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) — Barclays Energy/Power Conference 2009
19 slides from Pacific Gas & Electric's conference presentation, Sep 9, 2009
Slide 1: Barclays Energy/Power Conference
Barclays Energy/Power Conference September 9, 2009 PG&E Corporation 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. Exhibit 99
Slide 2: Operational Update
Operational Update Christopher Johns President Pacific Gas and Electric Company
Slide 3: Forward-looking statements disclaimer
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. These statements and projections, as well as the underlyin
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
Slide 5: California Outlook
California Outlook • Current and forecasted sales volumes • Customer impact • Infrastructure investment
Slide 6: 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 Colusa Generating Station Update
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
Slide 8: The PG&E SmartMeter Program
• Largest deployment of Advanced Metering Infrastructure (AMI) nationwide • Enables time-of-use pricing • Enhanced capabilities over time The PG&E SmartMeter Program
Slide 9: "Smart" Opportunities
“Smart” Opportunities Home Area Network AMI/SmartGrid The SmartMeter™ program will lead us to other opportunities The SmartMeter™ program will lead us to other opportunities e.g. “Smart” appliances, EVs e.g. “Smart” appliances, EVs
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
Slide 11: Financial Update
Financial Update Kent Harvey Senior Vice President & CFO PG&E Corporation
Slide 12: GRC Overview
2009 2010 2011 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 July: Filed Notice of Intent Summer 2010: Hearings January 2011: Rates go into effect December: File
Slide 13: System bundled average rates for 2008 - 2011
System bundled average rates for 2008 - 2011 Electric Rate Forecast
Slide 14: PG&E Financial Strategy
PG&E Financial Strategy • Achieve solid, sustained EPS growth • Actively manage cash flow • Maintain opportunistic financing approach
Slide 15: EPS Guidance
$3.25 $3.15 $3.85 $2.95 $3.65 $3.50 $3.35 EPS Guidance Actual Low High Low High Earnings per Share from Operations Earnings per Share from Operations * Reg G reconciliation to GAAP for 2008 EPS from Operations, and 2009-2011 EPS Guidance available in Appendix and at www.pge-corp.com High Low
Slide 16: Appendix
Appendix
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: EPS reconciliation: earnings from operations to GAAP
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 financial performance from one period to
Slide 19: Non-GAAP reconciliation footnotes
(1) 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 financial performance from one period to another, exclusive of items that do not reflect the normal course of operations. (2) Items impacting compara