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Company Description

Contact Info

77 Beale Street

PO Box 770000

San Francisco, CA 94177

United States

Phone: 415-973-1000

Fax:

PG&E Corporation, through its subsidiary, Pacific Gas and Electric Company (Utility), engages in the sale and delivery of electricity and natural gas to customers in northern and central California. The Utility owns approximately 168,000 acres of land, including approximately 140,000 acres of watershed lands. Electric Utility Operations The Utility generates electricity and provides electricity transmission and distribution services throughout its service territory in northern and central California to residential, commercial, industrial, and agricultural customers. The Utility provides ‘bundled’ services (electricity, transmission, and distribution services) to most customers in its service territory. Customers also could obtain electricity from alternative providers, such as municipalities or community choice aggregators, as well as from self-generation resources, such as rooftop solar installations. Generation Resources from Third Parties: The Utility has various agreements to purchase power and electric capacity, including agreements for renewable energy resources. Electricity Transmission As of December 31, 2015, the Utility owned approximately 18,400 circuit miles of interconnected transmission lines operating at voltages ranging from 60 kilovolt (kV) to 500 kV. The Utility also operated 91 electric transmission substations with a capacity of approximately 63,400 megavolt ampere. The Utility’s electric transmission system is interconnected with electric power systems in the Western Electricity Coordinating Council, which includes many western states, Alberta and British Columbia, and parts of Mexico. In 2013, the Utility; MidAmerican Transmission, LLC; and Citizens Energy Corporation were selected by the California Independent System Operator to jointly develop a new 230-kV transmission line to address the improving power demand in Fresno, Madera and Kings counties area. The 70-mile line would connect the Utility-owned and -operated Gates and Gregg substations. Electricity Distribution The Utility's electricity distribution network consists of approximately 142,000 circuit miles of distribution lines (of which approximately 20% are underground and approximately 80% are overhead), 58 transmission switching substations, and 603 distribution substations, with a capacity of approximately 31,400 megavolt ampere. The Utility’s distribution network interconnects with its transmission system, primarily at switching and distribution substations, where equipment reduces the high-voltage transmission voltages to lower voltages, ranging from 44 kV to 2.4 kV, suitable for distribution to the Utility’s customers. These distribution substations serve as the central hubs for the Utility’s electric distribution network. In some cases, the Utility sells electricity from its distribution facilities to entities, such as municipal and other utilities, which resell the electricity. In 2015, the Utility commenced operations in a new electric distribution control center facility in Rocklin, California, and expects to complete an additional facility in Concord, California, in 2016. In 2015, the Utility continued to deploy its Fault Location, Isolation, and Service Restoration circuit technology, which involves the operation of smart switches to reduce the duration of customer outages. Another 83 circuits were outfitted with this equipment, bringing the total deployment to 700 of the Utility’s 3200 distribution circuits. The Utility also installed or replaced 20 distribution substation transformer banks to improve reliability and provide capacity to accommodate improving demand. The Utility plans to continue performing work to improve the safety of its electricity distribution operations in 2016. Natural Gas Utility Operations The Utility provides natural gas transportation services to ‘core’ customers (small commercial and residential customers) and to ‘non-core’ customers (industrial, large commercial, and natural gas-fired electric generation facilities) that are connected to the Utility’s gas system in its service territory. Core customers could purchase natural gas procurement service (natural gas

 

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Valuation PCG Industry Range
Price/Earnings 40.7x
Price/Sales 1.8x
Price/Book 1.8x
Price/Cash Flow 9.0x
TEV/Sales 0.7x
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