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July 03, 2015 7:54 PM ET

Electric Utilities

Company Overview of Pacific Gas and Electric Company

Company Overview

Pacific Gas and Electric Company transmits, distributes, and sells electricity and natural gas to customers in Northern and Central California. The company generates electricity using nuclear, hydroelectric, fossil fuel-fired, fuel cell, and photovoltaic sources. It owns and operates 18,100 circuit miles of interconnected transmission lines, 141,700 circuit miles of distribution lines, 55 transmission switching substations, and 603 distribution substations; and natural gas transmission, storage, and distribution system consisting of approximately 42,700 miles of distribution pipelines, and 6,400 miles of backbone and local transmission pipelines. Pacific Gas and Electric Company serves resid...

77 Beale Street

PO Box 770000

San Francisco, CA 94177

United States

Founded in 1905

22,569 Employees



Key Executives for Pacific Gas and Electric Company

President, Director and Member of Executive Committee
Age: 55
Chief Financial Officer, Principal Accounting Officer, Vice President and Controller
Age: 53
Senior Vice President of Engineering, Construction & Operations
Age: 47
Director, Chairman of Executive Committee, Chairman of PG&E Corporation, Chief Executive Officer of PG&E Corporation and President of PG&E Corporation
Age: 66
Senior Vice President of Financial Services
Age: 57
Compensation as of Fiscal Year 2015.

Pacific Gas and Electric Company Key Developments

Pacific Gas and Electric Company Announces Executive Changes

Pacific Gas and Electric Co. announced that it has promoted three leaders to fill key roles in PG&E’s Gas Operations, Customer Care and Human Resources organizations. John C. Higgins was named Vice President, Gas Transmission and Distribution Operations; Aaron J. Johnson was named Vice President, Customer Energy Solutions and Mary K. King was named Vice President, Human Resources. Higgins, who joined the company in 2012, previously served as Senior Director, Field Operations. In his new role, Higgins is responsible for operations and maintenance on the gas transmission and distribution system, including leak survey and repair, corrosion testing/remediation, pipeline patrolling, and emergency response calls. He succeeds Kevin Knapp, who retired in May 2015, and reports to Jesus Soto, Senior Vice President, Engineering, Construction, and Operations. Johnson joined the company in 2008 and has served as Senior Director, Customer Programs, since 2012. In his new role, Johnson is responsible for the strategy, design, implementation, and effectiveness of a diverse portfolio of programs, including energy efficiency, demand response, distributed generation, low-income customer programs, and electric vehicles. He succeeds Steve Malnight, who was promoted to Senior Vice President, Regulatory Affairs, in September 2014. Johnson reports to Laurie Giammona, Senior Vice President and Chief Customer Officer. Since joining the company in 2009, King has held two Senior Director roles in Human Resources, and served as Chief of Staff to PG&E President Chris Johns. In her new role, she continues to oversee labor relations and the HR business partner team, which supports the development and execution of workforce strategies for PG&E’s lines of business. She succeeds Andy Williams, who assumed the role of Vice President, Safety, Health and Environment in January 2015. King reports to John Simon, Senior Vice President, Human Resources.

Pacific Gas & Electric Co. Declares Regular Preferred Stock Dividend, August 15, 2015

Pacific Gas and Electric Company, declared the regular preferred stock dividend for the three month period ending July 31, 2015, to be payable on August 15, 2015, to shareholders of record on July 31, 2015. The company will pay dividends on its eight series of preferred stock in the amount of $0.31250 per share on 5.00% redeemable first preferred stock of par value of $25, $0.31250 per share on 5.00% Series A redeemable first preferred stock of par value of $25, $0.30000 per share on 4.80% redeemable first preferred stock of par value of $25, $0.28125 per share on 4.50% redeemable first preferred stock of par value of $25, $0.27250 per share on 4.36% redeemable first preferred stock of par value of $25, $0.37500 per share on 6.00% non-redeemable first preferred stock of par value of $25, $0.34375 per share on 5.50% non-redeemable first preferred stock of par value of $25 and $0.31250 per share on 5.00% non-redeemable first preferred stock of par value of $25.

United Energy Trading LLC Files Lawsuit Against Pacific Gas and Electric Co. Alleging Unlawful Debt Collection, Attempted Monopolization and Breach of Contract, Among Other Things

United Energy Trading LLC on May 28 filed a lawsuit against Pacific Gas and Electric Co. alleging unlawful debt collection, attempted monopolization and breach of contract, among other things. In California's deregulated retail gas market, core transport agents such as UET can choose to consolidate their billing and collections with local utilities. Under this system, PG&E sends a single bill to the customer reflecting its delivery charges and UET's commodity charges, and PG&E is responsible for collecting payments and distributing the appropriate sum to UET, according to the lawsuit, filed in San Francisco with the U.S. District Court for the Northern District of California. But UET, based in Denver, alleges that PG&E has not been passing through the correct amounts. Instead, UET charges, the utility misinformed the gas supplier, leading it to believe that customers who had paid their bills had not. PG&E could have benefited from the alleged deception regardless of how UET responded, the lawsuit alleges. If UET canceled a customer's account for nonpayment, the customers would revert back to PG&E for gas service by default. If UET did not cancel, PG&E would continue to receive UET's gas without paying for it and could continue to charge UET to transport and store the gas. UET posed 11 complaints, each of which the gas supplier said could carry damages in the millions of dollars. UET said PG&E had violated two sections of the federal Racketeer Influenced and Corrupt Organizations Act, which prohibits people from engaging in or conspiring to engage in racketeering activities or collection of unlawful debts across states. The gas supplier has asserted that because it is a Colorado-based entity, the dealings could be considered interstate transactions. The lawsuit claims that PG&E's actions also violated the Sherman Antitrust Act - which deals with attempted monopolization - and constituted a breach of fiduciary duty, intentional misrepresentation, negligent misrepresentation, intentional interference with contracts, intentional interference with a prospective business advantage, breach of contract, and a violation of the California Business and Professions Code, among other things.

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