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PG&E's CEO Discusses Q4 2011 Results - Earnings Call Transcript

This morning's speakers are Tony Earley, Chris Johns, Nick Stavropoulos and Kent Harvey. Other members of the team are also here to participate in the Q&A. And with that, I'll hand it over to Tony.

Anthony F. Earley

Thank you, Gabe, and thank you all for listening in today. Since this is only my second quarterly earnings call, I think I'm still enough of a newcomer to share some of my observations of the company before we get to the heart of our discussion this morning.

At our last earnings call, I made several points about what we had done to start to transform PG&E. And we had hired a lot of top-tier talent to supplement the strong core of PG&E veterans that we have. We made organizational changes that established clear lines of accountability for our gas and electric businesses. We put a strong emphasis on operational excellence, and we made a commitment of resources to turn the business around, and, ultimately, to make our operations the safest in the country. So with the benefits of a few more months on the job, let me add a couple more observations.

Our team understands that public safety is our highest priority, and we're now rolling out technologies to get us there. They understand that the focus is on back-to-basics, that we have to be -- have to focus on benchmarking and to put in place a continuous improvement program. Most of all, the team understands that we have to deliver. We know the areas we need to improve on, and we've got a solid foundation from which we can execute. And that's significant because it means that in contrast to where we were just 7 or 8 months ago, we now have a very real opportunity in 2012: first, to truly tackle and resolve our gas issues; second, focus on repositioning PG&E for long-term success; and third, rebuild relationships with key stakeholders. And that is exactly what our executive team is focused on.

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