Pacific Gas & Electric Co. · NYSE:PCG
Pacific Gas & Electric — PG&E — Investor Day (March 2010)
98 slides from Pacific Gas & Electric's investor day presentation, Mar 1, 2010
Slide 1: PG&E Corporation Investor Conference
PG&E Corporation Investor Conference March 1, 2010 This presentation is not complete without the accompanying statements made by management on March 1, 2010. A replay is available on PG&E Corporation’s homepage at www.pge-corp.com ®
Slide 2: Agenda
Agenda March 1, 2010 2:00pm – 5:00pm: Presentation • PG&E’s Investment Case Peter A. Darbee Chairman, CEO and President PG&E Corporation • PG&E’s Operational Outlook Chris Johns President Pacific Gas and Electric Company • PG&E’s Financial Outlook Kent Harvey Senior Vice President and Chief Financia
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 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, and pro
Slide 4: PG&E's Investment Case
PG&E’s Investment Case Peter Darbee Chairman, Chief Executive Officer and President PG&E Corporation ®
Slide 5: PCG: Key Takeaways
PCG: Key Takeaways We have a solid strategy - customer focus - excellence in operations - strong regulatory relations - environmentally responsible - community oriented We execute on our strategy - a proven management team - delivering consistent solid results for our customers and shareholders 5
Slide 6: PCG Investment Case
PCG Investment Case Excellent service at reasonable cost Constructive regulatory environment Investment in infrastructure- providing solid, regulated growth Clean generation and world-class energy efficiency programs Stable capital structure and return Reliable, growing dividend 6
Slide 7: Vision & Values
Vision & Values OUR VISION The leading utility in the United States OUR GOALS Delighted Customers Energized Employees Rewarded Shareholders Environmental Leadership Customer Focus OUR STRATEGIES Operational Excellence • W e act with integrity and communicate honestly OUR VALUES and openly • W e are
Slide 8: 2009 Report Card
2009 Report Card Our Plan Our Results Earnings from Operations* $3.15 - $3.25 $3.21 Capital Expenditures $3.6 to $3.7 B $3.9 B 15% Reduction in Injuries** 2.76 cases / 200,000 hours 2.38 cases On Time, On Budget Execution SmartMeterTM Gateway Generating Station Nuclear Projects New Gas Fired Facilit
Slide 9: Analysts' Top Questions
Analysts’ Top Questions Do you foresee any change in your regulatory environment? What is the impact of the California economy on PG&E? What is the outlook for your General Rate Case? What is your long-term earnings growth trajectory? 9
Slide 10: CPUC and Regulation
CPUC and Regulation “We want to actually work with the people of the state of California, and the utilities and the sources of “We have a need for critical capital, to effect this multi-decade infrastructure. It is crucial that transformation…” California continue to invest in critical (Commissioner
Slide 11: Impact of Election
Impact of Election Under a new governor, what changes? May Change Not Likely to Change RPS Standards for 2020 Decoupling Cap & Trade Rules Pass Through of Procurement Costs CPUC Composition ROE / Equity Ratio Remains through 2012 Previously Approved Projects and Contracts Emphasis on Energy Efficien
Slide 12: State Energy Policy
State Energy Policy AB 32: Developing Implementation Plan 33% RPS: Executive Order and Legislation 12
Slide 13: Customer Environment
Customer Environment PG&E is sensitive to customer needs - Proposing plan to restructure residential tiers - Making customers aware of options to tiered rates - Managing revenue changes to keep average rates flat in 2011 13
Slide 14: Recap
Recap Our team delivers results We understand the regulatory environment and can work constructively in it We actively participate in the development of policies that will shape California’s energy future We are sensitive to our customers and the economy 14
Slide 15: PG&E's Operational Outlook
PG&E’s Operational Outlook Chris Johns President Pacific Gas and Electric Company ®
