Pacific Gas and Electric Company Makes $259 Million in Franchise Fee, Property Tax Payments to California Cities, Counties
Release Date: April 20, 2011
Contact: PG&E External Communications (415) 973-5930
SAN FRANCISCO, Calif. – Pacific Gas and Electric Company (PG&E) announced it has made franchise fees and property tax payments totaling almost $259 million to the 49 counties and 244 cities in which it operates. The last payments were made by Friday, April 15.
The 2010 franchise fee payments total more than $118 million and represent nearly $28 million for gas and more than $90 million for electric service.
A franchise fee is a percentage of gross receipts that PG&E pays cities and counties for the right to use public streets to run gas and electric service.
The property tax payments total more than $140 million, representing full and timely payment of property taxes due for the period from January 1 to June 30, 2011. The company's tax payments to counties for tax year 2010/11 increased by almost $29 million over the previous property tax year's payments as a result of an increase in assessments due to PG&E's infrastructure investments and an overall increase in tax rates.
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric utilities in the United States. Based in San Francisco, with 20,000 employees, the company delivers some of the nation's cleanest energy to 15 million people in Northern and Central California. For more information, visit http://www.pge.com/about/newsroom/.
A full listing of county-by-county property tax payments is included below.
Pacific Gas and Electric Company Property Tax Payments,
Tax Year 2010/11, 2nd Installment.
|SAN LUIS OBISPO||13,112,814|
|Total 2nd Installment Tax Payment||$140,687,013|