Pacific Gas & Electric Co. · NYSE:PCG
Pacific Gas & Electric — PG&E — Investor Day (March 2006)
92 slides from Pacific Gas & Electric's investor day presentation, Mar 1, 2006
Slide 1: PG&E Corporation: Customer Focused, Value Driven Investor Conference
® PG&E Corporation: Customer Focused, Value Driven Investor Conference March 1, 2006 New York, NY This presentation is not complete without the accompanying statements made by management on March 1, 2006. A replay is available on PG&E Corporation’s homepage at www.pge-corp.com.
Slide 2: Cautionary Statement Regarding Forward-Looking Information
Cautionary Statement Regarding Forward-Looking Information This presentation contains forward-looking statements regarding management’s guidance for PG&E Corporation’s 2006 and 2007 earnings per share from operations, cash flows, capital expenditures, Pacific Gas and Electric Company’s (Utility) rat
Slide 3: Objectives for Today's Discussion
Objectives for Today’s Discussion • Update PG&E's long-term business prospects, opportunities, and risks, within the context of our long-term business priorities • Provide an understanding of our transformation effort and its impact in defining the future of PG&E • Articulate how PG&E's investment o
Slide 4: Your Top Discussion Items
Your Top 10 Discussion Items • Plan for 2006 and beyond • Prospects for continued stable CPUC relations • Progress on transformation • Growth of rate base • Maintaining resource adequacy in the future • Updates on our key regulatory proceedings • EPS guidance • Prospects for increasing dividends • O
Slide 5: Agenda for Today
Agenda for Today • Plan for 2006 and Beyond • Advancing Business Transformation Q&As • Increasing Investment in Utility Infrastructure Break • Implementing the Energy Procurement Plan • Providing Attractive Shareholder Returns • Evaluating the Evolving Energy Industry Q&As ® 5
Slide 6: Plan for 2006 and Beyond
m1 Plan for 2006 and Beyond
Slide 7: Financial Restoration
Financial Restoration 9 Authorized equity ratio Achieved 52% in January 2005 9 Common Dividend Resumed at $1.20 per share annually Increased to $1.32 per share in Q4 2005 9 Energy Recovery Bonds $1.9B issued in February 2005 $850MM issued in November 2005 9 Share Repurchases $1.05B ASR executed in M
Slide 8: Strategic Direction
Strategic Direction The leading Our vision utility in the United States Delighted Energized Rewarded Our goals customers employees shareholders Operational excellence Our strategies Transformation We act with integrity and communicate honestly and openly. We are passionate about meeting our customer
Slide 9: A Diverse Leadership Team
A Diverse Leadership Team Over just the past 2 years, experienced leaders have joined the PG&E officer team: Past Experience Ophelia Basgal, Civic Partnership and Community Initiatives Alameda County Housing Authority Helen Burt, Chief Customer Officer TXU Bob Howard, Gas Transmission and Distributi
Slide 10: The Value in Transformation
The Value in Transformation Best Buy BP Adjusted Closing Price Adjusted Closing Price $80 $60 $50 $70 Start of Four Strategic Initiatives Start of new market strategy and innovations $40 $60 $30 $50 $20 $40 $10 $30 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 S
Slide 11: Business Priorities 2006-2010
Business Priorities 2006-2010 1. Advance business transformation 2. Provide attractive shareholder returns 3. Increase investment in utility infrastructure 4. Implement an effective energy procurement plan 5. Improve reputation through more effective communications 6. Evaluate the evolving industry
Slide 12: Regulatory Environment
Regulatory Environment • Regulators and policymakers continue to support a return to stable energy policies • Regulators understand and appreciate the critical role of capital markets • Regulatory strategy focused on: – Emphasizing the importance of the customer – Communicating constantly – Listenin
Slide 13: Advancing Business Transformation
® Advancing Business Transformation
Slide 14: Transformation Vision
Transformation Vision • Responsive to customer expectations Understand the • Deliver new products and services Customer Operational Technology/ Excellence Innovation • Standardization prevails • Use of technology to drive operational excellence • Relentless focus on efficiency • Innovation to lower
Slide 15: Transforming the Customer Experience