Slide 16: Focus on Safety
Focus on Safety 6 5 5.294 OSHA Recordable Rate 4.302 4 Reduced OSHA 3.241 Recordable Rate 3 2.382 2.143 by 52 percent 2 since 2006 1 0 2006 2007 2008 2009 2010 7 6.54 6 Motor Vehicle Incident Rate 5 4.48 4 Reduced 3.42 MVI Rate 3 2.79 2.51 by 58 percent 2 since 2006 1 0 2006 2007 2008 2009 2010 Targ
Slide 17: Excellence in Operations
Excellence in Operations Sustained Improvement in Human Performance Improved estimating tool reduced paperwork by 65% Information given to crews improved in actionable content by 60% 17
Slide 18: Reliability Performance
Reliability Performance Annual SAIFI* Annual CAIDI* 130 1.4 128 126 1.3 124 122 1.2 120 118 116 1.1 114 112 1 110 2006 2007 2008 2009 2010 2006 2007 2008 ** 2009 2010 PG&E’s performance has improved in both the frequency (SAIFI) and duration (CAIDI) of outages Target Actual * Excludes major events a
Slide 19: Accelerated Gas Surveys
Accelerated Gas Surveys 2009 Target: Survey 1.05 million service lines on our pipeline 2009 Actual: 1.11 million service lines surveyed Result: Greater confidence in the safety and quality of our gas system 19
Slide 20: California Economy
California Economy PG&E’s bad debt levels stable Key Drivers: Customer Assistance Better collections Uncollectibles Expense ($MM) 70 $68 MM $67 MM 65 60 55 $52 MM 50 45 40 35 30 2007 2008 2009 20
Slide 21: Electric Demand
Electric Demand Electric Deliveries (in millions kWh) 95000 90000 85000 Forecast 80000 2006 2007 2008 2009 2010 2011 21
Slide 22: Investment in Infrastructure
Investment in Infrastructure Gas & Electric Distribution Estimated Categories of Capital Spend (2010) Reliability 20% Maintenance 25% Customer Directed Work 30% Gas Work 25% Total Estimated Capital Spend (2010): $1.3B 22
Slide 23: Investment in Infrastructure
Investment in Infrastructure Electric Transmission Estimated Categories of Capital Spend (2010) System Expansion / Congestion Relief 50% Maintenance and Replacement 35% Automation Technology Expansion 10% New Generation Interconnection 5% Total Estimated Capital Spend (2010): $800 MM 23
Slide 24: Investment in Infrastructure
Investment in Infrastructure Natural Gas Transmission Estimated Categories of Capital Spend (2010) Pipeline capacity and integrity 50% Reliability 25% Environmental Compliance 25% Total Estimated Capital Spend (2010): $250 MM 24
Slide 25: Investment in Infrastructure
Investment in Infrastructure Generation Estimated Categories of Capital Spend (2010)* Nuclear (Diablo Canyon Power Plant) 25% Colusa / Humboldt (construction completion) 35% Operating Conventional 35% Fossil Decommisioning 5% Total Estimated Capital Spend (2010): $750 MM * Does not include PV Projec
Slide 26: Customer Satisfaction
Customer Satisfaction J D Power Surveys Electric Gas Top Business Quartile 2nd Overall Quartile Customer 3rd Satisfaction Quartile Index Bottom Quartile 2006 2007 2008 2009 2010 2006 2007 2008 2009 Top Residential Quartile 2nd Overall Quartile Customer 3rd Satisfaction Quartile Index Bottom Quartile
Slide 27: Outlook for Rates
Outlook for Rates Proposed narrowing of tier differentials to mitigate high bills Overall average rates expected to remain flat in 2011 Longer term outlook depends on price of carbon, natural gas, and renewables 27
Slide 28: Electric Rates
Electric Rates System Average Electric Rates 20.0¢ 18.0¢ 16.0¢ 14.0¢ CPI 12.0¢ (¢/kWh) 10.0¢ 8.0¢ 6.0¢ 4.0¢ 2.0¢ 0.0¢ 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 19 9 1 99 1 99 199 199 199 199 199 199 200 200 200 200 200 200 200 200 200 200 201 201 28
Slide 29: Residential Bills
Residential Bills Residential Average Monthly Bills by Region $199.74 $200 $175 $150 $134.74 $125 $112.95 $115.84 $118.00 $101.44 $105.14 $100 $76.49 $82.64 $83.84 $86.04 $87.75 $75 $50 $25 $0 IA, KS, IL, IN, MI, PG&E AZ, CO, CA, OR, USA NJ, NY, CT, ME, AL, KY, DE, DC, AR, LA, AK, HI MN, MO, OH, WI
Slide 30: Customer Programs
