About the Report

Publishing this annual report allows us to share with our stakeholders the steps we are taking to turn around our operations and meet our long-standing commitment to the environment, our employees and the many diverse customers and communities we serve. By showing our progress against a wide range of goals and targets, the report shares where we are doing well, as well as where we are redoubling efforts to elevate our performance.

Moreover, holding ourselves accountable and reporting on our performance with transparency is essential as PG&E seeks to restore the confidence and trust of our customers and stakeholders, particularly following the recent period of serious operational issues and setbacks, including the tragic natural gas pipeline accident in San Bruno.

Defining Key Issues

In developing and writing this report, PG&E engaged with Ceres and an independent group of individuals representing a range of interests that have expertise in environmental, social, labor, governance and other issues.

In reviewing plans for this report, the Ceres stakeholder group provided feedback on how we should report on our sustainability performance and key impacts, including goals, targets, systems, data and initiatives. This discussion included leaders from different stakeholder constituencies, such as customers, suppliers, investors, environmental and community groups, community colleges and IBEW Local 1245.

Through this review process, the group provided extensive feedback to PG&E, including encouraging discussion of the major challenges of the past year and the steps we are taking to strengthen our business operations and restore the trust and confidence of our customers and other stakeholders. This important feedback informed the preparation of the final version of this report. It report also built upon a Chief Executive Officer-level feedback session held last fall, facilitated by Ceres, on PG&E’s sustainability program.

In addition, PG&E engaged a wide network of employees at many different levels to identify and provide substantive input and feedback on the key issues. Our thinking was informed by numerous other sources, including the key accomplishments and challenges addressed at an annual meeting of PG&E’s leadership team, issues identified in the company’s 2010 Annual Report to Shareholders and dialogue within the Public Policy Committee of the PG&E Corporation Board of Directors.

How to Provide Feedback and Learn More

Stakeholders can contact us to solicit additional information and offer comments and suggestions on this and future reports.

Stakeholders can also visit www.pge.com for tips to improve the energy efficiency of their homes and businesses and reduce their carbon footprint.

Cautionary Language Regarding Forward-Looking Statements

This Corporate Responsibility and Sustainability Report and the Messages from the President and Chief Sustainability Officer contain forward-looking statements that are based on current expectations and various assumptions that management believes are reasonable. These statements and assumptions are necessarily subject to various risks and uncertainties, the realization or resolution of which may be outside of management’s control. Actual results could differ materially from those expressed or implied in the forward-looking statements. Please see our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2010, for a discussion of some of the factors that could cause actual results to differ materially.


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