Transforming the Customer Experience FROM TO Traditional Structure Customer-Oriented Structure Customer Customer • Needs • Intentions Transform Customer Experience • Preferences • Functionally aligned • Operations centric Defined Customer Experience Discover Sign-up for Activate Use Pay for Resolve
Slide 16: The Customer Experience Lifecycle
The Customer Experience Lifecycle Learn and “Order” Have Use Pay Contact End electric Intentions Customer understand gas/electric service electricity monthly bill provider to and/or gas services, services turned on and/or gas for address services Majority of offerings electricity service or interact
Slide 17: The Transformation Phases
The Transformation Phases Preliminary Implementation Strategy/ Detailed Build/ Design & Operational Roadmap Design Test & Analysis Handover Planned deployment of initiatives: • 2005: 20 initiatives were fully or partial deployed • 2006: 27 other initiatives will be fully or partially deployed ® 17
Slide 18: Transformation Enhancing Performance - Examples
Transformation Enhancing Performance - Examples Today (Manual) Future (Automated) Outage Management Outage Management – Customer notifies the utility of a problem • Improve – Utility systems immediately locate a problem – Troubleman assesses scope of outage infrastructure – Troubleman uses on-line r
Slide 19: Transformation Metrics
Transformation Metrics = 2004 Actual = 2005 Actual = 2006 Goal 96 Overall customer satisfaction (Composite of J. D. Power residential and business customer surveys) 94 Timely bills 98.94 99.51 (% billed within 35 days) 99.38 Accuracy of outage restoration time estimate 25 50 (% accurate) 47 System A
Slide 20: Video: PG&E's Transformation Journey
® Video: PG&E’s Transformation Journey
Slide 21: 2007 GRC: Savings Proposals
2007 GRC: Savings Proposals Estimated net savings reduce cost increases in 2008 and 2009 GRC Attrition Revenue Request ($MM) $200 $145MM $126MM $100 Net Increase $0 Net Savings ($41MM) -$100 ($97MM) -$200 2008 2009 ® 21
Slide 22: 2007 GRC: Proposed Sharing Mechanism
2007 GRC: Proposed Sharing Mechanism • Sharing mechanism to ensure customers and shareholders share in transformation benefits and risks during 2007-2009 100% Customer (above 14.35%) 14.35% 13.35% 50/50 Shareholder/Customer (above 11.85%) 12.35% 11.35% 100% Shareholder (0.5% above and below allowed
Slide 23: Anticipated Transformation Costs and Benefits
Anticipated Transformation Costs and Benefits Expense ($MM) $400 $200 $0 ($200) ($400) 2006 2007 2008 2009 2010 Costs Benefits Net Cost/(Benefit) Range ® 23
Slide 24: 2007 GRC: Proposed Performance Incentive Mechanism
2007 GRC: Proposed Performance Incentive Mechanism • Intended to reward (or penalize) PG&E for exceeding (or falling below) 6 measures: 2.0 Score – Generation availability – Timely bills – Telephone service level Reward prorated up to $60MM – System Average Interruption Duration Index – System Avera
Slide 25: Transformation Q&A
® Transformation Q&A
Slide 26: Increasing Investment in Utility Infrastructure
® Increasing Investment in Utility Infrastructure
Slide 27: Overview
Overview 2006-2010 capital program determined by: – 2007 GRC for distribution and existing generation operations – Advanced Metering Infrastructure (AMI) deployment – Diablo Canyon steam generator replacement – Electric Transmission Owner rate cases (FERC regulated) – Gas Transmission safety and rel
Slide 28: Distribution Investment Profile
Distribution Investment Profile • Investment drivers: – Connections of new customers and demand growth – Replacement of aging assets – Service levels to customers • Major components: – Replacement and refurbishing of electric distribution facilities – New gas and electric facilities in developing ar
Slide 29: AMI Investment Profile
AMI Investment Profile • Roughly 10 million meters planned to be installed by the end of 2011 • Proven technology to lower meter reading costs, improve outage management, improve demand response • Over $900 million in vendor contracts signed • Design, planning, and small-scale testing underway • On
Slide 30: Electric Transmission Investment Profile
Electric Transmission Investment Profile • Fastest-growing area of the business • Investment driven by: – System expansions as approved by the California ISO – Interconnections/upgrades to support new generation – Replacements, upgrades, and other life extension programs to maintain line capacity –
Slide 31: Gas Transmission Investment Profile
Gas Transmission Investment Profile Investment driven by: – Safety, reliability, and service enhancements • Storage development – Core load growth and new customer loads – Access to new gas supplies • Pipelines to new sources (such as LNG) – Replacement of aging infrastructure • Stations • Pipelines
