Pacific Gas & Electric Co. · NYSE:PCG
Pacific Gas & Electric — PG&E — Barclays Capital 2009 CEO Energy/Power Conference
19 slides from Pacific Gas & Electric's conference presentation, Sep 9, 2009
Slide 1: PG&E Corporation Barclays Energy/Power Conference
PG&E Corporation Barclays Energy/Power Conference September 9, 2009 This presentation is not complete without the accompanying statements made by management on September 9, 2009. A replay is available on PG&E Corporation’s homepage at www.pge-corp.com.
Slide 2: Operational Update
Operational Update Christopher Johns President Pacific Gas and Electric Company
Slide 3: Cautionary Language Regarding Forward-Looking Statements
Cautionary Language Regarding Forward-Looking Statements This presentation contains management’s guidance for PG&E Corporation’s 2009, 2010 and 2011 earnings per share from operations, projections of Pacific Gas and Electric Company’s (Utility) capital expenditures, rate base and rate base growth. T
Slide 4: 2009 Business Priorities
2009 Business Priorities • Improve reliability • Improve safety and human performance • Deliver on budget, on plan, and on purpose • Drive customer satisfaction • Champion effective regulatory and legislative policies 4
Slide 5: California Outlook
California Outlook • Current and forecasted sales volumes • Customer impact • Infrastructure investment 5
Slide 6: Colusa Generating Station Update
Colusa Generating Station Update • 659 MW generating capacity • Capital investment of $673 MM • Approximately 60% complete • 425 workers on site • All generating equipment on foundations • Online in 2010 6
Slide 7: Humboldt Bay Generating Station Update
Humboldt Bay Generating Station Update • 163 MW generating capacity • Capital investment of $239 MM • Approximately 50% complete • 130 workers on site • Online in 2010 7
Slide 8: The PG&E SmartMeter Program
The PG&E SmartMeter Program • Largest deployment of Advanced Metering Infrastructure (AMI) nationwide • Enables time-of-use pricing • Enhanced capabilities over time 8
Slide 9: "Smart" Opportunities
“Smart” Opportunities The SmartMeter™ program will lead us to other opportunities Home Area Network AMI/SmartGrid e.g. “Smart” appliances, EVs 9
Slide 10: PG&E Ownership of Renewables
PG&E Ownership of Renewables Proposed Solar PV Program • Up to 250 MW of Utility-owned PV generation • Up to 250 MW of standard-offer PV PPAs Next Steps • 2MW pilot program underway in 2009 • Next 25 MW planned for 2010 10
Slide 11: Financial Update
Financial Update Kent Harvey Senior Vice President & CFO PG&E Corporation
Slide 12: GRC Overview
GRC Overview • Continued investments in safe and reliable service • Contribute to economy of our local communities • Work toward a greener, smarter energy future 2011 General Rate Case 2009 2010 2011 July: December: Summer 2010: January 2011: Filed Notice of Intent File Application Hearings Rates go
Slide 13: Electric Rate Forecast
Electric Rate Forecast System bundled average rates for 2008 - 2011 18.0 16.0 15.6¢ 14.0 12.0 Purchased Power 10.0 (¢/kWh) 8.0 Utility Owned Generation 6.0 Public Purpose Programs 4.0 Transmission & Distribution 2.0 0.0 8 9 0 1 200 200 201 201 13
Slide 14: PG&E Financial Strategy
PG&E Financial Strategy • Achieve solid, sustained EPS growth • Actively manage cash flow • Maintain opportunistic financing approach 14
Slide 15: EPS Guidance
EPS Guidance Earnings per Share from Operations High $3.85 High $3.50 Low $3.65 Low $3.35 High $3.25 $3.15 Low $2.95 $2.78 2008 2009 2010 2011 Actual * Reg G reconciliation to GAAP for 2008 EPS from Operations, and 2009-2011 EPS Guidance available in Appendix and at www.pge-corp.com 15
Slide 16: Appendix
Appendix “FR in eT ’
Slide 17: Financial Assumptions 2009-2011
Financial Assumptions 2009-2011 GUIDANCE REFLECTS: • Capital expenditures consistent with low and high case ranges • CPUC authorized ROE of at least 11.35% and Utility earns at least 12% on FERC projected rate base • Ratemaking capital structure maintained at 52% equity • CEE incentives, operational
Slide 18: 2008 EPS - Reg G Reconciliation
2008 EPS - Reg G Reconciliation 2008 EPS on an Earnings from Operations Basis* $2.95 Items Impacting Comparability** 0.68 EPS on a GAAP Basis $3.63 * Earnings per share from operations is a non-GAAP measure. This non-GAAP measure is used because it allows investors to compare the core underlying fin
Slide 19: EPS Guidance - Reg G Reconciliation
EPS Guidance - Reg G Reconciliation Guidance Range 2009 Low High EPS Guidance on an Earnings from Operations Basis (1) $3.15 $3.25 (2) Estimated Items Impacting Comparability Tax Refunds(3) $0.15 $0.15 (4) Recovery of hydro divestiture costs $0.07 $0.07 Accelerated work on gas system(5) ($0.16) ($0.
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