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PG & E's CEO Discusses Q3 2011 Results - Earnings Call Transcript

We all know that resolving all of the gas pipeline issues will be challenging. As you saw in our press release this morning and as shown on Slide 6, we have determined that we need to spend more on both our gas and electric system to reach our goal of operational excellence. Spending approximately $200 million incremental to our previous plan will have a negative impact on our earnings in 2012, which will continue into 2013. It is our objective, however, to earn our authorized return in 2014. Some of this additional spending will be acceleration of work we've previously planned to complete over a longer period and some will be new work that we've identified in our review of operations. Kent is going to take you through the details of our earnings guidance and Chris will provide more information on the operational areas we're targeting a little bit later on the call.

Work to improve our operations is vital to restoring the confidence and trust of customers and regulators. My personal experience at both LILCO and DTE is that you cannot PR or lobby your way to credibility. There's only one solution and that's to provide consistently better service to customers. Operational excellence and accountability drive customer perceptions. Operational excellence improves regulatory relations. We're going to use ongoing benchmarking to measure our progress and allow us to set meaningful improvement goals for the future.

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