Profile: PG&E Corp (PCG.N)

PCG.N on New York Stock Exchange

47.12USD
11 Jul 2014
Price Change (% chg)

$-0.08 (-0.17%)
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$47.20
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$47.33
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Volume
676,895
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$48.64
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$39.43

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PG&E Corporation, incorporated on November 17, 1995, is a holding company that conducts its business through Pacific Gas and Electric Company (Utility). The Utility’s revenues are generated mainly through the sale and delivery of electricity and natural gas to customers. The Utility served approximately 5.2 million electricity distribution customers and approximately 4.4 million natural gas distribution customers at December 31, 2012. The Utility’s rates for electricity and natural gas utility services are based on its costs of providing service (cost-of-service ratemaking). The Utility is regulated primarily by the California Public Utilities Commission (CPUC) and the Federal Energy Regulatory Commission (FERC). In addition, the Nuclear Regulatory Commission (NRC) oversees the licensing, construction, operation, and decommissioning of the Utility’s nuclear generation facilities. During the year ended December 31, 2012, the Company delivered 76,205 gigawatts per hour of Actual Electricity.

Electric Utility Operations

The Utility’s Diablo Canyon power plant consists of two nuclear power reactor units, Units 1 and 2, with a total-plant net generation capacity of approximately 2,240 megawatts of electricity. During the year ended December 31, 2012, the Utility’s Diablo Canyon power plant achieved an average overall capacity factor of approximately 90%. The Utility’s hydroelectric system consists of 109 generating units at 68 powerhouses, including the Helms pumped storage facility, with a total generating capacity of 3,895 megawatts.

The Utility’s conventional generation facilities include the Colusa Generating Station, a combined cycle generating facility with 530 megawatts of base capacity and 127 megawatts of enhanced capability. During 2012, Utility-owned PV facilities with an aggregate capacity of 100 megawatts became operational. These facilities include the Five Points Solar Station, the Stroud Solar Station, and the Westside Solar Station, Huron solar station, Cantua solar station and Giffen solar station each of which is located in Fresno County. Three other PV facilities with an aggregate capacity of 50 megawatts are under construction. During 2011, electricity from the DWR contracts allocated to the Utility provided approximately 3.57% of the electricity delivered to the Utility’s customers. The Utility also has entered into agreements with various irrigation districts and water agencies to purchase hydroelectric power that require the Utility to make semi-annual fixed minimum payments. The Utility has entered into several power purchase agreements for renewable and conventional generation resources, including tolling agreements and resource adequacy agreements. Renewable generation resources include biomass, small hydroelectric, wind, solar, and geothermal energy.

At December 31, 2012, the Utility owned approximately 18,100 circuit miles of interconnected transmission lines operated at voltages of 500 kilovolts to 60 kil0volts and transmission substations with a capacity of approximately 60,800 megavolts ampere. Electricity is transmitted across these lines and substations and is then distributed to customers through approximately 141,000 circuit miles of distribution lines (of which approximately 20% are underground and approximately 80% are overhead), 58 transmission-switching substations, and 601 distribution substations. The Utility is interconnected with electric power systems in the WECC, which includes 14 western states, Alberta and British Columbia, Canada, and parts of Mexico. The Utility’s network consists of approximately 141,000 circuit miles of distribution lines (of which approximately 20% are underground and approximately 80% are overhead). 58 transmission-switching substations, and 601 distribution substations.

Natural Gas Utility Operations

The Utility owns and operates an integrated natural gas transportation, storage, and distribution system that includes most of northern and central California. The CPUC divides the Utility’s on-system natural gas customers into two categories for the purpose of determining service reliability: core and non-core customers. The classification is based on a customer’s annual natural gas usage. The core customer class consists mainly of residential and small commercial natural gas customers. The non-core customer class consists of industrial, commercial, and electric generation natural gas customers. In 2012, core customers represented more than 99% of the Utility’s total natural gas customers and 36% of its total natural gas deliveries, while non-core customers comprised less than 1% of the Utility’s total natural gas customers and 64% of its total natural gas deliveries. In addition to deliveries, the Utility delivers gas to off-system customers (outside of the Utility’s service territory) and to third-party natural gas storage customers.

The Utility provides natural gas transportation services to all core and non-core customers connected to the Utility’s system in its service territory. Core customers can purchase natural gas procurement service (natural gas supply) from either the Utility or alternate energy service providers. When the Utility provides both transportation and procurement services, the Utility refers to the combined service as bundled natural gas service. The Utility does not provide procurement service to electricity generators, QF cogenerators, enhanced oil recovery customers, refiners, and other non-core customers. Some non-core customers are eligible to elect to receive core service, including procurement service, if such customers contract to receive core service for at least five years.

As of December 31, 2012, the Utility’s natural gas system consisted of approximately 42,400 miles of distribution pipelines, approximately 6,400 miles of backbone and local transmission pipelines, and various storage facilities. The Utility’s transmission system, composed primarily of Lines 300, 400, and 401, is used to transport gas from the Utility’s interconnection with interstate pipelines, other local distribution companies, and California gas fields to the Utility’s local transmission and distribution systems. The Utility’s Line 300, which interconnects with the United States Southwest and Rocky Mountain pipeline systems owned by third parties (Transwestern Pipeline Company, El Paso Natural Gas Company, Questar Southern Trails Pipeline Company, and Kern River Pipeline Company), has a receipt capacity of approximately 1.07 billion cubic feet per day. The Utility’s Line 400/401 interconnects with the natural gas transportation pipeline of TransCanada’s Gas Transmission Northwest LLC (GTN) and Ruby Pipeline, LLC (Ruby Pipeline) at the California-Oregon border. This combined receipt capacity at the border is approximately two billion cubic feet per day. Through interconnections with other interstate pipelines, the Utility can receive natural gas from all the natural gas basins in western North America, including basins in western Canada, the Rocky Mountains, and the southwestern United States. The Utility also is supplied by natural gas fields in California.

The Utility owns three underground natural gas storage fields and has a 25% interest in the Gill Ranch underground natural gas storage facility located near Fresno, California. These facilities provide the Utility with approximately 106.5 billion cubic feet of maximum working gas capacity. In addition, three independent storage operators are interconnected to the Utility’s northern California transportation system. The total volume of natural gas delivered to on-system customers during 2012, was approximately 945 million decatherms. During 2012, the Utility purchased approximately 247,792 million cubic feet of natural gas (net of the sale of excess supply of gas). The Utility’s gas gathering system collects natural gas from third-party wells in northern and central California.

Company Address

PG&E Corp

77 BEALE STREET
P.O. Box 770000
SAN FRANCISCO   CA   94177
P: +1415.9731000

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