Slide 32: Owned Generation Investment Profile
Owned Generation Investment Profile • Investments driven by: – Replacements/upgrades to nuclear facilities – Hydroelectric reliability improvements, relicensing compliance, and dam safety and security requirements • Major components: – Diablo Canyon steam generator replacement – Hydro maintenance-re
Slide 33: Capital Expenditure Outlook
Capital Expenditure Outlook Capital expenditures average $2.5B for years 2006-2010: Capital Expenditure Outlook ($MM) 3000 2000 1000 0 ($MM) 2006 2007 2008 2009 2010 Distribution $1,120 $1,130 $1,055 $960 $950 Generation $300 $520 $520 $390 $190 Electric Transmission $510 $360 $320 $310 $320 Gas Tra
Slide 34: Rate Base Growth
Rate Base Growth Average Annual Rate Base ($B)* $22 19.9 20.7 $20 18.6 17.4 $18 16.2 $16 $14 $12 2006 2007 2008 2009 2010 * 2006-2010 rate base is not adjusted for the impact of the carrying cost credit that primarily results from the second series of the Energy Recovery Bonds. Earnings will be redu
Slide 35: Short Break
® Short Break
Slide 36: Implementing the Energy Procurement Plan
® Implementing the Energy Procurement Plan
Slide 37: Overview
Overview • Procurement plan intended to meet customer need for reliable energy in an environmentally-responsible and cost-effective manner • Energy efficiency and renewables are highest priority in California “loading order” • Solicited offers for short, intermediate and long-term resources • Procur
Slide 38: Electric Procurement Issues
Electric Procurement Issues • California’s preferred loading order • Growth of energy efficiency and demand response programs • Development of renewable energy • Efficient generation resources for the future • Reliable energy in an environmentally-responsible and cost-effective manner ® 38
Slide 39: Long-Term Electric Resources
Long-Term Electric Resources 2005 Sources of Energy * 2010 Projected Sources of Energy * 79,900 GWH 88,600 GWH New Irrigation Other All-Source CC8 Districts 6% New DG Resources 3% 5% 2% 12% New CEE Existing Utility 3% Owned ** 34% Utility Owned New Customer QFs 40% Choice 22% 4% New Renewables *** 7
Slide 40: Energy Efficiency and Renewables
Energy Efficiency and Renewables Energy Efficiency Funding ($ MM)) 400 300 200 100 0 2004 2005 2006 2007 2008 Renewable MWs Under Contract (Cumulative) 500 400 300 200 100 0 2002 2003 2004 2005 ® 40
Slide 41: Long-Term RFO (All Source)
Long-Term RFO (All Source) • CPUC has approved the acquisition or contracting of 2200 MW to meet long term needs • Long-Term RFO is 95% complete • Expect to execute contracts and file with CPUC by end of March • Currently under negotiation: 4 Power Purchase Agreements of 1300 MW 2 Utility Owners
Slide 42: Gas Procurement
Gas Procurement • Current sources: Southwest U.S. and Canada • CPIM mechanism remains intact • Received permission to undertake a winter hedging program • Taking a more long-term view of portfolio management ® 42
Slide 43: Providing Attractive Shareholder Returns
® Providing Attractive Shareholder Returns
Slide 44: Financial Objectives
Financial Objectives • Earn the full authorized return on equity • Invest in needed infrastructure • Generate strong cash flow • Ensure adequate liquidity ® 44
Slide 45: EPS Guidance
EPS Guidance EPS from Operations*: 2006 guidance of $2.40-$2.50 per share 2007 guidance of $2.65-$2.75 per share EPS from Operations * $2.80 Guidance Range $2.60 $2.40 Operating EPS Assumptions ($MM) $2.20 2006 2007 Rate Base $16,200 $17,400 $2.00 Equity Ratio 52% 52% Authorized ROE 11.35% 11.35% $1
Slide 46: EPS Growth
EPS Growth • EPS from operations growth targeted to average approximately 7.5% annually 2006-2010 • Places PG&E near the top of comparable companies • Actual growth rate will depend on infrastructure investments Five-Year Estimated Earnings Growth 10% 8% 6% 4% 2% 0% PCG AEE AEP CNP ED ETR FPL NI PNW
Slide 47: Liquidity
Liquidity Liquidity targets for 2006: – Utility: Target of zero cash balance in December with $2 billion credit facilities retained to handle contingencies – Holding Company: Cash to be reduced to a minimum hold of $40 million with $100 million of revolver to be available at all times ® 47
Slide 48: Cash Available for Dividends and Stock Repurchases
