Company Overview
Photo: Lewis Stewart PG&E Corporation is an energy-based holding company whose core business is Pacific Gas and Electric Company. Pacific Gas and Electric Company, or the Utility, delivers safe, reliable and responsive gas and electric service to approximately 15 million people throughout northern and central California. PG&E Corporation had approximately $42.9 billion in assets as of December 31, 2009, and generated revenues of approximately $13.4 billion in 2009.
Headquarters Location
San Francisco, California
Service Area
70,000 square miles in northern and central California
Service Area Population
15 million people (or about 1 of every 20 Americans)
Electric Distribution Customer Accounts
5.1 million (approximately 4.5 million residential and 0.6 million commercial, industrial and other customer accounts)
Natural Gas Distribution Customer Accounts
4.3 million (approximately 4.1 million residential and 0.2 million commercial and industrial customer accounts)
Employees
19,425 (as of December 31, 2009)
Approximately 12,650 employees are covered by collective bargaining agreements with three labor unions:
- International Brotherhood of Electrical Workers (IBEW), Local 1245
- Engineers and Scientists of California/International Federation of Professional and Technical Engineers (ESC/IFPTE), Local 20
- Service Employees International Union (SEIU), Local 24/7
System
159,8291 circuit miles of electric transmission and distribution lines and 48,580 miles of natural gas transmission and distribution pipelines; 6,8712 MW of generation, including the Diablo Canyon nuclear power plant and one of the largest hydroelectric systems in the country
Examples of Major Customer Segments
Residential, Small Business, Retail, Agriculture, Education, Heavy Industry and Manufacturing, Government, Medical, Distillers, Hospitality, High-Technology, Food
Service, Biotechnology, Large and Small Commercial Enterprises
Selected Examples of Major Customers
Wells Fargo, Chevron, Whole Foods, Google, Sierra Nevada Brewing Co., Apple, Kaiser Permanente, Best Buy, E. & J. Gallo Winery, HP, Solyndra and Macy's, Inc.
1 Length of distribution lines in circuit miles by voltage:
4 kilovolts (kV): 2,574
12 kV: 103,961
17 kV: 4,508
21 kV: 30,156
34 kV: 2
44 kV: 12
Length of transmission lines in circuit miles by voltage:
60 kV: 4,048
70 kV: 1,618
115 kV: 6,207
230 kV: 5,415
500 kV: 1,328
2 Net operating capacity in 2009: Gateway Generating Station: 600 MW; Humboldt Bay: 105 MW; mobile turbines: 30 MW; Diablo Canyon: 2,240 MW; hydroelectric facilities: 3,896 MW.
| PG&E Corporation | |||
|---|---|---|---|
| (unaudited, in millions, except share and per share amounts) | 2009 | 2008 | |
| Operating Revenues | $13,399 | $14,628 | |
| Income Available for Common Shareholders | |||
| Earnings from operations1 | 1,223 | 1,081 | |
| Items impacting comparability2 | (3) | 257 | |
| Reported consolidated income available for common shareholders | 1,220 | 1,338 | |
| Income Per Common Share, diluted | |||
| Earnings from operations1 | 3.21 | 2.95 | |
| Items impacting comparability2 | (0.01) | 0.68 | |
| Reported consolidated net earnings per common share, diluted | 3.20 | 3.63 | |
| Total Assets at December 31, 2009 | $42,945 | $40,860 | |
| Number of common shares outstanding at December 31, 2009 | 371,272,457 | 362,346,685 | |
1 "Earnings from operations" is not calculated in accordance with the accounting principles generally accepted in the United States of America ("GAAP"). It should not be considered an alternative to income available for common shareholders calculated in accordance with GAAP. Earnings from operations reflects PG&E Corporation's consolidated income available for common shareholders, but excludes items that management believes do not reflect the normal course of operations, in order to provide a measure that allows investors to compare the core underlying financial performance of the business from one period to another.
2 "Items impacting comparability" represent items that management believes do not reflect the normal course of operations. PG&E Corporation's earnings from operations for 2009 excludes the impact of the following items:
- $66 million of income, after tax, ($0.18 per common share) for the interest and state tax benefit associated with a federal tax refund for 1998 and 1999.
- $28 million of income, after tax, ($0.07 per common share) representing the recovery of costs previously incurred by PG&E Corporation's subsidiary, Pacific Gas and Electric Company ("Utility"), in connection with its hydroelectric generation facilities.
- $59 million of costs, after tax, (($0.16) per common share) incurred by the Utility to perform accelerated system-wide natural gas integrity surveys and associated remedial work.
- $38 million of severance costs, after-tax, (($0.10) per common share) related to the elimination of approximately 2 percent of the Utility's workforce.
PG&E Corporation's earnings from operations for 2008 exclude the impact of $257 million in net income ($0.68 per common share) resulting from a settlement of federal tax audits for the years 2001 through 2004.
| 2007 | 2008 | 2009 | |
|---|---|---|---|
| Total Electricity Generated (GWh net)1 | 26,723 | 25,481 | 28,114 |
| Fossil-Fuel Plants (GWh net) | 483 | 520 | 3,042 |
| Humboldt Bay (GWh net) | 483 | 520 | 552 |
| Gateway (GWh net) | N/A7 | N/A7 | 2,490 |
| Other plants (GWh net) | 26,240 | 24,961 | 25,072 |
| Diablo Canyon (GWh net) | 18,588 | 17,096 | 16,265 |
| Hydro Facilities (GWh net)2 | 7,652 | 7,865 | 8,806 |
| "Eligible" Hydro (GWh net)3 | 985 | 990 | 1,102 |
| Electricity Purchased (GWh) | 29,462 | 41,922 | 37,165 |
| Other Electric Supplies (GWh)4 | 23,265 | 14,532 | 14,346 |
| Electricity Delivered (GWh)5 | 86,179 | 88,127 | 85,629 |
| Electricity Purchased by Our Customers (GWh) | 79,451 | 81,935 | 79,624 |
| Total Natural Gas Throughput (million cubic feet or MMcf)6 | 875,334 | 838,612 | 844,675 |
1 One GWh, or gigawatt-hour, is one million kilowatt-hours, enough to power one million homes for one hour. PG&E is reporting net energy statistics for consistency with other published company reports. Review a breakdown of PG&E's electric power mix delivered to retail customers.
2 Hydroelectric generation can vary year to year due to variability in precipitation.
3 Electricity generated by hydroelectric facilities with a capacity under 30 MW is eligible as renewable energy under California’s Renewable Portfolio Standard law.
4 Represents energy purchased by the California Department of Water Resources (DWR) from various energy suppliers for the benefit of the Utility’s customers. The DWR remains legally and financially responsible for its power purchase contracts. The Utility acts as a billing and collection agent for the DWR to enable the DWR to pay for its energy purchases.
5 Electricity Delivered includes direct access and transmission-only sales.
6 Excludes interdepartmental natural gas sales.
7 Gateway Generating Station began operations in January 2009.
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