Pacific Gas & Electric Co. · NYSE:PCG
Pacific Gas & Electric — PG&E — Investor Day (February 2009)
93 slides from Pacific Gas & Electric's investor day presentation, Feb 26, 2009
Slide 1: PG&E Corporation Investor Conference
PG&E Corporation Investor Conference February 26, 2009 This presentation is not complete without the accompanying statements made by management on February 26, 2009. A replay is available on PG&E Corporation’s homepage at www.pge-corp.com.
Slide 2: Agenda
Agenda February 26, 2009 2:00pm – 5:00pm • PG&E’s Vision: 2008 and Beyond Peter A. Darbee Chairman, CEO and President PG&E Corporation President and CEO Pacific Gas and Electric Company • PG&E’s Financial Outlook Christopher Johns Senior Vice President, Chief Financial Officer and Treasurer PG&E Cor
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, a
Slide 4: PG&E's Vision: 2008 and Beyond
PG&E’s Vision: 2008 and Beyond Peter A. Darbee Chairman, Chief Executive Officer and President PG&E Corporation President and Chief Executive Officer Pacific Gas and Electric Company
Slide 5: Key Takeaways
Key Takeaways • PG&E’s plans are aligned with customer needs and regulatory objectives. • Management is focused on the efficient delivery of reliable, clean energy. • PG&E is on track to achieve its long-term growth target. 5
Slide 6: Top Analyst Questions
Top Analyst Questions • What do you expect from the California regulatory environment? • How will your service territory and business be affected by the economic decline? • What opportunities do you see for owning renewable generation? • What is the potential range of EPS outcomes? • What are your f
Slide 7: PCG Investment Case
PCG Investment Case • PCG is focused on better service to our customers, which is the foundation of our growth: • Substantial Cap Ex Program • Manageable financing requirements • Decoupled revenues • Pass-through of procurement costs • 11.45% weighted ROE on 52% equity • Low carbon footprint 7
Slide 8: Vision and Values
Vision and Values OUR VISION The leading utility in the United States OUR GOALS Delighted Customers Energized Employees Rewarded Shareholders Environmental Leadership OUR STRATEGIES Customer Focus Operational Excellence • W e act with integrity and communicate honestly OUR VALUES and openly • W e ar
Slide 9: 2008 Accomplishments
2008 Accomplishments Results from Operations: $2.95 per share Managed Storms, Municipalization Efforts, and Challenging Economy Achieved Targeted Performance and Exceeded Market Expectations Successful Financings in Volatile Markets 9
Slide 10: 2008 Accomplishments
2008 Accomplishments Managed complex projects on time and on budget • Diablo Unit 2 Steam Generators Replaced • Gateway Power Plant Completed • 1.4 million SmartMeters Installed In total, executed $3.7B of CapEx in 2008 10
Slide 11: 2008 Accomplishments
2008 Accomplishments Achieved first-quartile performance in customer care by JD Power Received AAA rating from Innovest Strategic Value Advisors Named to the Dow Jones Sustainability Index Recipient of Green Business Award – San Francisco Business Times Ranked 10th by Corporate Responsibility Office
Slide 12: 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 12
Slide 13: Knowing Our Customer Needs
Knowing Our Customer Needs Understanding our customers’ needs by segment… … and providing innovative solutions 13
Slide 14: Delivering on Operational Excellence
Delivering on Operational Excellence Responsibly managing our costs… … and improving the delivery of reliable, clean energy 14
Slide 15: Building Strong Regulatory Relations
Building Strong Regulatory Relations Sharing our regulators’ vision for California’s energy future… … by investing in jobs and renewable generation 15
Slide 16: Leading on Environmental Issues