Cash Available for Dividends and Stock Repurchases $MM 1,200 1,000 800 600 Guidance Range 400 200 0 2006 2007 2008 2009 2010 Reg G reconciliation to GAAP for Cash Available for Dividends and Stock Repurchases available in Appendix and at www.pge-corp.com. ® 48
Slide 49: Dividend Policy
Dividend Policy • Objectives: – Flexibility – Sustainability – Comparability • Payout ratio range of 50% - 70% • Growth balanced with funding for additional investment opportunities ® 49
Slide 50: Outlook for Electric Rates
Outlook for Electric Rates • Retail electric rates expected to increase on average at about the rate of inflation after 2006 – Infrastructure investments – Procurement costs • Other pressures on electric rates: – High natural gas prices – Increasing public purpose program expenses – California solar
Slide 51: Summary
Summary • Earnings per Share from Operations targeted to grow approximately 7.5% annually from 2006-2010, based on assumed ROE of 11.35% • Transformation savings and performance incentive earnings would be accretive • Dividend growth to be balanced by funding needs for additional investments • No ne
Slide 52: Evaluating the Evolving Industry
® Evaluating the Evolving Industry
Slide 53: Summary
Summary • Trends: – Recent industry consolidation – PUHCA reform – Restructuring – Renewed M&A dialogue • Monitoring M&A and investment activity • Primary focus is on developing good momentum in transformation ® 53
Slide 54: Conclusion
® Conclusion
Slide 55: Strategic Direction
Strategic Direction The leading Our vision utility in the United States Delighted Energized Rewarded Our goals customers employees shareholders Operational excellence Our strategies Transformation We act with integrity and communicate honestly and openly. We are passionate about meeting our customer
Slide 56: Final Q&A
® Final Q&A
Slide 57: PG&E Corporation: Customer Focused, Value Driven Investor Conference
® PG&E Corporation: Customer Focused, Value Driven Investor Conference March 1, 2006 New York, NY .
Slide 58: Appendix
® Appendix
Slide 59: Pacific Gas and Electric Company (PG&E)
Pacific Gas and Electric Company (PG&E) • 2005 marked the 100th anniversary of PG&E • Provides energy to nearly 1 in 20 people in the U.S. • 70,000 square-mile service territory • Four main operational units: – Electric and gas distribution – Electric transmission – Gas transmission – Electric gener
Slide 60: Electric & Gas Distribution
Electric & Gas Distribution Business Scope • Retail electricity and natural gas distribution service (construction, operations & maintenance) • Customer services (call centers, meter reading, billing) • 5 million electric and 4 million gas customer accounts • Service territory covers 70,000 square m
Slide 61: Electric Transmission
Electric Transmission Business Scope • Wholesale electric transmission services (construction, maintenance) Malin Round Mt • Operation by CA Independent System Operator Existing Primary Assets Vaca Dixon 500 kV • $2.0 billion of rate base (2005 wtd. avg.) Moss Landing Tesla Los Banos Revenues/Margin
Slide 62: Natural Gas Transmission
Natural Gas Transmission Gas Transmission Business Scope • Natural Gas transportation, storage, parking and lending services Malin, OR • Customers: PG&E’s natural gas distribution and C Tionesta C Burney electric generation businesses, industrial customers, C Gerber California electric generators, a
Slide 63: Electric Procurement and Owned Generation
Electric Procurement and Owned Generation Business Scope • Electricity and ancillary services from owned and controlled Humboldt resources Conventional Hydroelectric • Energy procurement program facilities Primary Assets Hunters Point • Diablo Canyon nuclear power plant ( 2,174 MW) Helms Pumped Stor
Slide 64: Customer Profiles by Usage
Customer Profiles by Usage Electric Customers Gas Customers Agricultural & Other Commercial 6% 9% Industrial 18% Commercial Residential 40% 23% Industrial 68% Residential 36% ® 64
Slide 65: Electric Sales Outlook
Electric Sales Outlook Electric sales growth forecasted to average 1.5% during 2006-2010 Electric Sales (GWh) 88,000 86,000 84,000 82,000 80,000 2006 2007 2008 2009 2010 ® 65
Slide 66: Gas Sales Outlook
Gas Sales Outlook Gas sales growth forecasted to average 0.7% during 2006-2010 Gas Sales (MDTh) 740,000 730,000 720,000 710,000 700,000 2006 2007 2008 2009 2010 ® 66
Slide 67: PG&E: Existing Resource Mix
PG&E: Existing Resource Mix • Owned generation Type Net Capacity (MW) – Diablo Canyon Nuclear 2,174 – Hydroelectric facilities Hydro 3,896 – Hunters Pt. and Humboldt Fossil 350 – Total 6,420 Other Power Irrigation Purchases • 2005 sources of electric energy* Districts 6% 5% QFs/ Utility Owned Renewa
