Fill in this information to identify the case:

Debtor Names PG&E Corporation and Pacific Gas and Electric Company

United States Bankruptcy Court for the : Northern District of California San Francisco Division

(State)

Case number: 19-30088 (DM)

Official Form 426

Periodic Report Regarding Value, Operations, and Profitability of Entities in 

Which the Debtor’s Estate Holds a Substantial or Controlling Interest

12/17

This is the Periodic Report as of September 30, 2019 on the value, operations, and profitability of those entities in 

which PG&E Corporation and Pacific Gas and Electricity (collectively, the "Debtors") individually or collectively 

hold, a substantial or controlling interest (a “Controlled Non-Debtor Entity”), as required by Bankruptcy Rule 2015.3. 

For purposes of this form, “Debtor” shall include the estate of such Debtor. The Debtors hold a substantial or 

controlling interest in the following entities:

Name of Controlled Non-Debtor Entity Interest of the Debtor Tab #

See Exhibit A-4

This Periodic Report contains separate reports (Entity Reports) on the value, operations, and profitability of each 

Controlled Non-Debtor Entity.

Each Entity Report consists of five exhibits.

Exhibit A contains the most recently available: balance sheet, statement of income (loss), statement of cash flows,

and a statement of changes in shareholders’ or partners’ equity (deficit) for the period covered by the Entity Report, 

along with summarized footnotes.

Exhibit B describes the Controlled Non-Debtor Entity’s business operations.

Exhibit C describes claims between the Controlled Non-Debtor Entity and any other Controlled Non-Debtor Entity.

Exhibit D describes how federal, state or local taxes, and any tax attributes, refunds, or other benefits, have been 

allocated between or among the Controlled Non-Debtor Entity and any Debtor or any other Controlled Non-Debtor 

Entity and includes a copy of each tax sharing or tax allocation agreement to which the Controlled Non-Debtor Entity 

is a party with any other Controlled Non-Debtor Entity.

Exhibit E describes any payment, by the Controlled Non-Debtor Entity, of any claims, administrative expenses or 

professional fees that have been or could be asserted against any Debtor, or the incurrence of any obligation to make 

such payments, together with the reason for the entity’s payment thereof or incurrence of any obligation with respect 

thereto.

This Periodic Report must be signed by a representative of the trustee or debtor in possession.

Official Form 426 Periodic Report About Controlled Non-Debtor Entities’ Value, Operations, and Profitability page 1

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Exhibit A: Financial Statements 

General

On January 29, 2019, PG&E Corporation (the “Corporation”) and its subsidiary, Pacific Gas and Electric Company (the 

“Utility”) (together with the Corporation, the “Debtors”), filed voluntary petitions for relief under chapter 11 of title 11 of the 

United States Code (the “Bankruptcy Code”) in the U.S. Bankruptcy Court for the Northern District of California (the 

“Bankruptcy Court”). The Corporation’s and the Utility’s Chapter 11 cases are being jointly administered under the caption In 

re: PG&E Corporation and Pacific Gas and Electric Company, Case No. 19-30088 (DM) (the “Chapter 11 Cases”). The 

Debtors continue to operate their businesses and manage their properties as debtors in possession pursuant to sections 1107(a) 

and 1108 of the Bankruptcy Code. No trustee or examiner has been appointed in either of the Chapter 11 Cases.

On February 12, 2019, the United States Trustee (the “U.S. Trustee”) appointed an Official Committee of Unsecured Creditors. 

On February 15, 2019, the U.S. Trustee appointed an Official Committee of Tort Claimants.

Condensed Statements

The condensed financial statements and supplemental information contained herein are unaudited, preliminary, and may not 

comply with generally accepted accounting principles in the United States of America (“U.S. GAAP”) in all material respects. 

Information is presented on the same basis as it is aggregated into the consolidated results of the Corporation and the Utility; 

however, such presentation may not be appropriate for each entity on a stand-alone basis.