Customer Programs Family Electric Rate Assistance (FERA): Breathe Easy Solutions: The California Low-to middle income households of three Alternative Rates for Energy (CARE) provides or more pay a lower rate for part of their a 20% discount on gas and electricity electricity usage; If denied for CAR
Slide 31: Energy Efficiency Programs
Energy Efficiency Programs World Class Programs $1.3B program budget (2010-2012) 126 Programs for Customers Partnership with Governments $75 MM in incentive awards in 2008-09 National Recognition: EnergySTAR Sustained Excellence Award Platts Energy Efficiency Initiative of the Year EEI National Key
Slide 32: SmartMeter Rollout
SmartMeterTM Rollout SmartMetersTM installed through 2009: 4.5 million Goal for year-end 2010: 8.0 million installed cumulative Total Installations: 10 million by mid-2012 Largest AMI deployment in the US 32
Slide 33: Regulatory
Regulatory Key Regulatory Cases • General Rate Case • Gas Transmission & Storage • Transmission Owner Case 33
Slide 34: GRC Outlook
GRC Outlook GRC Statistics PG&E's 2007 GRC Request $5.246B ($532 MM increase) DRA's First Filing $4.695B ($19 MM decrease) Adoped Settlement $5.057B ($251MM increase) Edison's 2009 GRC Request $5.199B ($871 MM increase) Edison's Final Decision $4.829B ($495 MM increase) 34
Slide 35: RPS Progress
RPS Progress Getting to the Goal Progress towards 2010 goal Pursuing all opportunities 14.5% delivered from renewable resources in 2009 Over 6,000 MW in renewables under contract at end of 2009 35
Slide 36: Other 2010 Items
Other 2010 Items Diablo Canyon Relicensing Remediation of former Manufactured Gas Sites Taxpayer Right to Vote Act 36
Slide 37: Positioned for the Future
Positioned for the Future Excellence in Operations Improved Safety Performance Increased Productivity Higher Reliability Capital Spending “On Plan” Customer Service Options Good Customer Service at a Reasonable Cost 37
Slide 38: PG&E's Financial Outlook
PG&E’s Financial Outlook Kent Harvey Senior Vice President and Chief Financial Officer PG&E Corporation ®
Slide 39: 2009 Financial Accomplishments
2009 Financial Accomplishments Highlights 2009 Earnings per share (from Operations): $3.21* Earned incentive revenues for successful energy efficiency programs Managed large CapEx program Strong cash flow * Reg G reconciliation to GAAP for 2009 EPS from Operations available in Appendix and at www.pg
Slide 40: Cost of Capital
Cost of Capital Providing Stability for the Future Current mechanism extended through 2012 52% equity layer remains in place 11.35% ROE, subject to adjustment based on Moody’s bond index 40
Slide 41: Capital Expenditure Outlook
Capital Expenditure Outlook Cap Ex Forecast ($B) 2009 Investor Prior vs. Current Conference Forecast Range 5.5 High 5 $3.3 - 4.8B 4.5 High 4 $3.9B Low $3.6-3.7B $3.4 - 3.8B 3.5 Low 3 2.5 2 2009 2010 2011 Actual Low Case $4.0B Low Case $3.2B High Case $4.6B High Case $5.3B 41
Slide 42: CapEx Forecast 2010
CapEx Forecast 2010 Capital Expenditure Forecast ($MM)* 2010 Gas & Electric Distribution $1,300 Conventional Generation $750 Common Plant $265 Natural Gas Transmission $250 Electric Transmission $800 SmartMeterTM Program $535 Low High Cornerstone Program $0 $100 PV Project $0 $160 Manzana Wind Proje
Slide 43: CapEx Forecast 2011
CapEx Forecast 2011 Capital Expenditure Forecast ($MM) 2011 Low High Gas & Electric Distribution $1,375 $1,900 Conventional Generation $360 $450 Common Plant $270 $390 Natural Gas Transmission $215 $235 Electric Transmission $775 $925 SmartMeterTM Program $165 Low High Cornerstone Program $0 $285 PV
Slide 44: Rate Base Growth
Rate Base Growth Weighted Average Rate Base* ($B) 2009 Investor 26 Conference Forecast Range High 24 $24.3- 25.4B Low 22 $22.1- 22.4B Low High 20 $19.8B $20.1- 20.3B 18 2009 2010 2011 Actual Low Case $21.4B Low Case $24.0B High Case $21.3B High Case $24.4B * 2009 actual rate base reflects bonus depr
Slide 45: Future Capital Opportunities