Slide 68: Comparative Energy Procurement Costs
Comparative Energy Procurement Costs New Build Energy Procurement Cost ($/MWh) Renewables Energy Efficiency Combustion Turbine Combined Cycle 0 20 40 60 80 100 120 140 160 ® 68
Slide 69: Current Ratemaking
Current Ratemaking • Distribution – Next GRC applies to 2007-2009 • Electric Transmission – Rates set at FERC through Transmission Owner cases • Gas Transmission and Storage – Rates set through Gas Accord framework through 2007 • Generation – Cost-of-service ratemaking with existing generation cover
Slide 70: Key Pending Regulatory Proceedings
Key Pending Regulatory Proceedings • Pending approval – Completion of CC8 Decision expected Q2 2006 – Advanced Metering Infrastructure Decision expected 7/06 – 2007 GRC Decision expected 12/06 – Electric Transmission Owner 8 Decision expected Q2 2006 • Pending investigation – Billing and Collection
Slide 71: Expected 2007 GRC Timeline
Expected 2007 GRC Timeline File Application Filed on December 2, 2005 Prehearing Conference Held on January 23, 2006 Intervener testimony April 28 Evidentiary hearings May 31 – July 7 Briefs and reply briefs July 27 – August 10 ALJ proposed decision November 14 Final commission order December 14 Pro
Slide 72: Definitions of Transformation Metrics
Definitions of Transformation Metrics Overall Customer Satisfaction. PG&E measures residential and business customer satisfaction with annual industry wide surveys conducted by J.D. Power and Associates, as well as with proprietary studies using the same survey in intervening quarters. For this over
Slide 73: Definitions of Transformation Metrics (continued)
Definitions of Transformation Metrics (continued) Telephone Service Level. TSL measures the percent of customer calls to the contact centers that are answered within a specified number of seconds and is a measure of the responsiveness to customer calls. Expense per Customer. The average annual cost
Slide 74: 2005 EPS - Reg G Reconciliation
2005 EPS - Reg G Reconciliation 2005 EPS on an Earnings from Operations Basis $2.34 Items Impacting Comparability: Incremental interest costs related to generator disputed claims from Chapter 11 proceedings (0.01) Prior year’s portion of the gain associated with AEAP settlement 0.24 Costs of chromiu
Slide 75: EPS Guidance - Reg G Reconciliation
EPS Guidance - Reg G Reconciliation 2006 Low High EPS Guidance on an Earnings from Operations Basis* $2.40 $2.50 Estimated Items Impacting Comparability 0.00 0.00 EPS Guidance on a GAAP Basis $2.40 $2.50 2007 Low High EPS Guidance on an Earnings from Operations Basis* $2.65 $2.75 Estimated Items Imp
Slide 76: Carrying Cost Credit Impacts
Carrying Cost Credit Impacts Estimated Average Deferred Tax Balances and Carrying Cost Credit Impacts ($MM) 2006 2007 2008 2009 2010 2011 2012 Rate Reduction Bond and $1,125 $878 $683 $542 $396 $242 $82 Energy Recovery Bond Average Deferred Tax Balance Estimated Carrying Cost Credit * ($66) ($52) ($
Slide 77: Cash Available for Dividends and Stock Repurchases Reg G Reconciliation
Cash Available for Dividends and Stock Repurchases Reg G Reconciliation 2006 Low High ($MM) Estimated Cash Available for Dividends and Stock Repurchases* 625 775 Estimated Net Cash Used in Investing Activities 2,640 2,440 Less: Estimated Change in Net Debt and Preferred, and Preferred Dividends (740
Slide 78: Cash Available for Dividends and Stock Repurchases Reg G Reconciliation
Cash Available for Dividends and Stock Repurchases Reg G Reconciliation 2008 Low High ($MM) Estimated Cash Available for Dividends and Stock Repurchases* 400 600 Estimated Net Cash Used in Investing Activities 2,800 2,580 Less: Estimated Change in Net Debt and Preferred, and Preferred Dividends (250
Slide 79: Cash Available for Dividends and Stock Repurchases Reg G Reconciliation
Cash Available for Dividends and Stock Repurchases Reg G Reconciliation 2010 Low High ($MM) Estimated Cash Available for Dividends and Stock Repurchases* 750 1,050 Estimated Net Cash Used in Investing Activities 2,340 2,000 Less: Estimated Change in Net Debt and Preferred, and Preferred Dividends 90
Slide 80: Credit Profile
Credit Profile • Current Ratings – Utility issuer rating: BBB (S&P) and Baa1 (Moody’s) – Utility unsecured debt: BBB (S&P) and Baa1 (Moody’s) • Average Metrics (2006-2010)* – S&P Business Profile Rating: 6 – Total Debt to capitalization (EOY): 53.5% – Funds from Operations Cash Interest Coverage: 5.
