Pacific Gas & Electric Co. · NYSE:PCG
Pacific Gas & Electric — PG&E Corp (PCG, PCG-PA, PCG-PB, PCG-PC, PCG-PD, PCG-PE, PCG-PG, PCG-PH, PCG-PI) — Corporate Update (July 2017)
68 slides from Pacific Gas & Electric's corporate update, Jul 28, 2017
Slide 1: Business Update July 28, 2017
BUSINESS UPDATE July 28, 2017
Slide 2: Forward-Looking Statements
Forward-Looking Statements Statements contained in this slide presentation regarding PG&E Corporation’s three-year financial outlook, including without limitation 2017-2019 capital expenditures, rate base growth and dividend growth and policy; statements regarding 2017 guidance and related assumptio
Slide 3: Well-positioned to Deliver Strong Returns
Well-positioned to Deliver Strong Returns A Strengthened Company • Significant safety, reliability and operational improvements • Improved customer satisfaction Healthy growth profile 3-year Key Advantages • One of the greenest utilities in the country • ~6.5-7% ratebase • Constructive regulatory an
Slide 4: Agenda
Agenda A strengthened company Key advantages Robust growth profile 4
Slide 5: PG&E System At a Glance
PG&E System At a Glance 2016 Revenue Sources Key Highlights Employees ~24,000 Californians served ~16M General Net income (2016) ~$1.4B Rate Case ~45% Pass- through Ratebase (2016) ~$32.4B ~45% Miles of electric lines ~130,000 Gas Miles of natural gas pipelines ~50,000 Electric Transmission & Storag
Slide 6: Safety Forms the Foundation of Operational and Financial Success
Safety Forms the Foundation of Operational and Financial Success Strong Operational and Financial Results Leadership Transparency Incentives Culture Significant Developed 50% of short-term Embraced a utility leadership industry-leading variable continuous experience on public safety compensation tie
Slide 7: Improved Safety and Reliability: Gas Metrics
Improved Safety and Reliability Gas Metrics ~40% Reduction in Emergency >99% Reduction in Leak (3) (1) (2) 40% Reduction in Dig-ins Response Time Backlog 33.3 ~40% 12,200 >99% 3.5 ~40% 20.0 2.1 52 2010 2016 2010 2016 2010 2016 Major Progress from 2010-2016: • Achieved international certifications in
Slide 8: Electric Metrics
Electric Metrics 911 Emergency System Average Interruption Customer Experiencing Response(1) Duration Index(2) Multiple Interruptions(3) ~50% 98% ~30% 3.31% ~40% 157.2 109.0 65% 2.10% 2010 2016 2010 2016 2010 2016 Major Progress from 2010-2016: • Delivered 6 Years of record-setting electric reliabil
Slide 9: Customer Satisfaction has Improved Each Year Since 2012
Customer Satisfaction has Improved Each Year Since 2012 800 J.D. Power Survey Results, 2011-2017 Gas Business 2nd Quartile Electric Business 750 1st Quartile 700 Gas Residential 4th Quartile Electric Residential 2nd Quartile 650 600 2011 2012 2013 2014 2015 2016 2017 Unwavering commitment to custome
Slide 10: Projected Strong Growth
Projected Strong Growth Ratebase ($ in B) Dividend ~60% ~6.5-7% Payout CAGR Ratio ~$39B + ~8% + ~8% ~$34.4B $2.12 $1.96 $1.82 2017 2019 2015 2016 2017 2019 Ratebase Range See the Forward Looking Statements for factors that could cause actual results to differ materially from the guidance presented a
Slide 11: Agenda
Agenda A strengthened company Key advantages Robust growth profile 11
Slide 12: Key Strengths
Key Strengths 1 One of the greenest utilities in the country 2 Constructive regulatory framework 3 California clean energy policies 4 Multiple infrastructure investment drivers 12
