5. Fee

Whenever the Commission authorizes a utility to issue debt and preferred stock, the Commission is required to charge and collect a fee pursuant to §§ 1904(b) and 1904.1. A fee is not applicable on any such issues used to guarantee, take over, refund, discharge, or retire any stock, bond, note, or other evidence of indebtedness on which a fee has theretofore been paid to the Commission. (§ 1904.1.)

PG&E expects to use $3,046,450,000 of its $4 billion debt proceeds for construction expenditures and acquisition of property or to reimburse PG&E for money it has expended for those purposes. The remaining $953,550,000 of its requested debt instruments is expected to be used to retire, refund or reissue securities previously issued upon which PG&E has previously paid the fees prescribed by § 1904.

PG&E shall remit the required $1,529,225 fee to the Commission's Fiscal Office.⁸ If PG&E uses any of the $953,550,000 for purposes other than the retirement, refund or reissuance of securities previously issued, it shall notify the Commission in writing and pay the appropriate fee.

⁸ The fee is assessed on $3,046,450,000 of authorized Debt Securities as follows: ($2 times ($1,000,000/$1,000) plus ($1 times $9,000,000/$1,000 plus $0.5 times $3,036,450,000/$1,000 equals $1,529,225. The remaining $953,550,000 of the total $4.0 billion Debt Securities being authorized is excluded from the fee calculation to the extent PG&E uses that debt to retire and refund securities previously charged a fee.