Leading on Environmental Issues Being innovative… … and limiting risk from new carbon legislation 16
Slide 17: Supporting Our Communities
Supporting Our Communities Increased community involvement… … results in broad support for our priorities 17
Slide 18: SmartMeter
SmartMeterTM 4.5 million 1.7 million Cumulative Meters Installed 273,000 1,656 2006 2007 2008 2009 PLAN 18
Slide 19: "Smart" Opportunities
“Smart” Opportunities The SmartMeter™ Project will lead us to other opportunities Home Area Network AMI/SmartGrid “Smart” usage of appliances 19
Slide 20: PG&E Ownership of Renewables
PG&E Ownership of Renewables Enhances customer loyalty Essential for achieving Renewable Portfolio Standard targets Demonstrates our sustained commitment to environmental leadership 20
Slide 21: 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 21
Slide 22: Delivering on the Vision
Delivering on the Vision PG&E Strategies and Priorities Result in: • Meeting customer needs • Working cooperatively with regulators • Delivering strong returns for shareholders 22
Slide 23: PG&E's Financial Outlook
PG&E’s Financial Outlook Christopher Johns Senior Vice President, CFO and Treasurer PG&E Corporation
Slide 24: PG&E Financial Strategy
PG&E Financial Strategy • Achieve solid, sustained EPS growth • Actively manage cash flow • Maintain opportunistic financing approach 24
Slide 25: Capital Expenditure Outlook
Capital Expenditure Outlook Prior Forecast CapEx Outlook Prior vs. Current Forecast $B 5.0 High 4.5 4.0 $3.7B $3.7B High High 3.5 $3.3B Low Low Low $3.0B $3.0B 3.0 2.5 2.0 Actual 2008 2009 2010 2011 Low Case $3.6B Low Case $3.4B Low Case $3.3B High Case $3.7B High Case $3.8B High Case $4.8B 25
Slide 26: Capital Expenditure Outlook
Capital Expenditure Outlook Spending Included in Low Case and High Case 2009 2010 2011 Low Case Total CapEx of $3.6B Total CapEx of $3.4B Total CapEx of $3.3B • Includes: • Includes: • Includes: • CPUC Basic CapEx of $3.0B • CPUC Basic CapEx of $2.6B • CPUC Basic CapEx of $2.45B • Elec. Trans. CapEx
Slide 27: CapEx Low and High Cases
CapEx Low and High Cases Capital Expenditure Forecast ($MM) 2009 2010 2011 Low High Common Plant 250* 150* $300 $400 Gas Transmission 250* 200* $150 $250 Electric Transmission 600* 800* $850 $1,050 Conventional Generation 800* 550* $350 $400 SmartMeter Program 450* 350* 150* Distribution 1250* 1350*
Slide 28: Additional Capital Opportunities
Additional Capital Opportunities Generation • Prior RFO Shortfalls • RFO for 2006-2016 issued April 2008 for 800-1200 MW • Additional renewable generation investment opportunities Electric Transmission & Gas Pipelines • Additional transmission to reach renewable generation • B.C. Transmission Line •
Slide 29: Rate Base Growth
Rate Base Growth Prior Forecast $B Weighted Average Annual Rate Base* 28.0 26.0 High Low $23.9B 24.0 $22.1B High 22.0 Low $20.4B High 20.0 Low $18.3B $18.2B 18.0 16.0 Actual 2008 2009 2010 2011 Low Case $20.1B Low Case $22.1B Low Case $24.3B High Case $20.3B High Case $22.4B High Case $25.4B * Proje
Slide 30: Energy Efficiency Incentive Opportunities
Energy Efficiency Incentive Opportunities 100 90 PRE- TAX DOLLARS ($MM) 80 70 60 50 $41.5MM 40 30 20 10 0 2008 Actual 2009 2010 2011 30
Slide 31: Operational Changes and Efficiencies
Operational Changes and Efficiencies 80 PRE- TAX DOLLARS ($MM) 70 60 $58MM High High 50 Low Low 40 30 20 10 0 2008 Actual 2009 2010 Low Case $50MM Low Case $50MM High Case $60MM High Case $60MM 31
Slide 32: Impact to Cash Flow from Tax
Impact to Cash Flow from Tax $1,000 $800 High $600 $400 $200 Low $- 2009 2010 High Low $(200) Low Case $200M Low Case ($90M) High Case $640M High Case ($90M) 32
Slide 33: 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 $2.78 2007 2008 2009 2010 2011 Actual Actual 33