Slide 81: Speaker Biographies
Speaker Biographies PETER A. DARBEE Chairman of the Board, Chief Executive Officer and President PG&E Corporation Peter Darbee, a veteran of the energy, telecommunications, and investment banking industries, is Chairman of the Board, Chief Executive Officer, and President of PG&E Corporation. Based
Slide 82: Speaker Biographies
Speaker Biographies THOMAS B. KING President and Chief Executive Officer Pacific Gas and Electric Company Tom King is President and Chief Executive Officer of Pacific Gas and Electric Company. Before joining the utility in 2003, King served as Senior Vice President of PG&E Corporation, and as Presid
Slide 83: Speaker Biographies
Speaker Biographies CHRISTOPHER P. JOHNS Senior Vice President, Chief Financial Officer and Treasurer PG&E Corporation Chris Johns is Senior Vice President, Chief Financial Officer and Treasurer of PG&E Corporation. Johns, 45, is responsible for all financial activities including oversight of treasu
Slide 84: Additional Biographies
Additional Biographies BEVERLY Z. ALEXANDER Vice President, Customer Service Pacific Gas and Electric Company Bev Alexander is Vice President, Customer Service, and is responsible for PG&E’s account services, customer contact and credit operations, customer energy efficiency, service analysis and bi
Slide 85: Additional Biographies
Additional Biographies THOMAS E. BOTTORFF Senior Vice President, Regulatory Relations Pacific Gas and Electric Company Tom Bottorff is Senior Vice President, Regulatory Relations, at Pacific Gas and Electric Company. He is responsible for developing, coordinating and managing policy with state regul
Slide 86: Additional Biographies
Additional Biographies JEFFREY D. BUTLER Senior Vice President, Energy Delivery Pacific Gas and Electric Company Jeff Butler is Senior Vice President, Energy Delivery for Pacific Gas and Electric Company. He oversees everything from engineering and planning to the operation, maintenance and construc
Slide 87: Additional Biographies
Additional Biographies KENT M. HARVEY Senior Vice President, Chief Risk and Audit Officer PG&E Corporation Kent Harvey is Senior Vice President, Chief Risk and Audit Officer for PG&E Corporation. He oversees the company’s enterprise-wide risk management, internal audit and compliance functions. Harv
Slide 88: Additional Biographies
Additional Biographies JACK KEENAN Senior Vice President and Chief Nuclear Officer Pacific Gas and Electric Company Jack Keenan joined Pacific Gas and Electric Company as Senior Vice President and Chief Nuclear Officer in December 2005. He is responsible for all of PG&E’s power generation assets and
Slide 89: Additional Biographies
Additional Biographies NANCY MCFADDEN Vice President, Governmental Relations Pacific Gas and Electric Company Nancy McFadden has been Vice President of Governmental Relations for Pacific Gas and Electric Company since September 2005. She is responsible for managing the company’s relationships with l
Slide 90: Additional Biographies
Additional Biographies STEWART M. RAMSAY Vice President, Asset Management and Electric Transmission Pacific Gas and Electric Company Stewart Ramsay is Vice President, Asset Management and Electric Transmission at Pacific Gas and Electric Company. He is responsible for the overall strategy of PG&E’s
Slide 91: Additional Biographies
Additional Biographies RAND L. ROSENBERG Senior Vice President, Corporate Strategy and Development PG&E Corporation Rand Rosenberg is Senior Vice President, Corporate Strategy and Development for PG&E Corporation. He is responsible for developing the Corporation’s long-term strategic plan and evalua
Slide 92: Additional Biographies
Additional Biographies FONG WAN Vice President, Energy Procurement Pacific Gas and Electric Company Fong Wan is Vice President, Energy Procurement for Pacific Gas and Electric Company, and is responsible for gas and electric supply planning and policies, market assessment and quantitative analysis,