The unaudited condensed financial statements presented in this Periodic Report have been derived from the books and records 

of the Controlled Non-Debtor Entities. This information, however, has not been subject to procedures that would typically be 

applied to financial information presented in accordance with U.S. GAAP, and upon the application of such procedures, the 

Debtors and the Controlled Non-Debtor Entities believe that the financial information could be subject to changes, and these 

changes could be material. The information furnished in this Periodic Report primarily includes normal recurring adjustments, 

but does not include all of the adjustments that would typically be made in accordance with U.S. GAAP. The results of 

operations contained herein are not necessarily indicative of results which may be expected from any other period or for the full 

year and may not necessarily reflect the results of operations of the Controlled Non-Debtor Entities in the future.

The Debtors prepare their Statements of Cash Flows and Statements of Shareholder’s Equity solely on a consolidated basis; 

preparation of such statements on a stand-alone basis for each of the Controlled Non-Debtor Entities would require undue 

hardship. Accordingly, Statements of Cash Flows and Statements of Shareholder’s Equity for the Controlled Non- Debtor 

Entities have been omitted.

Intercompany Transactions

Receivables and payables between the Controlled Non-Debtor Entities and the Debtors and/or among the Controlled NonDebtor Entities have not been eliminated. No conclusion as to the legal obligation related to these intercompany transactions is 

made by the presentation herein.

Valuation

The valuation information provided herein is based on the book value of the Controlled Non-Debtor Entities (book value of 

assets less book value of liabilities). The Debtors do not maintain fair market value or other basis of valuation for these entities.

Debtor Name PG&E Corporation and Pacific Gas and Electric Company Case number 19-30088 (DM)

Official Form 426 Periodic Report About Controlled Non-Debtor Entities’ Value, Operations, and Profitability page 3

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Exhibit A-1: Balance Sheet as of 09/30/19

Exhibit A-1

Unaudited Balance Sheets

as of September 30, 2019

(in ones)

PCG Capital, 

Inc.

Pacific Energy 

Capital IV, LLC

PG&E 

Corporation 

Support 

Services, Inc.

PG&E 

Corporation 

Support Services 

II, Inc.

PG&E National 

Energy Group, 

LLC

Cash and Cash Equivalents $ — $ — $ 47 $ 94,810 $ —

Accounts Receivable — — 1,421 649,059 —

Other Current Assets — — — 39,788 —

Current Assets — — 1,468 783,657 —

Electric — — — — —

Gas — — — — —

Construction Work in progress — — — — —

Other Plant in Service — — — 532,020 —

Property, Plant and Equipment — — — 532,020 —

Accumulated Depreciation — — — (532,020) —

Net Property, Plant and Equipment — — — — —

Other Noncurrent Assets — — — 1,916,504 —

Total Assets — — 1,468 2,700,161 —

Accounts Payable 5,684 — 1,421 569,157 —

Income Taxes Payable (787,788) — — 498,969 —

Other Current Liabilities — — 526,103

Current Liabilities (782,104) — 1,421 1,594,229 —

Long Term Debt — — — — —

Regulatory Liabilities — — — — —

Deferred Income Taxes (18,699,722) — — — —

Other Noncurrent Liabilities — — — 1,465,993 —

Noncurrent Liabilities (18,699,722) — — 1,465,993 —

Total Liabilities (19,481,826) — 1,421 3,060,222 —

Common Stock 22,493,742 — (808,315) (1,442,139) —

Additional Paid-in-Capital — — — — —

Reinvested Earnings (3,011,916) — 808,362 1,082,078 —

Total Equity 19,481,826 — 47 (360,061) —

Total Liabilities and Shareholders' Equity $ — $ — $ 1,468 $ 2,700,161 $ —

Debtor Name PG&E Corporation and Pacific Gas and Electric Company Case number 19-30088 (DM)

Official Form 426 Periodic Report About Controlled Non-Debtor Entities’ Value, Operations, and Profitability page 4

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Exhibit A-1 

Unaudited Balance Sheets

as of September 30, 2019

(in ones)