Slide 13: Key Strength: One of the Greenest Utilities in the Country
KEY STRENGTH # 1 : ONE OF THE GREENEST UTILITIES IN THE COUNTRY Focused on Sustainability Nearly 2x More Carbon Free and Renewable Shaping California Model for Energy Efficiency Energy Than The U.S. Average in 2016 69% 36% PG&E U.S. Avg RPS GHG Free *Source: US Energy Information Administration PG&E
Slide 14: Key Strength: Constructive Regulatory Framework
KEY STRENGTH # 2 : CONSTRUCTIVE REGULATORY FRAME WORK California’s Regulatory Mechanisms Revenues decoupled from sales Balancing accounts reduce cost volatility Forward-looking test year rate cases Risk-informed rate making Separate cost of capital proceeding PG&E’s industry-leading risk management
Slide 15: Key Strength: California Clean Energy Policies
KEY STRENGTH # 3 : CALIFORNIA CLEAN ENERGY POLICIES California’s Climate Goals California Greenhouse Gas Reduction Goals California is Targeting: and Historic Emissions* Million metric tons CO2e 600 50% Historic Emissions AB 32 requires renewables by California to return to 2030 500 1990 levels by 2
Slide 16: Electric Vehicles Present Growth Opportunities
KEY STRENGTH # 3 : CALIFORNIA CLEAN ENERGY POLICIES Electric Vehicles Present Growth Opportunities Projected EV Landscape EV Options Continue to Grow Number of Electric Vehicle Models 600K 33 EVs meets on zero-emission PG&E’s grid in vehicles 2025 if goal California 16 5 4:1 2011 2013 2016 Ideal cha
Slide 17: Key Strength: Multiple Infrastructure Investment Drivers
KEY STRENGTH # 4 : MULTIPLE INFRASTRUCTURE INVESTMENT DRIVERS California Policies Drive Infrastructure Investment • Gas investments (e.g., pipeline Safety replacement, in-line inspection and capability) Reliability • Electric investments (e.g., substation upgrades, cable upgrades) • Generation asset
Slide 18: Agenda
Agenda A strengthened company Key advantages Robust growth profile 18
Slide 19: Focus Areas for Growth
Focus Areas for Growth 1 Enhance safety and reliability 2 Enable California’s clean energy economy 3 Ensure customer affordability PG&E’s operating plan provides a strong foundation for future success 19
Slide 20: Growth Focus: Enhance Safety and Reliability
GROWTH FOCUS # 1 : ENHANCE SAFETY AND RELIABILITY Continue to Upgrade Our System % of Gas Annual Projected % Penetration of % of Urban Transmission Miles of Gas Distribution Automated Switches in Substations Upgraded System Piggable Main Replacement Urban Areas ~65% ~170 ~45% ~85% 126 33% 54% 26% 15
Slide 21: Growth Focus: Grid Modernization Will Require Significant Investment
G R O W T H F O C U S # 2 : E N A B L E C A L I F O R N I A’ S C L E A N E N E R G Y E C O N O M Y Grid Modernization Will Require Significant Investment Grid Control and Monitoring Distributed Energy Resources Grid Data Analytics • Increased remote control and • Bi-directional energy flows and • Ad
Slide 22: Growth Focus: Ensure Customer Affordability
G R O W T H F O C U S # 3 : E N S U R E C U S T O M E R A F F O R D A B I L I T Y PG&E Bills Lower Than the National Average PG&E Average Residential Bills Are PG&E’s Electric Bundled Rates Have 30% Below National Average Grown In Line With Inflation $200 20.0¢ USA $150 ~30% 16.0¢ 12.0¢ $100 8.0¢ $5
Slide 23: Strategies to Manage Declining Load
G R O W T H F O C U S # 3 : E N S U R E C U S T O M E R A F F O R D A B I L I T Y Strategies to Manage Declining Load Flexible Electric Portfolio Constructive Regulatory Mechanisms ~40% MW of hs procured under no Revenues decoupled from sales obligations contractual in ? 2021 Utility-Owned Generatio
