SECURITIES AND EXCHANGE COMMISSION Washington, D.C. FORM U-3A-2/A Statement by Holding Company Claiming Exemption Under Rule U-3A-2/A from the Provisions of the Public Utility Holding Company Act of 1935 To Be Filed Annually Prior to March 1 _________________________________________________________________________ PG&E CORPORATION hereby files with the Securities and Exchange Commission, pursuant to Rule 2, its statement claiming exemption as a holding company from the provisions of the Public Utility Holding Company Act of 1935, and submits the following information: 1. Name, State of organization, location and nature of business of claimant and every subsidiary thereof, other than any exempt wholesale generator ("EWG") or foreign utility company in which claimant directly or indirectly holds an interest. 1.1. PG&E Corporation ("Claimant") California corporation PG&E Corporation One Market, Spear Tower, Suite 2400 San Francisco, CA 94105 Claimant is a holding company formed by Pacific Gas and Electric Company, a public utility. On January 1, 1997, Claimant became the parent of Pacific Gas and Electric Company pursuant to a corporate reorganization plan. Claimant is also the parent of non-utility subsidiaries formerly owned by Pacific Gas and Electric Company. 1.2. Subsidiaries 1.2.1. Elm Power Corporation Delaware corporation One Market, Spear Tower, Suite 2400 San Francisco, CA 94105 Elm Power Corporation is a wholly owned subsidiary of Claimant, for the purpose of repurchasing shares. 1.2.2. Pacific Gas and Electric Company California corporation 77 Beale Street P.O. Box 770000 San Francisco, CA 94177 Pacific Gas and Electric Company is a wholly owned subsidiary of Claimant. Pacific Gas and Electric Company is an operating public utility engaged principally in the business of supplying electric and natural gas service throughout most of Northern and Central California. 1.2.2.1. Alberta and Southern Gas Co., Ltd. Alberta corporation 1500 Bankers Hall 855 Second Street., SW Calgary, Alberta T2P 4J7 Alberta and Southern Gas Co. Ltd. is a wholly owned Canadian subsidiary of Pacific Gas and Electric Company. Alberta and Southern Gas Co. Ltd. formerly purchased natural gas in Canada for the California market. 1.2.2.1.1. Alberta and Southern Gas Marketing, Inc. Alberta corporation 1500 Bankers Hall 1 855 Second Street., SW Calgary, Alberta T2P 4J7 Alberta and Southern Gas Marketing, Inc. is a wholly owned subsidiary of Alberta and Southern Gas Co. Ltd. Alberta and Southern Gas Marketing, Inc., formerly marketed natural gas in non-California markets. 1.2.2.2. Natural Gas Corporation of California California corporation P.O. Box 770000 77 Beale Street, 32nd Floor San Francisco, CA 94177 Natural Gas Corporation of California is a wholly owned subsidiary of Pacific Gas and Electric Company. Natural Gas Corporation of California acts as the vehicle for the amortization of certain regulatory assets. 1.2.2.2.1. NGC Production Company California corporation P.O. Box 770000 77 Beale Street, 32nd Floor San Francisco, CA 94177 NGC Production Company is a wholly owned subsidiary of Natural Gas Corporation of California. NGC Production Company facilitates project financing for Natural Gas Corporation of California's capital requirements. 1.2.2.2.2. Alaska Gas Exploration Associates California corporation P.O. Box 770000 77 Beale Street, 32nd Floor San Francisco, CA 94177 Alaska Gas Exploration Associates is 50% owned by Natural Gas Corporation of California. 1.2.2.3. Pacific Conservation Services Company California corporation P.O. Box 770000 77 Beale Street, 32nd Floor San Francisco, CA 94177 Pacific Conservation Services Company is a wholly owned subsidiary of Pacific Gas and Electric Company. Pacific Conservation Services Company engages in borrowing and lending operations required to fund Pacific Gas and Electric Company conservation loan programs. 1.2.2.4. Calaska Energy Company California corporation P.O. Box 770000 77 Beale Street, 32nd Floor San Francisco, CA 94177 Calaska Energy Company is a wholly owned subsidiary of Pacific Gas and Electric Company. Calaska Energy Company was Pacific Gas and Electric Company's representative in the Alaska Highway Pipeline Project, which was formed to bring Prudhoe Bay natural gas to the lower 48 states. 1.2.2.5. Eureka Energy Company California corporation 2 P.O. Box 770000 77 Beale Street, 32nd Floor San Francisco, CA 94177 Eureka Energy Company is a wholly owned subsidiary of Pacific Gas and Electric Company. Eureka Energy Company owns land in San Luis Obispo County. 1.2.2.6. Standard Pacific Gas Line, Incorporated California corporation P.O. Box 770000 77 Beale Street, 32nd Floor San Francisco, CA 94177 Standard Pacific Gas Line, Incorporated is a subsidiary of Pacific Gas and Electric Company. Standard Pacific Gas Line, Inc. transports natural gas in California. Pacific Gas and Electric Company owns a 85.71% interest, and Chevron Pipe Line Company owns the remaining 14.29% interest. 1.2.2.7. Pacific California Gas System, Inc. California corporation P.O. Box 770000 77 Beale Street, 32nd Floor San Francisco, CA 94177 Pacific California Gas System, Inc. is a wholly owned subsidiary of Pacific Gas and Electric Company. Pacific California Gas System, Inc. was created to hold intrastate gas pipeline operations. 1.2.2.8. Pacific Energy Fuels Company California corporation P.O. Box 770000 77 Beale Street, 32nd Floor San Francisco, CA 94177 Pacific Energy Fuels Company is a wholly owned subsidiary of Pacific Gas and Electric Company. Pacific Energy Fuels Company owns and finances nuclear fuel inventory. 1.2.2.9. Pacific Gas Properties Company California corporation P.O. Box 770000 77 Beale Street, 32nd Floor San Francisco, CA 94177 Pacific Gas Properties Company is a wholly owned subsidiary of Pacific Gas and Electric Company. Pacific Gas Properties Company owns California property. 1.2.2.9.1. Pacific Properties California corporation P.O. Box 770000 77 Beale Street, 32nd Floor San Francisco, CA 94177 Pacific Properties is 50% owned by Pacific Gas Properties Company. Pacific Properties owns California property. 1.2.2.10. Chico Commons, L.P. California partnership One Market, Spear Tower, Suite 2400 San Francisco, CA 94105 Chico Commons, L.P. is 41% owned by Pacific Gas and Electric 3 Company as a limited partner. Chico Commons, L.P. was created to construct and own low income housing. 1.2.2.11. PG&E Capital I P.O. Box 770000 77 Beale Street, 32nd Floor San Francisco, CA 94177 PG&E Capital I, a business trust, is 3% owned by Pacific Gas and Electric Company. PG&E Capital I was formed as a special purpose financing vehicle for the purpose of issuing deferrable income securities. 1.2.2.12. PG&E Funding, LLC Delaware corporation 245 Market Street, Suite 424 San Francisco, CA 94105 PG&E Funding, LLC is a wholly owned subsidiary of Pacific Gas and Electric Company. PG&E Funding, LLC is a special purpose financing vehicle formed for the ownership of transition property and issuance of securities. 1.2.2.13. 201 Turk Street, L.P. California partnership One Market, Spear Tower, Suite 2400 San Francisco, CA 94105 201 Turk Street, L.P. is 32.4% owned by Pacific Gas and Electric Company as a limited partner. 201 Turk Street, L.P. was created to construct and own a low income housing project. 1.2.2.14. 1989 Oakland Housing Partnership Associates, L.P. California partnership One Market, Spear Tower, Suite 2400 San Francisco, CA 94105 1989 Oakland Housing Partnership Associates, L.P. is owned 40% by Pacific Gas and Electric Company as a limited partner. 1989 Oakland Housing Partnership Associates, L.P. was created to construct and own low income housing. 1.2.2.15. 1992 Oakland Regional Housing Partnership Associates, L.P. California partnership One Market, Spear Tower, Suite 2400 San Francisco, CA 94105 1992 Oakland Regional Housing Partnership Associates, L.P. is owned 17% by Pacific Gas and Electric Company as a limited partner. 1992 Oakland Housing Partnership Associates, L.P. was created to construct and own low income housing. 1.2.2.16. 1994 Oakland Regional Housing Partnership Associates, L.P. California partnership One Market, Spear Tower, Suite 2400 San Francisco, CA 94105 1994 Oakland Regional Housing Partnership Associates, L.P. is owned 12% by Pacific Gas and Electric Company as a limited partner. 1994 Oakland Regional Housing Partnership Associates, L.P. was created to construct and own low income housing. 1.2.2.17. Pacific Gas and Electric Housing Fund Partnership, L.P. California partnership One Market, Spear Tower, Suite 2400 4 San Francisco, CA 94105 Pacific Gas and Electric Housing Fund Partnership, L.P. is owned 99.9% by Pacific Gas and Electric Company as a limited partner. Pacific Gas and Electric Housing Fund Partnership, L.P., invests in projects that construct and own low income housing. 1.2.2.18. Merritt Community Capital Fund V, L.P. California partnership One Market, Spear Tower, Suite 2400 San Francisco, CA 94105 Merritt Community Capital Fund V, L.P. is owned 2.2% by Pacific Gas and Electric Company as a limited partner. Merritt Community Capital Fund V, L.P., was created to construct and own low income housing. 1.2.2.19. Schoolhouse Lane Apartments, L.P. California partnership One Market, Spear Tower, Suite 2400 San Francisco, CA 94105 Schoolhouse Lane Apartments, L.P. is owned 99% by Pacific Gas and Electric Company as a limited partner. Schoolhouse Lane Apartments, L.P., was created to construct and own low income housing. 1.2.2.20. PG&E Holdings, LLC Delaware corporation One Market, Spear Tower, Suite 2400 San Francisco, CA 94105 PG&E Holdings, LLC is a wholly owned subsidiary of Pacific Gas and Electric Company. PG&E Holdings, LLC was formed as a holding company for repurchased shares. 1.2.2.21. PG&E CalHydro, LLC California corporation One Market, Spear Tower, Suite 2400 San Francisco, CA 94105 PG&E CalHydro, LLC is a wholly owned subsidiary of Pacific Gas and Electric Company. PG&E CalHydro, LLC was formed for the purpose of owning and operating a system of hydroelectric facilities and related watershed. 1.2.3. PG&E National Energy Group, Inc. Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 PG&E National Energy Group, Inc. is a wholly owned subsidiary of Claimant. PG&E National Energy Group, Inc. was formed for the purpose of holding ownership of PG&E Corporation's unregulated subsidiaries, both direct and indirect. 1.2.3.1. PG&E Enterprises California corporation One Market, Spear Tower, Suite 2400 San Francisco, CA 94105 PG&E Enterprises is a wholly owned subsidiary of PG&E National Energy Group, Inc. PG&E Enterprises was formed as a holding company for oil and gas, real estate, electric generation, and technology investments. 1.2.3.1.1. PG&E Shareholdings, Inc. 5 California corporation One Market, Spear Tower, Suite 2400 San Francisco, CA 94105 PG&E Shareholdings, Inc is a wholly owned non-regulated subsidiary of PG&E Enterprises. Investment holding company. 1.2.3.1.1.1. Gilia Enterprises California corporation 4615 Cowell Blvd. Davis, CA 95616 100% owned by PG&E Shareholdings, Inc. A wholly owned, non-regulated indirect subsidiary of PG&E Enterprises through its ownership of PG&E Sharingholdings, Inc. Formed to hold interest in real estate investment 1.2.3.1.1.1.1. Marengo Ranch Joint Venture California partnership 4615 Cowell Blvd. Davis, CA 95616 63% owned by PG&E Shareholdings, Inc. as limited partner 1.3% owned by Gilia Enterprises as general partner Land development in Sacramento County 1.2.3.1.1.1.2. Oat Creek Associates Joint Venture California partnership 4615 Cowell Blvd. Davis, CA 95616 50% owned by PG&E Shareholdings, Inc. as limited partner 50% owned by Gilia Enterprises as general partner Land development in Yolo County 1.2.3.1.1.2. Rancho Murieta Joint Venture California partnership 4615 Cowell Blvd. Davis, CA 95616 45% owned by PG&E Shareholdings, Inc. as limited partner. Real estate development in Sacramento County, CA. 1.2.3.1.1.3. 1701 Oak Partnership California partnership 4615 Cowell Blvd. Davis, CA 95616 50% owned by PG&E Shareholdings, Inc. as limited partner. Real estate development in Kern County, CA. 1.2.3.1.1.4. 1801 Oak Partnership California partnership 4615 Cowell Blvd. Davis, CA 95616 50% owned by PG&E Shareholdings, Inc. as limited partner. Real estate development in Kern County, CA. 1.2.3.1.1.5. BPS I, Inc. California corporation 6 One Market, Spear Tower, Suite 2400 San Francisco, CA 94105 100% owned by PG&E Shareholdings, Inc. A wholly-owned, non-regulated real estate development subsidiary of PG&E Enterprises through its ownership of PG&E Shareholdings, Inc. 1.2.3.1.1.5.1. Alhambra Pacific (Joint Venture) California partnership 4615 Cowell Blvd. Davis, CA 95616 80% owned by PG&E Shareholdings, Inc. as general partner; 20% owned by BPS I, Inc. as limited partner Ownership of property in Yolo County. 1.2.3.1.1.6. The Conaway Ranch Company California corporation One Market, Spear Tower, Suite 2400 San Francisco, CA 94105 100% owned by PG&E Shareholdings, Inc. A wholly-owned, non-regulated indirect subsidiary of PG&E Enterprises through its ownership of PG&E Shareholdings, Inc., in partnership with the Conaway Conservancy Group, an existing California general partnership owning the Conaway Ranch. 1.2.3.1.1.6.1. Conaway Conservancy Group Joint Venture California partnership 4615 Cowell Blvd. Davis, CA 95616 70% by PG&E Shareholdings, Inc.; and 30% by Conaway Ranch Company Ownership of property in Yolo County. 1.2.3.1.1.7. DPR, Inc. California corporation One Market, Spear Tower, Suite 2400 San Francisco, CA 94105 100% owned by PG&E Shareholdings, Inc. A wholly-owned, non-regulated indirect subsidiary of PG&E Enterprises through its ownership of PG&E Shareholdings, Inc.; general partner in a real estate partnership. 1.2.3.1.1.8. McSweeney Ranch Joint Venture California partnership 4615 Cowell Blvd. Davis, CA 95616 50% owned by PG&E Shareholdings, Inc. Land development 1.2.3.1.1.9. PG&E Energy Trading Holdings, LLC Delaware limited liability company 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Shareholdings, Inc. Formed for the limited purpose of holding stock in PG&E Energy Trading - Power Holdings Corporation. 1.2.3.1.1.9.1. PG&E Energy Trading - Power Holdings Corporation California corporation 7500 Old Georgetown Road, 13th Floor 7 Bethesda, MD 20814-6161 100% owned by PG&E Energy Trading Holdings, LLC. Holding company for energy trading and overseas entities. 1.2.3.1.1.9.1.1. PG&E ET Investments Corporation Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Energy Trading - Power Holdings Corporation. Owns the 98% limited partner interest in PG&E Energy Trading - Power, L.P., and the 98% membership interest in PG&E ET Synfuel 166, LLC. 1.2.3.1.1.9.1.1.1. PG&E Energy Trading-Power, L.P. Delaware limited partnership 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 98% owned by PG&E ET Investments Corporation; 2% owned by PG&E Energy Trading - Power Holdings Corporation. Engages in electric power marketing and trading. 1.2.3.1.1.9.1.1.2. PG&E ET Synfuel 166, LLC Delaware limited liability company 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 98% owned by PG&E ET Investments Corporation; and 2% owned by PG&E Energy Trading - Power Holdings Corporation. Formed to acquire a synthetic fuel production facility located in South Carolina. 1.2.3.1.1.9.1.2. PG&E International Inc. California corporation One Market, Spear Tower, Suite 2400 San Francisco, CA 94105 PG&E International Inc. is a wholly owned subsidiary of PG&E Energy Trading - Power Holdings Corporation, and is a holding company for overseas project companies. 1.2.3.1.1.9.1.2.1. PG&E International Development Holdings, LLC Delaware limited liability company One Market, Spear Tower, Suite 2400 San Francisco, CA 94105 A wholly-owned subsidiary of PG&E International, Inc., formed to own and sell an Australian pipeline development company. 1.2.3.1.1.9.1.2.2. Gannet Power Corporation California corporation One Market, Spear Tower, Suite 2400 San Francisco, CA 94105 100% owned by PG&E International Inc. 1.2.3.1.1.9.1.2.3. PG&E Overseas Holdings I, Ltd. Cayman Islands Company P.O. Box 309, George Town Grand Cayman, Cayman Islands, BWI A wholly-owned subsidiary of PG&E International, Inc., and is a holding Company for PG&E Overseas Holdings II, Ltd. 8 1.2.3.1.1.9.1.2.3.1. PG&E Overseas Holdings II, Ltd. Labuan Company Unit Level 9(A2), Main Office Tower Financial Park Labuan, Jalan Merdeka 87000 W.P. Labuan Malaysia 100% owned by PG&E Overseas Holdings I, LTD., and is an investment company 1.2.3.1.1.9.1.2.3.1.1. PG&E Corporation Australian Holdings Pty, Ltd. Australian corporation Level 33, Waterfront Place One Eagle Street Brisbane, Queensland 4000 Australia 100% owned by PG&E Overseas Holding II, Ltd. Holding company for Australian companies 1.2.3.1.1.9.1.2.3.1.1.1. PG&E Gas Transmission Australia Pty Ltd. Australian corporation Level 33, Waterfront Place One Eagle Street Brisbane, Queensland 4000 Australia 100% owned by PG&E Corporation Australian Holdings Pty, Ltd. Investment company. 1.2.3.1.1.9.1.2.3.1.1.2. PG&E Gas Transmission Queensland Pty Ltd Australian corporation Level 33, Waterfront Place One Eagle Street Brisbane, Queensland 4000 Australia 100% owned by PG&E Corporation Australian Holdings Pty, Ltd. Pipeline operator. 1.2.3.1.1.9.1.2.3.1.1.3. PG&E Gas Transmission Unit Holdings Pty Ltd Australian corporation Level 33, Waterfront Place One Eagle Street Brisbane, Queensland 4000 Australia 100% owned by PG&E Corporation Australian Holdings Pty, Ltd. Investment company. 1.2.3.1.1.9.1.2.3.1.1.4. PG&E Energy Trading Australia Pty Ltd Australian corporation Level 33, Waterfront Place One Eagle Street Brisbane, Queensland 4000 Australia 100% owned by PG&E Corporation Australian Holdings Pty, Ltd. Energy marketing company. 1.2.3.1.1.9.1.2.3.1.1.5. PG&E Corporation Australia Pty Ltd. Australian corporation Level 33, Waterfront Place One Eagle Street 9 Brisbane, Queensland 4000 Australia 100% owned by PG&E Corporation Australian Holdings Pty, Ltd. Provides corporate services. 1.2.3.1.1.9.1.2.4. PG&E Gas Transmission Bundaberg Pty Ltd. Australian corporation Level 33, Waterfront Place One Eagle Street Brisbane, Queensland 4000 Australia 100% owned by PG&E International, Inc. Project development company. 1.2.3.1.1.9.1.2.5. Rocksavage Services I, Inc. Delaware corporation One Market, Spear Tower, Suite 2400 San Francisco, CA 94105 100% owned by PG&E International Inc. 1.2.3.1.1.9.1.3. PG&E Energy Trading - Gas Corporation California corporation 7500 Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Energy Trading - Power Holdings Corporation. Engages in natural gas marketing and trading activities in the United States. 1.2.3.1.1.9.1.3.1. PG&E Energy Trading, Canada Corporation Alberta corporation 335 Eighth Avenue, S.W. Suite 1740 Calgary, Alberta T2P 1CP Canada 100% owned by PG&E Energy Trading - Gas Corporation. Engages in natural gas marketing and trading activities in Canada. 1.2.3.1.1.9.1.3.1.1. CEG Energy Options Inc. Saskatchewan corporation 2366 Avenue C North, Suite 101 Saskatoon, Saskatchewan S7L 5X5 Canada 100% owned by PG&E Energy Trading, Canada Corporation. Engages in natural gas marketing in Saskatchewan. 1.2.3.1.1.9.1.3.2. True Quote LLC Kentucky limited liability company 9931 Corporate Campus Drive, Suite 2400 Louisville, KY 40223 46.24% owned by PG&E Energy Trading - Gas. Engages in the business of designing, developing, implementing, operating and commercializing a business- to-business e-commerce venture for the transmission of energy and energy-related products 1.2.3.1.1.10. PG&E Generating Company, LLC Delaware limited liability company 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 10 100% owned by PG&E Shareholdings, Inc. Holding company for PG&E Generating Company activities. 1.2.3.1.1.10.1. PG&E Generating Energy Group, LLC Delaware limited liability company 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Company, LLC Holding company for PG&E National Energy Group merchant projects and USGen New England, Inc. 1.2.3.1.1.10.1.1. PG&E Generating Energy Holdings, Inc. Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Energy Group, LLC. Formed to be the holding company for the 1% membership interests of the limited liability companies under PG&E Generating Energy Group, LLC 1.2.3.1.1.10.1.1.1. Badger Power Corporation Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Energy Group, LLC Formed to own a membership interest in Badger Generating Company, LLC. 1.2.3.1.1.10.1.2. Black Hawk Power Corporation California corporation 100 Pine Street, 20th Floor San Francisco, CA 94111 100% owned by PG&E Generating Energy Group, LLC General and limited partner in Athens Generating Company, L.P. 1.2.3.1.1.10.1.3. Black Hawk III Power Corporation California corporation 100 Pine Street, 20th Floor San Francisco, CA 94111 100% owned by PG&E Generating Energy Group, LLC General and limited partner in Lake Road Generating Company, L.P.; holds membership interest in Lake Road Power I, LLC. 1.2.3.1.1.10.1.3.1. Lake Road Power I, LLC Delaware limited liability company 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by Black Hawk III Power 11 Corporation. Formed to own a future partnership interest in Lake Road Generating Company, L.P. 1.2.3.1.1.10.1.4. Harlan Power Corporation California corporation 100 Pine Street, 20th Floor San Francisco, CA 94111 100% owned by PG&E Generating Energy Group, LLC General and limited partner in Umatilla Generating Company, L.P. 1.2.3.1.1.10.1.4.1. Umatilla Generating Company, L.P. Delaware limited partnership 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 51% owned by Harlan Power Corporation, and 49% owned by Juniper Power Corporation. Electric generating facility to be located near Umatilla, Oregon. 1.2.3.1.1.10.1.5. Peach I Power Corporation Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Energy Group, LLC Holds general partnership interest in Athens Generating Company, L.P. 1.2.3.1.1.10.1.6. Peach IV Power Corporation Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Energy Group, LLC. Holds general partnership interest in Lake Road Generating Company, L.P. 1.2.3.1.1.10.1.6.1. Lake Road Power II, LLC Delaware limited liability company 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by Peach IV Power Corporation. Formed to hold a future partnership interest in Lake Road Generating Company, L.P. 1.2.3.1.1.10.1.7. Juniper Power Corporation Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Energy Group, LLC General partner in Umatilla Generating Company, L.P. 1.2.3.1.1.10.1.8. Plover Power Corporation California corporation 100 Pine Street, 20th Floor San Francisco, CA 94111 100% owned by PG&E Generating Energy Group, LLC General and limited partner in Mantua Creek Generating Company, L.P. and Mantua Creek Urban Renewal, L.P. 1.2.3.1.1.10.1.9. Beech Power Corporation Delaware corporation 12 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Energy Group, LLC General partner in Mantua Creek Generating Company, L.P. and Mantua Creek Urban Renewal, L.P. 1.2.3.1.1.10.1.9.1. Mantua Creek Urban Renewal, L.P. Delaware limited partnership 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 51% owned by Plover Power Corporation, and 49% owned by Beech Power Corporation Special purpose tax partnership formed for Mantua Creek Project; formed to operate under the Long Term Tax exemption Law, and to initiate and conduct projects for redevelopment of a redevelopment area pursuant to a redevelopment plan, and, when authorized by financial agreement with the municipality, to acquire, plan, develop, construct, alter, maintain, or operate industrial, commercial or administrative projects. 1.2.3.1.1.10.1.10. Black Hawk II Power Corporation California corporation 100 Pine Street, 20th Floor San Francisco, CA 94111 100% owned by PG&E Generating Energy Group, LLC Inactive; formerly a general partner in the "old" Millennium Power Partners, L.P. 1.2.3.1.1.10.1.11. Peach III Power Corporation Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Energy Group, LLC Formerly held interest in Millennium Power Partners, L.P. Inactive and in process of dissolution. 1.2.3.1.1.10.1.12. First Arizona Land Corporation Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Energy Group, LLC Formed to enter into real estate options in the State of Arizona for the Harquahala Project. 1.2.3.1.1.10.1.13. First California Land Corporation Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Energy Group, LLC. Formed to enter into real estate options and/or leases in the State of California 1.2.3.1.1.10.1.14. PG&E Generating New England, Inc. Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Energy Group, LLC Formed to own membership interst in PG&E Generating New England, LLC. 13 1.2.3.1.1.10.1.14.1. PG&E Generating New England, LLC Delaware limited liability company 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating New England, Inc. Formed to be the successor company to USGen New England, Inc. in the Patriot Project. 