Eureka Energy 

Company

Midway Power, 

LLC

Natural Gas 

Corporation of 

California

Alaska Gas 

Exploration 

Associates

Cash and Cash Equivalents $ — $ — $ — $ —

Accounts Receivable 329,511 2,500 — —

Other Current Assets — — — —

Current Assets 329,511 2,500 — —

Electric — — — —

Gas — — — —

Construction Work in progress — — — —

Other Plant in Service — — — —

Property, Plant and Equipment — — — —

Accumulated Depreciation — — — —

Net Property, Plant and Equipment — — — —

Other Noncurrent Assets 3,706,966 4,438,677 — —

Total Assets 4,036,477 4,441,177 — —

Accounts Payable 649,240 — — —

Income Taxes Payable (77,715) — — —

Other Current Liabilities — —

Current Liabilities 571,525 — — —

Long Term Debt — — — —

Regulatory Liabilities — — — —

Deferred Income Taxes — — — —

Other Noncurrent Liabilities — — — —

Noncurrent Liabilities — — — —

Total Liabilities 571,525 — — —

Common Stock 1,000 — — —

Additional Paid-in-Capital 3,727,170 26,112,410 — —

Reinvested Earnings (263,218) (21,671,233) — —

Total Equity 3,464,952 4,441,177 — —

Total Liabilities and Shareholders' Equity $ 4,036,477 $ 4,441,177 $ — $ —

Exhibit A-1

Debtor Name PG&E Corporation and Pacific Gas and Electric Company Case number 19-30088 (DM)

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Unaudited Balance Sheets

as of September 30, 2019

(in ones)

Pacific Energy 

Fuels Company Fuelco LLC

Standard Pacific 

Gas Line 

Incorporated

STARS Alliance 

LLC

Cash and Cash Equivalents $ — $ — $ 2,612,388 $ —

Accounts Receivable — — 88,704 —

Other Current Assets — — — —

Current Assets — — 2,701,092 —

Electric — — — —

Gas — — 59,286,651 —

Construction Work in progress — — 2,048,021 —

Other Plant in Service — — — —

Property, Plant and Equipment — — 61,334,672 —

Accumulated Depreciation — — (22,051,835) —

Net Property, Plant and Equipment — — 39,282,837 —

Other Noncurrent Assets (506,748) — — —

Total Assets (506,748) — 41,983,929 —

Accounts Payable (126,773) — 503,302 —

Income Taxes Payable (132,974) — — —

Other Current Liabilities — —

Current Liabilities (259,747) — 503,302 —

Long Term Debt — — 28,373,639 —

Regulatory Liabilities — — (6,155,867) —

Deferred Income Taxes — — — —

Other Noncurrent Liabilities — — — —

Noncurrent Liabilities — — 22,217,772 —

Total Liabilities (259,747) — 22,721,074 —

Common Stock 10,000 — 1,400 —

Additional Paid-in-Capital 4,890,952 — 53,535,784 —

Reinvested Earnings (5,147,953) — (34,274,329) —

Total Equity (247,001) — 19,262,855 —

Total Liabilities and Shareholders' Equity $ (506,748) $ — $ 41,983,929 $ —

Debtor Name PG&E Corporation and Pacific Gas and Electric Company Case number 19-30088 (DM)

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Exhibit A-2: Statements of Income (Loss) for period ending 09/30/19

Exhibit A-2

Unaudited Statements of Income 

For the nine months ended September 30, 2019

PCG Capital, 

Inc.

Pacific Energy 

Capital IV, LLC

PG&E 

Corporation 

Support 

Services, Inc.

PG&E 

Corporation 

Support Services 

II, Inc.

PG&E National 

Energy Group, 

LLC

Electric $ — $ — $ — $ 112,500 $ —

Natural gas — — — — —

Total operating revenues — — — 112,500 —

Operating Expenses

Cost of electricity — — — — —

Cost of natural gas — — — — —

Operating and maintenance 10,468 — — — —

Depreciation, amortization, and 

decommissioning — — — — —

Total operating expenses 10,468 — — — —

Operating Income (Loss) (10,468) — — 112,500 —

Interest income — — — — —

Interest expense — — — — —

Other income, net — — — — —

Income (Loss) Before Income Taxes (10,468) — — 112,500 —

Income tax provision (benefit) — — — 29,169 —

Net Income (Loss) (10,468) — — 83,331 —

Income (Loss) Available for Common 

Stock $ (10,468) $ — $ — $ 83,331 $ —

Debtor Name PG&E Corporation and Pacific Gas and Electric Company Case number 19-30088 (DM)

