_____________________________________________________________________________________
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
_____________________________________________________________________________________
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report: December 15, 2009
(Date of
earliest event reported)
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Commission
File Number
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Exact
Name of Registrant
as
specified in its charter
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State
or Other Jurisdiction of Incorporation or Organization
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IRS
Employer Identification Number
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|||
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1-12609
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PG&E
CORPORATION
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California
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94-3234914
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1-2348
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PACIFIC
GAS AND ELECTRIC COMPANY
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California
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94-0742640
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 |
 |
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One
Market, Spear Tower
Suite
2400
San
Francisco, California 94105
(Address
of principal executive offices) (Zip Code)
(415)
267-7000
(Registrant's
telephone number, including area code)
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77
Beale Street
P.O.
Box 770000
San
Francisco, California 94177
(Address
of principal executive offices) (Zip Code)
(415)
973-7000
(Registrant's
telephone number, including area code)
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Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
Material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17
CFR 240.14d-2(b)
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17
CFR 240.13e-4(c))
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Item
5.02. Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
2010
Officer Compensation
On
December 15, 2009, the Compensation Committee of the PG&E Corporation Board
of Directors (Committee) approved the PG&E Corporation 2010 Short-Term
Incentive Plan (STIP) under which officers and employees of PG&E Corporation
and Pacific Gas and Electric Company (Utility) may receive cash awards based on
the extent to which specified performance targets for each STIP component are
achieved. Corporate financial performance, as measured by PG&E
Corporation’s earnings from operations, will determine 50 percent of the
incentive. Operational performance will be measured using the
following five factors: improvements in electric and gas distribution system
reliability (with a 15 percent weighting), the achievement of safety goals (with
a 10 percent weighting), the results of a customer satisfaction and brand health
survey (with a 15 percent weighting), the results of an employee engagement
survey (with a 5 percent weighting), and environmental leadership as measured by
environmental compliance and the success of efforts to reduce energy use, water
use and solid waste at the Utility’s facilities (with a 5 percent
weighting). The Committee will approve the specific performance
targets for each STIP component in February 2010.
Item
8.01. Other Events
Energy
Efficiency Programs and Incentive Ratemaking
On
December 17, 2009, the California Public Utilities Commission (CPUC) awarded the
Utility energy efficiency incentive revenues of $33.4 million based on the
Utility’s achievement of energy efficiency savings during the 2006-2008 energy
efficiency program cycle. To resolve the Utility’s second interim
claim, the CPUC relied upon energy savings data presented in the CPUC’s Energy
Division’s second interim verification report issued on October 15,
2009. Consistent with the incentive award process previously adopted
by the CPUC, the CPUC held back an additional $40.3 million of incentive
revenues. The additional amount of incentive revenues that the Utility could
receive, if any, will be determined after final energy savings for the 2006-2008
program cycle are verified and the true-up process is completed in
2010. The CPUC adopted a schedule for the final true-up process that
calls for the release of a proposed decision by July 15, 2010 and a final
decision in September 2010.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrants have
duly caused this report to be signed on their behalf by the undersigned hereunto
duly authorized.
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PG&E
CORPORATION
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Dated: December
17, 2009
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By:
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LINDA
Y.H. CHENG
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LINDA
Y.H. CHENG
Vice
President, Corporate Governance and
Corporate
Secretary
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PACIFIC
GAS AND ELECTRIC COMPANY
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Dated:
December 17, 2009
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By:
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LINDA
Y.H. CHENG
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LINDA
Y.H. CHENG
Vice
President, Corporate Governance and
Corporate
Secretary
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