463,404,857
$446,153,882 Gas....................,.............................
263,608,268 246,432,126 Other...................................................
2,411,978 3,121,809 Total............................................
729,425,103 695.707,817 A
<,,OPEnATINa ExPENSG
~
Po wer purchased........................................
5,033,060' 4,048,044 Natural gas purchased 196,145,359 185,776,011 Oil and othe r fuel........................................
11,718,098 18,464,154 Other production.....................
11,772,484 10,440,493 Transmission...........................................
6,801,905 5,033,988 Distribution 28,574,197 26,249,521 Maintenance.
30,836,641 27,728.685 Customer accounts................
22.031,823 21,532,735 Sales p romo tion..........................................
6,488,320 6,175,508 Administrative and general.................................
28,631,012 27,899,063 Uncollectible accounts..................................
2,100,000 2,100,000 Depreciation and amortization (Note 2).
71,682,530 66,861,815 Taxes (Note 4):
Federal income..........................................
69,720,087 73,914,2S9 Other.
l 87,305,501 81;181,787 l
Total.............................
578,841,017 557,406,093 O PERATIN G INCOME.............................
150,584,086 138,301,724 OTHER INCOME...
2,247,065 1,694,007 Total...............
152,831,151
'39,995,731 INCOME DEDUCTIONS; In te res t on bonds.....................................
44,233.919 40,246,012 Other-net..
3,961,525 2,514,308 g
Interest charged to construction............................. ;
6,055,954*
5,005,689*
Total...........................................'
42,139,490 37,754,631 NET INCOME...
$110,691,661
$102,241,100
' Denotes red figure.
q The accompanying notes to financial statements are an integral part of this Matement.
25 1
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v BALANCE SHEET PACIFIC CAS AND ELECTRIC COMPANY J.
DECEMBER 81,1962 AND 1961 ASSETS
- 1962 1961 UrrLrry PLANT-At original cost.............................
$3,297,556,372
$3,125,557,420 Less accumulated depreciation and amortization (Note 2)......
714,470,807 667.766,026 Utility plant - ne t....................................
2,583,085,565 2.457,791,394 INVESTMF.N*Is AND NONCURRENT RES:rVABLES:
Investments in subsidiaries-at cost (Notes 1 and 3)...........
26,308,594 26,530,068 Nonutility property-at cost..............................
4,346,339 4,622,400 Other.................................................
2.438.526 2,822.158 Total investments and noncurrent receivables...........
33,093.459 33,974,62S CURRENT AssEIs:
Cash...................................................'
27.431,752 27,570,537 Temporary cash investments...............................
24,875,677 Accounts receivable (less allowance for uncollectible accounts:
1962, $1,685,937; 1961, $1,425,787).......................
55,911,342 60,317,233 Materials and supplies-at average cost.......
22,595,362 17,281,951 Gas stored underground-at average cost.....................
- 5,353,573 231,619 l
Prepayments...........................................,
46.555.796 37,514,883 l
Total current assets.................................. :
_ _ _ 182,723,702 142,922.223 DErEnnEn DEstrs:
Unamortized bond discount and expense (Note 3)............ j 9,471,677 8,961,306 l
Giher.................................................'
761,735 817,250 (
l Total deferred debits.................................
10,233.412.
9,778,556 TOTAL..........................................i
$2,809,136,138
$2,644,466,799 26 The accompanying notes to financial statements are an integral part of this v.tatement. -
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I BALANCE SHEET q
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( ) PACIFIC OAS AND ELECTRIC COMPANY 4
DECEMBER 31,1962 AND 1961 i
.l 1
i LIABILITIES 1962 1961 l
l CArrrALIZATION:
Capital stock (Schedulc i)........
$1,042,073,303
$1,042,270,589 Earned surplus 183,906,300 146,772,698 i
l Total capital stock and surplus.........................
1,225,979,603 1,189,043,287 l
Mortgage bonds (Schedule 2).