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Exhibit A-2

Unaudited Statements of Income 

For the nine months ended September 30, 2019

Eureka Energy 

Company

Midway Power, 

LLC

Natural Gas 

Corporation of 

California

Alaska Gas 

Exploration 

Associates

Electric $ 7,361 $ 2,500 $ — $ —

Natural gas — — — —

Total operating revenues 7,361 2,500 — —

Operating Expenses

Cost of electricity — — — —

Cost of natural gas — — — —

Operating and maintenance 226,338 — — —

Depreciation, amortization, and decommissioning — — — —

Total operating expenses 226,338 — — —

Operating Income (Loss) (218,977) 2,500 — —

Interest income — — — —

Interest expense — — — —

Other income, net — — — —

Income (Loss) Before Income Taxes (218,977) 2,500 — —

Income tax provision (benefit) — — — —

Net Income (Loss) (218,977) 2,500 — —

Income (Loss) Available for Common Stock $ (218,977) $ 2,500 $ — $ —

Debtor Name PG&E Corporation and Pacific Gas and Electric Company Case number 19-30088 (DM)

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Exhibit A-2

Unaudited Statements of Income 

For the nine months ended September 30, 2019

Pacific Energy 

Fuels Company Fuelco LLC

Standard Pacific 

Gas Line 

Incorporated

STARS Alliance 

LLC

Electric $ — $ — $ — $ —

Natural gas — — 735,808 —

Total operating revenues — — 735,808 —

Operating Expenses

Cost of electricity 41,417 — — —

Cost of natural gas — — — —

Operating and maintenance 3,843 — 1,167,350 —

Depreciation, amortization, and decommissioning — — 1,113,271 —

Total operating expenses 45,260 — 2,280,621 —

Operating Income (Loss) (45,260) — (1,544,813) —

Interest income — — — —

Interest expense — — — —

Other income, net — — — —

Income (Loss) Before Income Taxes (45,260) — (1,544,813) —

Income tax provision (benefit) — — — —

Net Income (Loss) (45,260) — (1,544,813) —

Income (Loss) Available for Common Stock $ (45,260) $ — $ (1,544,813) $ —

Debtor Name PG&E Corporation and Pacific Gas and Electric Company Case number 19-30088 (DM)

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Exhibit A-3: Statement of Cash Flows for Controlled Non-Debtor Entity for period ending September 30, 2019

N/A

Debtor Name PG&E Corporation and Pacific Gas and Electric Company Case number 19-30088 (DM)

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Exhibit A-4: Statement of Changes in Shareholders’/Partners’ Equity (Deficit) for period ending 09/30/19

Exhibit A-4

Valuation Estimate 

As of September 30, 2019

Net Book Value at

Name of Entity Interest of the Estate September 30, 2019

PCG Capital, Inc. (Formerly PG&E Ventures, Inc.) 100% $ 19,481,826

Pacific Energy Capital IV, LLC 100% —

PG&E Corporation Support Services, Inc. 100% 47

PG&E Corporation Support Services II, Inc. 100% (360,061)

PG&E National Energy Group, LLC 100% —

Eureka Energy Company 100% 3,464,952

Midway Power, LLC 100% 4,441,177

Morro Bay Mutual Water Company Member N/A (1)

Moss Landing Mutual Water Company Member N/A (1)

Natural Gas Corporation of California 100% —

Alaska Gas Exploration Associates 50% —

Pacific Energy Fuels Company 100% (247,001)

Fuelco LLC 50% —

Standard Pacific Gas Line Incorporated 85.71% 19,262,855

STARS Alliance LLC 25% $ —

(1)

Third-party members have previously declined the Debtors’ request to publish financial information for this entity.

Debtor Name PG&E Corporation and Pacific Gas and Electric Company Case number 19-30088 (DM)

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Exhibit B: Description of Operations

Description of Operations 

Name of Entity Description of Operations

PCG Capital, Inc. (Formerly PG&E Ventures, Inc.)

Formed for the purpose of holding interests in other businesses, 

financing and other transactions. No current investments. Rule IIB 

Affiliate (California Public Utilities Commission).

Pacific Energy Capital IV, LLC

Formed to establish and manage a portfolio of passive financial 

investments in growing energy companies. No current investments. 