Slide 24: Well-Positioned for Industry Changes
GO I N G F O R W A R D Well-Positioned for Industry Changes Industry Changes PG&E Strategies • Integrate renewables and distributed energy resources Decarbonized • Enable electric vehicle adoption Economy • Expand energy storage options • Enhance energy efficiency programs • Flexible procurement por
Slide 25: Three-year Financial Outlook
Three-year Financial Outlook 1 Cap ex growth 2 Ratebase growth 3 Dividend growth and policy 25
Slide 26: Robust Cap Ex Supports Strong Returns
Robust Cap Ex Supports Strong Returns Capital Expenditures ($ in B) 2017-2019 ~$6.1B ~$6B ~$5.9B 2017 2018 2019 General Rate Case Gas Transmission & Storage Electric Transmission Owner Range See the Forward Looking Statements for factors that could cause actual results to differ materially from the
Slide 27: Ratebase Supports Strong Returns
Ratebase Supports Strong Returns Weighted Average Ratebase ($ in B) Base Case Assumptions: 2017-2019 • 2017 General Rate Case through 2019 • 2015 Gas Transmission & Storage rate case ~6.5-7% – Phase 2 decision through 2018; flat in 2019 CAGR – ~$400M for 2011-2014 spend subject to audit added in ~$3
Slide 28: Dividend Policy Supports Strong Total Shareholder Return
Dividend Policy Supports Strong Total Shareholder Return + ~8% + ~8% Payout ~60% Ratio $2.12 $1.96 $1.82 2015 2016 2017 2019 Targeting 55-65% payout ratio over time See the Forward Looking Statements for factors that could cause actual results to differ materially from the guidance presented and und
Slide 29: In Summary: Solid Growth Strategy Positions PG&E for Success
I N S U M M A R Y Solid Growth Strategy Positions PG&E for Success A Strengthened Company • Significant safety, reliability and operational improvements • Improved customer satisfaction growth Healthy profile 3-year Key Advantages • One of the greenest utilities in the country • ~6.5-7% ratebase • C
Slide 30: Appendices
[1 PG&E Corporation Appendices
Slide 31: Table of Contents
Table of Contents Appendix 1: Q2 2017 Earnings Results and 2017 Guidance Slides 32 – 37 Appendix 2: Q2 2017 Supplemental Earnings Materials Slides 38 – 48 Appendix 3: Supplemental Material on Tax Reform Slide 49 Appendix 4: Leadership Bios Slides 50 – 56 Appendix 5: Overview of Key Regulatory Cases
Slide 32: Q2 2017 Earnings Results
A PPEN D I X 1 – Q 2 2 0 1 7 E A R N I N G S R E S U L T S A N D 2 0 1 7 G U I D A N C E Q2 2017 Earnings Results Q2 2017 Earnings Earnings EPS EPS (millions) (millions) Earnings on a GAAP basis $ 406 $ 0.79 $ 982 $ 1.92 Items Impacting Comparability Pipeline related expenses 17 0.03 33 0.06 Legal a
Slide 33: Q2 2017: Quarter over Quarter Comparison
A PPEN D I X 1 – Q 2 2 0 1 7 E A R N I N G S R E S U L T S A N D 2 0 1 7 G U I D A N C E Q2 2017: Quarter over Quarter Comparison Earnings per Share from Operations $1.00 $0.04 $0.90 $0.07 $0.15 ($0.04) ($0.02) $0.80 $0.70 $0.60 $0.50 $0.86 $0.40 $0.66 $0.30 $0.20 $0.10 $0.00 Q2 2016 EPS from Timing
Slide 34: 2017 Earnings Per Share Guidance
A PPEN D I X 1 – Q 2 2 0 1 7 E A R N I N G S R E S U L T S A N D 2 0 1 7 G U I D A N C E 2017 Earnings Per Share Guidance as of July 27, 2017 Low High Estimated EPS on a GAAP Basis $ 3.54 $ 3.79 Estimated Items Impacting Comparability Pipeline related expenses 0.14 0.09 Legal and regulatory related
Slide 35: 2017 Assumptions