1,301,750,000 1,185,595,290 Total ca vitalization...............................
2,527,729,603 2,374,638,577 CURRENT LIABILrrIES:
9,000,000 Bank loans.............................................
Accounts pa yable............................. -........... '
46,066,553 38,106,024 Cacomer deposits........................................ !
4,274,703 '
3,575,976 Taxes accrued (Note 4 )................................... '
84,809,207 83,655,956 Interes t a ccrued......,...................................
3,948,479 3,526,664 Dividends payable......................................
14,119,858 13,178,503 Current sinking-fund requirements (Note 3).................
6,835,000 7,061,710 l -'
Total current liabilities.......................... '
160,053,800 '
158,104,833 1
DErEnnEn CnEnrIs........................................ '
7,724,687 7,438,572 CuftrOMER ADVANCIS FOR CONSTRUCTION......................,
6,382,988 6,133,712, RESERVES roR INSURANCE, CASUALTIES, AND OIIIER.............
7,155,709 5,732,869 l
i f^ CONTRIBLTr!ONS IN Aln Or CONSTRUCTION.................
28,732,923 25,862,341 d
i ACCUMULATED DrrEnaEn TAXES ON INCOME (Note 4)........... '
71,356,428 66,555,895 TOTA!............................
$2,809,136,138
$2,644,466,799 1
The accompanying notes to financial statements are an integral part of this statement.
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1.517.375 31.517,375 37,934.375 i
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D ECEM B F.R ".1. IM2 l
Amount 1
LInterest' Outstanding
~ Amount Held Title o/ Issue Rate %,, ' Maturity '
!. -Held by Public..in Treasury
' FmsT AND RErCNotNo MORTGACE (See Note)i
Es Series !
3%
,Junel.1966 927.000 Series J
... 3 Dec.1.1970 1
18.454.000
. Series K
.v e 3 June 1,1971 23.789.000
, - Se ries L J,.... r.........
..... y.., 3.
June 1.1974 109.101.000.l c7
' ll. ? M,..%.."+ Se ri.es M.<.. i:
A...a"......at c..., ~,...,'. 3.,.. '. Dec.1.1979 77.376.000
- 7...
3
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..;9...e... 3,Q, Dec.1.1977., Dec.,1,1975.'.. : r - 5.850.0004,
't 47,962.000.,
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t NOTES TO FINANCIAL STATEMENTS NOTE 1-SUBSIDIARY COMPANIES:
]
PACIFIC CAs AND ELECTRIC COMPANY The financial statements presented herein relate
[
DECEMBER 31,1962 AND 1961 to the Company only, because the RSeets and rev-3 l
enues of the subsidiaries are not significant in rela-l l
tion to those of the Company.
)
l NOTE 2-AccuuutArcD DEPRECIATION l
AND AMORTIZATION:
The policy of the Company with respect to pro-visions for depreciation and amortization for the years 1961 and 1962 has been to make such pro-visions on the straight-line remaining life basis. In l
determining the depreciation rates properly ap-l plicable to the various plant accounts, the Com-pany has been guided by its experience and antic-Q*
ipated retirements.' Extensive studies late in 1962 l
and consultations with the staff of the California Public Utilities Commission led to the formulation of appropriate changes in Electric Department rates which, based on 1962 plant accounts, would increase depreciation expense by approximately l
$6,700,000. The Commission reviewed the Com-j pany's proposals in January 1963 and made no I
objection to the suggested rates. Accordingly, the
{
Company is adopting the revised depreciation l
rates effective January 1,1963.
1 NOTE 3-MoRTcAcE BONDS:
Sinking-fund payments due under the terms of the first and refunding mortgage during the year ending December 31,1963 are"shown among the i
current liabilities net of treasury bonds held by the l
Company at December 31,1962.
l, In general, bond discount and expense, redemp-tion premiums on refunded issues, and sale pre-miums are being written off over the lives of the various issues to which they pertain, or rdunding issues. Such items applicable to bonds reacquired other than through refunding operations are cleared to earned surplus at time of reacquisition.