Rule IIB Affiliate.

PG&E Corporation Support Services, Inc.

A wholly-owned subsidiary of the Corporation that provided general 

corporate support services to the Corporation and certain of its 

subsidiaries in the past, but has no current activity or employees - 

Rule II. B Affiliate (CPUC).

PG&E Corporation Support Services II, Inc.

A wholly-owned subsidiary of the Corporation that provides 

permitted shared corporate support services outside the State of 

California.

PG&E National Energy Group, LLC

Formed to hold equity interests in prior subsidiaries of the 

Corporation and has no current activity or assets (equity interest in 

National Energy and Gas Transmission, Inc. dissolved through 

bankruptcy on 10/29/04).

* Eureka Energy Company Holds the Marre Ranch property in San Luis Obispo County.

* Midway Power, LLC

A direct subsidiary of the Utility formed to be the ownership entity 

for real estate and licenses for a suspended development project, 

pursuant to a purchase and sale agreement dated July 17, 2008.

* Morro Bay Mutual Water Company

Non-profit mutual benefit corporation. Formed to jointly hold 

property rights such as easements in connection with the divestiture 

of the Morro Bay Power Plant.

* Moss Landing Mutual Water Company

Non-profit mutual benefit corporation. Formed to jointly hold 

property rights such as easements in connection with the divestiture 

of the Moss Landing Power Plant.

* Natural Gas Corporation of California

Acts as the vehicle for the amortization of the remaining GEDA (Gas 

Exploration Development Account) assets.

Alaska Gas Exploration Associates

50% owned subsidiary of Natural Gas Corporation of California 

formed to obtain gas reserves to support the South Alaska LNG 

project. Currently inactive. - Rule II. B Affiliate (CPUC).

* Pacific Energy Fuels Company

A wholly-owned PG&E subsidiary created to own and finance 

nuclear fuel inventory previously owned by Pacific Energy Trust. 

Currently inactive. - Rule II. B Affiliate (CPUC).

Fuelco LLC

Joint Venture LLC formed between Union Electric Company d/b/a 

Ameren Missouri, and Pacific Energy Fuels Company for purposes 

of sharing costs and reducing fuel acquisition costs. - Rule II. B 

Affiliate (CPUC).

* Standard Pacific Gas Line Incorporated

Transportation of natural gas in California; Chevron Pipe Line 

Company owns 14.29% interest.

* STARS Alliance LLC

An alliance of the Utility, and three other nuclear plant operators. 

Formed to increase efficiency and reduce costs related to the 

operation of the members’ nuclear generation facilities. Rule II.B. 

Affiliate (CPUC).

* Subsidiary of the Utility

Debtor Name PG&E Corporation and Pacific Gas and Electric Company Case number 19-30088 (DM)

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Exhibit C: Description of Intercompany Claims

The Debtors are not aware of any claims between the Controlled Non-Debtor Entities and, to the extent the Debtors become 

aware of any such claims, they will supplement, modify, or amend this Periodic Report as necessary as such information 

becomes available. 

Debtor Name PG&E Corporation and Pacific Gas and Electric Company Case number 19-30088 (DM)

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Exhibit D: Allocation of Tax Liabilities and Assets

The Debtors allocate income tax liability between themselves, pursuant to a tax sharing agreement. To the extent non-debtors 

are active and owned by Debtors, they are included in the Debtors’ tax sharing agreement. The tax sharing agreement will be 

provided to the U.S. Trustee upon request.

Debtor Name PG&E Corporation and Pacific Gas and Electric Company Case number 19-30088 (DM)

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Exhibit E: Description of Controlled Non-Debtor Entity’s payments of Administrative Expenses, or Professional Fees otherwise payable by a 

Debtor

The Debtors are not aware of any payments (or the occurrence of any obligations to make payments) by a Controlled NonDebtor Entity of claims, administrative expenses, or professionals fees that have been or could be asserted against either of the 

Debtors and, to the extent the Debtors become aware of any such payments (or the occurrence of any obligations to make 

payments), they will supplement, modify, or amend this Periodic Report as necessary as such information becomes available. 

Debtor Name PG&E Corporation and Pacific Gas and Electric Company Case number 19-30088 (DM)

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