A PPEN D I X 1 – Q 2 2 0 1 7 E A R N I N G S R E S U L T S A N D 2 0 1 7 G U I D A N C E 2017 Assumptions as of July 27, 2017 Capital Expenditures Authorized Ratebase (weighted average) ($ millions) ($ billions) 2017 2017 General Rate Case 3,850 General Rate Case 24.6 Gas Transmission and Storage 95
Slide 36: 2017 Items Impacting Comparability
A PPEN D I X 1 – Q 2 2 0 1 7 E A R N I N G S R E S U L T S A N D 2 0 1 7 G U I D A N C E 2017 Items Impacting Comparability as of July 27, 2017 ($ millions, pre-tax) 2017 Pipeline related expenses (1) 80—125 Legal and regulatory related expenses ~ 10 Fines and penalties (2) ~ 60 Butte fire-related i
Slide 37: 2017 Equity Issuance
A PPEN D I X 1 – Q 2 2 0 1 7 E A R N I N G S R E S U L T S A N D 2 0 1 7 G U I D A N C E 2017 Equity Issuance as of July 27, 2017 $400—600M $400—500M 2017 2017 As of Q1 As of Q2 June 30, 2017 shares outstanding: ~512 million Changes from prior quarter noted in blue See the Forward Looking Statements
Slide 38: Table of Contents—2017 Supplemental Earnings Materials
A P P E N D I X 2 – Q 2 2 0 1 7 S U P P L E M E N T A L E A R N I N G S M A T E R I A L S Table of Contents—2017 Supplemental Earnings Materials Exhibit A: Reconciliation of PG&E Corporation’s Consolidated Income Available Slides 39-40 for Common Shareholders in Accordance with Generally Accepted Ac
Slide 39: Exhibit A: Reconciliation of GAAP to Earnings from Operations (Page 1)
A Exhibit PPEN A:D Reconciliation I X 2 – Q 2 2 of 0 PG&E 1 7 S U Corporation’s P P L E M E N T Consolidated A L E A R N I N Income G S M Available AT E R I A for L S Common Shareholders in Accordance with Generally Accepted Accounting Principles (“GAAP”) to Earnings from Operations Page 1 of 2 Seco
Slide 40: Exhibit A: Reconciliation of GAAP to Earnings from Operations (Page 2)
A Exhibit PPEN A:D Reconciliation I X 2 – Q 2 2 of 0 PG&E 1 7 S U Corporation’s P P L E M E N T Consolidated A L E A R N I N Income G S M Available AT E R I A for L S Common Shareholders in Accordance with Generally Accepted Accounting Principles (“GAAP”) to Earnings from Operations Page 2 of 2 Thre
Slide 41: Exhibit B: Key Drivers of EPS from Operations
Exhibit A PPEN B: D I Key X 2 Drivers – Q 2 2 of 0 1 PG&E 7 S U P Corporation’s P L E M E N T A L Earnings E A R N I N per G S Common M AT E R I A Share L S (“EPS”) from Operations Second Quarter and Year to Date, 2017 vs. 2016 (in millions, except per share amounts) Three Months Ended June 30, 2017
Slide 42: Exhibit C: Operational Performance Metrics
A Exhibit PPEN C: D I X Operational 2 – Q 2 2 Performance 0 1 7 S U P P L E Metrics M E N T A L E A R N I N G S M AT E R I A L S Meets YTD 2017 Year to Date Q2 Actual EOY Target Target (1) Safety (includes both public and employee safety metrics) Nuclear Operations Safety Unit 1 Performance Indicato
Slide 43: Definitions of 2017 Operational Performance Metrics
A Definitions PPEN D I Xof 2 2017 – Q 2 Operational 2 0 1 7 S U P Performance P L E M E N T A LMetrics E A R N from I N G S Exhibit M AT E C R I A L S Safety Public and employee safety are measured in four areas: (1) Nuclear Operations Safety, (2) Electric Operations Safety, (3) Gas Operations Safet
Slide 44: Exhibit D: Sales and Sources Summary
Exhibit A PPEN D: D I X Pacific 2 – Q Gas 2 2 and 0 1 7 Electric S U P P L Company E M E N T A L Sales E A R and N I N G Sources S M AT Summary E R I A L S Second Quarter and Year to Date, 2017 vs. 2016 Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Sales from Energy Deliv
Slide 45: Exhibit E: 2017 EPS Guidance (Page 1)