/
All fixed properties and certain personal prop-erties of the Company are subject to the lien of the mortgage bonds. Substantially all of the securities representing the Company's investments in sub-j i'
sidiaries are on deposit and pledged with the Call-fornia Trustee of the first and refunding mortgage.
29 j
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NOTE 4-TAXM ON INCOME:
tization unless the California Public Utilities Com-ACCELERATED AMoRTIZAT!oN-The cost of plant mission directs otherwise.
f construction completed under Certificates of INVESTMENT TAX CREDrr-The Company's in-j Necessity is being depreciated at normal rates for vestment tax credit for the year 1962 amounted purposes of general accounting whereas for pur-to approximately $2,580,000. In accordance with poses of taxes on income such coat is being am-Order No. 261 of the Federal Power Commission I
ortized on an accelerated five-year basis. The prescribing interim accountiag for the investment Company is normalizing the tax effect of the tax credit, the Company has deferred the entire accelerated amortization,.and at December 31, amount of the credit with an' offsetting charge to 1962 the resultant accumulated deferred taxes on income deductions. As the result of this account-income amounted to $71,356,428.
Ing treatment the recording of the investment ]
cradit had no effect on the reported net income of LIBERALIZED DEPRECIATION-Since 1954 the
' he Company for 1962. The Company has been t
Company has elected liberalized depreciation for advised that the California Public Utilities Com-Federal income tax purposes, and beginning in mission will accept reports prepared in accordance 1960 for California franchise tax purposes, for all with the interim accounting order of the Federal property eligible therefor and not subject to accel-Power Commission. The Federal Power Commis-erated amortization. In April 1960 the California sion accounting treatment was prescribed on an Public Utilities Commission issued an order interim basis pending the disposition of the matter stating, in effect, that it would adopt the "flo'w-in a rule-making proceeding which it has initiated.
through" method with respect to liberalized de-Neither Commission has issued a ruling with re.
preciation (and accordingly not permit tax nor-spect to the treatment of the investment credit for malization) in determining allowable income tax rate-making purposes, expense in rate proceedings. Accordingly, since January 1,1961 the Company has accrued taxes NOTE 5-CoMMITMENU AND on income on the basis of liberalized depreciation CONTINGENT IJABE.rTrES:
and has taken the resulting tax reductions into At December 31,1962 the Cornpany had firm income each year as they arise. Such reductions c mmitments in the aggregate amount of about amounted to approximately $12,200,000 for the
$88,000,000 in connection with its plant construc-year 1962 and $10,800,000 for the year 1961.
tion program.
The Company closes its accounts promptly as GumEI.INm DEPRECIAT!oN-Although the provi-of the end of each month with the result that there sion for Federal income tax for 1962 does not reflect are always unrecorded items of expense irom the use of the new guideline lives for depreciation, month to month and year to year; at December 31, a final decision on this matter has not yet been 1962 the umecorded liabilities and accrunts for made. In the event the Company does use guide-expenses were more than offset by the unrecorded
]'.
line lives in filing its tax return for 19G2, the esti-and unbilled revenues accrued at that date.
mated tax liability for that year would be approx-Except as to certain litigation which is consid-imately $6,700,000 less than the provision for Fed-ered routine to the Company's operations, and eral income tax in the Statement of Income, and certain imlemnities given in the normal course of an amount substantially equal thereto would be business, there are no known contingent liabilities 30 credited to accumulated depreciation and amor-
.not provided for by reserves or insurance.
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DEPARTMENTAL ORGANIZATION ELECTRIC OPERATIONS j
CENERAL CONSTRUCTION L W. Collins, Assistant to Vice-President-MANAGERS:
Electric operations
- Joe Pittz, Jr., Civiland Hydro Construction l
MANAGERS:
, C. H. Sedam, Station Construction 3
y.
r N. M. Scolield, Lins Construction J. H. Martin, Power Control Paul Matthew, Steam Generation '
'M.H. Chandler, Gas construction ~
x r mv
- 3. N. Spaulding, Water Systems
. R B. Thompson, Field Office 0perations and Personnel
=
H.R Daniels. Hydro Generation V. Hugo Irons, General Construction Services i.