Slide 34: Cash Flow and Equity Needs
Cash Flow and Equity Needs Financing Needs 2009 – 2011 ($MM) 2008 2009 2010 2011 2009 - 2011 Actual Low High Low High Low High Low High Cash from operations* 2,431 2,889 to 3,439 2,639 to 2,739 2,914 to 3,189 8,442 to 9,367 Capital Expenditures (3,628) (3,600) to (3,750) (3,400) to (3,775) (3,325) t
Slide 35: Electric Rate Forecast
Electric Rate Forecast Bundled System Average Electric Rate 20.0 16.0 14.4¢ CPI 12.0 ¢/kWh 8.0 Bundled 4.0 0.0 91 92 93 94 95 96 97 00 01 02 03 04 05 06 07 08 09 10 11 98 99 19 19 19 19 19 19 19 20 20 20 20 20 20 20 20 20 20 20 20 19 19 35
Slide 36: Residential Electric Bills
Residential Electric Bills Residential Average Monthly Bills by Region(1) $175 $153.85 $150 $134.45 $125 $107.80 $108.86 $114.30 $96.45 $97.99 $100 $80.64 $82.86 $83.12 $86.41 $76.07 $75 $50 $25 $0 IA, KS, IL, IN, MI, PG&E AZ, CO, CA, OR, NJ, NY, USA AL, KY, CT, ME, DE, DC, AR, LA, AK, HI MN, MO, OH
Slide 37: Dividend Policy
Dividend Policy • Sustainable, comparable dividend • Payout ratio range of 50% - 70% • Dividend growth in line with EPS growth. Historical Quarterly Dividends per Share $0.45 $0.42 $0.39 $0.40 $0.36 $0.35 $0.33 $0.30 $0.30 $0.25 04/05 - 10/05 01/06 - 01/07 04/07 - 01/08 04/08 - 1/09 04/09 37
Slide 38: 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 39: Achievement of Guidance
Achievement of Guidance Exceeded expectations with earnings for 2007 and 2008 • Met Challenges • Energy Efficiency Incentive Award of $41.5 MM • Operating Efficiencies of $60 MM • Tax settlements augment cash flow • Identified Cap Ex Opportunities • SmartMeter Upgrade • Renewable Generation Investme
Slide 40: Regulatory Update
Regulatory Update
Slide 41: Impacts of Current Economy
Impacts of Current Economy Issue Regulatory Mechanism Decreased sales due to housing Decoupled revenues and sales market and business sector decline Fluctuating commodity costs Pass-through of energy procurement costs Volatile capital markets Multi-year cost of capital mechanism Decline of equity ma
Slide 42: CPUC Cost of Capital Mechanism
CPUC Cost of Capital Mechanism Benchmark Moody’s Utility Bond Yield Index (Oct. 06 – Sept. 07) Current Avg. Rating Benchmark Rating (Oct. 08 – Jan. 09) A 6.02 A 7.02 Baa 6.26 Baa 8.40 Then our authorized ROE If the Moody’s Utility Bond Yield Index average for (11.35%) will move up one-half October 2
Slide 43: Pension Status
Pension Status • Currently 83% funded • 2006 Pension Settlement set rate recovery for pension contributions • Contributing $176MM annually through 2010 • Regulatory accounting allows PG&E to neutralize pension-related earnings impact • A balancing account protects shareholders in the event minimum r
Slide 44: Energy Efficiency Incentive Revenues
Energy Efficiency Incentive Revenues 2006 – 2008 Cycle • Received 35% of 2006-2007 incentive opportunity • CPUC plans to complete review of 2006-2008 programs by December 2009 • CPUC plans to complete true-up of 2006-2008 holdback by December 2010 2009 – 2011 Cycle • Determination of new mechanism u
Slide 45: 2011 General Rate Case
2011 General Rate Case August 2009: Spring 2010: Prepare and File Third Party Filings December 2010: Notice of Intent PG&E Reply Final Decision 2009 2010 2011 December 2009: Summer 2010: January 2011: Prepare and File Hearings Rates go into effect Application and Testimony 45
Slide 46: FERC Updates
FERC Updates Transmission Cases • TO 10 • Requested: $760.5 million in retail revenue requirement • Settlement: $718 million in October 2008 • TO 11 • Requested: $849 million • Settlement: In negotiations, expect decision in Q3 2009 • TO 12 • On track to file August 1, 2009 46
Slide 47: PG&E's Operational Outlook
PG&E’s Operational Outlook Jack Keenan Senior Vice President and Chief Operating Officer Pacific Gas and Electric Company
