PG&E 2012 Annual Report Download - page 113
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
NOTE 15: COMMITMENTS AND CONTINGENCIES (Continued)
At December 31, 2012, the Utility’s undiscounted future expected payment obligations for natural gas supplies,
transportation and storage were as follows:
(in millions)
2013 .......................................................... $ 707
2014 .......................................................... 208
2015 .......................................................... 192
2016 .......................................................... 152
2017 .......................................................... 108
Thereafter ...................................................... 865
Total .......................................................... $ 2,232
Costs incurred for natural gas purchases, natural gas transportation services, and natural gas storage, which
include contracts less than 1 year, amounted to $1.3 billion in 2012, $1.8 billion in 2011, and $1.6 billion in 2010.
Nuclear Fuel Agreements
The Utility has entered into several purchase agreements for nuclear fuel. These agreements have terms ranging
from one to 13 years and are intended to ensure long-term nuclear fuel supply. The contracts for uranium and for
conversion and enrichment services provide for 100% coverage of reactor requirements through 2020, while contracts
for fuel fabrication services provide for 100% coverage of reactor requirements through 2017. The Utility relies on a
number of international producers of nuclear fuel in order to diversify its sources and provide security of supply.
Pricing terms are also diversified, ranging from market-based prices to base prices that are escalated using published
indices.
At December 31, 2012, the undiscounted future expected payment obligations for nuclear fuel were as follows:
(in millions)
2013 .......................................................... $ 113
2014 .......................................................... 128
2015 .......................................................... 194
2016 .......................................................... 147
2017 .......................................................... 148
Thereafter ...................................................... 878
Total .......................................................... $ 1,608
Payments for nuclear fuel amounted to $118 million in 2012, $77 million in 2011, and $144 million in 2010.
Other Commitments
The Utility has other commitments relating to operating leases. At December 31, 2012, the future minimum
payments related to these commitments were as follows:
(in millions)
2013 .......................................................... $ 42
2014 .......................................................... 37
2015 .......................................................... 32
2016 .......................................................... 31
2017 .......................................................... 24
Thereafter ...................................................... 206
Total .......................................................... $ 372
109