6,,
R. F. Stuart. Substations C. R Machen. Transmission and Distribution
' COMMERCIAL OPERATIONS R L Brinton, Communications
.'$ MANAGERS:
^
1 J,
F. D. Beardsley, System Protection
~ Walter D. Howell, GeneralSales CAS OPERATIONS
" Albert B. Cook, Commercial Department A. P. Stryker, ResidentialSales j
M AN AaERS:
R D. Smith. Gas System Design R. L Mendee, Market Research and Sales Control l
M. A. Richford Gas Utilization J. S. Walsh, Area Development 1
R T. Peterson. Gas Control F G.Rothganger, Commercial,Industrialand l
AgrsculturalSales K. D. Anderson, Pipe Lu.ne Operations Allen D. Ouen, Customer Services E. F. SiNey. Gas Distribution 1
S. A. Haavik, Director NaturalGas Production TAX DEPARTMENT J. J. Pugh, Director Gas System Planning
- FrancisJ.Carr, Manager '
j
' $ ' ' ' d " N.M * "
c.
l ENGINEERING.
~ '
. ' ',. ~
r, kf,.V
- t. '
C.C.Whelchel, Chief MechanicalEngineeN ?,
" } Q.AMEPARMEM y
\\
I n
Cw SENIOR ATTORNEE j
s.
1 4
7
.D. Worthington, Chief CivilEngineer W William B. Kuder ;
- < John C. Mornssey W. R Johnson, Chief Electric Generation and' Transmission Engineer
. William E. Johns Fredenck W. Mielke, Jr.
Thomas A. Bettersworth,('hief Electric Distribution Richard A.Raftery Malcolm H. Furbush i
Engineer
- CharlesT. Van Deusen John A. Sprout E. V. Noe, Chief Engineering Services Malcolm A.MacKillop William o. Cheney, Chief k.ngineering Research 1
W. M. Piekslay, Chief Computer Application Engmeer CLAIMS AND SAFETY DEPARTMENT
. R. W. Whito, Manager EXECUTIVE ENGINEER M ANAGERS:
CREDIT AND COLLECTIONS DEPARTMENT Emil J. Lage, Valuation Department F. U. Naylor, Manager S. B. Barton, Land Department
~
' AUTOMOTIVE DEPARTMENT John F. Roberts, Rate Department
.j.
N. H. Neel. Gas Purchase Department
.. < O.
- C.R Stanley, Manager p -
.s 4.,',,,,'
g., g DIRECTOR OF INVESTIGATIONS
[,
j COMPTROLLER l
T. R. Salm, General Auditor * ~
- WY m R E. Lawrance
,6 &z w w M
s.,
3ohn Brasa, Jr., Auditor ol Division Ac'counte # *&*b ~~ ~ *n ~. '-
M AN AGERS:
Mi Q.
PURCHASINC AND STORES DEPARTMENT Richard B. Luce, Plant Accounts
., N:.::.fi!" Q John G. Smith, Manager
.;a
,3. ~ ;,_.
F. P. Lallement, Internal Auditing
^ MM '. N - ~
~.