1.2.3.1.1.10.1.15. Attala Power Corporation Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Energy Group LLC. Investment company for the Duke/Attala acquisition; owner of Attala Generating Company, LLC. 1.2.3.1.1.10.1.15.1. Attala Generating Company, LLC Delaware limited liability company 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by Attala Power Corporation. Merchant electric generating facility being constructed in Kosciusko, Mississippi. 1.2.3.1.1.10.1.16. Osprey Power Corporation California corporation 100 Pine Street, 20th Floor San Francisco, CA 94111 100% owned by PG&E Generating Energy Group, LLC General and limited partner in Millennium Power Partners, L.P. (f/k/a East Syracuse Generating Company, L.P.); owns Magnolia Power Corporation. 1.2.3.1.1.10.1.16.1. Magnolia Power Corporation Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by Osprey Power Corporation General partner in Millenium Power Parners, L.P. 1.2.3.1.1.10.1.17. San Gorgonio Power Corporation Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Energy Group, LLC. Investment company for the acquisition of the Sea West Wind Project. 1.2.3.1.1.10.1.18. Kennerdell Power Corporation Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Energy Group, LLC Formed to own a membership in Kennerdell Generating Company, LLC 1.2.3.1.1.10.1.18.1. Kennerdell Generating Company, LLC Delaware limited liability company 7500 Old Georgetown Road, 13th Floor 14 Bethesda, MD 20814-6161 99% owned by Kennerdell Power Corporation, and 1% owned by PG&E Generating Energy Holdings, Inc. Formed to develop, own, manage, and operate a merchant electric generating facility to be located in Western Pennsylvania. 1.2.3.1.1.10.1.19. La Paloma Power Corporation Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Energy Group, LLC Formed to own a membership interest in La Paloma Generating Company, LLC. 1.2.3.1.1.10.1.20. Liberty Generating Corporation Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Energy Group, LLC Formed to own a membership interest in Liberty Generating Company, LLC. 1.2.3.1.1.10.1.20.1 Liberty Urban Renewal LLC Delaware limited liability corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 99% owned by Liberty Generating Corporation, 1% owned by PG&E Generating Energy Holdings, Inc. Formed to own and lease a merchant electric generating facility to be located in Linden, New Jersey 1.2.3.1.1.10.1.21. Otay Mesa Power Corporation Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Energy Group, LLC Formed to own a membership interest in Otay Mesa Generating Company, LLC. 1.2.3.1.1.10.1.21.1. Otay Mesa Generating Company, LLC Delaware limited liability company 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 99% owned by Otay Mesa Power Corporation, and 1% owned by PG&E Generating Energy Holdings, Inc. Formed to develop, manage, and operate a merchant electric generating facility to be located in San Diego County, California. 1.2.3.1.1.10.1.22. Bluebonnet Power Corporation Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Energy Group, LLC Formed to own a membership interest in Bluebonnet Generating Company, LLC. 1.2.3.1.1.10.1.22.1. Bluebonnet Generating Company, LLC Delaware limited liability company 15 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 99% owned by Bluebonnet Power Corporation, and 1% owned by PG&E Generating Energy Holdings, Inc. Formed to develop, own manage, and operate a merchant electric generating facility to be located in Texas. 1.2.3.1.1.10.1.23. Harquahala Power Corporation Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Energy Group, LLC Owns a membership interest in Harquahala Generating Company, LLC. 1.2.3.1.1.10.1.23.1. Harquahala Generating Company, LLC Delaware limited liability company 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 99% owned by Harquahala Power Corporation, and 1% owned by PG&E Generating Energy Holdings, Inc. Formed to develop, own, manage, and operate a merchant electric generating facility to be located in Arizona. 1.2.3.1.1.10.1.24. Madison Wind Power Corporation Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Energy Group, LLC Formed to own a membership interest in Madison Wind Power, LLC. 1.2.3.1.1.10.1.25. Okeechobee Power Corporation Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Energy Group, LLC Formed to own a membership interest in Okeechobee Generating Company, LLC. 1.2.3.1.1.10.1.26. PG&E Dispersed Power Corporation Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Energy Group, LLC Formed to own membership interest in PG&E Dispersed Generating Company, LLC. 1.2.3.1.1.10.1.27. Covert Power Corporation Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Energy Group, LLC Formed to own a membership interest in Covert Generating Company, LLC. 1.2.3.1.1.10.1.28. Goose Lake Power Corporation Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 16 100% owned by PG&E Generating Energy Group, LLC. Formed to own a membership interest in Goose Lake Generating Company, LLC 1.2.3.1.1.10.1.28.1. Goose Lake Generating Company, LLC Delaware limited liability company 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 99% owned by Goose Lake Power Corporation, and 1% owned by PG&E Generating Energy Holdings, Inc. Merchant electric generating facility to be constructed in Goose Lake, Illinois 1.2.3.1.1.10.1.29. Meadow Valley Power Corporation Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Energy Group, LLC, Formed to own a membership interest in Meadow Valley Generating Company, LLC 1.2.3.1.1.10.1.29.1. Meadow Valley Generating Company, LLC Delaware limited liability company 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 99% owned by Meadow Valley Power Corporation, and 1% owned by PG&E Generating Energy Holdings, Inc. Formed to develop, own, manage, and operate a merchant electric generating facility to be located near Las Vegas, Nevada. 1.2.3.1.1.10.2. PG&E Generating Power Group, LLC Delaware limited liability company 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Company, LLC Holding company for PG&E Generating Company operating projects 1.2.3.1.1.10.2.1. Aplomado Power Corporation California corporation 100 Pine Street, 20th Floor San Francisco, CA 94111 100% owned by PG&E Generating Power Group, LLC Investment company for the Panther Creek Project. 1.2.3.1.1.10.2.2. Beale Generating Company Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 89% owned by PG&E Generating Power Group, LLC Holding company 1.2.3.1.1.10.2.2.1. Indian Orchard Generating Company, Inc. Delaware corporation 7500 Old Georgetown Road Bethesda, MD 20814-6161 100% owned by Beale Generating Company 49% membership interest in MASSPOWER, L.L.C. 17 1.2.3.1.1.10.2.2.1.1. MASSPOWER, L.L.C. (formerly MASSPOWER, Inc.) Delaware limited liability company One Bowdoin Square Boston, MA 02114 49% owned by Indian Orchard Generating Company, Inc. 39% general partnership interest in MASSPOWER, L.L.C. 1.2.3.1.1.10.2.2.2. JMC Altresco, Inc. Colorado corporation One Bowdoin Square Boston, MA 02114 100% owned by Beale Generating Company Holding company for subsidiaries/projects acquired through acquisition of Altresco Financial, Inc. 1.2.3.1.1.10.2.2.2.1. Altresco, Inc. Colorado corporation One Bowdoin Square Boston, MA 02114 100% owned by JMC Altresco, Inc. General Partners - Pittsfield Generating Company, L.P. 1.2.3.1.1.10.2.2.2.2. Berkshire Pittsfield, Inc. Colorado corporation One Bowdoin Square Boston, MA 02114 100% owned by JMC Altresco, Inc. General Partner - Berkshire Feedline Acquisition Limited Partnership 1.2.3.1.1.10.2.2.2.2.1. Berkshire Feedline Acquisition Limited Partnership Massachusetts partnership One Bowdoin Square Boston, MA 02114 1% owned by Berkshire Pittsfield, Inc. Owner of pipeline connecting Pittsfield Generating Company, L.P. facility and Tennessee Gas Pipeline Company facilities 1.2.3.1.1.10.2.2.2.3. Pittsfield Partners, Inc. Colorado corporation One Bowdoin Square Boston, MA 02114 100% owned by JMC Altresco, Inc. Limited Partner - Pittsfield Generating Company, L.P. 1.2.3.1.1.10.2.2.3. JMC Iroquois, Inc. Delaware corporation One Bowdoin Square Boston, MA 02114 100% owned by Beale Generating Company 4.57% General Partner and .36% Limited Partner in Iroquois Gas Transmission System, L.P. 18 1.2.3.1.1.10.2.2.3.1. Iroquois Gas Transmission System, L.P. Delaware partnership One Bowdoin Square Boston, MA 02114 4.93% owned by JMC Iroquois, Inc. Owner of a 375 mile natural gas pipeline extending through New York State and Connecticut providing services to markets in New York, New Jersey and New England 1.2.3.1.1.10.2.2.4. JMC Selkirk Holdings, Inc. Delaware corporation One Bowdoin Square Boston, MA 02114 100% owned by Beale Generating Company 100% ownership of JMC Selkirk, Inc. and JMCS I Holdings, Inc. 1.2.3.1.1.10.2.2.4.1. JMC Selkirk, Inc. Delaware corporation One Bowdoin Square Boston, MA 02114 100% owned by JMC Selkirk Holdings, Inc. Managing General Partner and Limited Partner of Selkirk Cogen Partners, L.P. Limited Partner interest (46.57%) in PentaGen Investors, L.P. 1.2.3.1.1.10.2.2.4.1.1. PentaGen Investors, L.P. Delaware partnership One Bowdoin Square Boston, MA 02114 46.57% owned by JMC Selkirk, Inc., and 3.43% owned by JMCS I Holdings, Inc. Limited partner (5.2502% preferred percentage Interest) in Selkirk Cogen Partners, L.P. 1.2.3.1.1.10.2.2.4.2. JMCS I Holdings, Inc. Delaware corporation One Bowdoin Square Boston, MA 02114 100% owned by JMC Selkirk Holdings, Inc. General Partner (.50%) and Limited Partner (2.93%) interests in PentaGen Investors, L.P. 1.2.3.1.1.10.2.2.5. Orchard Gas Corporation Delaware corporation One Bowdoin Square Boston, MA 02114 100% owned by Beale Generating Company Administration and monitoring of gas supply for MASSPOWER project. 1.2.3.1.1.10.2.3. Mason Generating Company Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 89% owned by PG&E Generating Power Group, LLC 19 Holding Company 1.2.3.1.1.10.2.3.1. Bowdoin Storage Services, Inc. Delaware corporation One Bowdoin Square Boston, MA 02114 100% owned by Mason Generating Company Serves as Administrator for PentaGen Investors, L.P. 1.2.3.1.1.10.2.3.2. J. Makowski Associates, Inc. Massachusetts corporation One Bowdoin Square Boston, MA 02114 100% owned by Mason Generating Company Serve as Administrator for PentaGen Investors, L.P. 1.2.3.1.1.10.2.3.3. JMC Avoca, Inc. Delaware corporation One Bowdoin Square Boston, MA 02114 100% owned by Mason Generating Company General Partner - Avoca Natural Gas Storage Project. Voluntary petition for relief under Chapter 11 filed on July 29, 1997 with the United States Bankruptcy Court, District of Delaware. 1.2.3.1.1.10.2.3.3.1. Avoca Natural Gas Storage New York general partnership One Bowdoin Square Boston, MA 02114 46.88% owned by JMC Avoca, Inc. 1.2.3.1.1.10.2.3.4. JMC Cayuta, Inc. Delaware corporation One Bowdoin Square Boston, MA 02114 100% owned by Mason Generating Company 1.2.3.1.1.10.2.4. Eagle Power Corporation California corporation 100 Pine Street, 20th Floor San Francisco, CA 94111 100% owned by PG&E Generating Power Group, LLC General partner in Logan Generating Company, L.P., Granite Generating Company, L.P., and Keystone Cogeneration Company, L.P. 1.2.3.1.1.10.2.4.1. Granite Generating Company, L.P. Delaware limited partnership 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 50% owned by Eagle Power Corporation Limited Partner in Keystone Urban Renewal Limited Partnership. 1.2.3.1.1.10.2.4.1.1. Granite Water Supply Company, Inc. Delaware corporation 20 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by Granite Generating Company, L.P. Supplies water for the Logan Project. 1.2.3.1.1.10.2.4.2. Keystone Cogeneration Company, L.P. Delaware limited partnership 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 50% owned by Eagle Power Corporation General Partner in Keystone Urban Renewal Limited Partnership. 1.2.3.1.1.10.2.5. Larkspur Power Corporation California corporation 100 Pine Street, 20th Floor San Francisco, CA 94111 100% owned by PG&E Generating Power Group, LLC General Partner and limited partner in Hermiston Generating Company, L.P. 1.2.3.1.1.10.2.6. Buckeye Power Corporation Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Power Group, LLC General Partner in Hermiston Generating Company, L.P. 1.2.3.1.1.10.2.7. Raptor Holdings Company California corporation 100 Pine Street, 20th Floor San Francisco, CA 94111 100% owned by PG&E Generating Power Group, LLC Holding company for Cedar Bay Project entities; owns PG&E Management Services. 1.2.3.1.1.10.2.7.1. Gray Hawk Power Corporation Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by Raptor Holdings Company Investment Company for Cedar Bay Project. 1.2.3.1.1.10.2.7.1.1. Cedar Bay Cogeneration, Inc. Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by Gray Hawk Power Corporation General partner in Cedar Bay Generating Company, Limited Partnership. 1.2.3.1.1.10.2.7.2. PG&E Management Services Company California corporation 100 Pine Street, 20th Floor San Francisco, CA 94111 100% owned by Raptor Holdings Company Inactive. 1.2.3.1.1.10.2.8. Toyan Enterprises California corporation 21 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Power Group, LLC Limited partner in Indiantown Cogeneration, L.P.; general partner in Indiantown Project. 1.2.3.1.1.10.2.8.1. Indiantown Project Investment Partnership, L.P. Delaware limited partnership 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 24.817% owned by Toyan Enterprises General partner in Indiantown Cogeneration, L.P. 1.2.3.1.1.10.2.9. Spruce Power Corporation Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Power Group, LLC Holds general partnership interest in Spruce Limited Partnership. 1.2.3.1.1.10.2.9.1. Spruce Limited Partnership Delaware limited partnership 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 35.5% owned by Spruce Power Corporation Hold limited partnership interest in Colstrip Energy Limited Partnership. 1.2.3.1.1.10.2.9.1.1. Colstrip Energy Limited Partnership Montana limited partnership 314 N. Last Chance Gulch Helena, MT 59624 37.5% owned by Spruce Limited Partnership Owns and operates an electric generating facility in Colstrip, Montana. 1.2.3.1.1.10.2.10. Merlin Power Corporation California corporation 100 Pine Street, 20th Floor San Francisco, CA 94111 100% owned by PG&E Generating Power Group, LLC General partner in Fellows Generating Company, L.P. 1.2.3.1.1.10.2.10.1. Fellows Generating Company, L.P. Delaware limited partnership 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 51% owned by Merlin Power Corporation Formed to own, develop, finance, construct, operate and maintain an electric generation facility near Fellows, CA. 1.2.3.1.1.10.2.11. Pelican Power Corporation California corporation 100 Pine Street, 20th Floor San Francisco, CA 94111 100% owned by PG&E Generating Power Group, LLC General partner in Okeelanta Power Limited Partnership. 22 1.2.3.1.1.10.2.11.1. Okeelanta Power Limited Partnership Florida limited partnership 316 Royal Poinciana Plaza Palm Beach, FL 33480 37.54% owned by Pelican Power Corporation Formed to develop, own and operate an electric generating facility in Okeelanta, Florida. Voluntarily filed a petition for relief under Chapter 11 on May 14, 1997. 1.2.3.1.1.10.2.12. Peregrine Power Corporation California corporation 100 Pine Street, 20th Floor San Francisco, CA 94111 100% owned by PG&E Generating Power Group, LLC General partner in Chambers Cogeneration Limited Partnership. 1.2.3.1.1.10.2.13. Heron Power Corporation California corporation 100 Pine Street, 20th Floor San Francisco, CA 94111 100% owned by PG&E Generating Power Group, LLC General and limited partner in Gator Generating Company, L.P. (Osceola Project). 1.2.3.1.1.10.2.13.1. Gator Generating Company, L.P. Delaware limited partnership 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 79.2% owned by Heron Power Corporation Formed to develop, own, operate and lease (as lessor) a cogeneration facility (Osceola) in Palm Beach County, Florida. Filed a voluntary petition for bankruptcy protection under Chapter 11 on May 14, 1997. 1.2.3.1.1.10.2.14. Jaeger Power Corporation California corporation 100 Pine Street, 20th Floor San Francisco, CA 94111 100% owned by PG&E Generating Power Group, LLC Partner in Northampton Generating Company, L.P. 1.2.3.1.1.10.2.15. Falcon Power Corporation California corporation 100 Pine Street, 20th Floor San Francisco, CA 94111 100% owned by PG&E Generating Power Group, LLC General and Limited partner in Scrubgrass Generating Company, L.P.; owner of Scrubgrass Power Corp. 1.2.3.1.1.10.2.15.1. Scrubgrass Power Corp. Pennsylvania corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by Falcon Power Corporation General partner in Scrubgrass Generating Company, L.P. 23 1.2.3.1.1.10.2.16. Eucalyptus Power Corporation Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Power Group, LLC General Partner in Citrus Generating, Company, L.P. 1.2.3.1.1.10.2.16.1. Citrus Generating Company, L.P. Delaware limited partnership 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 49% owned by Cooper's Hawk Power Corporation, 49% owned by Eucalyptus Power Corporation, and 2% owned by PG&E Shareholdings, Inc. Inactive Company. Originally formed to own and operate an electric generating facility. 1.2.3.1.1.10.2.17. Cooper's Hawk Power Corporation California corporation 100 Pine Street, 20th Floor San Francisco, CA 94111 100% owned by PG&E Generating Power Group, LLC General partner in Citrus Generating Company, L.P. 1.2.3.1.1.10.2.18. Loon Power Corporation Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Power Group, LLC Investment company. 1.2.3.1.1.10.3. PG&E Generating Services, LLC Delaware limited liability company 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Company, LLC Holding company for PG&E Generating Company service entities. 1.2.3.1.1.10.3.1. J. Makowski Pittsfield, Inc. Delaware corporation One Bowdoin Square Boston, MA 02114 100% owned by PG&E Generating Services, LLC 1.2.3.1.1.10.3.2. J. Makowski Services, Inc. Delaware corporation One Bowdoin Square Boston, MA 02114 100% owned by PG&E Generating Services, LLC 1.2.3.1.1.10.3.3. JMCS I Management, Inc. Delaware corporation One Bowdoin Square Boston, MA 02114 100% owned by PG&E Generating Services, LLC 1.2.3.1.1.10.3.4. USGen Fuel Services, Inc. Delaware corporation 24 One Bowdoin Square Boston, MA 02114 100% owned by PG&E Generating Services, LLC 1.2.3.1.1.10.3.5. PG&E Construction Agency Services I, LLC Delaware limited liability company 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Services, LLC. Formed to act as construction agent under the Master Turbine Trust with GE. 1.2.3.1.1.10.3.6. PG&E Construction Agency Services II, LLC Delaware limited liability company 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Services, LLC. Formed to act as construction agent under the Master Turbine Trust with Mitsubishi. 1.2.3.1.1.10.3.7. PG&E Construction Agency Services III, LLC Delaware limited liability company 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Services, LLC. Formed to act as construction agent under the Master Turbine Trust. 1.2.3.1.1.10.3.8. PG&E Turbine Acquisition Company, LLC Delaware limited liability company 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Generating Services, LLC. Formed to act as construction agent under the Master Turbine Trust with GE. 1.2.3.1.1.10.3.9. PG&E Operating Services Holdings, Inc. California corporation 100 Pine Street, 20th Floor San Francisco, CA 94111 100% owned by PG&E Generating Services, LLC General partner in PG&E Generating Company and PG&E Operating Services Company; sole member of PG&E National Energy Group Acquisition Company. 1.2.3.1.1.10.3.9.1. USOSC Holdings, Inc. Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Operating Services Holdings, Inc. Holds a partnership interest in PG&E Operating Services Company. 1.2.3.1.1.10.3.9.1.1. PG&E Operating Services Company California general partnership 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 98% owned by PG&E Operating Services Holdings, Inc.; and 2% owned by USOSC Holdings, Inc. 25 Formed to enter into operations and maintenance activities. 1.2.3.1.1.10.3.9.2. USGen Holdings, Inc. Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% Owned by PG&E Operating Services Holdings, Inc. Holds a partnership interest in PG&E National Energy Group Company. 1.2.3.1.1.10.3.9.2.1. PG&E National Energy Group Company (formerly PG&E Generating Company) California general partnership 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 98% owned by PG&E Operating Services Holdings, Inc., and 2% owned by USGen Holdings, Inc. Develops and manages electrical generation facilities. 1.2.3.1.1.10.3.9.2.1.1. First Oregon Land Corporation Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E National Energy Group Company Formed to enter into real estate options in the State of Oregon. 1.2.3.1.1.10.3.9.2.1.2. Topaz Power Corporation Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E National Energy Group Company Holds partnership interest in Carneys Point Generating Company. 1.2.3.1.1.10.3.9.2.1.2.1. Carneys Point Generating Company Delaware general partnership 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 50% owned by Topaz Power Corporation, and 50% owned by Garnet Power Corporation. Formed to lease, manage, operate and maintain a cogeneration facility in Carneys Point, New Jersey. 1.2.3.1.1.10.3.9.2.1.3. Garnet Power Corporation Delaware corporation 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E National Energy Group Company Holds partnership interest in Carneys Point Generating Company. 1.2.3.1.1.10.3.9.3. PG&E National Energy Group Acquisition Company, LLC Delaware limited liability company 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 100% owned by PG&E Operating Services Holdings, Inc. Formed for acquisitions purposes. 26 1.2.3.1.1.11. Valley Real Estate, Inc California corporation One Market, Spear Tower, Suite 2400 San Francisco, CA 94105 100% owned by PG&E Shareholdings, Inc.; was formed for real estate development. 1.2.3.1.2. PG&E Overseas, Inc. California corporation One Market, Spear Tower, Suite 2400 San Francisco, CA 94105 A wholly-owned, non-regulated subsidiary of PG&E Enterprises. U.S. shareholder of PG&E Overseas, Ltd. 1.2.3.1.2.1. PG&E Australia California corporation One Market, Spear Tower, Suite 2400 San Francisco, CA 94105 A wholly-owned, non-regulated indirect subsidiary of PG&E Enterprises through its ownership of PG&E Overseas, Inc. for business development in Australia. 1.2.3.1.2.2. PG&E Overseas, Ltd. Cayman Islands company Maples & Calder P.O. Box 309 George Town, Grand Cayman Cayman Islands, B.W.I. A wholly-owned, indirect subsidiary of PG&E Enterprises through its ownership of PG&E Overseas, Inc.; holding company for PG&E Pacific I, Ltd. and PG&E Pacific II, Ltd. 1.2.3.1.2.2.1. PG&E Pacific I, Ltd. Cayman Islands company Maples & Calder P.O. Box 309 George Town, Grand Cayman Cayman Islands, B.W.I. A non-regulated indirect subsidiary of PG&E Enterprises through its ownership of PG&E Overseas Inc.; an overseas distribution company of PG&E Overseas, Ltd. 1.2.3.1.2.2.2. PG&E Pacific II, Ltd. Cayman Islands company Maples & Calder P.O. Box 309 George Town, Grand Cayman Cayman Islands, B.W.I. A non-regulated indirect subsidiary of PG&E Enterprises through its ownership of PG&E Overseas Inc.; an overseas distribution company of PG&E Overseas, Ltd. 1.2.3.1.3. Quantum Ventures California corporation One Market, Spear Tower, Suite 2400 San Francisco, CA 94105 27 A wholly-owned, non-regulated subsidiary of PG&E Enterprises. Holding company. 1.2.3.1.3.1. PG&E Energy Services Ventures, Inc. (Formerly PG&E Energy Services Ventures, LLC) Delaware corporation 345 California St., 23rd Floor San Francisco, CA 94105 PG&E Energy Services Ventures, Inc. is a wholly owned, non- regulated indirect subsidiary of PG&E Enterprises through its ownership in Quantum Ventures. PG&E Energy Services Ventures, Inc. provides energy-related goods and services. 1.2.3.1.3.2. Barakat & Chamberlin, Inc. California corporation 345 California Street, Suite 3200 San Francisco, CA 94104 100% owned by Quantum Ventures Consulting 1.2.3.1.3.3. Creston Financial California corporation 345 California Street, Suite 3200 San Francisco, CA 94104 100% owned by Quantum Ventures Financial Consulting 1.2.3.1.3.4. Real Estate Energy Solutions, LLC Delaware limited liability company 888 S.W. Fifth Avenue, Suite 3200 Portland, OR 97204 50% owned by Quantum Ventures, and 50% owned by Jones Lang LaSalle Management Services, Inc. Provider of Commercial property management and energy services. 1.2.3.2. PG&E Gas Transmission Corporation California corporation 1400 SW Fifth Avenue, Suite 900 Portland, OR 97201 100% owned by PG&E National Energy Group, Inc. Gas holding company 1.2.3.2.1. PG&E Gas Transmission, Holdings Corporation (formerly PG&E Gas Transmission, Northeast Corporation) California corporation 1400 SW Fifth Avenue, Suite 900 Portland, Oregon 97201 100% owned by PG&E Gas Transmission Corporation. Formed to pursue gas transmission business opportunities. 1.2.3.2.1.1. North Baja Pipeline, LLC Delaware limited liability company 1400 SW Fifth Avenue, Suite 900 Portland, OR 97201 100% owned by PG&E Gas Transmission Holdings Corporation. Formed for the construction and operation of a natural gas pipeline capable of transporting natural gas from Arizona to the Mexico border. 