Slide 48: Investment in Infrastructure
Investment in Infrastructure Generation • Diablo Unit 1 Steam Generators • Gateway • Colusa • Humboldt 48
Slide 49: Diablo Canyon Steam Generator Replacement
Diablo Canyon Steam Generator Replacement • $700 Million approved capital investment • Unit 2 replacement completed in 69 days in 2008 • Unit 1 replacement began January 25, 2009 49
Slide 50: Gateway Generating Station
Gateway Generating Station • Gateway came online January 2009 • Generating capacity is 530 MW • On time, on budget • Zero lost time due to safety incidents • Currently operating at full capacity 50
Slide 51: Colusa Generating Station
Colusa Generating Station • Construction began in October 2008 Colusa • Generating capacity is 657 MW • Cost cap is $673 MM • Targeting 2010 online date 51
Slide 52: Humboldt Bay Project
Humboldt Bay Project Humboldt • Construction began February 2009 • Generating capacity is 163 MW • Cost cap is $239 MM • Targeting 2010 online date 52
Slide 53: Transmission Investments
Transmission Investments Category 2009 2010 2011 System Expansion/Congestion Relief $230M $400M $590M Maintenance and Replacement $280M $290M $310M Automation Technology Expansion $70M $90M $110M New Generation Interconnection $20M $20M $40M Total $600M $800M $1050M *All numbers are approximate 53
Slide 54: Distribution Investments
Distribution Investments • $1.2 - $1.5 Billion annual investment • Infrastructure main spend categories: • Substations • Poles and Maintenance • New Customer Connects • Capacity and Reliability 54
Slide 55: Electric Procurement
Electric Procurement Ensure reliable supply while reducing cost and risk • Goals include supporting environmentally preferred resources • Portfolio diversification is key • Competitive solicitations and pre-approval of plans keep risk low Market Redesign Technology Upgrade (MRTU) • Implemented by CA
Slide 56: RPS Strategy
RPS Strategy • Expect 14% deliveries from renewable resources in 2009 • Contracted/Current deliveries represent over 20% of projected load for 2013 • Utility Owned PV is a contributor to achieving RPS goals 56
Slide 57: Safety
Safety Zero In on Safety • Aggressive targets for safety metrics with goal of accelerating toward ZERO incidents • Enhanced Safety Action Plans, Ergonomic Program, Drivers Training Program • Expanded Safety Committees throughout company • Implemented Root Cause Investigation Process • OSHA, Lost Wor
Slide 58: Improving Human Performance
Improving Human Performance • Field Services Productivity • Strategic Sourcing • Real Estate Optimization • Cash Cycle Management • Inventory Management 58
Slide 59: Customer Satisfaction
Customer Satisfaction Electric Customers Gas Customers Rank: Rank: Rank: Rank: 2/55 11/56 4/38 2/40 Top Quartile Rank: nd 11/37 2 Business Quartile Overall Customer Satisfaction Index 3 rd Quartile Rank: 46/51 Bottom Quartile 2006 2007 2008 2006 2007 2008 Rank: Rank: 15/58 5/56 5/58 Rank: Top 11/60
Slide 60: Brand Health
Brand Health • Reliability of Service • Pricing of Service • CEE & Environmental Stewardship • Customer Service Experience • Bill & Payment Options • Community Involvement • Field Service Experience 60
Slide 61: Reliable Energy Delivery
Reliable Energy Delivery We measure Reliable Energy Delivery across a number of factors, including: • SAIFI - Indicates Average Outages/Customer • CAIDI - Measures Average Restoration Time • Execution of Electric Work Units • Gas Transmission & Distribution Integrity 61
Slide 62: Employee Engagement
Employee Engagement • Employee Engagement measured through annual survey • Scores have steadily increased since 2005 • 2009 Target is 69.5% Employee Engagement Premier Survey Scores 75.0% Target: 68.6% 69.5% 70.0% 64.0% 64.3% 64.3% 65.0% 60.0% 55.0% 50.0% 2005 2006 2007 2008 2009 62