Dexter Stoner Accounting Methodaand'Procedilre{
- ADVERTISING AND PUBLICITY DEPARTMENT bj#[J A. J.McCollum, ManagerW.~A.Hynes,ManagerPublic AcriviNe
~
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.[
PERSONNEL DEPARTMENT.,
,, t f. We C%M., ti.,j -1 M,,,. e..,
y a'
M AN AGERS:
' i DEPARTMENT ON PROCEDURES AND ORGANIZATION,,,
4 Harry M. McKnight. PersonnelRelations
-w V. J. Thompson, Industrial Relations W ;7, J.R.Kleespies, Manager q
y
%qf., s
_z-DIVISION MANAGERS.
wv e.wy-ne, n
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2 -
,,m coast VALI.EYB: Howard H. Weile,' Salinas E. S. Day, San Rafael,
- chh*hn.. NouTu BAY:
~- '
QCLCATE: F. Y. Kraft, Marysville SACRAMENTO: R.L Hayden, Sacramens
i DE SABLA: K. C. Porter, Chico
+"' '
t SAN FRANCISCO: H. A. Lee, San Francisco
[ "'
DRUM: Walter D. Skinner, Auburn t.: SAN JoAQUIN: V. C. Redman, Fresno.
- EAST BAY: Harold F Carr, Oakland d ' SAN Joss: L J. Brundige, San Jose
".. "1
.HUMBoLDT: T. P. Jenkins, Eureka
. h E D ' JSHASTA: Lee W. Brillhart, Red B:sf!
"]
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.. _.- Of 6 5 M StocKToN: George L Works, Stockton r
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- Retired Deamber 31,1962. succeeded by Iangh H. Smith, f u,4 y
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STOCK TRANSFER' AGEI4CIES OFFICE OF THE COMPANY (E. F. Hall, Transfer Agent),
Sim Francisco '
\\
BANKERS TausT COMPANY, New %rk REGISTRARS OF STOCK
- Wmu.s FARCO B NK, San Francisco
' 32 CHEMICAL BANK NEw YORK TavsT COMPANY, New %rk '
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...::..u:. u: a :.. -. i v. a. w w r -%: n..a A%.a :mw..:a i. w- ..;,,.%:.w.e. l l COST AND OTHER DATA The total cost of Unit No.1 of the Bodega Bay Atomic Park is estimated to be $64,185,000 based upon prices prevailing in the second quarter of 1961 This total consists of the fol-lowing:. ~ Power Production l Land and land rights 150,000 l Structures and improvements 7,830,000 Reactor plant equipment 23,429,000 Turbine generator equipment 13,277,000 Accessory electrical equipment 1,920,000 Miscellaneous power plant equipment 1,505,000 Engineering, superintendence, and accounting 2,823,000 Construction plant, warehouse, I etc. 1 217,000 ") Overhead construction costs 6,,675,000 Total $58,826,000 i Step-Up and Switchyard 2,692,000 Transmission 2,667,000 Total Project $64,185,000 l It is estimated that the first core fuel assemblies, including 10% spares, will cost approximately $7,600,000. It is also estimated that annual operating costs based upon equilibrium core fuel costs, at 90% capacity factor, after the facility is placed in commercial operation, will be as follows: Power Production $ 9,345,000 Step-Up and Switchyard 392,000 Transmission 360,000 Pue1 4,772,000 Total $14,869,000 mJ 1 , t$ +'.,...a.%..__.;.___..s._.__.,.....,. f#,1. ...;i .m_
L 4 l Responding to the Commission's letter dated May 22, 1963, no new estimate of the cost of the plant has been prepared based upon current prices, and the preceding figures set forth remain the Company's best estimate. It is believed that price changes from those prevailing in the second quarter of 1961-have not been significant. With further regard to the Commission's aforesaid letter, the Company hereby amends Exhibit D to its application, j entitled " Allocation of Special Nuclear Material,. Supporting i Data and Assumptions" by changing each date set forth therein j to read six months later. ' 7 I e e a' i a l l - a; ,O,____.____.__ ..r
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..m.. l .o -w s/ ANSWERS TO AEC LETTER OF MAY 24, 1963 la. The reactor structure will be a rigid concrete box with heavily reinforced thick walls and floor slabs. The de-1 sign for the oscillatory earthquake ground motion will result t in a structure that could withstand major tilting without ex-ceeding allowable stresses. Therefore, no additional design requirement for the unlikely possibility of a permanent tilt ] of the structure is necessary. l The design does not contemplate any relative linear j I displacements through the reactor structure. This possibility 9 is not considered credible. , - ~, _/ lb. The turbine generator structure and the reactor building will be separated, Interconnections between them will be by flexible pipes, ducts and cables, which will be designed to accommodate temperature expansion and differential motions between the structures using expansion loops or flexible couplings where required. Ic., No special provision will be made in the design of the condenser cooling water system for relative linear dis-placements. However, the cooling water intake system will have flexible joints with water stops between pipe sections which will permit some differential motion without loss of water tightness or damage to the pipe. In the unlikely event ey _j of a rupture of this system, adequate emergency cooling is pro-vided. 1 J Ad
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- O id, All critical structures, equipment, piping, plant electrical < distribution systems, control and instrumentation.