1.2.3.2.2. GTN Holdings, LLC Delaware limited liability company 28 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161-6161 100% owned by PG&E Gas Transmission Corporation. Formed for the limited purpose of holding stock in PG&E Gas Transmission, Northwest Corporation 1.2.3.2.2.1. PG&E Gas Transmission, Northwest Corporation California corporation 1400 SW Fifth Avenue, Suite 900 Portland, Oregon 97201 100% owned by GTN Holdings LLC. Owns and operates gas transmission pipelines and associated facilities capable of transporting natural gas from the Canadian-U.S. border to the Oregon-California border. 1.2.3.2.2.1.1. Pacific Gas Transmission International, Inc. California corporation 1400 SW Fifth Avenue, Suite 900 Portland, Oregon 97201 100% owned by PG&E Gas Transmission, Northwest Corporation. Previously owned 99% of the beneficial interest of PG&E Queensland Unit Trust (which interest was sold to PG&E Gas Transmission Unit Holdings Pty Ltd. in September 1997). 1.2.3.2.2.1.2. Pacific Gas Transmission Company California corporation 1400 SW Fifth Avenue, Suite 900 Portland, Oregon 97201 100% owned by PG&E Gas Transmission, Northwest Corporation. Formed to pursue business opportunities in the natural gas business in the United States. 1.2.3.2.2.1.3. Stanfield Hub Services, LLC Washington limited liability company 1400 SW Fifth Avenue, Suite 900 Portland, Oregon 97201 50% owned by PG&E Gas Transmission, Northwest Corporation. Formed to pursue opportunities for construction and operation of natural gas storage facilities. 1.2.4. PG&E Strategic Capital, Inc. Delaware corporation One Market, Spear Tower, Suite 2400 San Francisco, CA 94105 PG&E Strategic Capital, Inc. is a wholly-owned subsidiary of PG&E Corporation. PG&E Strategic Capital, Inc. was formed for general business purposes. 1.2.5. PG&E Corporation Support Services, Inc. Delaware corporation One Market, Spear Tower, Suite 2400 San Francisco, CA 94105 PG&E Corporation Support Services, Inc. is a wholly- owned subsidiary of PG&E Corporation that provides general corporate support services to the PG&E Corporation family outside the State of California. 1.2.6. PG&E National Energy Group, LLC Delaware limited liability company 7500 Old Georgetown Road, 13th Floor 29 Bethesda, MD 20814-6161 100% owned by PG&E Corporation and was formed for the limited purpose of holding stock in PG&E National Energy Group, Inc. 1.2.7. The PG&E Corporation Foundation California corporation One Market, Spear Tower, Suite 2400 San Francisco, CA 94105 The PG&E Corporation Foundation is a wholly-owned non-profit entity of PG&E Corporation that was formed and operates exclusively for charitable, scientific, educational and literary purposes. 1.2.8. PG&E Ventures ePro, LLC Delaware corporation One Market, Spear Tower, Suite 2400 San Francisco, CA 94105 PG&E Ventures ePro, LLC is a wholly-owned subsidiary of PG&E Corporation that was formed to make and hold an investment in an e-procurement exchange. 1.2.9. PG&E Ventures, LLC Delaware corporation One Market, Spear Tower, Suite 2400 San Francisco, CA 94105 PG&E Ventures, LLC incorporated under the laws of the State of Delaware, is a wholly-owned subsidiary of PG&E Corporation that was formed for the purpose of holding interests in other businesses, financing and other transactions. 1.2.9.1. Pacific Venture Capital, LLC Delaware corporation One Market, Spear Tower, Suite 2400 San Francisco, CA 94105 Pacific Venture Capital, LLC is a wholly-owned subsidiary of PG&E Ventures, LLC that was formed to build and manage a portfolio of capital investments in growing energy and telecommunications companies. 1.2.9.2. PG&E Telecom, LLC Delaware corporation One Market, Spear Tower, Suite 2400 San Francisco, CA 94105 PG&E Telecom, LLC is a wholly-owned subsidiary of PG&E Ventures, LLC that was formed for the purpose of engaging in telecommunications and related business activities. 1.2.9.2.1. PG&E Capital, LLC Delaware corporation One Market, Spear Tower, Suite 2400 San Francisco, CA 94105 PG&E Capital, LLC is a wholly-owned subsidiary of PG&E Telecom, LLC, formed for financing and other transactions related to the energy industry. 2. A brief description of the properties of Claimant and each of its subsidiary public utility companies used for the generation, transmission, and distribution of electric energy for sale, or for the production, transmission, and distribution of natural or manufactured gas, indicating the producing fields, gas manufacturing plants, and electric and gas distribution facilities, including all such 30 properties which are outside the State in which Claimant and its subsidiaries are organized and all transmission or pipelines which deliver or receive electric energy or gas at the borders of such State. 2.1 Claimant and its subsidiaries, other than Pacific Gas and Electric Company, are not public utility companies for the purposes of the Public Utility Holding company Act of 1935 and do not own any such properties. 2.2 Pacific Gas and Electric Company is a public utility company. Pacific Gas and Electric Company owns and operates the following generation plants, all located in California: Net Operating Generation County Number of Capacity in Type Location Units Kilowatts (kW) ========== ======== ========= ============= Hydroelectric: Conventional 16 counties Plants in Northern and Central California 107 2,684,100 Helms Pumped Storage Plant Fresno 3 1,212,000 --- --------- Hydroelectric Subtotal 110 3,896,100 --- --------- Steam Plants: Humboldt Bay Humboldt 2 105,000 Hunters Point (1) San Francisco 3 377,000 --- --------- Steam Subtotal 5 482,000 --- --------- Combustion Turbines: Hunters Point (1) San Francisco 1 52,000 Mobile Turbines (2) Humboldt and Mendocino 3 45,000 --- --------- Combustion Turbines Subtotal 4 97,000 Nuclear: Diablo Canyon San Luis Obispo 2 2,160,000 --- --------- Total 121 6,635,100 --- --------- (1) In July 1998, the Utility reached an agreement with the City and County of San Francisco regarding the Hunters Point fossil-fueled power plant, which the Independent System Operator (ISO) has designated as a "must run" facility. The agreement expresses the Utility's intention to retire the plant when it is no longer needed by the ISO. (2) Listed to show capability: subject to relocation within the system as required. Pacific Gas and Electric Company's electric transmission system consists of approximately 18,376 circuit miles of interconnected transmission lines of 60 kilovolt (kV) to 500 kV and transmission substations having a capacity of approximately 39,859,000 kilovolt-amperes (Kva), including spares, excluding power plant interconnection facilities. Energy is distributed to customers through approximately 115,131 circuit miles of distribution system and distribution substations having a capacity of approximately 23,524,000 kVa. In 1998, Pacific Gas and Electric Company relinquished control, but not ownership, of its transmission facilities to the ISO. The operation of the transmission system in California, including facilities owned by Pacific Gas and Electric Company, is under the control of the ISO in connection with the electric industry restructuring. Pacific Gas and Electric Company owns and operates an integrated gas transmission, storage, and distribution system in California. The Utility's system consisted 31 of approximately 6.261 miles of transmission pipelines, three gas storage facilities, and approximately 37,958 miles of gas distribution lines. 3. The following information for the year ending December 31, 2000 with respect to claimant and each of its subsidiary public utility companies: a) Number of kilowatt-hours (kWh) of electric energy sold ( at retail or wholesale) and thousand cubic feet (Mcf) of natural or manufactured gas distributed at retail. b) Number of kwh of electric energy and Mcf of natural or manufactured gas distributed at retail outside the State in which each such company is organized. c) Number of kwh of electric energy and Mcf of natural or manufactured gas sold at wholesale outside the State in which each such company is organized, or at the State line. d) Number of kwh of electric energy and Mcf of natural or manufactured gas purchased outside the State in which each such company is organized, or at the State line. 3.1 Claimant and its subsidiaries, other than Pacific Gas and Electric Company, are not public utility companies for the purposes of the Public Utility Holding company Act of 1935. 32 3.2 Pacific Gas and Electric company is a public utility company located in the State of California. Year Pacific Gas and Electric Company ending (in millions) 12/31/00 -------- Number of kwh of electric energy sold at retail or wholesale 81,967 Number of Mcf of natural or manufactured gas distributed at retail 887 Number of kwh of electric energy distributed at retail outside the State 0 Number of Mcf of natural or manufactured gas distributed at retail outside the State 0 Number of kwh of electric energy sold at wholesale outside the State or at the State line 0 Number of Mcf of natural or manufactured gas sold at wholesale outside the State or at the State line 39 Number of kwh of electric energy purchased outside the State or at the State line 0 Number of Mcf of natural or manufactured gas purchased outside the State or at the State line 293 4. The following information for the reporting period with respect to claimant and each interest it holds directly or indirectly in an EWG or a foreign utility holding company, stating monetary amounts in United States dollars: a) Name, location, business address and description of the facilities used by the EWG or foreign utility company for the generation, transmission and distribution or electric energy for sale or for the distribution at retail of natural or manufactured gas. b) Name of each system company that holds an interest in such EWG or foreign utility company and description of the interest held. c) Type and amount of capital invested, directly or indirectly, by the holding company claiming exemption; any direct or indirect guarantee of the security of the EWG or foreign utility company by the holding company claiming exemption; and any debt or other financial obligation for which there is recourse, directly or indirectly, to the holding company claiming exemption or another system company other than the EWG or foreign utility company. d) Capitalization and earnings of the EWG or foreign utility company during the reporting period. e) Identify any service, sales or construction contract(s) between the EWG or foreign utility company and a system company, and describe the services to be rendered or goods sold and fees or revenues under such agreements. 4.1. PITTSFIELD GENERATING COMPANY, L.P. [EWG] a) Pittsfield Generating Company, L.P. 235 Merrill Road Pittsfield, MA 01202 33 Pittsfield Generating Company, L.P. is a 165 megawatt (MW) combined cycle, natural gas-fired cogeneration facility (the "Facility") selling power to Commonwealth Electric Company, Cambridge Electric Company, and USGen New England, Inc. and selling steam to General Electric Company. b) Enterprises owns 100% of PG&E Shareholdings, Inc., which owns 100% of PG&E Generating Company, LLC (formerly U.S. Generating Company, LLC), which owns 100% of PG&E Generating Power Group, LLC (formerly USGen Power Group, LLC), which owns 89% of Beale Generating Company (formerly J. Makowski Company, Inc.), which owns 100% of JMC Altresco, Inc., which through its subsidiaries, Altresco, Inc. (99% GP) and Pittsfield Partners, Inc. (1% L.P.), owns 100% of Pittsfield Generating Company, L.P. c) J. Makowski Company, Inc. acquired Pittsfield Generating Company, L.P. for $4,330,000, plus liabilities valued at $3,092,000 for a total investment of $7,422,000 on September 21, 1993. The Facility went into commercial operation on September 1, 1990. Enterprises acquired an interest in the Facility on August 26, 1994, as a result of the acquisition of J. Makowski Company, Inc. by its second-tier subsidiary, Beale Generating Company. d) Total equity as of December 31, 2000 = $26,903,931. Net income for the twelve months ended December 31, 2000 = $8,295,070. e) PG&E Operating Services Company (formerly, U.S. Operating Services Company) provides operations and maintenance services to Pittsfield Generating Company, L.P. PG&E Operating Services Company earns a base fee of $400,000 per annum plus performance bonuses, together with reimbursement of its direct costs. Pittsfield Generating Company, L.P. has gas enabling agreements with Selkirk Cogen Partners, MASSPOWER, and PG&E Energy Trading - Gas Corporation pursuant to which it may enter into non-firm/interruptible gas purchase and sales transactions at market pricing, from time to time. Pittsfield Generating Company, L.P. has a fuel transportation agreement with Berkshire Gas Company, an unaffiliated entity which leases a section of pipeline serving the Facility from Berkshire Feedline Acquisition Limited Partnership. Berkshire Feedline Acquisition Limited Partnership receives lease payments of approximately $1.8 million per annum on this section of pipeline. Pittsfield Generating Company, L.P. has an enabling agreement with PG&E Energy Trading - Power, L.P. pursuant to which it may make wholesale sales of electricity and purchase and sell other ancillary services from time to time. 4.2. Selkirk Cogen Partners, L.P. [EWG] a) Selkirk Cogen Partners, L.P. 24 Power Park Drive Selkirk, NY 12158 Selkirk Cogen Partners, L.P. Unit I is an 80 MW natural gas fired dispatchable cogeneration facility selling power to Niagara Mohawk Power Corporation. Selkirk Cogen Partners, L.P. Unit II is a 265 MW natural gas fired dispatchable cogeneration facility (Unit I and Unit II together, the "Facility") selling power to Consolidated Edison Company of New York, Inc. b) Enterprises owns 100% of PG&E Shareholdings, Inc., which owns 100% of PG&E Generating Company, LLC (formerly US Generating Company, LLC), which owns 100% of PG&E Generating Power Group, LLC (formerly, USGen Power Group, LLC), which owns 89% of Beale Generating Company (formerly J. Makowski Company, Inc.), which owns 100% of JMC Selkirk Holdings, Inc., which owns 100% of JMC Selkirk, Inc. and 100% of JMCS I Holdings, Inc. JMC Selkirk, Inc. directly holds .0911% and 1.9506% general partner and limited partner interests, respectively, in Selkirk Cogen Partners, L.P. JMC Selkirk, Inc also holds a 46.57% limited partnership interest in 34 PentaGen Investors, L.P. and JMCS I Holdings, Inc. holds a .50% general partner interest and 2.93% limited partner interest in PentaGen Investors, L.P. PentaGen Investors, L.P. holds a 5.2502% limited partner interest in Selkirk Cogen Partners, L.P. c) JMC Selkirk, Inc. and PentaGen Investors, L.P. made equity contributions of $1,058,355 and $3,666,445, respectively, on October 21, 1992. Unit I of the Facility went into commercial operation on April 17, 1992. Unit II of the Facility went into commercial operation on September 1, 1994. Enterprises acquired an interest in the Facility on August 26, 1994, as a result of the acquisition of J. Makowski Company, Inc. by its second-tier subsidiary, Beale Generating Company. d) Total equity as of December 31, 2000 = $(49,646,790). Net income for the twelve months ended December 31, 2000 = $42,413,926. e) JMCS I Management, Inc. provides administrative services to Selkirk Cogen Partners, L.P. JMCS I Management, Inc. charges a contractually established hourly rate which covers its labor costs (including salary and benefits), overhead, and profit. Selkirk Cogen Partners, L.P. has gas enabling agreements with PG&E Energy Trading - Gas Corporation, Pittsfield Generating Company, and MASSPOWER pursuant to which it may enter into non-firm/interruptible gas purchase and sales transactions at market pricing, from time to time. Selkirk Cogen Partners, L.P. has an enabling agreement with PG&E Energy Trading - Power, L.P. pursuant to which it may make wholesale sales of electricity and purchase and sell other ancillary services from time to time. 4.3. KEYSTONE Urban Renewal LIMITED PARTNERSHIP [EWG] a) Keystone Urban Renewal Limited Partnership Box 169-C, Route 130 South, Swedesboro, NJ 08085 Keystone Urban Renewal Limited Partnership is a 225 MW pulverized coal-fired dispatchable generation facility (the "Facility") selling power to Connectiv (formerly Atlantic Energy Company). b) Enterprises owns 100% of PG&E Shareholdings, Inc., which owns 100% of PG&E Generating Company, LLC, which owns 100% of PG&E Generating Power Group, LLC, which owns 100% of Eagle Power Corporation, which owns a 50% combined general and limited partnership interest in Keystone Cogeneration Company, L.P., which owns a 99% interest in Keystone Urban Renewal Limited Partnership. The other 1% interest is held by Granite Generating Company, L.P., which is also 50% owned by PG&E Corporation through Enterprises and other subsidiaries. c) Eagle Power Corporation made a capital contribution of $50 to Keystone Urban Renewal Limited Partnership on September 13, 1991. Enterprises, through PG&E National Energy Group Holdings Corporation, PG&E Generating Company, LLC, PG&E Generating Power Group, LLC, and Eagle Power Corporation, owns a 50% interest in Keystone Urban Renewal Limited Partnership which owns the Facility and leases it to Logan Generating Company, L.P. The Facility went into commercial operation on September 22, 1994. d) Total equity as of December 31, 2000 = $100. Net income after taxes for the twelve months ended December 31, 2000 = $0. e) None. 4.4. LOGAN GENERATING COMPANY, L.P. [EWG] a) Logan Generating Company, L.P. 35 Box 169-C, Route 130 South, Swedesboro, NJ 08085 Logan Generating Company, L.P. is a 225 MW pulverized coal fired dispatchable generation facility (the "Facility") selling power to Connectiv (formerly Atlantic Electric Company). b) Enterprises owns 100% of PG&E Shareholdings, Inc., which owns 100% of PG&E Generating Company, LLC, which owns 100% of PG&E Generating Power Group, LLC, which owns 100% of Eagle Power Corporation. Eagle Power Corporation is a 49% general and 1% limited partner in Logan Generating Company, L.P. c) Eagle Power Corporation made a capital contribution of $36,249,978 to Logan Generating Company, L.P. on October 31, 1994. Enterprises, through PG&E Shareholdings, Inc., PG&E Generating Company, LLC, PG&E Generating Power Group, LLC, and Eagle Power Corporation, owns a 50% interest in Logan Generating Company, L.P. which leases the Facility from Keystone Urban Renewal Limited Partnership. The Facility went into commercial operation on September 22, 1994. d) Total equity as of December 31, 2000 = $103,530,514. Net income after taxes for the twelve months ended December 31, 2000 = $36,722,858. e) PG&E National Energy Group Company (formerly PG&E Generating Company) provides management services to Logan Generating Company, L.P. PG&E National Energy Group Company earns a base fee of $400,000 per annum. PG&E Operating Services Company provides operations and maintenance services to Logan Generating Company, L.P. PG&E Operating Services Company earns a base fee of $500,000 per annum plus performance bonuses. Logan Generating Company, L.P. has an enabling agreement with PG&E Energy Trading - Power, L.P. pursuant to which it may make wholesale sales of electricity and purchase and sell other ancillary services from time to time. 4.5. HERMISTON GENERATING COMPANY, L.P. [EWG] a) Hermiston Generating Company, L.P. Box 930, Hermiston, OR 97838 Hermiston Generating Company, L.P. is a 474 MW natural gas fired dispatchable cogeneration facility (the "Facility") selling power to PacifiCorp. PacifiCorp owns a 50% undivided interest in the Facility. b) Enterprises owns 100% of PG&E Shareholdings, Inc., which owns 100% of PG&E Generating Company, LLC, which owns 100% of PG&E Generating Power Group, LLC, which owns 100% each of Larkspur Power Corporation and Buckeye Power Corporation. Larkspur Power Corporation is a 79% general and 1% limited partner, and Buckeye Power Corporation is a 20% general partner, in Hermiston Generating Company, L.P. c) Larkspur Power Corporation made a capital contribution of $30,852,148 to Hermiston Generating Company, L.P. on October 30, 1996. Buckeye Power Corporation made a capital contribution of $7,713,037 to Hermiston Generating Company, L.P. on October 30, 1996. Enterprises, through PG&E Shareholdings, Inc., PG&E Generating Company, LLC, PG&E Generating Power Group, LLC, Larkspur Power Corporation, and Buckeye Power Corporation, owns a 100% interest in Hermiston Generating Company, L.P. which owns a 50% undivided interest in the Facility. The Facility went into commercial operation on July 1, 1996. d) Total equity as of December 31, 2000 = $64,004,324. Net income for the twelve months ended December 31, 2000 = $12,895,848. 36 e) PG&E National Energy Group Company (formerly PG&E Generating Company) provides management services to Hermiston Generating Company, L.P. PG&E National Energy Group Company earns a base fee of $250,000 per annum. PG&E Operating Services Company provides operations and maintenance services to Hermiston Generating Company, L.P. PG&E Operating Services Company earns a base fee of $900,000 per annum plus performance bonuses. PG&E Gas Transmission, Northwest Corporation provides gas transmission services to Hermiston Generating Company, L.P. PG&E Gas Transmission, Northwest Corporation earns a fixed and variable charge based upon the volume of gas transported resulting in revenues of $235 million for the year-ended December 31, 2000. 4.6. MASSPOWER [EWG] a) MASSPOWER 750 Worcester Street Indian Orchard, MA 01151 MASSPOWER is a 240 MW natural gas-fired combined cycle cogeneration facility located in Springfield, MA, selling power to Western Massachusetts Electric Company, Boston Edison Company, Commonwealth Electric Company and Massachusetts Municipal Wholesale Electric Company, and selling steam to Monsanto Company. b) Enterprises owns 100% of PG&E National Energy Group Holdings Corporation (formerly, PG&E Shareholdings, Inc.), which owns 100% of PG&E Generating Company, LLC (formerly U.S. Generating Company, LLC), which owns 100% of PG&E Generating Power Group LLC (formerly USGen Power Group, LLC), which owns 89.1% of Beale Generating Company (formerly J. Makowski Company, Inc.) which owns 100% of Indian Orchard Generating Company, Inc., which holds a 49% membership interest in MASSPOWER, L.L.C. (formerly MASSPOWER, Inc.), which holds a 30% general partner interest in MASSPOWER. c) Capital contributions of $11,400,00 were made to MASSPOWER on September 1, 1993 by Masspower, Inc. and Springfield Generating Company, L.P.. The facility went into commercial operations on September 1, 1993. d) Total equity as of December 31, 2000 = $41,222,845. Net income for the twelve months ended December 31, 2000 = $28,351,992. e) J. Makowski Services, Inc. provides administrative services to MASSPOWER. J. Makowski Services, Inc. charges a contractually established hourly rate that covers its labor costs (including salary and benefits), overhead and profit. MASSPOWER has gas enabling agreements with Selkirk Cogen Partners, L.P., Pittsfield Generating Company, L.P., and PG&E Energy Trading - Gas Corporation pursuant to which it may enter into non firm/interruptible gas purchase and sales transactions at market pricing, from time to time. MASSPOWER has an enabling agreement with PG&E Energy Trading - Power, L.P. pursuant to which it may make wholesale sales of electricity and purchase and sell other ancillary services from time to time. 4.7. MILLENNIUM POWER PARTNERS, L.P. [EWG] a) Millennium Power Partners, L.P. P.O. Box 588 10 Sherwood Lane Charlton, Massachusetts 01508-0588 37 Millennium Power Partners, L.P. is currently under construction, with commercial operation expected in the spring of 2001. Millennium Power Partners, L.P. will be a nominal 360 MW natural gas-fired combined cycle merchant power facility which anticipates selling power into the New England Power Pool on a spot basis as well as under short-to medium-term bilateral contracts. b) Enterprises owns 100% of PG&E Shareholdings, Inc., which owns 100% of PG&E Generating Company, LLC (formerly U.S. Generating Company, LLC), which owns 100% of PG&E Generating Energy Group, LLC (formerly USGen Energy Group, LLC), which owns 100% of Osprey Power Corporation, which owns 100% of Magnolia Power Corporation. Magnolia Power Corporation is a 50% general partner and Osprey Power Corporation is a 49.5% general partner and 0.5% limited partner in Millennium Power Partners, L.P. c) Plant construction is being financed through loans from PG&E Generating Company, LLC or its subsidiaries. d) Total equity as of December 31, 2000 = $0. Net income for the twelve months ended December 31, 2000 = $0. e) PG&E Shareholdings, Inc. provides management services to Millennium Power Partners, L.P. PG&E National Energy Group Holdings Corporation charges a contractual rate for management services. PG&E Operating Services Company provides operations and maintenance services to Millennium Power Partners, L.P. PG&E Operating Services Company earns a base fee (upon the commencement of construction) of $350,000 per annum plus performance bonuses. Millennium Power Partners, L.P. has an enabling agreement with PG&E Energy Trading - Power, L.P. pursuant to which it may make wholesale sales of electricity and purchase and sell other ancillary services from time to time. Millennium Power Partners, L.P. has an enabling agreement with PG&E Energy Trading - Gas Corporation pursuant to which it may enter into non firm/interruptible gas purchase and sales transactions at market pricing, from time to time. 4.8. CEDAR BAY GENERATING COMPANY, LIMITED PARTNERSHIP (EWG) a) Cedar Bay Generating Company, Limited Partnership 9640 Eastport Road Jacksonville, FL 32218 Cedar Bay Generating Company, Limited Partnership owns and operates a 250 MW coal-fired electric generating facility in Jacksonville, Florida, selling power to Florida Power & Light Company, and selling steam to Smurfit Stone Container Corporation (formerly Stone Container Corporation). b) Enterprises owns 100% of PG&E Shareholdings, Inc., which owns 100% of PG&E Generating Company, LLC, which owns 100% of PG&E Generating Power Group, LLC, which owns 100% of Raptor Holdings Company, which owns 80.12% of Gray Hawk Power Corporation, which owns 100% of Cedar Bay Cogeneration, Inc. Cedar Bay Cogeneration, Inc. is a 78% general partner and a 2% limited partner in Cedar Bay Generating Company, Limited Partnership. c) Raptor Holdings Company made a total capital contribution of $44,000,000 for approximately 80% of voting common stock of Gray Hawk Corporation in 1994. Gray Hawk Power Corporation is capitalized with voting common stock, non-voting common stock, and preferred stock. Raptor Holdings Company, through Gray Hawk Power Corporation, and Cedar Bay Cogeneration, Inc. owns an approximate 64% net voting interest in Cedar Bay Generating Company, L.P. The facility went into commercial operation in January 25, 1994. d) Total equity as of December 31, 2000 = $(47,506,066). 