Future Capital Opportunities Conventional Generation Renewable Generation SmartGrid Investments Energy Storage Electric Vehicle Infrastructure Transmission for Renewables 45
Slide 46: Energy Efficiency Incentives
Energy Efficiency Incentives Incentive Awards (pre-tax dollars $MM) 45 $41.5 MM 40 35 $33.4 MM 30 High 25 20 High 15 10 5 0 2008 2009 2010 2011 Actual Actual Low Case $0 MM Low Case $0 MM High Case $20 MM High Case $30 MM 46
Slide 47: Impact to Cash Flow from Tax
Impact to Cash Flow from Tax 400 350 300 250 200 150 100 50 0 -50 2010 2011 Low Case $0 MM Low Case $(10) MM High Case $400 MM* High Case $340 MM * Estimate of 2010 bonus depreciation impact, but amount could vary based on actual capital additions 47
Slide 48: EPS Guidance
EPS Guidance Earnings per Share from Operations* High $3.85 Low $3.65 High $3.50 Low $3.35 $3.21 $2.95 2008 2009 2010 2011 Actual Actual * Reg G reconciliation to GAAP for 2008 and 2009 EPS from Operations, and 2010-2011 EPS Guidance available in Appendix and at www.pge-corp.com 48
Slide 49: Dividend Policy
Dividend Policy Sustainable, comparable dividend Payout ratio range of 50% - 70% Dividend growth in line with EPS growth Annualized Dividends per Share $2.00 $1.90 th $1.82 $1.80 Grow 8.4 % $1.70 $1.68 $1.60 $1.56 $1.50 $1.44 $1.40 $1.32 $1.30 $1.20 $1.10 $1.00 2006 2007 2008 2009 2010 49
Slide 50: Cash Flow and Equity Needs
Cash Flow and Equity Needs (in $MM) 2010 2011 Low High Low High Cash from Operations (Total Sources) 2,765 to 3,395 3,355 to 3,930 Primary Uses Capital Expenditures (3,975) to (4,555) (3,160) to (5,265) Internal Equity Dividends* (675) to (725) (760) to (865) forecasted to Total Uses (4,650) to (5,2
Slide 51: Financial Assumptions: 2010-2011
Financial Assumptions: 2010-2011 GUIDANCE REFLECTS: Capital expenditures consistent with low and high case ranges Utility earns ROE of at least 11.35% Ratemaking capital structure maintained at 52% equity CEE incentives and tax cash flow consistent with high and low case ranges Resolution of FERC ge
Slide 52: Long-Term Forecast
Long-Term Forecast Key Drivers • General Rate Case • Regulated Capital Opportunities • Energy Efficiency Incentive Structure • Holding Company Opportunities 52
Slide 53: PCG Investment Case
PCG Investment Case Excellent service at reasonable cost Constructive regulatory environment Investment in infrastructure- providing solid, regulated growth Clean generation and world-class energy efficiency programs Stable capital structure and return Reliable, growing dividend 53
Slide 54: Conclusion
Conclusion Peter Darbee Chairman, Chief Executive Officer and President PG&E Corporation ®
Slide 55: Sustaining Excellence
Sustaining Excellence 10 years from now, the industry will be different SmartGrid will be implemented Electric Vehicles will be in the marketplace Distributed Generation will continue to increase 55
Slide 56: Planning Ahead: SmartGrid
Planning Ahead: SmartGrid Automation and Managing Usage Implementation of Home Area Network Opportunity for load-shifting Redundancy helps reliability 56
Slide 57: Planning Ahead: Electric Vehicles
Planning Ahead: Electric Vehicles Developing infrastructure Creates significant load Currently testing “smart” charging port A significant investment opportunity 57
Slide 58: Planning Ahead: Distributed Generation
Planning Ahead: Distributed Generation Growing rapidly in Northern California Relatively small percentage of load (~2%) Opportunity for further investment 58
Slide 59: Strategic Outlook
Strategic Outlook Investing in a “smarter” future Building on our green reputation Aligning investments with opportunities for the future 59
Slide 60: Notes
Notes 60
Slide 61: Appendix
Appendix ®
Slide 62: Navigation of Key Questions
Navigation of Key Questions Do you foresee any change in your regulatory environment? Slides 10-12 What is the impact of the Slides 13, California economy on PG&E? 20-21, 30 What is the outlook for your Slides 27-28, General Rate Case? 33-34, 43-44 What is your long-term earnings growth trajectory?
