Attached files

file filename
10-K - FORM 10-K - PACIFIC GAS & ELECTRIC Cod10k.htm
EX-10.21 - DESCRIPTION OF SHORT-TERM INCENTIVE PLAN FOR OFFICERS OF PG&E CORPORATION - PACIFIC GAS & ELECTRIC Codex1021.htm
EX-23 - CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - PACIFIC GAS & ELECTRIC Codex23.htm
EX-21 - SUBSIDIARIES OF THE REGISTRANT - PACIFIC GAS & ELECTRIC Codex21.htm
EX-13 - ANNUAL REPORT - PACIFIC GAS & ELECTRIC Codex13.htm
EX-12.1 - COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES FOR PACIFIC GAS AND ELECTRIC - PACIFIC GAS & ELECTRIC Codex121.htm
EX-12.3 - COMPUTATION OF RATIOS OF EARNINGS OF FIXED CHARGES FOR PG&E CORPORATION - PACIFIC GAS & ELECTRIC Codex123.htm
EX-24.1 - RESOLUTION OF THE BOARDS OF DIRECTORS OF PG&E AND PACIFIC GAS AND ELECTRIC - PACIFIC GAS & ELECTRIC Codex241.htm
EX-24.2 - POWERS OF ATTORNEY - PACIFIC GAS & ELECTRIC Codex242.htm
EX-32.1 - CERTIFICATION OF THE CEO AND CFO OF PG&E CORPORATION - PACIFIC GAS & ELECTRIC Codex321.htm
EX-32.2 - CERTIFICATION OF THE CEO AND CFO OF PACIFIC GAS AND ELECTRIC COMPANY - PACIFIC GAS & ELECTRIC Codex322.htm
EX-31.1 - CERTIFICATION OF THE CEO AND CFO OF PG&E CORPORATION - PACIFIC GAS & ELECTRIC Codex311.htm
EX-31.2 - CERTIFICATION OF THE CEO AND CFO OF PACIFIC GAS AND ELECTRIC COMPANY - PACIFIC GAS & ELECTRIC Codex312.htm
EX-10.31 - RESOLUTION OF PG&E CORPORATION BOARD OF DIRECTORS - PACIFIC GAS & ELECTRIC Codex1031.htm
EX-10.33 - PG&E CORPORATION 2006 LONG-TERM INCENTIVE PLAN - PACIFIC GAS & ELECTRIC Codex1033.htm
EX-10.32 - RESOLUTION OF PACIFIC GAS AND ELECTRIC COMPANY BOARD OF DIRECTORS - PACIFIC GAS & ELECTRIC Codex1032.htm
EX-10.51 - PG&E CORPORATION OFFICER SEVERANCE POLICY - PACIFIC GAS & ELECTRIC Codex1051.htm
EX-10.18 - SEPARATION AGREEMENT BETWEEN PG&E CORPORATION AND NANCY E. MCFADDEN - PACIFIC GAS & ELECTRIC Codex1018.htm

EXHIBIT 12.2

PACIFIC GAS AND ELECTRIC COMPANY

COMPUTATION OF RATIOS OF EARNINGS TO COMBINED

FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 

       Year ended December 31,  
Earnings:              2010                2009                2008                2007                2006        
          

Net income

       $1,121          $1,250          $1,199          $1,024          $985    

Adjustments for income or loss from equity investees of less than 100% owned affiliates and the Company’s equity in undistributed income (losses) of less than 50% owned affiliates

       -           -           -           -           -     

Income taxes provision

       574          482          488          571          602    

Fixed charges

       799          817          860          889          801    
          

Total Earnings

       $2,494          $2,549          $2,547          $2,484          $2,388    
          

Fixed Charges:

                        

Interest on short-term borrowings and long-term debt, net

       $731          $754          $794          $834          $770    

Interest on capital leases

       18          19          22          23          11    

AFUDC debt

       50          44          44          32          20    

Earnings required to cover the preferred stock dividend and preferred security distribution requirements of majority owned trust

       -           -           -           -        
          

Total Fixed Charges

       $799          $817          $860          $889          $801    
          

Preferred Stock Dividends:

                        

Tax deductible dividends

       9          9          9          9          12    

Pre-tax earnings required to cover non-tax deductible preferred stock dividend requirements

       7          7          7          8          3    
          

Total Preferred Stock Dividends

       16          16          16          17          15    
          

Total Combined Fixed Charges and Preferred Stock Dividends

       $815          $833          $876          $906          $816    
          

Ratios of Earnings to Combined Fixed Charges and Preferred Stock Dividends

       3.06          3.06          2.91          2.74          2.93    
          

Note:

For the purpose of computing Pacific Gas and Electric Company’s ratios of earnings to combined fixed charges and preferred stock dividends, “earnings” represent net income adjusted for the income or loss from equity investees of less than 100% owned affiliates, equity in undistributed income or losses of less than 50% owned affiliates, income taxes and fixed charges (excluding capitalized interest). “Fixed charges” include interest on long-term debt and short-term borrowings (including a representative portion of rental expense), amortization of bond premium, discount and expense, interest on capital leases, AFUDC debt, and earnings required to cover the preferred stock dividend requirements and preferred security distribution requirements of majority-owned trust. “Preferred stock dividends” represent tax deductible dividends and pre-tax earnings that are required to pay the dividends on outstanding preferred securities. Fixed charges exclude interest on tax liabilities.