38 Net loss for the twelve months ended December 31, 2000 = $(20,162,334). e) PG&E National Energy Group Company (formerly PG&E Generating Company) provides management services to Cedar Bay Generating Company, Limited Partnership. PG&E National Energy Group Company charges a contractual rate for management services. PG&E Operating Services Company provides operations and maintenance services to Cedar Bay Generating Company, Limited Partnership. PG&E Operating Services Company charges a contractual amount for their services. 4.9. NORTHAMPTON GENERATING COMPANY, L.P. (EWG) a) Northampton Generating Company, L.P. One Horwith Drive Northampton, PA 18067 Northampton Generating Company, L.P. owns and operates an approximately 98 MW anthracite waste coal-fired electric generating facility in Northampton, Pennsylvania, selling power to Metropolitan Edison Company, and selling steam to unrelated industrial operations. b) Enterprises owns 100% of PG&E Shareholdings, Inc., which owns 100% of PG&E Generating Company, LLC, which owns 100% of PG&E Generating Power Group, LLC, which owns 100% of Jaeger Power Corporation. Jaeger Power Corporation is a 48% general partner and a 2% limited partner in Northampton Generating Company, L.P. c) Jaeger Power Corporation made a capital contribution of $20,193,000 to Northampton Generating Company, L.P. on October 1, 1995. Enterprises, through PG&E Shareholdings, Inc., PG&E Generating Company, LLC, PG&E Generating Power Group, LLC, and Jaeger Power Corporation, owns a 50% interest in Northampton Generating Company, L.P. The facility went into commercial operation on August 28, 1995. d) Total equity as of December 31, 2000 = $47,892,668. Net income for the twelve months ended December 31, 2000 = $6,772,514. e) PG&E National Energy Group Company (formerly PG&E Generating Company) provides management services to Northampton Generating Company, L.P. PG&E National Energy Group Company charges a contractual rate for management services. PG&E Operating Services Company provides operations and maintenance services to Northampton Generating Company, L.P. PG&E Operating Services Company charges a contractual amount for their services. 4.10. SCRUBGRASS GENERATING COMPANY, L.P. (EWG) a) Scrubgrass Generating Company, L.P. RR1 Lisbon Road Kennerdell, PA 16374 Scrubgrass Generating Company, L.P. leases an 87 MW waste coal-fired electric generating facility in Venango County, Pennsylvania, to Buzzard Power Corporation. b) Enterprises owns 100% of PG&E Shareholdings, Inc), which owns 100% of PG&E Generating Company, LLC, which owns 100% of PG&E Generating Power Group, LLC, which owns 100% of Falcon Power Corporation, which owns 100% of Scrubgrass Power Corp. Falcon Power Corporation is a 24.63% general partner and a .5% limited partner, and Scrubgrass Power Corp. is a 24.87% general partner, in Scrubgrass Generating Company, L.P. c) Falcon Power Corporation, on a consolidated basis, made a total capital contribution of $21,170,000 to Scrubgrass Generating Company, L.P. in 1993. Enterprises, through PG&E Shareholdings, Inc., PG&E Generating Company, LLC, PG&E Generating Power Group, 39 LLC, and Falcon Power Corporation, owns a 50% interest in Scrubgrass Generating Company, L.P. The facility went into commercial operation on October 15, 1993. d) Total equity as of December 31, 2000 = $78,119,011. Net income for the twelve months ended December 31, 2000 = $10,200,605. e) PG&E National Energy Group Company (formerly PG&E Generating Company) provides management services to Scrubgrass Generating Company, L.P. PG&E National Energy Group Company charges a contractual rate for management services. PG&E Operating Services Company provides operations and maintenance services to Scrubgrass Generating Company, L.P. PG&E Operating Services Company charges a contractual amount for their services. 4.11. INDIANTOWN COGENERATION, L.P. [EWG] a) Indiantown Cogeneration, L.P. 19140 SW Warfield Boulevard Indiantown, FL 34956 Indiantown Cogeneration, L.P. owns and operates a 330 MW coal-fired electric generating facility in Indiantown, Florida, selling power to Florida Power & Light Company, and selling steam to Caulkins Indiantown Citrus Co. b) Enterprises owns 100% of PG&E Shareholdings, Inc., which owns 100% of PG&E Generating Company, LLC, which owns 100% of PG&E Generating Power Group, LLC, which owns 100% of Toyan Enterprises. Toyan Enterprises is a 30.05% limited partner in Indiantown Cogeneration, L.P. and a 24.81% general partner in Indiantown Project Investment Partnership, L.P., which is a 19.95% general partner in Indiantown Cogeneration, L.P. c) Toyan Enterprises, on a consolidated basis, made a capital contribution of $67,200,000 for a 48% equity interest to Indiantown Cogeneration, L.P. on December 26, 1995. A portion of the original 48% equity interest was sold to a third party during 1999. Enterprises, through PG&E Shareholdings, Inc., PG&E Generating Company, LLC, PG&E Generating Power Group, LLC, and Toyan Enterprises, currently owns a 35% interest in Indiantown Cogeneration, L.P. The facility went into commercial operation on December 22, 1995. d) Total equity as of December 31, 2000 = $84,979,674. Net income for the twelve months ended December 31, 2000 = $22,135,124. e) PG&E National Energy Group Company (formerly PG&E Generating Company) provides management services to Indiantown Cogeneration, L.P. PG&E National Energy Group Company charges a contractual rate for management services. PG&E Operating Services Company provides operations and maintenance services to Indiantown Cogeneration, L.P. PG&E Operating Services Company charges a contractual rate for their services. Indiantown Cogeneration, L.P. has an enabling agreement with PG&E Energy Trading - Power, L.P. pursuant to which it may make wholesale sales of electricity and purchase and sell other ancillary services from time to time. 4.12. CHAMBERS COGENERATION LIMITED PARTNERSHIP [EWG] a) Chambers Cogeneration Limited Partnership 500 Shell Road Carneys Point, NJ 08069-2926 Chambers Cogeneration Limited Partnership owns and operates a 252 MW coal-fired electric generating facility in Carneys Point, New Jersey, selling power to Connectiv (formerly Atlantic Energy Company), and selling power and steam to DuPont. 40 b) Enterprises owns 100% of PG&E Shareholdings, Inc., which owns 100% of PG&E Generating Company, LLC, which owns 100% of PG&E Generating Power Group, LLC, which owns 100% of Peregrine Power Corporation. Peregrine Power Corporation is a 50% general partner in Chambers Cogeneration Limited Partnership. c) Peregrine Power Corporation made a capital contribution of $50,400,000 to Chambers Cogeneration Limited Partnership in 1994. Enterprises, through PG&E Shareholdings, Inc., PG&E Generating Company LLC, PG&E Generating Power Group, LLC, and Peregrine Power Corporation, owns a 50% interest in Chambers Cogeneration Limited Partnership. The facility went into commercial operation on June 27, 1994. d) Total equity as of December 31, 2000 = $91,278,094. Net income for the twelve months ended December 31, 2000 = $23,757,096. e) PG&E National Energy Group Company (formerly PG&E Generating Company) provides management services to Chambers Cogeneration Limited Partnership. PG&E National Energy Group Company charges a contractual rate for management services. PG&E Operating Services Company provides operations and maintenance services to Chambers Cogeneration Limited Partnership. PG&E Operating Services Company charges a contractual rate for their services. Chambers Cogeneration Limited Partnership has an enabling agreement with PG&E Energy Trading - Power, L.P. pursuant to which it may make wholesale sales of electricity and purchase and sell other ancillary services from time to time. 4.13. ATHENS GENERATING COMPANY, L.P. a) Athens Generating Company, L.P. 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 Athens Generating Company, L.P. is currently developing a 1,080 MW natural gas-fired electric generating merchant power facility in Athens, New York, with commercial operation expected in the summer of 2003. b) Enterprises owns 100% of PG&E Shareholdings, Inc., which owns 100% of PG&E Generating Company, LLC, which owns 100% of PG&E Generating Energy Group, LLC, which owns 100% each of Black Hawk Power Corporation and Peach I Power Corporation. Black Hawk Power Corporation is a 49% general partner and 2% limited partner, and Peach I Power Corporation is a 49% general partner, in Athens Generating Company, L.P. c) Project is in the development stage. Athens Generating Company, L.P. has not been capitalized. d) Total equity as of December 31, 2000 = $0. Net income for the twelve months ended December 31, 2000 = $0. e) N/A 4.14. LA PALOMA GENERATING COMPANY, LLC a) La Paloma Generating Company, LLC 1760 W. Skyline Road McKittrick, CA 93251 La Paloma Generating Company, LLC is currently constructing a 1,020 MW gas-fired electric generating merchant power facility in Kern County, California. It anticipates selling power into the California market on a spot basis as well as under short-to-medium term bilateral contracts. 41 b) Enterprises owns 100% of PG&E Shareholdings, Inc., which owns 100% of PG&E Generating Company, LLC, which owns 100% of PG&E Generating Energy Group, LLC, which owns 100% each of La Paloma Power Corporation and PG&E Generating Energy Holdings, Inc. PG&E Generating Energy Holdings, Inc. owns a 1% membership interest and La Paloma Power Corporation owns a 99% membership interest in La Paloma Generating Company, LLC. c) The La Paloma Project is being financed through a synthetic lease. La Paloma Generating Company, LLC, has not been capitalized. d) Total equity as of December 31, 2000 = $0. Net income for the twelve months ended December 31, 2000 = $0. e) PG&E National Energy Group Company provides operation, maintenance and management services to La Paloma Generating Company, LLC. PG&E National Energy Group Company charges a contractual rate for their services. La Paloma Generating Company, LLC has electric and gas purchase/sale agreements with PG&E Energy Trading - Power, L.P. pursuant to which it may make wholesale sales of electricity, purchases of natural gas, and purchase and sell other ancillary services from time to time. 4.15. LAKE ROAD GENERATING COMPANY, L.P. a) Lake Road Generating Company, L.P. 56 Alexander Parkway Dayville, CT 06241 Lake Road Generating Company, L.P. is currently under construction, with commercial operation expected in the summer of 2001. Lake Road Generating Company, L.P. will be a nominal 792 MW natural gas-fired combined cycle merchant power facility which anticipates selling power into the New England Power Pool on a spot basis as well as under short-to medium-term bilateral contracts. b) Enterprises owns 100% of PG&E Shareholdings, Inc., which owns 100% of PG&E Generating Company, LLC, which owns 100% of PG&E Generating Energy Group, LLC, which owns 100% of both Peach IV Power Corporation and Black Hawk III Power Corporation. Peach IV Power Corporation is a 49% general partner and Black Hawk III Power Corporation is a 49% general partner and 2% limited partner in Lake Road Generating Company, L.P. c) The Lake Road Project is being financed through a synthetic lease. Lake Road Generating Company, L.P., has not been capitalized. d) Total equity as of December 31, 2000 = $0. Net income for the twelve months ended December 31, 2000 = $0. e) PG&E National Energy Group Company provides operations, management, and maintenance services to Lake Road Generating Company, L.P. PG&E National Energy Group Company charges a contractual rate for management services. Lake Road Generating Company, L.P. has an enabling agreement with PG&E Energy Trading - Power, L.P. pursuant to which it may make wholesale sales of electricity and purchase and sell other ancillary services from time to time. Lake Road Generating Company, L.P. has an gas enabling agreement with PG&E Energy Trading - Gas Corporation pursuant to which it may enter into non firm/interruptible gas purchase and sales transactions at market pricing, from time to time. 4.16. MANTUA CREEK GENERATING COMPANY, L.P. 42 a) Mantua Creek Generating Company, L.P. 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 Mantua Creek Generating Company, L.P. is currently developing an 800 MW natural gas-fired electric generating merchant power facility in West Deptford, New Jersey. b) Enterprises owns 100% of PG&E Shareholdings, Inc., which owns 100% of PG&E Generating Company, LLC, which owns 100% of PG&E Generating Energy Group, LLC, which owns 100% each of Plover Power Corporation and Beech Power Corporation. Plover Power Corporation is a 49% general partner and 2% limited partner, and Beech Power Corporation is a 49% general partner, in Mantua Creek Generating Company, L.P. c) Project is in the development stage. Mantua Creek Generating Company, L.P., has not been capitalized. d) Total equity as of December 31, 2000 = $0. Net income for the twelve months ended December 31, 2000 = $0. e) N/A 4.17. OKEECHOBEE GENERATING COMPANY, LLC a) Okeechobee Generating Company, LLC 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 Okeechobee Generating Company, LLC is currently developing a 550 MW natural gas-fired electric generating merchant power facility in Okeechobee, Florida b) Enterprises owns 100% of PG&E Shareholdings, Inc., which owns 100% of PG&E Generating Company, LLC, which owns 100% of PG&E Generating Energy Group, LLC, which owns 100% each of Okeechobee Power Corporation and PG&E Generating Energy Holdings, Inc. PG&E Generating Energy Holdings, Inc. owns a 1% membership interest and Okeechobee Power Corporation owns a 99% membership interest in Okeechobee Generating Company, LLC. c) Project is in the development stage. Okeechobee Generating Company, LLC, has not been capitalized. d) Total equity as of December 31, 2000 = $0. Net income for the twelve months ended December 31, 2000 = $0. e) N/A 4.18. USGEN NEW ENGLAND, INC. a) USGen New England, Inc. 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 USGen New England, Inc. owns and operates 17 generating facilities comprising of approximately 3,962 megawatts of generation, selling power in the New England area markets. b) Enterprises owns 100% of PG&E Shareholdings, Inc., which owns 100% of PG&E Generating Company, LLC, which owns 100% of PG&E Generating Energy Group, LLC, which owns 100% of USGen New England, Inc. c) On September 1, 1998, USGen New England, Inc. completed the acquisition of a portfolio of electric generating assets and power supply contracts from the New England Electric System. PG&E Generating Company, LLC, through PG&E Generating Energy Group, LLC, made an equity contribution of $1,343,960,000 in USGen New England, Inc. in order to execute the transaction. PG&E Corporation, through PG&E Enterprises and PG&E Shareholdings, Inc. made a 43 $425,000,000 equity contribution to PG&E Generating Company, LLC, in connection with the acquisition. USGen New England, Inc. also assumed liabilities of approximately $1,350,000,000. d) Net income for the twelve months ended December 31, 2000 = $95,037,697. e) PG&E National Energy Group Company (formerly PG&E Generating Company) provides management services to USGen New England, Inc. PG&E National Energy Group Company charges a contractual rate for management services. USGen New England, Inc. has an enabling agreement with PG&E Energy Trading - Power, L.P. pursuant to which it may make wholesale sales of electricity and purchase and sell other ancillary services from time to time. 4.19. PG&E DISPERSED GENERATING COMPANY, LLC a) PG&E Dispersed Generating Company, LLC 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 PG&E Dispersed Generating Company, LLC is currently developing and/or operating small peaker facilities in Ohio and is acting as an engineering procurement construction contractor on two small peaker facilities in California. b) Enterprises owns 100% of PG&E Shareholdings, Inc., which owns 100% of PG&E Generating Company, LLC, which owns 100% of PG&E Generating Energy Group, LLC, which owns 100% each of PG&E Dispersed Power Corporation and PG&E Generating Energy Holdings, Inc. PG&E Generating Energy Holdings, Inc. owns a 1% membership interest and PG&E Dispersed Power Corporation owns a 99% membership interest in PG&E Dispersed Generating Company, LLC. c) Project is in the development stage. PG&E Dispersed Generating Company, LLC, has not been capitalized. In February 2000, PG&E Dispersed Power Corporation and PG&E Generating Energy Holdings, Inc. made an initial equity contribution of $22,338,863 and $225,645, respectively. At various dates in 2000, additional equity contributions of $86,230,360 and $871,014 were made by PG&E Dispersed Power Corporation and PG&E Generating Energy Holdings, Inc., respectively. d) Total equity as of December 31, 2000 = $97,991,956. Net income for the twelve months ended December 31, 2000 = $(11,673,927). e) PG&E National Energy Group Company provides operation, maintenance and management services to PG&E Dispersed Generating Company, LLC. PG&E National Energy Group Company charges a contractual rate for their services. 4.20. LIBERTY GENERATING COMPANY, LLC a) Liberty Generating Company, LLC 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 Liberty Generating Company, LLC is currently developing a 1,100 MW natural gas-fired electric generating merchant power facility in Linden, New Jersey. b) Enterprises owns 100% of PG&E Shareholdings, Inc., which owns 100% of PG&E Generating Company, LLC, which owns 100% of PG&E Generating Energy Group, LLC, which owns 100% each of Liberty Generating Corporation and PG&E Generating Energy Holdings, Inc. PG&E Generating Energy Holdings, Inc. owns a 1% membership interest and Liberty Generating Corporation owns a 99% membership interest in Liberty Generating Company, LLC. c) Project is in the development stage. Liberty Generating Company, LLC, has not been capitalized. d) Total equity as of December 31, 2000 = $0. 44 Net income for the twelve months ended December 31, 2000 = $0. e) N/A 4.21. BADGER GENERATING COMPANY, LLC a) Badger Generating Company, LLC 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 Badger Generating Company, LLC is currently developing a 1,100 MW natural gas-fired electric generating merchant power facility in Pleasant Prairie, Wisconsin. b) Enterprises owns 100% of PG&E Shareholdings, Inc., which owns 100% of PG&E Generating Company, LLC, which owns 100% of PG&E Generating Energy Group, LLC, which owns 100% each of Badger Power Corporation and PG&E Generating Energy Holdings, Inc. PG&E Generating Energy Holdings, Inc. owns a 1% membership interest and Badger Power Corporation owns a 99% membership interest in Badger Generating Company, LLC. c) Project is in the development stage. Badger Generating Company, LLC, has not been capitalized. d) Total equity as of December 31, 2000 = $0. Net income for the twelve months ended December 31, 2000 = $0. e) N/A 4.22. MADISON WINDPOWER LLC a) Madison Windpower LLC 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 Madison Windpower, LLC is currently operating a 12MW wind-powered merchant power facility in Madison, New York. b) Enterprises owns 100% of PG&E Shareholdings, Inc., which owns 100% of PG&E Generating Company, LLC, which owns 100% of PG&E Generating Energy Group, LLC, which owns 100% each of Madison Wind Power Corporation and PG&E Generating Energy Holdings, Inc. PG&E Generating Energy Holdings, Inc. owns a 1% membership interest and Madison Wind Power Corporation owns a 99% membership interest in Madison Windpower LLC. c) Madison Wind LLC has not been capitalized. It is fully funded by debt. d) Total equity as of December 31, 2000 = $(285,624). Net income for the twelve months ended December 31, 2000 = $(285,624). e) PG&E National Energy Group Company provides operation, maintenance and management services to Madison Windpower LLC. PG&E National Energy Group Company charges a contractual rate for their services. 