Slide 63: Pacific Gas and Electric Company (PG&E)
Pacific Gas and Electric Company (PG&E) • Provides energy to approximately 15 million people • 70,000 square-mile service territory • Four main operational units: Electric and gas distribution Electric transmission Natural gas transmission PG&E SERVICE AREA Electric generation IN CALIFORNIA 63
Slide 64: PG&E Financial Highlights
PG&E Financial Highlights 2008 2009 Revenues $14.628 billion $13.399 billion Consolidated Net Income $1.34 billion $1.22 billion Assets $40.860 billion $42.945 billion 64
Slide 65: Electric and Gas Distribution
Electric and Gas Distribution Business Scope • Retail electricity and natural gas distribution service (construction, operations and maintenance) • Customer services (call centers, meter reading, billing) • 5.1 million electric and 4.3 million gas customer accounts Primary Assets • $12.4 billion of
Slide 66: Electric Transmission
Electric Transmission Business Scope • Wholesale electric transmission services (construction, maintenance) • Operation by CA Independent System Operator Primary Assets • $3.1 billion of rate base (2009 wtd. avg.) Regulation Malin • Federal regulation (FERC) Round Mt • Cost of service ratemaking: Tr
Slide 67: Natural Gas Transmission
Natural Gas Transmission Business Scope • Natural gas transportation, storage, parking and lending services • Customers: PG&E natural gas distribution and electric generation businesses, industrial customers, California electric generators Primary Assets • $1.5 billion of rate base (2009 wtd. avg.)
Slide 68: Electric Procurement & Owned Generation
Electric Procurement & Owned Generation Business Scope • Electricity and ancillary services from owned and controlled resources • Energy procurement program Primary Assets • $2.8 billion of rate base (2009 wtd. avg.) • Diablo Canyon Nuclear Power Plant (2,240 MW) • Gateway Generating Station (530 MW
Slide 69: PG&E Generation in California
PG&E Generation in California Humboldt Generating Station Conventional Hydroelectric facilities (in construction) Colusa Generating Station (in construction) Gateway Generating Station Helms Pumped Storage Diablo Canyon Power Plant 69
Slide 70: 2009 Customer Profiles - % of Sales
2009 Customer Profiles - % of Sales Electric Customers Gas Customers (85,629 GWh delivered) (822 Bcf delivered) Agricultural & Residential Other 24% 8% Residential Industrial 36% 17% Commercial 7% Industrial 69% Commercial 39% 70
Slide 71: Existing Resource Mix
Existing Resource Mix Net Capacity Owned Generation Type Status (MW) Hydroelectric Facilities (total) Hydroelectric Power Houses On-line 3,896 Diablo Canyon Nuclear Reactors On-line 2,240 Gateway Generating Station Gas Combined Cycle Generators On-line 530 Humboldt Bay Power Plant Fossil Fired Steam
Slide 72: RPS Contracts Signed Since 2002
RPS Contracts Signed Since 2002 Over 6,000 MW in RPS Contracts Geothermal Small Hydro Solar/ Biomass Bioenergy 1.7% 0.4% Hybrid 3.5% 1.6% Wind 30.3% Solar PV 23.7% Solar Thermal 38.7% 72
Slide 73: Greenhouse Gas Emissions
Greenhouse Gas Emissions Benchmarking Greenhouse Gas Total 2008 Greenhouse Gas Emissions by Emissions for Delivered Electricity Source Category (Pounds of CO2 per MWh) (Total 27.1 million metric tons CO2-e (2)) Gas Compressor Process and Stations Transportation U.S. Average (1) 1,329 Fugitive Emissi
Slide 74: Key Regulatory Proceedings