A Exhibit PPEN E: D I PG&E X 2 – Corporation’s Q 2 2 0 1 7 S U P 2017 P L E Earnings M E N T A L per E A R Share N I N G Guidance S M AT E Ras I A of L S July 27, 2017 Page 1 of 2 2017 EPS Guidance Low High Estimated EPS on a GAAP Basis $ 3.54 $ 3.79 Estimated Items Impacting Comparability: (1) Pipe
Slide 46: Exhibit E: 2017 EPS Guidance (Page 2)
A Exhibit PPEN E: D I PG&E X 2 – Corporation’s Q 2 2 0 1 7 S U P 2017 P L E Earnings M E N T A L per E A R Share N I N G Guidance S M AT E Ras I A of L S July 27, 2017 Page 2 of 2 (5) “ Butte fire-related insurance recoveries, net of legal costs” refers to the insurance recoveries associated with th
Slide 47: Exhibit F: 2017 General Earnings Sensitivities
Exhibit A PPEN F: D I2017 X 2 –General Q 2 2 0 1 Earnings 7 S U P P Sensitivities L E M E N T A L as E A of R N July I N G 27, S M 2017 AT E R I A L S PG&E Corporation and Pacific Gas and Electric Company Variable Description of Change Estimated 2017 Earnings Impact Rate base +/- $100 million change
Slide 48: Exhibit G: Use of Non-GAAP Financial Measures
A Exhibit PPEN G: D I X Use 2 of – Q Non-GAAP 2 2 0 1 7 S U Financial P P L E M E Measures N T A L E A R N I N G S M AT E R I A L S PG&E Corporation and Pacific Gas and Electric Company: Use of Non-GAAP Financial Measures PG&E Corporation discloses historical financial results and provides guidance
Slide 49: Supplemental Material on Tax Reform
A PPEN D I X 3 – S U P P L E M E N T A L M AT E R I A L O N T A X R E F O R M Tax Reform Helps Affordability and Creates Potential for Future Investments 1. Lower Corporate Tax 2. Loss of Interest 3. Full Expensing of Rate Expense Deduction Capital Expenditures Utility • Excess deferred taxes flow •
Slide 50: Leadership Bios: Geisha J. Williams
A PPEN D I X 4 – L E A D E R S H I P B I O S Geisha J. Williams Geisha J. Williams Chief Executive Officer (CEO) and President PG&E Corporation Geisha J. Williams was elected CEO and President of PG&E Corporation, effective March 1, 2017. Williams has more than three decades of experience in the uti
Slide 51: Leadership Bios: Nick Stavropoulos
A PPEN D I X 4 – L E A D E R S H I P B I O S Nick Stavropoulos Nick Stavropoulos President & Chief Operating Officer Pacific Gas and Electric Company Nick Stavropoulos serves as President and Chief Operating Officer of Pacific Gas and Electric Company and has more than 35 years of experience in the
Slide 52: Leadership Bios: Anthony F. Earley, Jr.
A P P E N D I X 4 – L E A D E R S H I P B I O S Anthony F. Earley, Jr. Anthony F. Earley, Jr. Executive Chair PG&E Corporation Anthony F. Earley, Jr., is Executive Chair of the Board of PG&E Corporation. Earley joined PG&E in September 2011 as Chairman, Chief Executive Officer, and President after 1
Slide 53: Leadership Bios: Jason P. Wells
A PPEN D I X 4 – L E A D E R S H I P B I O S Jason P. Wells Jason P. Wells Senior Vice President and Chief Financial Officer PG&E Corporation Jason P. Wells is Senior Vice President and Chief Financial Officer for PG&E Corporation. Wells oversees the financial activities of the $50 billion company i
Slide 54: Leadership Bios: Patrick M. Hogan
A PPEN D I X 4 – L E A D E R S H I P B I O S Patrick M. Hogan Patrick M. Hogan Senior Vice President of Electric Operations Pacific Gas and Electric Company Patrick M. Hogan is Senior Vice President of Electric Operations at Pacific Gas and Electric Company. Hogan oversees PG&E’s electric transmissi
Slide 55: Leadership Bios: Jesus Soto Jr.