4.23. COVERT GENERATING COMPANY, LLC a) Covert Generating Company, LLC 7500 Old Georgetown Road, 13th Floor Bethesda, MD 20814-6161 Covert Generating Company, LLC is currently developing a 1,080 natural gas-fired electric generating merchant power facility in Covert Township, Michigan. b) Enterprises owns 100% of PG&E Shareholdings, Inc., which owns 100% of PG&E Generating Company, LLC, which owns 100% of PG&E Generating Energy Group, LLC, which owns 100% each of Covert Power Corporation and PG&E Generating Energy Holdings, Inc. PG&E Generating Energy Holdings, Inc. owns a 1% membership interest and Covert Power Corporation owns a 99% membership interest in 45 Covert Generating Company, LLC. c) Project is in the development stage. Covert Generating Company, LLC, has not been capitalized. d) Total equity as of December 31, 2000 = $0. Net income for the twelve months ended December 31, 2000 = $0. e) N/A 46 EXHIBIT A A consolidating statement of income and surplus of the Claimant and its subsidiary companies for the last calendar year, together with a consolidating balance sheet of Claimant and its subsidiary companies as of the close of such calendar year. Unaudited consolidating statements of income of the Claimant's subsidiary companies (i.e., PG&E Corporation and its subsidiaries) for 2000, together with unaudited consolidating balance sheets of Claimant's subsidiary companies as of the close of such periods, are attached as Exhibit A. PG&E CORPORATION CONSOLIDATING INCOME STATEMENT FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2000 (in millions) (unaudited) Eliminations Total and Total PG&E Total Consolidated Reclassifications Unconsolidated Corporation Subsidiaries ---------------------------------------------------------------------------- Operating revenues Utility $ 9,637 $ - $ 9,637 $ - $ 9,637 Energy commodities and services 16,595 (516) 17,111 111 17,000 -------------------------------------------------------------------------- Total operating revenues 26,232 (516) 26,748 111 26,637 -------------------------------------------------------------------------- Operating Expenses Cost of energy for utility 8,166 - 8,166 - 8,166 Deferred electric procurement cost (6,465) - (6,465) - (6,465) Cost of energy commodities and services 15,220 (264) 15,484 - 15,484 Operating and maintenance 3,520 (267) 3,787 111 3,676 Depreciation, amortization, and decommissioning 3,659 5 3,654 - 3,654 Loss on assets held for sale - - - - - Provision for loss on generation-related regulatory assets and undercollected purchased power costs 6,939 - 6,939 - 6,939 -------------------------------------------------------------------------- Total operating expenses 31,039 (526) 31,565 111 31,565 -------------------------------------------------------------------------- Operating Income (Loss) (4,807) 10 (4,817) - (4,817) Interest Income 266 1 265 - 265 Interest Expense (788) 38 (826) (27) (799) Equity in earnings of subsidiaries - 3,316 (3,316) (3,316) - Other income (expense) (23) (42) 19 15 4 -------------------------------------------------------------------------- Income (Loss) Before Income Taxes (5,352) 3,323 (8,675) (3,328) (5,347) Income tax provision (benefit) (2,028) 3 (2,031) (4) (2,027) -------------------------------------------------------------------------- Income (Loss) from continuing operations (3,324) 3,320 (6,644) (3,324) (3,320) Discontinued operations Loss on disposal of PG&E Energy Services (net of applicable income taxes of $36 million) (40) 40 (40) (40) (40) -------------------------------------------------------------------------- Net Income (Loss) $(3,364) $ 3,360 $ (6,724) $ (3,364) $(3,360) ========================================================================== Pacific Gas PG&E National PG&E & Electric Energy Group, Corporation PG&E PG&E PG&E Ventures, Company Inc. Support Strategic Elm Power Ventures LLC (Consolidated) (Consolidated) Services, Inc. Capital Inc. Corporation ePro, LLC (Consolidated) -------------- -------------- -------------- ------------ ----------- --------- -------------- Operating revenues Utility $ 9,637 $ - $ - $ - $ - $ - $ - Energy commodities and services - 16,995 5 - - - - ------------------------------------------------------------------------------------------- Total operating revenues 9,937 16,995 5 $ - - - - ------------------------------------------------------------------------------------------- Operating Expenses Cost of energy for utility 8,166 - - - - - - Deferred electric procurement cost (6,465) - - - - - - Cost of energy commodities and services - 15,484 - - - - - Operating and maintenance 2,687 977 5 - - - 7 Depreciation, amortization, and decommissioning 3,511 143 - - - - - Loss on assets held for sale - - - - - - - Provision for loss on generation-related regulatory assets and undercollected purchased power costs 6,939 - - - - - - ------------------------------------------------------------------------------------------- Total operating expenses 14,838 16,604 5 - - - 7 ------------------------------------------------------------------------------------------- Operating Income (Loss) (5,201) 391 - - - - (7) Interest Income 186 79 - - - - - Interest Expense (644) (155) Equity in earnings of subsidiaries Other income (expense) (3) 7 - - - - - ------------------------------------------------------------------------------------------- Income (Loss) Before Income Taxes (5,662) 322 - - - - (7) Income tax provision (benefit) (2,154) 130 - - - - (3) ------------------------------------------------------------------------------------------- Income (Loss) from continuing operations (3,508) 192 - - - - (4) Discontinued operations Loss on disposal of PG&E Energy Services (net of applicable income taxes of $36 million) - (40) - - - - - ------------------------------------------------------------------------------------------ Net Income (Loss) $(3,508) $ 152 $ - $ - $ - $ - $ (4) ========================================================================================== EXHIBIT A PG&E CORPORATION CONSOLIDATING INCOME STATEMENT FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2000 (in milions) (unaudited) Pacific Gas & Electric Pacific Gas & Company Eliminations and Total Electric Total (Consolidated) Reclassifications Unconsolidated Company Subsidiaries ------------------------------------------------------------------------------ Operating revenues Utility $ 9,637 $ (1) $ 9,638 $ 9,637 $ 1 Energy commodities and services - - - - - ------------------------------------------------------------------------------ Total operating revenues 9,637 (1) 9,638 9,637 1 ------------------------------------------------------------------------------ Operating Expenses Cost of energy for utility 8,166 (1) 8,167 8,167 - Deferred electric procurement cost (6,465) - (6,465) (6,465) - Cost of energy commodities and services - - - Operating and maintenance 2,687 - 2,687 2,681 6 Depreciation, amortization, and decommissioning 3,511 - 3,511 3,510 1 Loss on assets held for sale - - - - Provision for loss on generation-related regulatory assets and undercollected purchased power costs 6,939 - 6,939 6,939 - ------------------------------------------------------------------------------ Total operating expenses 14,838 (1) 14,839 14,832 7 ------------------------------------------------------------------------------ Operating Income (Loss) (5,201) - (5,201) (5,195) (6) Interest Income 186 (152) 338 180 158 Interest Expense (644) 152 (796) (628) (168) Equity in earnings of subsidiaries - (8) 8 8 - Other income (expense) (3) (3) (27) 24 ------------------------------------------------------------------------------ Income (Loss) Before Income Taxes (5,662) (8) (5,654) (5,662) 8 Income tax provision (benefit) (2,154) - (2,154) (2,154) - ------------------------------------------------------------------------------ Net Income (Loss) $ (3,508) $ (8) $ (3,500) $ (3,508) $ 8 ============================================================================== Alberta and Natural Gas Standard Pacific Pacific Gas Southern Gas Corporation Gas Line Pacific Energy Properties Co. Ltd. of California Incorporated Fuels Company Company -------------------------------------------------------------------------------- Operating revenues Utility $ - $ - $ 1 $ - $ - Energy commodities and services - - - - - -------------------------------------------------------------------------------- Total operating revenue - - 1 - - -------------------------------------------------------------------------------- Operating Expenses Cost of energy for utility - - - - - Deferred electric procurement cost - - - - - Cost of energy commodities and services - - - - - Operating and maintenance - - 1 - - Depreciation, amortization, and decommissioning - - 1 - - Loss on assets held for sale - - - - - Provision for loss on generation-related regulatory - - - - - assets and undercollected purchased power costs - - - - - -------------------------------------------------------------------------------- Total operating expenses - - 2 - - -------------------------------------------------------------------------------- Operating Income (Loss) - - (1) - - Interest Income 1 Interest Expense - - - - (1) Equity in earnings of subsidiaries - - - - - Other income (expense) - - - - - -------------------------------------------------------------------------------- Income (Loss) Before Income Taxes 1 - (1) - (1) Income tax provision (benefit) 1 - - - (1) -------------------------------------------------------------------------------- Net income (loss) $ - $ - $ (1) $ - $ - ================================================================================ PG&E National Energy Group, Inc. Consolidated Income Statement For the Twelve Months Ended December 31, 2000 (in millions) (unaudited) Pacific Conservation Eureka PG&E PG&E Calaska Energy Services Energy PG&E Funding Holdings Company Company Company Capital 1 LLC LLC ----------------------------------------------------------------------------- Operating revenues Utility $ - $ - $ - $ - $ - $ - Energy commodities and services - - - - - - ----------------------------------------------------------------------------- Total operating revenues - - - - - - ----------------------------------------------------------------------------- Operating Expenses Cost of energy for utility - - - - - Deferred electric procurement cost - - - - - Cost of energy commodities and services - - - - - Operating and maintenance - - - - - Depreciation, amortization, and decommissioning - - - 5 - Loss on assets held for sale - - - - - Provision for loss on generation-related regulatory - - - - - assets and undercollected purchased power costs - - - - - ----------------------------------------------------------------------------- Total operating expenses - - - - 5 - ----------------------------------------------------------------------------- Operating Income (Loss) - - - - (5) - Interest Income - 1 - 156 - Interest Expense - - - (24) (143) - Equity in earnings of subsidiaries - - - - - Other income (expense) - - - 24 - - ----------------------------------------------------------------------------- Income (Loss) Before Income Taxes - 1 - - 8 - Income tax provision (benefit) - - - - - - ----------------------------------------------------------------------------- Net Income (Loss) $ - $ 1 $ - $ - $ 8 $ - ============================================================================= PG&E National Energy Group, Inc. Consolidating Income Statement For the Twelve Months Ended December 31, 2000 (in millions) (unaudited) PG&E PG&E Gas PG&E Gas Enterprises Transmission Transmission-Texas ----------- ------------ ------------------ Operating revenues Generation, transportation and trading $15,044 $237 $1,911 Equity in earnings of affiliates 64 - 1 ------- ---- ------ Total operating revenues 15,108 237 1,912 Operating expenses Cost of commodity sales & fuel 14,236 - 1,688 Operations, maintenance, and management 530 47 143 Administrative and general 17 3 - Corporate A&G allocation 45 - - Depreciation and amortization 102 41 - Impairments and write-offs Other operating expenses (11) 11 - ------- ---- ------ Total operating expenses 14,919 102 1,831 ------- ---- ------ Operating Income 189 135 81 Other income (expenses) Interest income 74 1 - Interest expense (72) (41) (49) Other income (5) 1 (3) Preferred stock accretion - - - Minority interest expense (2) - - ------- ---- ------ Income (loss) from continuing operations before income taxes 184 96 29 Income taxes Income tax expense (benefit) 99 38 (4) ------- ---- ------ Net Income (loss) before cumulative effect of a change in accounting principle 85 58 33 Discontinued operations (40) - - ------- ---- ------ Net Income $ 45 $ 58 $ 33 ======= ==== ====== PG&E National Adjustments & Energy Group, Inc Eliminations NEG, Inc. ----------------- ------------- ---------- Operating revenues Generation, transportation and trading $16,930 $(262) $ - Equity in earnings of affiliates 65 (110) 110 ------- ----- ---- Total operating revenues 16,995 (372) 110 Operating expenses Cost of commodity sales & fuel 15,667 (257) - Operations, maintenance, and management 715 (5) - Administrative and general 22 (1) 3 Corporate A&G allocation 46 1 - Depreciation and amortization 143 - - Impairments and write-offs Other operating expenses 10 4 6 ------- ----- ---- Total operating expenses 16,603 (258) 9 ------- ----- ---- Operating Income 392 (114) 101 Other income (expenses) Interest income 80 5 - Interest expense (156) 6 - Other income 7 14 - Preferred stock accretion - - - Minority interest expense (2) - - ------- ----- ---- Income (loss) from continuing operations before income taxes 321 (89) 101 Income taxes Income tax expense (benefit) 129 - (4) ------- ----- ---- Net Income (loss) before cumulative effect of a change in accounting principle 192 (89) 105 Discontinued operations (40) - - ------- ----- ---- Net Income $ 152 $ (89) $105 ======= ===== ==== 7 PG&E National Energy Group, Inc. Consolidating Income Statement For the Twelve Months Ended December 31, 2000 (in millions) (unaudited) PG&E National Energy Group Holdings Corp. PG&E Overseas, Inc. Quantum Ventures -------------- ------------------- ---------------- Operating revenues Generation, transportation and trading $15,070 $ - $ - Equity in earnings of affiliates 64 - - ------- ---- ---- Total operating revenues 15,134 - - Operating expenses Cost of commodity sales & fuel 14,261 - - Operations, maintenance, and management 530 - - Administrative and general 17 - - Corporate A&G allocation 44 - - Depreciation and amortization 102 - - Impairments and write-offs Other operating expenses (10) - - ------- ---- ---- Total operating expenses 14,944 - - ------- ---- ---- Operating Income 190 - - Other income (expenses) Interest income 84 - - Interest expense (71) - - Other income (5) - - Preferred stock accretion - - - Minority interest expense (2) - - ------- ---- ---- Income (loss) from continuing operations before income taxes 196 - - Income taxes Income tax expense (benefit) 103 1 - ------- ---- ---- Net Income (loss) before cumulative effect of a change in accounting principle 93 (1) - Discontinued operations - - (40) ------- ---- ---- Net Income $ 93 $ (1) $(40) ======= ==== ==== 8 Adjustments & PG&E Enterprises Eliminations PG&E Enterprises Inc. ---------------- ------------- --------------------- Operating revenues Generation, transportation and trading $15,044 $ (26) $ - Equity in earnings of affiliates 64 (59) 59 ------- ----- ---- Total operating revenues 15,108 (85) 59 Operating expenses Cost of commodity sales & fuel 14,236 (25) - Operations, maintenance, and management 530 - - Administrative and general 17 - - Corporate A&G allocation 45 - 1 Depreciation and amortization 102 - - Impairments and write-offs Other operating expenses (11) (1) - ------- ----- ---- Total operating expenses 14,919 (26) 1 ------- ----- ---- Operating Income 189 (59) 58 Other income (expenses) Interest income 74 1 (11) Interest expense (72) (1) - Other income (5) - - Preferred stock accretion - - - Minority interest expense (2) - - ------- ----- ---- Income (loss) from continuing operations before income taxes 184 (59) 47 Income taxes Income tax expense (benefit) 99 - (5) ------- ----- ---- Net Income (loss) before cumulative effect of a change in accounting principle 85 (59) 52 Discontinued operations (40) - - ------- ----- ---- Net Income $ 45 $ (59) $ 52 ======= ===== ==== 9 PG&E National Energy Group, Inc. Consolidating Income Statement For the Twelve Months Ended December 31, 2000 (in millions) (unaudited) PG&E Adjustments & PG&E Overseas PG&E Energy Overseas Inc. Eliminations Inc. Australia ----------------------------------------------------------------------------- Operating revenues Equity in earnings of affiliates $ - $ 1 $ (1) $ - ----------------------------------------------------------------------------- Total operating revenues - 1 (1) - Operating expenses Impairments and write-offs - - - - Other operating expenses - - - - ----------------------------------------------------------------------------- Total operating expenses - - - - ----------------------------------------------------------------------------- Operating Income - 1 (1) - Other income (expenses) - - - - ----------------------------------------------------------------------------- Income (loss) from continuing operations before income taxes - 1 (1) - Income taxes Income tax expense (benefit) 1 - - 1 ----------------------------------------------------------------------------- Net income (loss) before cumulative effect of a change in accounting principle (1) 1 (1) (1) ----------------------------------------------------------------------------- Net Income $ (1) $ 1 $ (1) $ (1) ============================================================================= 10 PG&E National Energy Group, Inc. Consolidating Income Statement For the Twelve Months Ended December 2000 (in millions) (unaudited) Quantum PG&E Energy Ventures Adjustments & Quantum Services Barakat & Consolidated Eliminations Ventures Ventures, Inc. Chamberlin, Inc. --------------------------------------------------------------------------- Operating revenues Generation, transportation and trading - $ (3) $ - $ 3 $ - Equity in earnings of affiliates - 80 (80) - - --------------------------------------------------------------------------- Total operating revenues - 77 (80) 3 - Operating expenses Cost of commodity sales & fuel - (24) - 24 - Operations, maintenance, and management - (31) - 31 - Administrative and general - (1) - 1 - Depreciation and amortization - (7) - 7 - Impairments and write-offs - - - - - Other operating expenses - (8) - 8 - ----------------------------------------------------------------------------- Total operating expenses - (71) - 71 - ----------------------------------------------------------------------------- Operating Income - 148 (80) (68) - Other income (expenses) Interest expense - - - - - Other income - 47 (5) (42) - ----------------------------------------------------------------------------- Income (loss) from continuing operations before income taxes - 195 (85) (110) - Income taxes Income tax expense (benefit) - 51 - (50) (1) ----------------------------------------------------------------------------- Net Income (loss) before cumulative effect of a change in accounting principle - 144 (85) (60) 1 Discontinued operations (40) (40) - - - ----------------------------------------------------------------------------- Net Income $ (40) $ 104 $ (85) $ (60) $ 1 ============================================================================= PG&E National Energy Group, Inc. Consolidating Income Statement For the Twelve Months Ended December 31, 2000 (in millions) (unaudited) PG&E National PG&E Energy Energy Group Adjustments & PG&E NEG PG&E Generating Trading Holdings Corp. Eliminations Holdings Company LLC Consolidated PG&E Properties ----------------------------------------------------------------------------------------- Operating revenues Generation, transportation and trading $ 15,069 $ (987) $ - $ 1,125 $ 14,925 $ 6 Equity in earnings of affiliates 64,168 (99) 99 65 (1) - ----------------------------------------------------------------------------------------- Total operating revenues 15,133 (1,086) 99 1,190 14,924 6 Operating expenses Cost of commodity sales & fuel 14,261 (967) - 519 14,709 - Operations, maintenance, and management 530 (8) - 405 132 1 Administrative and general 16 - - 11 5 - Corporate A&G allocation 44 - 2 42 - - Depreciation and amortization 102 - - 91 11 - Impairments and write-offs Other operating expenses (10) - 2 (16) 4 - ----------------------------------------------------------------------------------------- Total operating (expenses) 14,943 (975) 4 1,052 14,861 1 ----------------------------------------------------------------------------------------- Operating Income 190 (111) 95 138 63 5 Other income (expenses) Interest income 84 6 5 66 7 - Interest expense (72) (6) - (61) (4) (1) Other income (5) - - - (5) - Preferred stock accretion - - - - - - Minority interest expense (2) - - (2) - - ----------------------------------------------------------------------------------------- Income (loss) from continuing operations before income taxes 195 (111) 100 141 61 4 Income taxes Income tax expense (benefit) 102 (4) - 57 47 2 ----------------------------------------------------------------------------------------- Net Income (loss) before cumulative effect of a change in accounting principle 93 (107) 100 84 14 2 ----------------------------------------------------------------------------------------- Net Income $ 93 $ (107) $ 100 $ 84 $ 14 $ 2 ========================================================================================= PG&E National Energy Group, Inc. Consolidating Income Statement For the Twelve Months Ended December 31, 2000 (in millions) (unaudited) PG&E PG&E Energy PG&E Energy International PG&E Power Trading Gas Trading-Power Inc. Holdings Corporation Holdings Corp. -------------------------------------------------------------------- Operating revenues Generation, transportation, and trading $ - $ 9,591 $ 5,454 $ - Equity in earnings of affiliates - - (1) (24) -------------------------------------------------------------------- Total operating revenues - 9,591 5,453 (24) Operating expenses Cost of commodity sales & fuel - 9,461 5,368 - Operations, maintenance, and management - 45 87 - Administrative and general - 3 3 - Depreciation and amortization - 1 9 - Impairments and write-offs - - - - Other operating expenses 4 - 4 - -------------------------------------------------------------------- Total operating expenses 4 9,510 5,471 - -------------------------------------------------------------------- Operating Income (4) 81 (18) (24) Other income (expenses) Interest income 11 3 3 1 Interest expense - (2) (3) 1 Other income 14 - (5) - -------------------------------------------------------------------- Income (loss) from continuing operations before income taxes 21 82 (23) (22) Income taxes Income tax expense (benefit) - 69 14 (35) -------------------------------------------------------------------- Net income (loss) before cumulative effect of a change in accounting principle 21 13 (37) 13 -------------------------------------------------------------------- Net Income $ 21 $ 13 $ (37) $ 13 ==================================================================== PG&E Energy Adjustments Trading and Consolidated Eliminations ----------------------------- Operating revenues Generation, transportation, and trading $ 14,925 $ (120) Equity in earnings of affiliates (1) 24 ----------------------------- Total operating revenues 14,924 (96) Operating expenses Cost of commodity sales & fuel 14,709 (120) Operations, maintenance, and management 132 - Administrative and general 5 (1) Depreciation and amortization 10 - Impairments and write-offs - - Other operating expenses 4 (4) ----------------------------- Total operating expenses 14,860 (125) ----------------------------- Operating Income 64 29 Other income (expenses) Interest income 7 (11) Interest expense (4) - Other income (5) (14) ----------------------------- Income (loss) from continuing operations before income taxes 62 4 Income taxes income tax expense (benefit) 48 - ----------------------------- Net income (loss) before cumulative effect of a change in accounting principle 14 4 ----------------------------- Net Income $ 14 $ 4 ============================= PG&E National Energy Group, Inc. Consolidating Income Statement For the Twelve Months Ended December 31, 2000 (in millions) (unaudited) PG&E Overseas Rocksavage PG&E International Holdings I, Ltd. Services I, Inc. Development Holdings ---------------- ---------------- --------------------- Operating revenues Equity in earnings of affiliates $ - $ - $ - --- --- --- Total operating revenues - - - Operating expenses Impairments and write-offs - - - Other operating expenses 4 - - --- --- --- Total operating expenses 4 - - --- --- --- Operating Income (4) - - Other income (expenses) Interest income 4 - - Other income 1 - - --- --- --- Income (loss) from continuing operations before income taxes 1 - - Income taxes Income tax expense (benefit) - (8) - --- --- --- Net income (loss) before cumulative effect of a change in accounting principle 1 8 - --- --- --- Net Income $ 1 $ 8 $ - === === === PG&E Adjustments & PG&E International, Inc. Eliminations International ------------------- ------------- ------------- Operating revenues Equity in earnings of affiliates $ - (9) 9 --- --- --- Total operating revenues - (9) 9 Operating expenses Impairments and write-offs - - - Other operating expenses 4 - - --- --- --- Total operating expenses 4 - - --- --- --- Operating Income Other income (expenses) (4) (9) 9 Interest income 11 - 7 Other income 14 - 13 --- --- --- Income (loss) from continuing operations before income taxes 21 (9) 29 Income taxes Income tax expense (benefit) - 8 - --- --- --- Net income (loss) before cumulative (17) 29 effect of a change in accounting principle 21 --- --- --- Net Income 21 (17) 29 === === === PG&E National Energy Group, Inc. Consolidating Income Statement For the Twelve Months Ended December 31, 2000 (in millions) (unaudited) Consol. PG&E PG&E Corporation Overseas Adjustments & Australian PG&E Overseas Holdings I, Ltd. Eliminations Holdings Pty Holdings I, Ltd. ---------------- ------------- ---------------- ---------------- Operating revenues Equity in earnings of affiliates $ - $4 $ - $(4) --- -- --- --- Total operating revenues - 4 - (4) Operating expenses Impairments and write-offs - - - - Other operating expenses 4 - 4 - --- -- --- --- Total operating expenses 4 - 4 - --- -- --- --- Operating Income (4) 4 (4) (4) Other income (expenses) Interest income 4 - - 4 Other income 1 - - 1 --- -- --- --- Income (loss) from continuing operations before 1 4 (4) 1 income taxes Income taxes Net income (loss) before cumulative effect of a change in accounting principle 1 4 (4) 1 --- -- --- --- Net Income $ 1 $4 $(4) $ 1 === === === === PG&E National Energy Group, Inc. Consolidating Income Statement For the Twelve Months Ended December 31, 2000 (in millions) (unaudited) Conaway Oak Creek Conservancy The Conway Associates Joint Group Joint Alhambra Pacific Gilia Enterprises Ranch Company BPS I, Inc. Venture Venture Joint Venture ----------------- ------------- ----------- ---------------- ----------- ---------------- Operating revenues Generation, transportation, and trading $ - $ - $ - $ - $ - $ - Equity in earnings of affiliates - 2 - - 6 - --- --- --- --- --- --- Total operating revenues - 2 - - 6 - Operating expenses Operations, maintenance, and management - - - - 1 - Depreciation and amortization - - - - - - Impairments and write-offs - - - - - - Other operating expenses - - - - - - --- --- --- --- --- --- Total operating expenses - - - - 1 - --- --- --- --- --- --- Operating Income - 2 - - 5 - Other income (expenses) Interest expense - - - - - - --- --- --- --- --- --- Income (loss) from continuing operations before income taxes - 2 - - 5 - Income taxes Income tax expense (benefit) 1 - - - - --- --- --- --- --- --- Net income (loss) before cumulative effect of a change in accounting principle - 1 - - 5 - --- --- --- --- --- --- Net Income $ - $ 1 $ - $ - $ 5 $ - === === === === === === PG&E Properties PG&E Consolidated Eliminations Properties --------------- ------------ ---------- Operating revenues Generation, transportation, and trading $ 6 $ - $ - Equity in earnings of affiliates - (6) 4 --- ---- --- Total operating revenues 6 (6) 4 Operating expenses Operations, maintenance, and management 1 (1) - Depreciation and amortization - - - Impairments and write-offs - - - Other operating expenses - - - --- ---- --- Total operating expenses 1 - - --- ---- --- Operating Income 5 (7) 4 Other income (expenses) Interest expense 1 1 - --- ---- --- Income (loss) from continuing operations before income taxes 4 (6) 3 Income taxes Income tax expense (benefit) 2 - 1 --- ---- --- Net income (loss) before cumulative effect of a change in accounting principle 2 (6) 2 --- ---- --- Net Income $ 2 $ (6) $ 2 === ==== === PG&E Corporation Consolidating Balance Sheet December 31, 2000 (in millions) (Unaudited) Total Eliminations and Total PG&E Consolidated Reclassifications Unconsolidated Corporation ------------------------------------------------------------------------------ ASSETS Current Assets Cash and cash equivalents $ 899 $ - $ 899 $ - Short-term investments 1,634 - 1,634 351 Accounts receivable - Customers 2,131 (1,233) 3,364 - Related parties - (301) 301 295 Energy marketing 2,211 2,211 - Regulatory balancing accounts 222 - 222 Other - (1,199) 1,199 193 Price Risk Management 2,039 - 2,039 - Inventories 392 - 392 - Income taxes receivable 1,241 - 1,241 121 Prepaid Expense and Other 406 179 227 - Other current assets - (171) 171 -------------------------------------------------------------------------- Total current assets 11,175 (514) 11,689 960 Property, Plant, and Equipment Utility 23,872 - 23,872 - Non-Utility - - - Electric Generation 2,008 (1,604) 3,612 - Gas Transmission 1,542 1,532 10 - Construction work in progress 900 1 899 - Other 147 33 114 15 -------------------------------------------------------------------------- Total property, plant, and equipment (at original cost) 28,469 (38) 28,507 15 Accumulated depreciation and decommissioning (11,878) - (11,878) (6) -------------------------------------------------------------------------- Net property, plant, and equipment 16,591 (38) 16,629 9 Other Noncurrent Assets Investments in subsidiaries - (3,439) 3,439 3,439 Regulatory assets 1,773 35 1,738 - Nuclear decommissioning funds 1,328 - 1,328 - Price risk management 2,026 - 2,026 - Other 2,398 (826) 3,224 65 -------------------------------------------------------------------------- Total noncurrent assets 7,525 (791) 8,316 3,504 -------------------------------------------------------------------------- TOTAL ASSETS $ 35,291 $(1,393) $ 36,684 $4,473 ========================================================================== Pacific Gas & PG&E National PG&E Electric Energy Group, Corporaton Total Company Inc Support PG&E Strategic Subsidiaries (Consolidated) (Consolidated) Services, Inc Capital, Inc. --------------------------------------------------------------------------------------------- ASSETS Current Assets Cash and cash equivalents $ 899 $ 111 $ 788 $ - $ - Short-term investments 1,283 1,283 Accounts receivable Customers 3,364 993 2,371 - - Related parties 6 6 Energy marketing - - - - - Regulatory balancing accounts 222 222 - - - Other 1,006 718 276 12 - Price Risk Management 2,039 - 2,039 - - Inventories 392 280 112 - - Income taxes receivable 1,120 1,120 - - - Prepaid Expense and Other 227 - 182 - - Other current assets 171 45 171 - - ----------------------------------------------------------------------------------------- Total current assets 10,729 4,778 5,939 12 - Property, Plant, and Equipment Utility 23,872 23,872 - - - Non-Utility Electric Generation 3,612 - 3,612 - - Gas Transmission 10 - 10 - - Construction work in progress 899 249 650 - - Other 99 - 99 - - ----------------------------------------------------------------------------------------- Total property, plant, and equipment (at original cost) 28,492 24,121 4,371 - - Accumulated depreciation and decommissioning (11,872) (11,120) (752) - - ----------------------------------------------------------------------------------------- Net property, plant, and equipment 16,620 13,001 3,619 - - Other Noncurrent Assets Investments in subsidiaries - - - - - Regulatory assets 1,738 1,716 22 - - Nuclear decommissioning funds 1,328 1,328 - - - Price risk management 2,026 - 2,026 - - Other 3,159 1,165 1,350 - - ---------------------------------------------------------------------------------------- Total noncurrent assets 8,251 4,209 3,398 - - ---------------------------------------------------------------------------------------- TOTAL ASSETS $ 35,650 $ 21,988 $12,956 $ 12 $ - ======================================================================================== PG&E Elm Power PG&E Ventures Ventures, LLC Corporation ePro, LLC (Consolidated) -------------------------------------------------- ASSETS Current Assets Cash and cash equivalents $ - $ - $ - Short-term investments Accounts receivable Customers - - - Related parties - - - Energy marketing - - - Regulatory balancing accounts - - - Other 50 - - Price Risk Management - - - Inventories - - - Income taxes receivable - - - Prepaid Expense and Other - - - Other current assets - - - -------------------------------------------------- Total current assets 50 - - Property, Plant, and Equipment Utility - - - Non-Utility Electric Generation - - - Gas Transmission - - - Construction work in progress - - - Other - - - -------------------------------------------------- Total property, plant, and equipment (at original cost) - - - Accumulated depreciation and decommissioning - - - -------------------------------------------------- Net property, plant, and equipment - - - Other Noncurrent Assets Investments in subsidiaries - - - Regulatory assets - - - Nuclear decommissioning funds - - - Price risk management - - - Other 640 4 - -------------------------------------------------- Total noncurrent assets 640 4 - -------------------------------------------------- TOTAL ASSETS $ 690 $ 4 $ - ================================================== PG&E Corporation Consolidating Balance Sheet December 31, 2000 (in millions) (Unaudited) Total Eliminations and Total Consolidated Reclassifications Unconsolidated ------------------------------------------------- LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Short-term borrowings $ 4,530 $ 1 $ 4,529 Long-term debt classified as current 2,391 - 2,391 Current portion of rate reduction bonds 290 - 290 Accounts Payable Trade creditors 3,760 (2,308) 6,068 Energy marketing 2,096 2,096 - Regulatory balancing accounts 196 - 196 Other 459 (601) 1,060 Accrued taxes - (27) 27 Deferred taxes - - - Price risk management 1,999 - 1,999 Other 1,563 (457) 2,020 -------------------------------------------------- Total current liabilities 17,284 (1,296) 18,580 -------------------------------------------------- Noncurrent liabilities Long-term debt 4,736 4 4,732 Rate reduction bonds 1,740 - 1,740 Deferred income taxes 1,656 691 965 Deferred tax credits 192 - 192 Price risk management 1,867 - 1,867 Other 3,864 20 3,844 -------------------------------------------------- Total noncurrent liabilities 14,055 715 13,340 -------------------------------------------------- Total Liabilities 31,339 (581) 31,920 -------------------------------------------------- Preferred Stock of Subsidiaries 480 (8) 488 Utility Obligated Mandatorily Redeemable Preferred Securities of Trust Holding Solely Utility Subordinated Debentures 300 - 300 Common Stockholders' Equity - Common stock, 5,971 (6,415) 12,386 Common stock held by subsidiary, at cost, (690) 475 (1,165) Reinvested earnings (accumulated deficit) (2,105) 1,873 (3,978) Accumulated other comprehensive income (loss) (4) (4) - -------------------------------------------------- Total common stockholders' equity 3,172 (4,071) 7,243 -------------------------------------------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $35,291 $(4,652) $39,163 ================================================== Pacific Gas & Electric PG&E Total Company Corporation Subsidiaries (Consolidated) ------------------------------------------- LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Short-term borrowings $ 931 $ 3,598 $ 3,079 Long-term debt classified as current - 2,391 2,374 Current portion of rate reduction bonds - 290 290 Accounts Payable Trade creditors 72 5,996 3,826 Energy marketing - - - Regulatory balancing accounts - 196 196 Other - 1,060 363 Accrued taxes 108 (81) - Deferred taxes - 172 172 Price risk management - 1,999 - Other 209 1,811 670 ------------------------------------------- Total current liabilities 1,320 17,432 10,970 ------------------------------------------- Noncurrent liabilities Long-term debt - 4,732 3,342 Rate reduction bonds - 1,740 1,740 Deferred income taxes 9 956 929 Deferred tax credits - 192 192 Price risk management - 1,867 - Other 10 3,834 2,968 ------------------------------------------- Total noncurrent liabilities 19 13,321 9,171 ------------------------------------------- Total Liabilities 1,339 30,753 20,141 ------------------------------------------- Preferred Stock of Subsidiaries - 488 431 Utility Obligated Mandatorily Redeemable Preferred Securities of Trust Holding Solely Utility Subordinated Debentures - 300 300 Common Stockholders' Equity Common stock 5,971 6,415 3,570 Common stock held by subsidiary, at cost, (690) (475) (475) Reinvested earnings (accumulated deficit) (2,147) (1,831) (1,979) Accumulated other comprehensive income (loss) - - - ------------------------------------------- Total common stockholders' equity 3,134 4,109 1,116 ------------------------------------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 4,473 $34,862 $21,988 =========================================== PG&E National PG&E Corporation Energy Group, Inc Support PG&E Strategic (Consolidated) Services, Inc Capital, Inc. ------------------------------------------------------ LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Short-term borrowings $ 519 $ - $ - Long-term debt classified as current 17 - - Current portion of rate reduction bonds Accounts Payable Trade creditors 2,170 - - Energy marketing - - - Regulatory balancing accounts - - - Other 681 12 - Accrued taxes (78) - - Deferred taxes - - - Price risk management 1,999 - - Other 1,138 - - ------------------------------------------------------ Total current liabilities 6,446 12 - ------------------------------------------------------ Noncurrent liabilities Long-term debt 1,390 - - Rate reduction bonds - - - Deferred income taxes 27 - - Deferred tax credits - - - Price risk management 1,867 - - Other 866 - - ------------------------------------------------------ Total noncurrent liabilities 4,150 - - ------------------------------------------------------ Total Liabilities 10,596 12 - ------------------------------------------------------ Preferred Stock of Subsidiaries 57 - - Utility Obligated Mandatorily Redeemable Preferred Securities of Trust Holding Solely Utility Subordinated Debentures - - - Common Stockholders' Equity Common stock 2,151 - - Common stock held by subsidiary, at cost - - - Reinvested earnings (accumulated deficit) 152 - - Accumulated other comprehensive income (loss) - - - ------------------------------------------------------ Total common stockholders' equity 2,303 - - ------------------------------------------------------ TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $12,899 $12 $ - ====================================================== PG&E Elm Power PG&E Ventures Ventures, LLC Corporation ePro, LLC (Consolidated) ------------------------------------------------------ LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities - - - Short-term borrowings - - - Long-term debt classified as current - - - Current portion of rate reduction bonds - - - Accounts Payable - - - Trade creditors - - - Energy marketing - - - Regulatory balancing accounts - - - Other - - 4 Accrued taxes - - (3) Deferred taxes - - - Price risk management - - - Other - - 3 ------------------------------------------------------ Total current liabilities - - 4 ------------------------------------------------------ Noncurrent liabilities - - - Long-term debt - - - Rate reduction bonds - - - Deferred income taxes - - - Deferred tax credits - - - Price risk management - - - Other - - - ------------------------------------------------------ Total noncurrent liabilities - - - ------------------------------------------------------ Total Liabilities - - 4 ------------------------------------------------------ Preferred Stock of Subsidiaries - - - Utility Obligated Mandatorily Redeemable Preferred Securities of Trust Holding Solely Utility Subordinated Debentures - - - Common Stockholders' Equity - - - Common stock - - - Common stock held by subsidiary, at cost, 690 4 - Reinvested earnings (accumulated deficit) - - - Accumulated other comprehensive income (loss) - - (4) ------------------------------------------------------ Total common stockholders' equity 690 4 (4) ------------------------------------------------------ TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 690 $ 4 $ - ====================================================== PG&E Corporation Consolidating Balance Sheet December 31, 2000 (in millions) (unaudited) Pacific Gas & Electric Company Eliminations and Total Pacific Gas & (Consolidated) Reclassifications Unconsolidated Electric Company ------------------------------------------------------------------------------ ASSETS Current Assets Cash and cash equivalents $ 111 $ - $ 111 $ 47 Short-term investments 1,283 - 1,283 1,270 Accounts receivable Customers 993 - 993 992 Related parties 6 (582) 588 21 Energy marketing - - - - Regulatory balancing accounts 222 - 222 222 Other 718 42 676 676 Price Risk Management - - - - Inventories 280 97 183 183 Income taxes receivable 1,120 - 1,120 1,120 Prepaid Expense and Other 45 - 45 45 Other current assets - - - - ------------------------------------------------------------------------------ Total current assets 4,778 (443) 5,221 4,576 Property, Plant, and Equipment Utility 23,872 - 23,872 23,842 Non-Utility Electric Generation - - - - Gas Transmission - - - - Construction work in progress 249 - 249 249 Other - - - - ------------------------------------------------------------------------------ Total property, plant, and equipment (at original cost) 24,121 - 24,121 24,091 Accumulated depreciation and decommissioning (11,120) - (11,120) (11,112) ------------------------------------------------------------------------------ Net property, plant, and equipment 13,001 - 13,001 12,979 Other Noncurrent Assets Investments in subsidiaries - (567) 567 567 Regulatory assets 1,716 - 1,716 1,715 Nuclear decommissioning funds 1,328 - 1,328 1,328 Price risk management - - - - Other 1,165 (2,231) 3,396 1,150 ------------------------------------------------------------------------------ Total noncurrent assets 4,209 (2,798) 7,007 4,760 ------------------------------------------------------------------------------ TOTAL ASSETS $ 21,998 $ (3,241) $ 25,229 $ 22,315 ============================================================================== Standard Alberta and Natural Gas Pacific Gas Total Southern Gas Corporation of Line Pacific Energy Pacific Gas Subsidiaries Co. Ltd. California Incorporated Fuels Company Properties ---------------------------------------------------------------------------------------------- ASSETS Current Assets Cash and cash equivalents $ 64 $ 14 $ - $ - $ - $ - Short-term investments 13 - - 1 - - Accounts receivable Customers 1 - - - - - Related parties 587 - 8 - - - Energy marketing - - - - - - Regulatory balancing accounts - - - - - - Other - - - - - - Price Risk Management - - - - - - Inventories - - - - - - Income taxes receivable - - - - - - Prepaid Expense and Other - - - - - - Other current assets - - - - - - ----------------------------------------------------------------------------------------- Total current assets 645 14 8 1 - - Property, Plant, and Equipment Utility 30 - - 30 - - Non-Utility Electric Generation - - - - - - Gas Transmission - - - - - - Construction work in progress - - - - - - Other - - - - - - ----------------------------------------------------------------------------------------- Total property, plant, and equipment (at original cost) 30 - - 30 - - Accumulated depreciation and decommissioning (8) - - (8) - - ----------------------------------------------------------------------------------------- Net property, plant, and equipment 22 - - 22 - - Other Noncurrent Assets Investments in subsidiaries - - - - - - Regulatory assets 1 - - 1 - - Nuclear decommissioning funds - Price risk management - - - - - - Other 2,246 - - - - - ----------------------------------------------------------------------------------------- Total noncurrent assets 2,247 - - 1 - - ---------------------------------------------------------------------------------------- TOTAL ASSETS $ 2,914 $ 14 $ 8 $ 24 $ - $ - ======================================================================================== PG&E Corporation Consolidating Balance Sheet December 31, 2000 (in millions) (unaudited) Pacific Gas & Electric Company Eliminations and Total Pacific Gas & (Consolidated) Reclassifications Unconsolidated Electric Company ------------------------------------------------------------------------------------ LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Short-term borrowings $ 3,079 $ - $ 3,079 $ 3,079 Long-term debt classified as current 2,374 - 2,374 2,374 Current portion of rate reduction bonds 290 - 290 - Accounts Payable Trade creditors 3,826 (539) 4,365 4,353 Energy marketing - - - - Regulatory balancing accounts 196 - 196 196 Other 363 - 363 363 Accrued taxes - 1 (1) 2 Deferred taxes 172 - 172 172 Price risk management - - - - Other 670 98 572 569 ------------------------------------------------------------------------------ Total current liabilities 10,970 (440) 11,410 11,108 ------------------------------------------------------------------------------ Noncurrent liabilities Long-term debt 3,342 (29) 3,371 3,342 Rate reduction bonds 1,740 (1,482) 3,222 1,482 Deferred income taxes 929 - 929 926 Deferred tax credits 192 - 192 192 Price risk management - - - - Other 2,968 4 2,964 2,964 ------------------------------------------------------------------------------ Total noncurrent liabilities 9,171 (1,507) 10,678 8,906 ------------------------------------------------------------------------------ Total Liabilities 20,141 (1,947) 22,088 20,014 ------------------------------------------------------------------------------ Preferred Stock 431 - 431 431 Utility Obligated Mandatorily Redeemable Preferred Securities of Trust Holding Solely Utility Subordinated Debentures 300 (309) 609 309 Common Stockholders' Equity Common stock 3,570 (553) 4,123 3,571 Common stock held by subsidiary, at cost, (475) (475) - - Reinvested earnings (accumulated deficit) (1,979) 43 (2,022) (2,011) Accumulated other comprehensive income (loss) - - - 1 ------------------------------------------------------------------------------ Total common stockholders' equity 1,847 (1,294) 3,141 2,301 ------------------------------------------------------------------------------ TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 21,988 $ (3,241) $ 25,229 $ 22,315 ============================================================================== Standard Alberta and Natural Gas Pacific Gas Total Southern Gas Corporation of Line Pacific Energy Pacific Gas Subsidiaries Co. Ltd. California Incorporated Fuels Company Properties ---------------------------------------------------------------------------------------------- LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Short-term borrowings $ - $ - $ - $ - $ - $ - Long-term debt classified as current - Current portion of rate reduction bonds 290 - - - - - Accounts Payable Trade creditors 12 - - - - 10 Energy marketing - - - - - - Regulatory balancing accounts - - - - - - Other - - - - - - Accrued taxes (3) - 1 (3) - (1) Deferred taxes - - - - - - Price risk management - - - - - - Other 3 - - - - - ---------------------------------------------------------------------------------------- Total current liabilities 302 - 1 (3) - 9 ---------------------------------------------------------------------------------------- Noncurrent liabilities Long-term debt 29 - - 29 - - Rate reduction bonds 1,740 - - - - - Deferred income taxes 3 - 1 3 - - Deferred tax credits - - - - - - Price risk management - - - - - - Other - - - - - - Total noncurrent liabilities 1,772 - - 32 - - ---------------------------------------------------------------------------------------- Total Liabilities 2,074 - 1 29 - 9 ---------------------------------------------------------------------------------------- Preferred Stock Utility Obligated Mandatorily Redeemable Preferred Securities of Trust Holding Solely Utility Subordinated Debentures 300 - - - - - Common Stockholders' Equity Common stock 552 - 11 11 - - Common stock held by subsidiary, at cost - Reinvested earnings (accumulated deficit (11) 15 (4) (16) - (9) Accumulated other comprehensive income (loss) (1) (1) - - - - ---------------------------------------------------------------------------------------- Total common stockholders' equity 840 14 7 (5) - (9) ---------------------------------------------------------------------------------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 2,914 $ 14 $ 8 $ 24 $ - $ - ======================================================================================== PG&E Corporation Consolidating Balance Sheet December 31, 2000 (in millions) (unaudited) Conservation Eureka PG&E PG&E Calaska Energy Services Energy PG&E Funding, Holdings Company Company Company Capital I LLC LLC ------------------------------------------------------------------------- ASSETS Current Assets Cash and cash equivalents $ - $ - $ - $ - $ 50 $ - Short-term investments - - - - 12 - Accounts receivable Customers - - 1 - - - Related parties - - - - 527 32 Energy marketing - - - - - - Regulatory balancing accounts - - - - - - Other - - - - - - Price Risk Management - - - - - - Inventories - - - - - - Income taxes receivable - - - - - - Prepaid Expense and Other - - - - - - Other current assets - - - - - - ------------------------------------------------------------------------- Total current assets - - 1 - 589 32 Property, Plant, and Equipment Utility - - - - - - Non-Utility Electric Generation - - - - - - Gas Transmission - - - - - - Construction work in progress - - - - - - Other - - - - - - ------------------------------------------------------------------------- Total property, plant, and equipment (at original cost) - - - - - - Accumulated depreciation and decommissioning - - - - - - ------------------------------------------------------------------------- Net property, plant, and equipment - - - - - - Other Noncurrent Assets Investments in subsidiaries - - - - - - Regulatory assets - - - - - - Nuclear decommissioning funds - - - - - - Price risk management - - - - - - Other - - 4 309 1,490 443 ------------------------------------------------------------------------- Total noncurrent assets - - 4 309 1,490 443 ------------------------------------------------------------------------- TOTAL ASSETS $ - $ - $ 5 $309 $2,079 $475 ========================================================================= PG&E Corporation Consolidating Balance Sheet December 31, 2000 (in millions) (unaudited) Pacific Conservation Eureka PG&E PG&E Calaska Energy Services Energy PG&E Funding, Holdings Company Company Company Capital I LLC LLC ------------------------------------------------------------------------- LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Short-term borrowings $ - $ - $ - $ - $ - $ - Long-term debt classified as current - - - - - - Current portion of rate reduction bonds - - - - 290 - Accounts Payable Trade creditors 1 - 1 - - - Energy marketing - - - - - - Regulatory balancing accounts - - - - - - Other - - - - - - Accrued taxes - - - - - - Deferred taxes - - - - - - Price risk management - - - - - - Other - - - - 3 - ------------------------------------------------------------------------- Total current liabilities 1 - 1 - 283 - ------------------------------------------------------------------------- Noncurrent liabilities Long-term debt - - - - - - Rate reduction bonds - - - - 1,740 - Deferred income taxes - - - - - - Deferred tax credits - - - - - - Price risk management Other - - - - - - ------------------------------------------------------------------------- Total noncurrent liabilities - - - - 1,740 - ------------------------------------------------------------------------- Total Liabilities 1 - 1 - 2,033 - ------------------------------------------------------------------------- Preferred Stock - - - - - - Utility Obligated Mandatorily Redeemable Preferred Securities of Trust Holding Solely Utility Subordinated Debentures - - - - 300 - Common Stockholders' Equity Common stock 17 - 4 9 25 475 Common stock held by subsidiary, at cost, Reinvested earnings (accumulated deficit) (18) - - - 21 - Accumulated other comprehensive income (loss) - - - - - - ------------------------------------------------------------------------- Total