Pacific Gas & Electric Co. · NYSE:PCG
Pacific Gas & Electric — PG&E — UBS Electric Power, Natural Gas, MLP Conference 2012
11 slides from Pacific Gas & Electric's conference presentation, Feb 29, 2012
Slide 1: PG&E Corporation
PG&E Corporation Kent Harvey Chief Financial Officer, PG&E Corporation UBS Electric Power, Natural Gas, MLP Conference February 29 and March 1, 2012 ®
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains forward-looking statements about management's guidance for PG&E Corporation’s 2012 earnings per share and various assumptions and estimates on which such guidance is based, including forecasts of costs, capital expenditures, and future equity issuance
Slide 3: Key Focus Areas
Key Focus Areas Position company Rebuild relationships Resolve gas issues for success with key stakeholders • Move forward with • Conduct rigorous • Provide excellent gas work planned in benchmarking service 2012 • Build culture of • Meet commitments • Work to resolve continuous to customers and reg
Slide 4: Resolve Gas Issues
Resolve Gas Issues • Completed work Gas Validated MAOP for 2000+ pipeline miles including all urban pipelines Operations Pressure tested ~160 miles • Three Investigations Recordkeeping Class Location Gas Pipeline Regulatory • Staff Citation Authority Developments $16.8M for self-report o
Slide 5: Regulatory Calendar
Regulatory Calendar 1/31: Intervenor 3/12-3/23: Hearings Gas Pipeline Testimony Safety OIR R. 11-02-019 2/28: PG&E Rebuttal Testimony 4/5: Intervenor Testimony 9/5-9/19: Evidentiary Dec/Jan: Presiding Recordkeeping Hearings Officer’s Decision OII I. 11-02-016 3/5: Staff Report 6/25: PG&E Response Mi
Slide 6: 4Q 2011 Earnings Results
4Q 2011 Earnings Results 4Q 2011 Earnings Earnings (millions) EPS (millions) EPS Earnings from Operations $ 366 $ 0.89 $ 1,438 $ 3.58 Items Impacting Comparability Natural Gas Matters (283) (0.69) (520) (1.30) Environmental-Related Costs - - (74) (0.18) Earnings on a GAAP Basis $ 83 $ 0.20 $ 844 $ 2
Slide 7: 2012 Gas Pipeline Related Costs
2012 Gas Pipeline Related Costs(1) Previous Current PSEP $230 million Previous $330-430 million + strength PIPELINE testing costs Non-PSEP $100-200 million Increase $120 million WORK + carryover work Total $330-430 million Total $450-550 million PSEP Assumed PSEP Assumes PSEP not resolved RECOVERY a
Slide 8: 2012 EPS Guidance
2012 EPS Guidance(1) Low High EPS from Operations $ 3.10 $ 3.30 Estimated Items Impacting Comparability Natural Gas Matters (1.08) (0.63) Environmental-Related Costs (0.14) 0.00 Estimated EPS on a GAAP Basis $ 1.88 $ 2.67 Natural Gas Matters (millions, pre-tax) Low guidance High guidance range range
Slide 9: 2012 Equity Issuance
2012 Equity Issuance(1) Previous Estimate Current Estimate Q4 2011 – Q4 2012 Q1 2012 – Q4 2012 $600 $500 ($276M) ~$300M $400 $300 ~$600M ~$600M − Q4 2011 + Higher $200 Actual unrecovered Issuance gas costs + Accrual for $100 penalty $0 2011: $686 million actual equity issued 2012: ~$600 million esti
Slide 10: Appendix
Appendix ®
Slide 11: Assumptions for 2012 Guidance
Assumptions for 2012 Guidance(1) Additional Expenses Capital Expenditures Forecast ($ millions) ($ millions) 2012: ~$200 incremental spend 2012: ~$4,600 - $4,800 2013: Comparable amount Authorized Rate Base Cost of Capital (weighted average) ($ billions) 28.0 Authorized ROE: 11.35% 26.0 ~$1.6 24.0 F
PG&E — UBS Electric Power, Natural Gas, MLP Conference 2012 on 6ix