A P P E N D I X 4 – L E A D E R S H I P B I O S Jesus Soto Jr. Jesus Soto Jr. Senior Vice President, Gas Operations Pacific Gas and Electric Company Jesus Soto Jr. is the Senior Vice President of Gas Operations for Pacific Gas and Electric Company. He is responsible for overseeing and executing the
Slide 56: Leadership Bios: David S. Thomason
A PPEN D I X 4 – L E A D E R S H I P B I O S David S. Thomason David S. Thomason Vice President and Controller PG&E Corporation Vice President, Chief Financial Officer and Controller Pacific Gas and Electric Company David S. Thomason is Vice President and Controller of PG&E Corporation, as well as V
Slide 57: Overview of Key Regulatory Cases
A PPEN D I X 5 – O V E R V I E W O F K E Y R E G U L AT O R Y C A S E S Separate Rate Cases Maintain Focus on Specific Assets General Rate Gas Transmission Transmission Case and Storage Case Owner Cases Regulatory Jurisdiction CPUC CPUC FERC Time Period of 2017-2019 2015-2017 2017 Current Rate Case
Slide 58: 2017 CPUC General Rate Case
A PPEN D I X 5 – O V E R V I E W O F K E Y R E G U L AT O R Y C A S E S 2017 CPUC General Rate Case ? On May 11, the CPUC adopted the settlement agreement jointly submitted by PG&E, ORA, TURN, and 12 other intervening parties (In Millions) 2017 2018 2019 Approved Increase $ 88 $ 444 $ 361 Consistent
Slide 59: 2015 CPUC Gas Transmission and Storage Rate Case
A PPEN D I X 5 – O V E R V I E W O F K E Y R E G U L AT O R Y C A S E S 2015 CPUC Gas Transmission and Storage Rate Case On December 1, 2016, the CPUC voted out a final Phase 2 decision consistent with the proposed decision Revenue Utility Requested Phase 2 Decision Difference Requirement Revenue Re
Slide 60: FERC Transmission Owner Rate Case
A PPEN D I X 5 – O V E R V I E W O F K E Y R E G U L AT O R Y C A S E S FERC Transmission Owner Rate Case TO18 (2017 Revenues) • July 29, 2016 – Filed TO18 with FERC requesting $1.7 billion revenue requirement, a ~$400 million increase over the approved TO17 • ROE (inclusive of 50 basis points adder
Slide 61: Distributed Resources
A PPEN D I X 5 – O V E R V I E W O F K E Y R E G U L AT O R Y C A S E S Distributed Resources Distributed Energy Resources (DER) Action Plan ? In December 2016, the CPUC adopted a DER Action Plan which is intended to be a roadmap to coordinate the development of DER policy across proceedings in thre
Slide 62: CPUC Cost of Capital
A P P E N D I X 5 – O V E R V I E W O F K E Y R E G U L AT O R Y C A S E S CPUC Cost of Capital Trigger Mechanism Structure and Cost Moody’s Baa Utility Index 7% Capital 2017 2018-19 Structure Cost Cost (1) 6% Common Equity 52% 10.40% 10.25% Preferred Stock 1% 5.60% 5.60% 5% Long-Term Debt 47% 5.52%
Slide 63: Electric Vehicle Infrastructure
A PPEN D I X 5 – O V E R V I E W O F K E Y R E G U L AT O R Y C A S E S Electric Vehicle Infrastructure Light Duty Electric Vehicle Infrastructure ? December 15, 2016 – CPUC voted out a final decision authorizing $130M of spend ($109M capital, $21M expense) Medium to Heavy-Duty Transportation Electr
Slide 64: Energy Storage
A P P E N D I X 5 – O V E R V I E W O F K E Y R E G U L AT O R Y C A S E S Energy Storage Energy Storage RFO ? CPUC Storage Rulemaking (R.10-12-007) established 1,325 MW target for all IOUs (580 MW target for PG&E) by 2024 with up to 50% utility ownership of transmission and distribution projects ?
Slide 65: Residential Rate/NEM Decisions
A PPEN D I X 5 – O V E R V I E W O F K E Y R E G U L AT O R Y C A S E S Residential Rate/NEM Decisions Residential Rate Design OIR Decision ? The CPUC reviewed residential rate structure and issued a decision in July 2015 which ordered: ? Transitioning from 4 to 2 tiers by 2019, with 1:1.25 ratio; c
Slide 66: Breakdown of 2016 Total Revenue Requirement
A PPEN D I X 6 Breakdown of 2016 Total Revenue Requirement Revenue Requirement 2016 Revenue Requirement Component ($ in M) General Rate case (Distribution and 56% Base Generation) • Includes costs to own and ~$9,900 M Gas Transmission operate our assets and Storage • Earning the authorized rate of r
Slide 67: Description of Gas System Safety Recognition
A PPEN D I X 7 Description of Gas System Safety Recognition ISO 55001 ISO (International Organization for Standardization) 55001 enables the development of an effective asset management system so that an organization can achieve its objectives consistently and sustainably over time. ISO consists of
Slide 68: Credit Metrics and Ratings
A PPEN D I X 8 Credit Metrics and Ratings Fitch Moody’s S&P Pacific Gas and Electric Company Senior Unsecured Debt A A2 A- Short-term Debt F2 P-1 A-2 Outlook Stable Stable Stable PG&E Corporation Senior Unsecured Debt A- A3 BBB+ Short-term Debt F2 P-2 A-2 Outlook Stable Stable Stable 68