common stockholders' equity (1) - 4 309 46 475 ------------------------------------------------------------------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ - $ - $ 5 $309 $2,079 $475 ========================================================================= PG&E NATIONAL ENERGY GROUP CONSOLIDATING BALANCE SHEET (in millions) DECEMBER 31, 2000 (unaudited) PG&E Gas Adjustments PG&E PG&E Gas Transmission and Enterprise Transmission Texas NEG Inc Eliminations ASSETS Current Assets Cash and cash equivalents $ 432 $ 5 $ - $ 301 $ - Restricted cash 53 - - - - Accounts receivable, trade (net of allowance for uncollectibles) 2,627 99 301 - (307) Inventory 101 10 - - - Price risk management assets, current 2,039 - - - - Prepaid expenses, deposits and other 351 3 - - - --------------------------------------------------------------- Total current assets 5,603 117 301 301 (307) --------------------------------------------------------------- Property, Plant, and Equipment Property, plant and equipment in service 2,193 1,554 - - - Accumulated depreciation and decommissioning (213) (544) - - - Construction work in progress 641 9 - - - --------------------------------------------------------------- Net property, plant, and equipment 2,621 1,019 0 0 0 --------------------------------------------------------------- Other Noncurrent Assets Long-term receivables 536 - - - - Investment in unconsolidated affiliates 413 - - 1,979 (1,978) Goodwill, net of accumulated amortization 100 - - - - Price risk management assets, noncurrent 2,026 - - - - Investment in development projects 131 - - - - Other 93 63 - - - --------------------------------------------------------------- Total noncurrent assets 3,299 63 0 1,979 (1,978) --------------------------------------------------------------- TOTAL ASSETS $11,523 $1,199 $301 $2,280 $(2,285) =============================================================== PG&E National Energy Group ASSETS Current Assets Cash and cash equivalents $ 738 Restricted cash 53 Accounts receivable, trade (net of allowance 0 for uncollectibles) 2,720 Inventory 111 Price risk management assets, current 2,039 Prepaid expenses, deposits and other 354 -------- Total current assets 6,015 -------- Property, Plant, and Equipment Property, plant and equipment in service 3,747 Accumulated depreciation and decommissioning (757) Construction work in progress 650 -------- Net property, plant, and equipment 3,640 -------- Other Noncurrent Assets Long-term receivables 536 Investment in unconsolidated affiliates 414 Goodwill, net of accumulated amortization 100 Price risk management assets, noncurrent 2,026 Investment in development projects 131 Other 156 Total noncurrent assets 3,363 --------- TOTAL ASSETS $13,018 ========= PG&E NATIONAL ENERGY GROUP CONSOLIDATING BALANCE SHEET (in millions) DECEMBER 31, 2000 (unaudited) PG&E Gas Adjustments PG&E National PG&E PG&E Gas Transmission and Energy Enterprise Transmission Texas NEG Inc Eliminations Group LIABILITIES AND EQUITY Current Liabilities Short-term borrowings $ 519 $ - $ - $ - $ - $ 519 Current portion of long-term debt 16 1 - - - 17 Obligations due affiliates - - - - - - Accounts payable - Trade 2,152 20 - 305 (307) 2,170 Parent 475 1 - 4 - 480 Accrued expenses 196 37 (32) (3) - 198 Price risk management 1,999 - - - - 1,999 Out-of-market contractual obligations 141 - - - - 141 Other 239 2 - - - 241 -------------------------------------------------------------------------------- Total current liabilities 5,737 61 (32) 306 (307) 5,765 -------------------------------------------------------------------------------- Noncurrent Liabilities Long-term debt 852 538 - - - 1,390 Deferred income taxes 571 189 (4) - - 756 Price risk management liabilities, noncurrent 1,867 - - - - 1,867 Out of market contractual obligations 800 - - - - 800 Other 37 24 - - - 61 -------------------------------------------------------------------------------- Total noncurrent liabilities 4,127 751 (4) 0 0 4,874 -------------------------------------------------------------------------------- Minority Interest 17 1 - - - 18 Preferred Stock of Subsidiary 57 - - - - 57 Common Stockholders' Equity Capital stock, - - - - - - Paid-in capital 1,300 328 1,305 2,348 (1,628) 3,653 Retained earnings 285 58 (968) (374) (350) (1,349) -------------------------------------------------------------------------------- Other comprehensive income Total Common Stockholders' Equity 1,585 386 337 1,974 (1,978) 2,304 -------------------------------------------------------------------------------- TOTAL LIABILITIES AND EQUITY $11,523 $1,199 $ 301 $2,280 $(2,285) $13,018 ================================================================================ PG&E NATIONAL ENERGY GROUP CONSOLIDATING BALANCE SHEET (in millions) DECEMBER 31, 2000 (unaudited) PG&E National PG&E Adjustments Energy Group Overseas, Quantum PG&E and PG&E Holdings Corp Inc Ventures Enterprises, Inc Eliminations Enterprise ASSETS Current Assets Cash and cash equivalents $ 431 $ - $ - $ - $ - $ 431 Restricted cash 53 - - - - 53 Accounts receivable, trade (net of allowance 0 for uncollectibles) 2,707 - 2 - (81) 2,628 Inventory 101 - - - - 101 Price risk management assets, current 2,039 - - - - 2,039 Prepaid expenses, deposits and other 351 - - - - 351 -------------------------------------------------------------------------------- Total current assets 5,682 - 2 - (81) 5,603 -------------------------------------------------------------------------------- Property, Plant, and Equipment Property, plant and equipment in service 2,193 - - - - 2,193 Accumulated depreciation and decommissioning (213) - - - - (213) Construction work in progress 641 - - - - 641 -------------------------------------------------------------------------------- Net property, plant, and equipment 2,621 - - - - 2,621 -------------------------------------------------------------------------------- Other Noncurrent Assets Long-term receivables 536 - - - - 536 Investment in unconsolidated affiliates 413 - - 1,680 (1,680) 413 Goodwill, net of accumulated amortization 100 - - - - 100 Price risk management assets, noncurrent 2,026 - - - - 2,026 Investment in development projects 131 - - - - 131 Other 93 - - - - 93 -------------------------------------------------------------------------------- Total noncurrent assets 3,299 - - 1,680 (1,680) 3,299 -------------------------------------------------------------------------------- TOTAL ASSETS $11,602 $ - $2 $1,680 $(1,761) $11,523 ================================================================================ PG&E NATIONAL ENERGY GROUP CONSOLIDATING BALANCE SHEET (in millions) DECEMBER 31, 2000 (unaudited) PG&E National PG&E Adjustments Energy Group Overseas, Quantum PG&E and PG&E Holdings Corp Inc Ventures Enterprises, Inc Eliminations Enterprise LIABILITIES AND EQUITY Current Liabilities Short-term borrowings $ 519 $ - $ - $ - $ - $ 519 Current portion of long-term debt 8 - 8 - - 16 Obligations due affiliates 0 - - - - - Accounts payable Trade 2,143 1 9 81 (81) 2,153 Parent 461 - 14 - - 475 Accrued expenses 209 - (21) 7 - 195 Price risk management 1,999 - - - - 1,999 Out-of-market contractual obligations 141 - - - - 141 Other 235 - 4 - - 239 -------------------------------------------------------------------------------- Total current liabilities 5,715 1 14 88 (81) 5,737 -------------------------------------------------------------------------------- Noncurrent Liabilities Long-term debt 848 - 4 - - 852 Deferred income taxes 580 - (9) - - 571 Price risk management liabilities, noncurrent 1,867 - - - - 1,867 Out of market contractual obligations 800 - - - - 800 Other 36 - - - - 36 -------------------------------------------------------------------------------- Total noncurrent liabilities 4,131 - (5) - - 4,126 -------------------------------------------------------------------------------- Minority Interest 18 - - - - 18 Preferred Stock of Subsidiary 57 - - - - 57 Common Stockholders' Equity Capital stock, 3 - - - (3) - Paid-in capital 1,297 5 231 1,300 (1,533) 1,300 Retained earnings 381 (6) (238) 292 (144) 285 Other comprehensive income - - - - - - -------------------------------------------------------------------------------- Total Common Stockholders' Equity 1,681 (1) (7) 1,592 (1,680) 1,585 -------------------------------------------------------------------------------- TOTAL LIABILITIES AND EQUITY $11,602 $ - $ 2 $1,680 $(1,761) $11,523 ================================================================================ PG&E NATIONAL ENERGY GROUP CONSOLIDATING BALANCE SHEET (in millions) DECEMBER 31, 2000 (unaudited) PG&E Adjustments PG&E Overseas, and PG&E Australia Inc Eliminations Overseas, Inc ASSETS Current Assets Cash and cash equivalents $ - $ - $ - $ - Restricted cash - - - - Accounts receivable, trade (net of allowance for uncollectibles) - 1 (1) - Inventory - - - - Price risk management assets, current - - - - Prepaid expenses, deposits and other - - - - ------------------------------------------------ Total current assets - 1 (1) - ------------------------------------------------ Property, Plant, and Equipment Property, plant and equipment in service - - - - Accumulated depreciation and decommissioning - - - - Construction work in progress - - - - ------------------------------------------------ Net property, plant, and equipment - - - - ------------------------------------------------ Other Noncurrent Assets Long-term receivables - - - - Investment in unconsolidated affiliates - (1) 1 - Goodwill, net of accumulated amortization - - - - Price risk management assets, noncurrent - - - - Investment in development projects - - - - Other - - - - ------------------------------------------------ Total noncurrent assets - (1) 1 - ------------------------------------------------ TOTAL ASSETS $ - $ - $ - $ - ================================================= PG&E NATIONAL ENERGY GROUP CONSOLIDATING BALANCE SHEET (in millions) DECEMBER 31, 2000 (unaudited) PG&E Adjustments PG&E Overseas, and PG&E Australia Inc Eliminations Overseas, Inc LIABILITIES AND EQUITY Current Liabilities Short-term borrowings $ - $ - $ - $ - Current portion of long-term debt - - - - Obligations due affiliates - - - - Accounts payable - Trade 1 1 (1) 1 Parent - - - - Accrued expenses - - - - Price risk management - - - - Out-of-market contractual obligations - - - - Other - - - - ------------------------------------------------ Total current liabilities 1 1 (1) 1 ------------------------------------------------ Noncurrent Liabilities Long-term debt - - - - Deferred income taxes - - - - Price risk management liabilities, noncurrent - - - - Out of market contractual obligations - - - - Other - - - - ------------------------------------------------ Total noncurrent liabilities - - - - ------------------------------------------------ Minority Interest - - - - Preferred Stock of Subsidiary - - - - Common Stockholders' Equity Capital stock, - - - - Paid-in capital 1 5 (1) 5 Retained earnings (2) (6) 2 (6) Other comprehensive income ------------------------------------------------ Total Common Stockholders' Equity (1) (1) 1 (1) ------------------------------------------------ TOTAL LIABILITIES AND EQUITY $ - $ - $ - $ - ================================================ PG&E NATIONAL ENERGY GROUP CONSOLIDATING BALANCE SHEET (in millions) DECEMBER 31, 2000 (unaudited) PG&E Adjustments Energy Services Barakat & Quantum and Quantum Ventures, Inc Chamberlin, Inc. Ventures Eliminations Ventures ASSETS Current Assets Cash and cash equivalents $ - $ - $ - $ - $ - Restricted cash - - - - - Accounts receivable, trade (net of allowance for uncollectibles) 1 - - - 1 Inventory - - - - - Price risk management assets, current - - - - - Prepaid expenses, deposits and other - - - - - --------------------------------------------------------------- Total current assets 1 - - - 1 --------------------------------------------------------------- Property, Plant, and Equipment Property, plant and equipment in service - - - - - Accumulated depreciation and decommissioning - - - - - Construction work in progress - - - - - --------------------------------------------------------------- Net property, plant, and equipment - - - - - --------------------------------------------------------------- Other Noncurrent Assets Long-term receivables - - - - - Investment in unconsolidated affiliates - - (2) 2 - Goodwill, net of accumulated amortization - - - - - Price risk management assets, noncurrent - - - - - Investment in development projects - - - - - Other - - - - - --------------------------------------------------------------- Total noncurrent assets - - (2) 2 - --------------------------------------------------------------- TOTAL ASSETS $ 1 $ - $(2) $ 2 $ 1 ============================================================== PG&E NATIONAL ENERGY GROUP CONSOLIDATING BALANCE SHEET (in millions) DECEMBER 31, 2000 (unaudited) PG&E Adjustments Energy Services Barakat & Quantum and Ventures, Inc Chamberlin, Inc. Ventures Eliminations LIABILITIES AND EQUITY Current Liabilities Short-term borrowings $ - $ - $ - $ - Current portion of long-term debt - - - 8 Obligations due affiliates - - - - Accounts payable Trade 9 - - - Parent 14 - - - Accrued expenses (21) - - - Price risk management 4 - - - Out-of-market contractual obligations - - - - Other - - - - ---------------------------------------------------- Total current liabilities 6 - - 8 ---------------------------------------------------- Noncurrent Liabilities Long-term debt 7 - 5 (8) Deferred income taxes (10) - - - Price risk management liabilities, noncurrent - - - - Out of market contractual obligations - - - - Other - - - - ---------------------------------------------------- Total noncurrent liabilities (3) - 5 (8) ---------------------------------------------------- Minority Interest - - - - Preferred Stock of Subsidiary - - - - Common Stockholders' Equity Capital stock, - - - - Paid-in capital 59 1 231 (60) Retained earnings (61) (1) (238) 62 Other comprehensive income - - - - ---------------------------------------------------- Total Common Stockholders' Equity (2) - (7) 2 ---------------------------------------------------- TOTAL LIABILITIES AND EQUITY $ 1 $ - $ (2) $ 2 ==================================================== Quantum Ventures LIABILITIES AND EQUITY Current Liabilities Short-term borrowings $ - Current portion of long-term debt 8 Obligations due affiliates - Accounts payable - Trade 9 Parent 14 Accrued expenses (21) Price risk management 4 Out-of-market contractual obligations - Other - ------ Total current liabilities 14 ------ Noncurrent Liabilities Long-term debt 4 Deferred income taxes (10) Price risk management liabilities, noncurrent - Out of market contractual obligations - Other - ------ Total noncurrent liabilities (6) ------ Minority Interest - Preferred Stock of Subsidiary - Common Stockholders' Equity Capital stock, - Paid-in capital 231 Retained earnings (238) Other comprehensive income - ------ Total Common Stockholders' Equity (7) ------ TOTAL LIABILITIES AND EQUITY $ 1 ====== PG&E NATIONAL ENERGY GROUP CONSOLIDATING BALANCE SHEET (in millions) DECEMBER 31, 2000 (unaudited) PG&E PG&E Adjustments PG&E National Generating Energy PG&E PG&E NEG and Energy Group Company LLC Trading Properties Holdings Eliminations Holdings Corp ASSETS Current Assets Cash and cash equivalents $ 194 $ 237 $ - $ - $ - $ 431 Restricted cash 53 - - - - 53 Accounts receivable, trade (net of - allowance for uncollectibles) 443 2,389 13 48 (186) 2,707 Inventory 57 45 - - - 102 Price risk management assets, current - 2,051 - - (12) 2,039 Prepaid expenses, deposits and other 3 348 - - - 351 ------------------------------------------------------------------------- Total current assets 750 5,070 13 48 (198) 5,683 ------------------------------------------------------------------------- Property, Plant, and Equipment Property, plant and equipment in service 2,091 53 49 - - 2,193 Accumulated depreciation and decommissioning (198) (12) (2) - - (212) Construction work in progress 640 - - - - 640 ------------------------------------------------------------------------- Net property, plant, and equipment 2,533 41 47 - - 2,621 ------------------------------------------------------------------------- Other Noncurrent Assets Long-term receivables 536 - - - - 536 Investment in unconsolidated affiliates 411 - 2 1,768 (1,768) 413 Goodwill, net of accumulated amortization 71 30 - - - 101 Price risk management assets, noncurrent - 2,026 - - - 2,026 Investment in development projects 131 - - - - 131 Other 86 6 - - - 92 ------------------------------------------------------------------------- Total noncurrent assets 1,235 2,062 2 1,768 (1,768) 3,299 ------------------------------------------------------------------------- TOTAL ASSETS $4,518 $7,173 $62 $1,816 $(1,966) $11,603 ========================================================================= PG&E NATIONAL ENERGY GROUP CONSOLIDAING BALANCE SHEET (in millions) DECEMBER 31, 2000 (unaudited) PG&E PG&E Adjustments PG&E National Generating Energy PG&E PG&E NEG and Energy Group Company LLC Trading Properties Holdings Eliminations Holdings Corp LIABILITIES AND EQUITY Current Liabilities Short-term borrowings $ 519 $ - $ - $ - $ - $ 519 Current portion of long-term debt 8 - - - - 8 Obligations due affiliates - - - - - - Accounts payable - Trade 89 2,225 3 12 (186) 2,143 Parent 317 9 3 133 - 462 Accrued expenses 81 123 - 5 - 209 Price risk management - 1,999 - - - 1,999 Out-of-market contractual obligations 141 - - - - 141 Other 1 235 - - - 236 ------------------------------------------------------------------------ Total current liabilities 1,156 4,591 6 150 (186) 5,717 ------------------------------------------------------------------------ Noncurrent Liabilities Long-term debt 841 - - - - 841 Deferred income taxes 492 121 7 - - 620 Price risk management liabilities, noncurrent - 1,867 (6) (22) (5) 1,834 Out of market contractual obligations 800 - - - - 800 Other 17 19 - - - 36 ------------------------------------------------------------------------ Total noncurrent liabilities 2,150 2,007 1 (22) (5) 4,131 ------------------------------------------------------------------------ Minority Interest 17 - - - - 17 Preferred Stock of Subsidiary 58 - - - - 58 Common Stockholders' Equity Capital stock, - - - 3 - 3 Paid-in capital - 684 24 1,297 (708) 1,297 Retained earnings 1,137 (109) 31 388 (1,067) 380 Other comprehensive income - - - - - - ------------------------------------------------------------------------ Total Common Stockholders' Equity 1,137 575 55 1,688 (1,775) 1,680 ------------------------------------------------------------------------ TOTAL LIABILITIES AND EQUITY $4,518 $7,173 $ 62 $1,816 $(1,966) $11,603 ======================================================================== PG&E NATIONAL ENERGY GROUP CONSOLIDATING BALANCE SHEET (in millions) DECEMBER 31, 2000 (unaudited) PG&E Energy PG&E Energy PG&E Energy Adjustments PG&E Trading Power Trading Gas Trading and International Holdings Corp Corporation Holdings Eliminations ASSETS Current Assets Cash and cash equivalents $74 $ - $ 7 $156 $ - Restricted cash - - - - - Accounts receivable, trade (net of allowance for uncollectibles) 1 1,192 1,252 (62) 7 Inventory - - 45 - - Price risk management assets, current - 1,674 436 - - Prepaid expenses, deposits and other - 112 235 - - ----------------------------------------------------------------- Total current assets 75 2,978 1,975 94 7 ----------------------------------------------------------------- Property, Plant, and Equipment Property, plant and equipment in service - 26 28 - - Accumulated depreciation and decommissioning - (1) (12) - - Construction work in progress - - - - - ----------------------------------------------------------------- Net property, plant, and equipment - 25 16 - - ----------------------------------------------------------------- Other Noncurrent Assets Long-term receivables - - - - - Investment in unconsolidated affiliates - - - 510 (510) Goodwill, net of accumulated amortization - 2 27 - - Price risk management assets, noncurrent - 1,833 193 - - Investment in development projects - - 6 - - Other - - - - - ----------------------------------------------------------------- Total noncurrent assets - 1,835 226 510 (510) ----------------------------------------------------------------- TOTAL ASSETS $75 $4,838 $2,217 $604 $(503) ================================================================= PG&E Energy Adjustments Consolidated Trading Power and Trading Holdings Corp Eliminations Business ASSETS Current Assets Cash and cash equivalents $ 237 $ - $ 237 Restricted cash - - - Accounts receivable, trade (net of allowance for uncollectibles) 2,390 - 2,390 Inventory 45 - 45 Price risk management assets, current 2,110 (59) 2,051 Prepaid expenses, deposits and other 347 - 347 ----------------------------------------- Total current assets 5,129 (59) 5,070 ----------------------------------------- Property, Plant, and Equipment Property, plant and equipment in service 54 - 54 Accumulated depreciation and decommissioning (13) - (13) Construction work in progress - - - ----------------------------------------- Net property, plant, and equipment 41 - 41 ----------------------------------------- Other Noncurrent Assets Long-term receivables - - - Investment in unconsolidated affiliates - - - Goodwill, net of accumulated amortization 29 - 29 Price risk management assets, noncurrent 2,026 - 2,026 Investment in development projects 6 - 6 Other - - - ----------------------------------------- Total noncurrent assets 2,061 - 2,061 ----------------------------------------- TOTAL ASSETS $7,231 $(59) $7,172 ========================================= PG&E NATIONAL ENERGY GROUP CONSOLIDATING BALANCE SHEET (in millions) DECEMBER 31, 2000 (unaudited) PG&E Energy PG&E Energy PG&E Energy Adjustments PG&E Trading Power Trading Gas Trading and International Holdings Corp Corporation Holdings Eliminations LIABILITIES AND EQUITY Current Liabilities Short-term borrowings $ - $ - $ - $ - $ - Current portion of long-term debt - - - - - Obligations due affiliates - - - - - Accounts payable Trade - 1,122 1,088 8 7 Parent - - 10 (1) - Accrued expenses - 49 54 20 - Price risk management - 1,655 404 - - Out-of-market contractual obligations - 132 102 - - Other - - - - - ------------------------------------------------------------------------- Total current liabilities - 2,958 1,658 27 7 ------------------------------------------------------------------------- Noncurrent Liabilities Long-term debt - - - - - Deferred income taxes - 68 51 1 - Price risk management liabilities, noncurrent - 1,689 178 - - Out of market contractual obligations - - - - - Other - 18 1 - - ------------------------------------------------------------------------- Total noncurrent liabilities - 1,775 230 1 - ------------------------------------------------------------------------- Minority Interest - 2 - - (23) Preferred Stock of Subsidiary - - - - - Common Stockholders' Equity Capital stock, - - - - - Paid-in capital 82 48 529 565 (659) Retained earnings (7) 55 (200) 11 172 Other comprehensive income - - - - - ------------------------------------------------------------------------- Total Common Stockholders' Equity 75 103 329 576 (487) ------------------------------------------------------------------------- TOTAL LIABILITIES AND EQUITY $75 $4,838 $2,217 $604 $ (503) ========================================================================= PG&E Energy Adjustments Consolidated Trading Power and Trading Holdings Corp Eliminations Business LIABILITIES AND EQUITY Current Liabilities Short-term borrowings $ - $ - $ - Current portion of long-term debt - - - Obligations due affiliates - - - Accounts payable - - - Trade 2,225 - 2,225 Parent 9 - 9 Accrued expenses 123 - 123 Price risk management 2,059 (59) 2,000 Out-of-market contractual obligations 234 - 234 Other - - - --------------------------------------- Total current liabilities 4,650 (59) 4,591 --------------------------------------- Noncurrent Liabilities Long-term debt - - - Deferred income taxes 120 - 120 Price risk management liabilities, noncurrent 1,867 - 1,867 Out of market contractual obligations - - - Other 19 - 19 --------------------------------------- Total noncurrent liabilities 2,006 - 2,006 --------------------------------------- Minority Interest (21) 21 - Preferred Stock of Subsidiary - - - Common Stockholders' Equity Capital stock, - - - Paid-in capital 565 119 684 Retained earnings 31 (140) (109) Other comprehensive income - - - --------------------------------------- Total Common Stockholders' Equity 596 (21) 575 --------------------------------------- TOTAL LIABILITIES AND EQUITY $7,231 $ (59) $7,172 ======================================= PG&E NATIONAL ENERGY GROUP CONSOLIDATING BALANCE SHEET (in millions) DECEMBER 31, 2000 (unaudited) PG&E Gannet Rocksavage PG&E Int'l Adjustments PG&E Overseas Power Services I Development PG&E and International Holdings I Ltd Corporation Inc Holdings International Eliminations Inc ASSETS Current Assets Cash and cash equivalents $74 $ - $ - $ - $ - $ - $74 Restricted cash - - - - - - - Accounts