Slide 63: 2009 Short Term Incentive Program
2009 Short Term Incentive Program 2009 Compensation metrics Percentage Weight Delivering on EPS Goals 50% (Measurement of earnings from ongoing core operations) Customer Satisfaction & Brand Health Index 17.5% (Composite of customer surveys and marketing research) Reliable Energy Delivery Index 17.5
Slide 64: Conclusion
Conclusion Peter Darbee Chairman, CEO and President PG&E Corporation
Slide 65: PCG Investment Case
PCG Investment Case • PCG is focused on better service to our customers, which is the foundation of our growth: • Substantial Cap Ex Program • Manageable financing requirements • Decoupled revenues • Pass-through of procurement costs • 11.45% weighted ROE on 52% equity • Low carbon footprint 65
Slide 66: Notes
wi Notes i 66
Slide 67: Appendix
Appendix
Slide 68: Pacific Gas and Electric Company (PG&E)
Pacific Gas and Electric Company (PG&E) • Provides energy to nearly 1 in 20 people in the U.S. • 70,000 square-mile service territory • Four main operational units: Electric and gas distribution Electric transmission Gas transmission Electric generation PG&E SERVICE AREA IN CALIFORNIA 68
Slide 69: 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 • $11.9 billion of
Slide 70: Electric Transmission
Electric Transmission Business Scope • Wholesale electric transmission services (construction, maintenance) • Operation by CA Independent System Operator Primary Assets • $2.8 billion of rate base (2008 wtd. avg.) Regulation • Federal regulation (FERC) Malin Round Mt • Cost of service ratemaking • R
Slide 71: 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 (2008 wtd. avg.)
Slide 72: Electric Procurement & Owned Generation
Electric Procurement & Owned Generation Business Scope • Electricity and ancillary services from owned and controlled resources • Energy procurement program Primary Assets • $2.0 billion of rate base (2008 wtd. avg.) • Diablo Canyon Nuclear Power Plant (2,240 MW) • Gateway Generating Station (530 MW
Slide 73: PG&E Generation in California
PG&E Generation in California Conventional Hydroelectric facilities Gateway Helms Pumped Storage Diablo Canyon Power Plant 73
Slide 74: 2008 Customer Profiles (% by Sales)
2008 Customer Profiles (% by Sales) Agricultural Industrial & Other 5% 18% Commercial 11% Industrial Commercial 18% 39% Agricultural Residential Industrial Commercial & Other 7% 63% 26% 40% Residential 36% 74
Slide 75: Existing Resource Mix
Existing Resource Mix 2008 total sources of electric energy* Net Owned Generation Type Capacity Irrigation Districts 2% (MW) Other Power Purchases Diablo Canyon Nuclear 2,240 35% Utility Owned 30% QF/ Renewables Hydroelectric Facilities Hydro 3,896 18% DWR 15% Humboldt Fossil 135 Total 6,271 * Appro
Slide 76: Key Regulatory Proceedings
Key Regulatory Proceedings Case Docket # Expected Decision Date SmartMeterTM Upgrade Program A. 07-12-009 3/12/2009 Energy Efficiency 2009-2011 Programs A.08-07-031 Q3 2009 for the 2009-2011 Portfolio R.09-01-019 Rulemaking Opened Q1 2009 Incentive Mechanism Interim earnings claim for 2008 in Q4 200
Slide 77: CPUC Cost of Capital Mechanism
CPUC Cost of Capital Mechanism PG&E is currently rated BBB+ / A3 2009 2010 A Baa A Baa Oct-08 7.56 8.58 Oct-07 6.11 6.36 Nov-08 7.60 8.98 Nov-07 5.97 6.27 Dec-08 6.54 8.13 Dec-07 6.16 6.51 Jan-09 6.39 7.90 Jan-08 6.02 6.35 Feb-09 Feb-08 6.21 6.60 Mar-09 Mar-08 6.21 6.68 Apr-09 Apr-08 6.29 6.82 May-0
Slide 78: Renewable Contracts Signed
Renewable Contracts Signed Over 20% of Projected Load Currently Under Contract* Year Max Year Max Project Technology Project Technology Signed GWh/yr Signed GWh/yr 2006 HFI Silvan 142 Biomass 2007 CalRenew 9 PV 2006 Liberty Biofuels 70 Biofuels 2007 Green Volts 5 PV 2006 Bottle Rock USRG 385 Geother