Key Regulatory Proceedings Regulatory Case Docket # Expected Decision Date Nuclear Relicensing A.10-01-022 TBD 2011 General Rate Case (“GRC”) A.09-12-020 Final decision is requested in Q4 2010 SmartGrid Compressed Energy Storage A.09-09-019 Final decision approving PG&E's request received on Demonst
Slide 75: Cost of Capital
Cost of Capital 52% Equity Level · 11.35% ROE · Adjustment Mechanism • Decided separately from General Rate Case • Current terms in place until 2013 Mechanism • Triggers change to ROE if average Moody’s Utility (A or Baa) bond yield index over a 12 month period moves up or down by 100 basis points o
Slide 76: 2011 General Rate Case
2011 General Rate Case Docket # A. 09-12-020 Sets revenue requirements for Gas and Electric Distribution and Electric Generation businesses for 2011 – 2013 Revenue Requirement Request: $6.7B $1.048 billion increase $2.7B average capital expenditures per year Allows for necessary investments in energ
Slide 77: 2011 General Rate Case
2011 General Rate Case Filing includes a flexible attrition mechanism adjusting for: • labor cost adjustments • materials and services adjustments • capital related adjustments • other adjustments, such as changes in franchise, payroll or other taxes Attrition revenues are currently forecasted to be
Slide 78: FERC TO12 Filing
FERC TO12 Filing Docket # ER09-1521-000 Sets revenue requirements for PG&E’s Electric Transmission business in 2010-2011 Revenue Requirement Request: $946 million $800M Capital Expenditures Adds additional transmission capacity and performance of maintenance and replacement work on our substations i
Slide 79: 2011 Gas Transmission and Storage Rate Case
2011 Gas Transmission and Storage Rate Case Docket # A. 09-09-013 Sets revenue requirements, rates, terms and conditions for PG&E’s Gas Transmission and Storage services for 2011 – 2014 Revenue Requirement Request: $529M $67M Increase $235M Capital Expenditures Allows for upgrades to backbone transm
Slide 80: Cornerstone Improvement Program
Cornerstone Improvement Program Docket # A. 08-05-023 Sets revenue requirements aimed at improving the reliability of PG&E’s electric distribution system Request: $2.0 billion capital spend Enables installation of new substation transformers, feeders, conductors and other equipment to add capacity a
Slide 81: Solar PV Program
Solar PV Program Docket # A. 09-02-019 Sets revenue requirements to develop and own 250MW of PV and sign PPAs for an additional 250MW of PV over a five year period Request: $1.45 billion (all capital) for the Utility-owned 250MW PD issued on 01/26/2010 proposes: • development and installation of up
Slide 82: Manzana Wind Project
Manzana Wind Project Docket # A. 09-12-002 Sets revenue requirements to acquire, own, and operate the 189 - 246MW Manzana wind project in the Tehachapi region of Southern California Request: $900 million (all capital) at 246MW capacity Manzana Wind Project would be developed, designed and constructe
Slide 83: Dynamic Pricing
Dynamic Pricing Docket # A. 09-02-022 Sets revenue requirements to implement peak-day pricing and time-of-use pricing Request: $160 million spend in 2008-2010, approximately $110 in capital In February, CPUC issued revised PD approving $123 million of our request and approving default Peak Day Prici
Slide 84: Carrying Cost Credit Impacts
Carrying Cost Credit Impacts Estimated Average Deferred Tax Balances and Carrying Cost Credit Impacts ($MM) ($MM) 2010 2011 2012 Energy Recovery Bond Average Deferred $396 $243 $82 Tax Balance Estimated After-tax Carrying Cost Credit* $(23) $(14) $(5) * Estimated carrying cost credits include only t
Slide 85: ERB Amortization Schedule