systems and emergency cooling water supply lines within the plant area will be designed to withstand dynamic excitation; j Critical pipelines will be designed with expansion. loops or 1 flexible couplings.so that relative displacements can be ac-commodated. No permanent relative displacements between dif-ferent points within the plant area are' anticipated as a. result of seismic activity. l 2. The design of critical structures will be based on the design velocity spectr.um shown on the attached sheet. The corresponding acceleration and displacement' spectra are obtained by multiplying the velocity spectrum by 2 pi/T and T/2 pi re-spectively. (T = natural period). The_ elastic, dynamic forces determined from the spectrum vill be used for design. The working stresses as set forth in the 1961 Edition of the Uniform Building Code of the International Conference of Building Officials will be used. For illustration, preliminary calcula-tions of the dynamic accelerations of the reactor structure indicate a design lateral acceleration at the roof level ap-proximately nine times larger than is specified by the Uniform Building Code for such a rigid box-type structure. It is ex-pected that the natural periods of the reactor structure and the turbine generator building will be less than 0.3 seconds. 3a. The above elastic design will be based on the following i 2 l f."+}
w.. .r n.~ ...,,.a.=_- ._..___.u. o, i 9, damping factors: 1 Structure % of Critical Dampi,ng Steel frame structures 2.5 i i Reinforced concrete frame structures 4.5 Reactor building. This structure is embedd d in rock and soil which contributes to the damping 7.5 In addition to the foregoing elastic design, a further analysis will be made to insure that ground motion five times as intense as the design spectrum will be required to produce incipient failure of structures. I 4. The basis for establishment of the western limit of the San Andreas fault zone as shown on the map entitled ,j " Geology of Bodega Head" in Appendix IV of the Preliminary 1 ' Hazards Summary Report is as follows: It is commonly recognized throughout the Central California Coastal Area that the granitic rocks (quartz-diorite in this case) lie to the west of the San Andreas Fault. Im-mediately to the northeast of the quartz-diorite of Bodega Head is a wide zone of low topography, the eroded, crushed zone of the San Andreas Fault. Therefore the southwest limit of the fault zone was drawn tangent to the most northeasterly ~ exposure of quartz-diorite, immediately northeast of Hill 266 as shown on the aforesaid map. By extending the fault zone limit as a straight line -s i %/ 3 l i ?$-___-____-__--____.__-__.
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to the northwest and southeast, and by adjusting its trend, the projected line was plotted so that it lay at distances less than 100 feet from the northeasternmost limits of the quartz-diorite on both the north and south ends of the headland. This is interpretive to a certain degree, but straight trends are characteristic of large strike slip faults, particularly on -short segments of them. Erosion of the quartz-diorite could easily cause a retreat of 100 or more. feet from a fault line in a relatively short period of geological time, and it is not at all unlikely that such is the case. This reasoning would indicate that the present north-easternmost exposures of quartzidiorite give only an approximate location of the fault zone-limit. That is, the limit of the -, r^s zone may lie more northeasterly than is shown. It is strongly believed that the fault does not lie to the southwest of the plotted line. u h l it_-_____________________--_-__--- 1
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