Slide 79: Carrying Cost Credit Impacts
Carrying Cost Credit Impacts Estimated Average Deferred Tax Balances and Carrying Cost Credit Impacts ($MM) ($MM) 2009 2010 2011 2012 Energy Recovery Bond Average $542 $396 $243 $82 Deferred Tax Balance Estimated After-tax Carrying Cost $(32) $(23) $(14) $(5) Credit* * Estimated carrying cost credit
Slide 80: ERB Amortization Schedule
ERB Amortization Schedule ($MM) 2009 2010 2011 2012 Annual ERB $370 $386 $404 $423 Amortization End-of-year ERB $1,213 $827 $423 $0 balance 80
Slide 81: Credit Profile
Credit Profile Current Ratings • Utility Corporate Credit/Issuer: BBB+ (S&P) and A3 (Moody’s) • Utility Senior unsecured debt: BBB+ (S&P) and A3 (Moody’s) Average Utility Metrics (2009-2011)* • S&P Business Profile Rating: 5 • Total Debt to capitalization (EOY): 54% • Funds from Operations Cash Inte
Slide 82: Bank Group
Bank Group Bank Group Financial Commitments ($ in millions) PG&E Pacific Gas and Electric Company Corporation $2.0 Billion $620 Million $313 Million $200 Million Revolving Letter of Credit Letter of Credit Subtotal Revolving Credit Facility Facility Facility Credit Facility Lenders JPMorgan Chase Ba
Slide 83: Available Liquidity
Available Liquidity As of December 31, 2008 Pacific Gas and Electric PG&E Corporation Company Bank Revolver Capacity $2,000 $200 less: - Loans outstanding $0 $0 - Letters of credit outstanding ($287) $0 - Commercial paper outstanding (1) ($287) n/a - Lehman Brothers Bank FSB (2) ($60) ($13) Cash and
Slide 84: 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 85: 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 Estimated Items Impacting Comparability Tax Refunds(2) $0.13 $0.16 Recovery of hydro divestiture costs(3) $0.07 $0.07 Accelerated work on gas system(4) ($0.15) ($0.12) E
Slide 86: Officer Biographies
Officer Biographies
Slide 87: Peter A. Darbee
PETER A. DARBEE Chairman of the Board, Chief Executive Officer, and President PG&E Corporation President and Chief Executive Officer Pacific Gas and Electric Company Peter A. Darbee, a veteran of the energy, telecommunications, and investment banking industries, is Chairman of the Board, Chief Execu
Slide 88: Christopher P. Johns
CHRISTOPHER P. JOHNS Senior Vice President, Chief Financial Officer and Treasurer PG&E Corporation Senior Vice President and Treasurer Pacific Gas and Electric Company Christopher P. Johns is Senior Vice President, Chief Financial Officer and Treasurer for PG&E Corporation and Senior Vice President
Slide 89: Jack Keenan
JACK KEENAN Senior Vice President and Chief Operating Officer Pacific Gas and Electric Company Jack Keenan is Chief Operating Officer of Pacific Gas and Electric Company, and oversees the day-to-day operations of the Utility. Keenan joined Pacific Gas and Electric Company as Senior Vice President, G
Slide 90: Thomas E. Bottorff
THOMAS E. 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. He oversees the following areas: Energy Revenue Requirements, Operations Revenue Requirements, Rates and T
Slide 91: Helen A. Burt
HELEN A. BURT Senior Vice President and Chief Customer Officer Pacific Gas and Electric Company Helen Burt is Senior Vice President and Chief Customer Officer of Pacific Gas and Electric Company. Burt is responsible for all marketing and customer care functions at PG&E. Organizational responsibility
Slide 92: Greg S. Pruett
GREG S. PRUETT Senior Vice President, Corporate Relations PG&E Corporation Senior Vice President, Corporate Relations Pacific Gas and Electric Company Greg S. Pruett is Senior Vice President, Corporate Relations of PG&E Corporation. He is responsible for leading and overseeing all external and inter
Slide 93: 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