ERB Amortization Schedule ($MM) 2010 2011 2012 Annual ERB Amortization $386 $404 $423 End-of-year ERB balance $827 $423 $0 85
Slide 86: Credit Profile
Credit Profile Current Ratings • Utility Corporate Credit/Issuer: BBB+ (S&P) and A3 (Moody’s) • Utility Senior unsecured debt: BBB+ (S&P) and A3 (Moody’s) Average Utility Metrics (2010-2012)* • S&P Business Profile Rating: Excellent • Total Debt to capitalization (EOY): 55.1% • Funds from Operations
Slide 87: 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 88: 2009 EPS – Reg G Reconciliation
2009 EPS – Reg G Reconciliation 2009 EPS on an Earnings from Operations Basis(1) $3.21 Items Impacting Comparability(2) Tax Benefit(3) 0.18 Recovery of hydro divestiture costs(4) 0.07 Accelerated work on gas system(5) (0.16) Severance costs(6) (0.10) Tax settlement(7) 0.00 EPS on a GAAP Basis $3.20
Slide 89: EPS Guidance – Reg G Reconciliation
EPS Guidance – Reg G Reconciliation Guidance Range 2010 Low High EPS Guidance on an Earnings from Operations Basis(1) $3.35 $3.50 Estimated Items Impacting Comparability(2) (0.09) ($0.06) Estimated EPS on a GAAP Basis $3.26 $3.44 Guidance Range 2011 Low High EPS Guidance on an Earnings from Operatio
Slide 90: Officer Biographies
Officer Biographies ®
Slide 91: Peter A. Darbee
PETER A. DARBEE Chairman of the Board, Chief Executive Officer and President PG&E Corporation Peter A. Darbee is Chairman of the Board, Chief Executive Officer and President of PG&E Corporation. Since becoming CEO in 2005, Darbee has spearheaded major new initiatives to establish PG&E as an industry
Slide 92: Christopher P. Johns
CHRISTOPHER P. JOHNS President Pacific Gas and Electric Company Christopher P. Johns is President of Pacific Gas and Electric Company and a member of the Utility’s Board of Directors. Johns joined Pacific Gas and Electric Company in 1996 as Vice President and Controller. Johns was named Senior Vice
Slide 93: Kent M. Harvey
KENT M. HARVEY Senior Vice President and Chief Financial Officer, PG&E Corporation Senior Vice President, Financial Services, Pacific Gas and Electric Company Kent M. Harvey is Senior Vice President and Chief Financial Officer for PG&E Corporation. Harvey oversees the financial activities of the $40
Slide 94: Tom Bottorff
TOM BOTTORFF Senior Vice President, Regulatory Relations Pacific Gas and Electric Company Tom Bottorff is Senior Vice President, Regulatory Relations, at Pacific Gas and Electric Company. Bottorff is responsible for developing, coordinating and managing policy with state and federal regulatory agenc
Slide 95: Helen Burt
HELEN BURT Senior Vice President and Chief Customer Officer Pacific Gas and Electric Company Helen Burt is Senior Vice President and Chief Customer Officer for Pacific Gas and Electric Company. An acknowledged expert in the utility industry, Burt is responsible for leading marketing, product develop
Slide 96: Fong Wan
FONG WAN Senior Vice President, Energy Procurement Pacific Gas and Electric Company Fong Wan is Senior Vice President, Energy Procurement, for Pacific Gas and Electric Company, and is responsible for gas and electric supply planning and policies, wholesale market design, quantitative analysis, power
Slide 97: Gabriel B. Togneri
GABRIEL B. TOGNERI Vice President, Investor Relations PG&E Corporation Gabriel B. Togneri is Vice President, Investor Relations for PG&E Corporation. With more than 25 years of experience in energy and finance, Togneri is responsible for providing the investment community with information about the
Slide 98: Notes
Notes 98