receivable, trade (net of allowance for uncollectibles) 1 - - - 1 (1) 1 Inventory - - - - - - - Price risk management assets, current - - - - - - - Prepaid expenses, deposits and other - - - - - - - ------------------------------------------------------------------------------------------------- Total current assets 75 - - - 1 (1) 75 ------------------------------------------------------------------------------------------------- Property, Plant, and Equipment Property, plant and equipment in service - - - - - - - Accumulated depreciation and decommissioning - - - - - - - Construction work in progress - - - - - - - ------------------------------------------------------------------------------------------------- Net property, plant, and equipment - - - - - - - ------------------------------------------------------------------------------------------------- Other Noncurrent Assets Long-term receivables - - - - - - - Investment in unconsolidated affiliates - - - - 75 (75) - Goodwill, net of accumulated amortization - - - - - - - Price risk management assets, noncurrent - - - - - - - Investment in development projects - - - - - - - Other - - - - - - - ------------------------------------------------------------------------------------------------- Total noncurrent assets - - - - 75 (75) - ------------------------------------------------------------------------------------------------- TOTAL ASSETS $75 $ - $ - $ - $76 $(76) $75 ================================================================================================= PG&E NATIONAL ENERGY GROUP CONSOLIDATING BALANCE SHEET (in millions) DECEMBER 31, 2000 (unaudited) PG&E Gannet Rocksavage PG&E Int'l Adjustments PG&E Overseas Power Services I Development PG&E and International Holdings I Ltd Corporation Inc Holdings International Eliminations Inc LIABILITIES AND EQUITY Current Liabilities Short-term borrowings $ - $ - $ - $ - $ - $ - $ - Current portion of long-term debt - - - - - - - Obligations due affiliates - - - - - - - Accounts payable Trade 1 (1) - - 1 (1) - Parent 1 (1) - - - - - Accrued expenses - - - - - - - Price risk management - - - - - - - Out-of-market contractual obligations - - - - - - - Other - - - - - - - ------------------------------------------------------------------------------------------------- Total current liabilities 2 (2) - - 1 (1) - ------------------------------------------------------------------------------------------------- Noncurrent Liabilities Long-term debt - - - - - - - Deferred income taxes - - - - - - - Price risk management liabilities, noncurrent - - - - - - - Out of market contractual obligations - - - - - - - Other - - - - - - - ------------------------------------------------------------------------------------------------- Total noncurrent liabilities - - - - - - - ------------------------------------------------------------------------------------------------- Minority Interest - - - - - - - Preferred Stock of Subsidiary - - - - - - - Common Stockholders' Equity Capital stock, - - - - - - - Paid-in capital 1 4 - - 82 (5) 82 Retained earnings 72 (2) - - (7) (70) (7) Other comprehensive income - - - - - - - ------------------------------------------------------------------------------------------------- Total Common Stockholders' Equity 73 2 - - 75 (75) 75 ------------------------------------------------------------------------------------------------- TOTAL LIABILITIES AND EQUITY $75 $ - $ - $ - $76 $(76) $75 ================================================================================================= PG&E NATIONAL ENERGY GROUP CONSOLIDATING BALANCE SHEET (in millions) DECEMBER 31, 2000 (unaudited) PG&E Corporation PG&E Overseas Adjustments PG&E Australian Holdings I and Overseas Holdings Pty Ltd Eliminations Holdings I Ltd ASSETS Current Assets Cash and cash equivalents $ 3 $ 72 $ - $ 75 Restricted cash - - - - Accounts receivable, trade (net of allowance - - - - for uncollectibles) 66 1 (66) 1 Inventory - - - - Price risk management assets, current - - - - Prepaid expenses, deposits and other - - - - ------------------------------------------------------ Total current assets 69 73 (66) 76 ------------------------------------------------------ Property, Plant, and Equipment Property, plant and equipment in service - - - - Accumulated depreciation and decommissioning - - - - Construction work in progress - - - - ------------------------------------------------------ Net property, plant, and equipment - - - - ------------------------------------------------------ Other Noncurrent Assets Long-term receivables - - - - Investment in unconsolidated affiliates - 69 (69) - Goodwill, net of accumulated amortization - - - - Price risk management assets, noncurrent - - - - Investment in development projects - - - - Other - - - - ------------------------------------------------------ Total noncurrent assets - 69 (69) - ------------------------------------------------------ TOTAL ASSETS $69 $142 $(135) $76 ====================================================== PG&E NATIONAL ENERGY GROUP CONSOLIDATING BALANCE SHEET (in millions) DECEMBER 31, 2000 (unaudited) PG&E Corporation PG&E Overseas Adjustments PG&E Australian Holdings I and Overseas Holdings Pty Ltd Eliminations Holdings I Ltd LIABILITIES AND EQUITY Current Liabilities Short-term borrowings $ - $ - $ - $ - Current portion of long-term debt - - - - Obligations due affiliates - - - - Accounts payable Trade - 68 (66) 2 Parent - 1 - 1 Accrued expenses - - - - Price risk management - - - - Out-of-market contractual obligations - - - - Other - - - - -------------------------------------------------------------- Total current liabilities - 69 (66) 3 -------------------------------------------------------------- Noncurrent Liabilities Long-term debt - - - - Deferred income taxes - - - - Price risk management liabilities, noncurrent - - - - Out of market contractual obligations - - - - Other - - - - -------------------------------------------------------------- Total noncurrent liabilities - - - - -------------------------------------------------------------- Minority Interest 73 - (73) - Preferred Stock of Subsidiary - - - - Common Stockholders' Equity Capital stock, - - - - Paid-in capital (4) 1 - (3) Retained earnings - 72 4 76 Other comprehensive income - - - - -------------------------------------------------------------- Total Common Stockholders' Equity (4) 73 4 73 -------------------------------------------------------------- TOTAL LIABILITIES AND EQUITY $69 $142 $(135) $76 ============================================================== PG&E NATIONAL ENERGY GROUP CONSOLIDATING BALANCE SHEET (in millions) DECEMBER 31, 2000 (unaudited) The Conway Gilia Ranch Enterprises DPR Inc Company BPS I Inc -------------------------------------------- ASSETS Current Assets $ - $ - $ - $ - Cash and cash equivalents - - - - Restricted cash Accounts receivable, trade (net of allowance for uncollectibles) 1 - - 3 Inventory - - - - Price risk management assets, current - - - - Prepaid expenses, deposits and other - - - - -------------------------------------- Total current assets 1 - - 3 -------------------------------------- Property, Plant, and Equipment Property, plant and equipment in service - - - - Accumulated depreciation and decommissioning - - - - Construction work in progress - - - - -------------------------------------- Net property, plant, and equipment - - - - -------------------------------------- Other Noncurrent Assets Long-term receivables - - - - Investment in unconsolidated affiliates (1) - 3 (2) Goodwill, net of accumulated amortization - - - - Price risk management assets, noncurrent - - - - Investment in development projects - - - - Other - - - - -------------------------------------- Total noncurrent assets (1) - 3 (2) -------------------------------------- TOTAL ASSETS $ - $ - $ 3 $ 1 ====================================== Oak Creek Marengo Ranch Conway Alhambra Associates Joint Conservancy Gr Pacific Joint Venture Venture Joint Venture Joint Venture -------------------------------------------------------------- ASSETS Current Assets $ - $ - $ - $ - Cash and cash equivalents - - - - Restricted cash Accounts receivable, trade (net of allowance for uncollectibles) - - 8 - Inventory - - - - Price risk management assets, current - - - - Prepaid expenses, deposits and other - - - - -------------------------------------------------------- Total current assets - - 8 - -------------------------------------------------------- Property, Plant, and Equipment Property, plant and equipment in service 1 17 39 7 Accumulated depreciation and decommissioning - - (2) - Construction work in progress - - - - -------------------------------------------------------- Net property, plant, and equipment 1 17 37 7 -------------------------------------------------------- Other Noncurrent Assets Long-term receivables - - - - Investment in unconsolidated affiliates - - - - Goodwill, net of accumulated amortization - - - - Price risk management assets, noncurrent - - - - Investment in development projects - - - - Other - - - - -------------------------------------------------------- Total noncurrent assets - - - - -------------------------------------------------------- TOTAL ASSETS $ 1 $ 17 $ 45 $ 7 ======================================================== PG&E NATIONAL ENERGY GROUP CONSOLIDATING BALANCE SHEET (in millions) DECEMBER 31, 2000 (unaudited) Valley Real Adjustments Estate and Consolidated Inc Eliminations Properties ------------------------------------------------- ASSETS Current Assets Cash and cash equivalents $ - $ - $ - Restricted cash - - - Accounts receivable, trade (net of allowance for uncollectibles) - - 12 Inventory - - - Price risk management assets, current - - - Prepaid expenses, deposits and other - - - ------------------------------------------------- Total current assets - - 12 ------------------------------------------------- Property, Plant, and Equipment Property, plant and equipment in service - (15) 49 Accumulated depreciation and decommissioning - - (2) Construction work in progress - - - ------------------------------------------------- Net property, plant, and equipment - (15) 47 ------------------------------------------------- Other Noncurrent Assets Long-term receivables - - - Investment in unconsolidated affiliates - 1 1 Goodwill, net of accumulated amortization - - - Price risk management assets, noncurrent - - - Investment in development projects - - - Other - - - ------------------------------------------------- Total noncurrent assets - 1 1 ------------------------------------------------- TOTAL ASSETS $ - $ (14) $ 60 ================================================ PG&E NATIONAL ENERGY GROUP CONSOLIDATING BALANCE SHEET (in millions) DECEMBER 31, 2000 (unaudited) The Conway Oak Creek Gilia Ranch Associates Enterprises DPR Inc Company BPS I Inc Joint Venture ------------------------------------------------------------- LIABILITIES AND EQUITY Current Liabilities Short-term borrowings $ - $ - $ - $ - $ - Current portion of long-term debt - - - - - Obligations due affiliates - - - - - Accounts payable Trade - - 3 - - Parent - - - - 1 Accrued expenses - - - - - Price risk management - - - - - Out-of-market contractual obligations - - - - - Other - - - - - ---------------------------------------------------------- Total current liabilities - - 3 - 1 ---------------------------------------------------------- Noncurrent Liabilities Long-term debt - - 6 - - Deferred income taxes - - (3) (3) - Price risk management liabilities, noncurrent - - - - - Out of market contractual obligations - - - - - Other - - - - - ---------------------------------------------------------- Total noncurrent liabilities - - 3 (3) - ---------------------------------------------------------- Minority Interest - - - - - Preferred Stock of Subsidiary - - - - - Common Stockholders' Equity Capital stock, $1.00 par value; 1,000 shares issued and outstanding - - - - - Paid-in capital 2 - 3 8 - Retained earnings (2) - (6) (4) - Other comprehensive income - - - - - ---------------------------------------------------------- Total Common Stockholders' Equity - - (3) 4 - ---------------------------------------------------------- TOTAL LIABILITIES AND EQUITY $ - $ - $ 3 $ 1 $ 1 ========================================================== Marengo Ranch Conway Alhambra Joint Conservancy Gr Pacific Venture Joint Venture Joint Venture ---------------------------------------------- LIABILITIES AND EQUITY Current Liabilities Short-term borrowings $ - $ - $ - Current portion of long-term debt - - - Obligations due affiliates - - - Accounts payable Trade - - 1 Parent - - - Accrued expenses - - - Price risk management - - - Out-of-market contractual obligations - - - Other - - - --------------------------------------------- Total current liabilities - - 1 --------------------------------------------- Noncurrent Liabilities Long-term debt - - - Deferred income taxes - - - Price risk management liabilities, noncurrent - - - Out of market contractual obligations - - - Other - - - --------------------------------------------- Total noncurrent liabilities - - - --------------------------------------------- Minority Interest - - - Preferred Stock of Subsidiary - - - Common Stockholders' Equity Capital stock, - - - Paid-in capital - - 8 Retained earnings 17 45 (2) Other comprehensive income - - - --------------------------------------------- Total Common Stockholders' Equity 17 45 6 --------------------------------------------- TOTAL LIABILITIES AND EQUITY $ 17 $ 45 $ 7 ============================================= PG&E NATIONAL ENERGY GROUP CONSOLIDATING BALANCE SHEET (in millions) DECEMBER 31, 2000 (unaudited) Valley Real Adjustments Estate and Consolidated Inc Eliminations Properties ------------------------------------------ LIABILITIES AND EQUITY Current Liabilities Short-term borrowings $ - $ - $ - Current portion of long-term debt - - - Obligations due affiliates - - - Accounts payable - Trade - - 3 Parent - - 2 Accrued expenses - - - Price risk management - - - Out-of-market contractual obligations - - - Other - - - ------------------------------------------ Total current liabilities - - 5 ------------------------------------------ Noncurrent Liabilities Long-term debt - - 6 Deferred income taxes - - (6) Price risk management liabilities, noncurrent - - - Out of market contractual obligations - - - Other - - - ------------------------------------------ Total noncurrent liabilities - - - ------------------------------------------ Minority Interest - - - Preferred Stock of Subsidiary - - - Common Stockholders' Equity Capital stock, - - - Paid-in capital - 3 24 Retained earnings - (17) 31 Other comprehensive income - - - ------------------------------------------ Total Common Stockholders' Equity - (14) 55 ------------------------------------------ TOTAL LIABILITIES AND EQUITY $ - $ (14) $ 60 ========================================== EXHIBIT B If at the time a report on this form is filed, the registrant is required to submit this report and any amendments thereto electronically via EDGAR, the registrant shall furnish a Financial Data Schedule. The Schedule shall set forth the financial and other data specified below that are applicable to the registrant on a consolidated basis. Item No. Caption Heading (in millions) 1. Total assets at December 31, 1999 $ 29,470 1. Total assets at December 31, 2000 $ 35,291 2. Total operating revenue for the period ending December 31, 1999 $ 20,820 2. Total operating revenue for the period ending December 31, 2000 $ 26,232 3. Income available for common stock at December 31, 1999 $ (73) 3. Income available for common stock at December 31, 2000 $ (3,364) EXHIBIT C An organizational chart showing the relationship of each Exempt Wholesale Generator (EWG) or foreign utility company to associate companies in the holding-company system. Exempt Wholesale Generators EWGs): ---------------------------------- 1. PITTSFIELD GENERATING COMPANY, L.P. PG&E Corporation PG&E National Energy Group, Inc. PG&E Enterprises PG&E Shareholdings, Inc. PG&E Generating Company, LLC PG&E Generating Power Group, LLC Beale Generating Company JMC Altresco, Inc. Altresco, Inc. Pittsfield Generating Company, L.P. Pittsfield Partners, Inc. Pittsfield Generating Company, L.P. 2. SELKIRK COGEN PARTNERS, L.P. PG&E Corporation PG&E National Energy Group, Inc. (formerly PG&E Diversified Investments, Inc.) PG&E Enterprises PG&E Shareholdings, Inc. (formerly PG&E Generating Company) PG&E Generating Company, LLC (formerly U.S. Generating Company, LLC) PG&E Generating Power Group, LLC (formerly USGen Power Group, LLC) Beale Generating Company (formerly J. Makowski Company, Inc.) JMC Selkirk Holdings, Inc. JMC Selkirk, Inc. PentaGen Investors, L.P. Selkirk Cogen Partners, L.P. Selkirk Cogen Funding Corporation Selkirk Cogen Partners, L.P. Selkirk Cogen Funding Corporation JMCS I Holdings, Inc. PentaGen Investors, L.P. Selkirk Cogen Partners, L.P. Selkirk Cogen Funding Corporation 3. KEYSTONE URBAN RENEWAL LIMITED PARTNERSHIP PG&E Corporation PG&E National Energy Group, Inc. (formerly PG&E Diversified Investments, Inc.) PG&E Enterprises PG&E Shareholdings, Inc. (formerly PG&E Generating Company) PG&E Generating Company, LLC (formerly U.S. Generating Company, LLC) PG&E Generating Power Group, LLC (formerly USGen Power Group, LLC) Eagle Power Corporation Keystone Cogeneration Company, L.P. Keystone Urban Renewal Limited Partnership 4. LOGAN GENERATING COMPANY, L.P. PG&E Corporation PG&E National Energy Group, Inc. 47 (formerly PG&E Diversified Investments, Inc.) PG&E Enterprises PG&E Shareholdings, Inc. (formerly PG&E Generating Company) PG&E Generating Company, LLC (formerly U.S. Generating Company, LLC) PG&E Generating Power Group, LLC (formerly USGen Power Group, LLC) Eagle Power Corporation Logan Generating Company, L.P. 5. HERMISTON GENERATING COMPANY, L.P. PG&E Corporation PG&E National Energy Group, Inc. (formerly PG&E Diversified Investments, Inc.) PG&E Enterprises PG&E Shareholdings, Inc. (formerly PG&E Generating Company) PG&E Generating Company, LLC (formerly U.S. Generating Company, LLC) PG&E Generating Power Group, LLC (formerly USGen Power Group, LLC) Larkspur Power Corporation Hermiston Generating Company, L.P. Buckeye Power Corporation Hermiston Generating Company, L.P. 6. MASSPOWER PG&E Corporation PG&E National Energy Group, Inc. (formerly PG&E Diversified Investments, Inc.) PG&E Enterprises PG&E Shareholdings, Inc. (formerly PG&E Generating Company) PG&E Generating Company, LLC (formerly U.S. Generating Company, LLC) PG&E Generating Power Group, LLC (formerly USGen Power Group, LLC) Beale Generating Company Indian Orchard Generating Company, Inc. MASSPOWER, L.L.C. MASSPOWER 7. MILLENNIUM POWER PARTNERS L.P. PG&E Corporation PG&E National Energy Group, Inc. (formerly PG&E Diversified Investments, Inc.) PG&E Enterprises PG&E Shareholdings, Inc. (formerly PG&E Generating Company) PG&E Generating Company, LLC (formerly U.S. Generating Company, LLC) PG&E Generating Energy Group, LLC (formerly USGen Energy Group, LLC) Peach III Power Corporation Millennium Power Partners, L.P. Black Hawk II Power Corporation Millennium Power Partners, L.P. 8. CEDAR BAY GENERATING COMPANY, LIMITED PARTNERSHIP PG&E Corporation PG&E National Energy Group, Inc. (formerly PG&E Diversified Investments, Inc.) PG&E Enterprises PG&E Shareholdings, Inc. (formerly PG&E Generating Company) PG&E Generating Company, LLC (formerly U.S. Generating Company, LLC) PG&E Generating Power Group, LLC (formerly USGen Power Group, LLC) Raptor Holdings Company 48 Gray Hawk Power Corporation Cedar Bay Cogeneration, Inc. Cedar Bay Generating Company, Limited Partnership 9. NORTHAMPTON GENERATING COMPANY, L.P. PG&E Corporation PG&E National Energy Group, Inc. PG&E Enterprises PG&E Shareholdings, Inc. PG&E Generating Company, LLC PG&E Generating Power Group, LLC Jaeger Power Corporation Northampton Generating Company, L.P. Northampton Fuel Supply Company, Inc. Northampton Water Supply, Inc. 10. SCRUBGRASS GENERATING COMPANY, L.P. PG&E Corporation PG&E National Energy Group, Inc. PG&E Enterprises PG&E Shareholdings, Inc. PG&E Generating Company, LLC PG&E Generating Power Group, LLC Falcon Power Corporation Scrubgrass Generating Company, L.P. Scrubgrass Power Corp Scrubgrass Generating Company, L.P. Clearfield Properties, Inc. Leechburg Properties, Inc. 11. INDIANTOWN COGENERATION, L.P. PG&E Corporation PG&E National Energy Group, Inc. PG&E Enterprises PG&E Shareholdings, Inc. PG&E Generating Company, LLC PG&E Generating Power Group, LLC Toyan Enterprises Indiantown Cogeneration L.P. Indiantown Project Investment Partnership L.P. Indiantown Cogeneration, L.P. Indiantown Cogeneration Funding Corporation 12. CHAMBERS COGENERATION LIMITED PARTNERSHIP PG&E Corporation PG&E National Energy Group, Inc. PG&E Enterprises PG&E Shareholdings, Inc. PG&E Generating Company, LLC PG&E Generating Power Group, LLC Peregrine Power Corporation Chambers Cogeneration Limited Partnership 13. ATHENS GENERATING COMPANY, L.P. PG&E Corporation PG&E National Energy Group, Inc. PG&E Enterprises PG&E Shareholdings, Inc. PG&E Generating Company, LLC PG&E Generating Energy Group, LLC Black Hawk Power Corporation Athens Generating Company, L.P. Peach I Power Corporation Athens Generating Company, L.P. 14. LA PALOMA GENERATING COMPANY, LLC PG&E Corporation PG&E National Energy Group, Inc. PG&E Enterprises 49 PG&E Shareholdings, Inc. PG&E Generating Company, LLC PG&E Generating Energy Group, LLC PG&E Generating Energy Holdings, Inc. La Paloma Generating Company, LLC 15. LAKE ROAD GENERATING COMPANY, L.P. PG&E Corporation PG&E National Energy Group, Inc. (formerly PG&E Diversified Investments, Inc.) PG&E Enterprises PG&E Shareholdings, Inc. (formerly PG&E Generating Company) PG&E Generating Company, LLC (formerly U.S. Generating Company, LLC) PG&E Generating Energy Group, LLC (formerly USGen Energy Group, LLC) Peach IV Power Corporation Lake Road Generating Company, L.P. Black Hawk III Power Corporation Lake Road Generating Company, L.P. 16. MANTUA CREEK GENERATING COMPANY L.P. PG&E Corporation PG&E National Energy Group, Inc. PG&E Enterprises PG&E Shareholdings, Inc. PG&E Generating Company, LLC PG&E Generating Energy Group, LLC Beech Power Corporation Mantua Creek Generating Company L.P. Plover Power Corporation Mantua Creek Generating Company L.P. 17. OKEECHOBEE GENERATING COMPANY, LLC PG&E Corporation PG&E National Energy Group, Inc. PG&E Enterprises PG&E Shareholdings, Inc. PG&E Generating Company, LLC PG&E Generating Energy Group, LLC PG&E Generating Energy Holdings, Inc. Okeechobee Generating Company, LLC Okeechobee Power Corporation Okeechobee Generating Company, LLC 18. USGEN NEW ENGLAND, INC. PG&E Corporation PG&E National Energy Group, Inc. PG&E Enterprises PG&E Shareholdings, Inc. PG&E Generating Company, LLC PG&E Generating Energy Group, LLC USGen New England, Inc. 19. PG&E DISPERSED GENERATING COMPANY, LLC PG&E Corporation PG&E National Energy Group, Inc. PG&E Enterprises PG&E Shareholdings, Inc. PG&E Generating Company, LLC PG&E Generating Energy Group, LLC PG&E Generating Energy Holdings, Inc. PG&E Dispersed Generating Company, LLC PG&E Dispersed Power Corporation PG&E Dispersed Generating Company, LLC 20. LIBERTY GENERATING COMPANY, LLC PG&E Corporation 50 PG&E National Energy Group, Inc. PG&E Enterprises PG&E Shareholdings, Inc. PG&E Generating Company, LLC PG&E Generating Energy Group, LLC PG&E Generating Energy Holdings, LLC Liberty Generating Company, LLC Liberty Generating Corporation Liberty Generating Company, LLC 21. BADGER GENERATING COMPANY, LLC PG&E Corporation PG&E National Energy Group, Inc. PG&E Enterprises PG&E Shareholdings, Inc. PG&E Generating Company, LLC PG&E Generating Energy Group, LLC PG&E Generating Energy Holdings, LLC Badger Generating Company, LLC Badger Power Corporation Badger Generating Company, LLC 22. MADISON WINDPOWER LLC PG&E Corporation PG&E National Energy Group, Inc. PG&E Enterprises PG&E Shareholdings, Inc. PG&E Generating Company, LLC PG&E Generating Energy Group, LLC PG&E Generating Energy Holdings, LLC Madison Windpower LLC Madison Wind Power Corporation Madison Windpower LLC 23. COVERT GENERATING COMPANY, LLC PG&E Corporation PG&E National Energy Group, Inc. PG&E Enterprises PG&E Shareholdings, Inc. PG&E Generating Company, LLC PG&E Generating Energy Group, LLC PG&E Generating Energy Holdings, LLC Covert Generating Company, LLC Covert Power Corporation Covert Generating Company, LLC 51 PG&E CORPORATION The above-named claimant has caused this statement to be duly executed on its behalf by its authorized officer on this thirtieth day of April, 2001. PG&E Corporation By PETER A. DARBEE .............................................................. PETER A. DARBEE Senior Vice President Chief Financial Officer and Treasurer Corporate Seal Attest: LINDA Y. H. CHENG ............................................................. LINDA Y. H. CHENG Corporate Secretary Name, title and address of officer to whom notices and correspondence concerning this statement should be addressed. Christopher P. Johns Controller PG&E Corporation One Market, Spear Tower, Suite 2400 San Francisco, CA 94177 52