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SAN FRANCISCO, Feb. 20, 2014 /PRNewswire/ -- A new report released today shows that Pacific Gas and Electric Company (PG&E) not only provides more than 15 million Californians with safe, reliable and affordable gas and electricity, but also helps drive
California's economy. New research shows that PG&E contributed
$22.2 billion of economic activity and supported nearly 71,600 jobs in its service area in 2012.
The findings were released in the utility's newly-completed, comprehensive economic impact study, conducted by the
Center for Strategic Economic Research (CSER). The report finds that PG&E accounted for two percent of all economic activity and supported about one percent of all jobs in its service area, which stretches from the
Oregon border to
Direct impact plus a 'ripple' effect
The economic impact study provides compelling statistics about the economic contributions of PG&E's general operations in 2012, accounting for the utility's direct economic activities, as well as the multiplier or "ripple" effect of those activities throughout the state, regional and local economies.
"The ripple effect shows that for every dollar of revenue created by PG&E, another
50 cents of economic activity is created in the economy," said
Ryan Sharp, the director of the Center for Strategic Economic Research. "And for every job supported by PG&E, more than two jobs are supported in the economy."
Among other significant findings:
PG&E economic contributions in 2012 also included $5.8 billion in labor income and $3.4 billion of state and local taxes.
PG&E's impact exceeded other industries such as software publishing, wineries and scientific research and development services.
The impact is distributed across all of PG&E's service area as the economic output ranges between $4.1 billion and $6.6 billion in each of the company's four regions (Bay Area, Central Coast, Central Valley and Northern).
PG&E 'drives tremendous economic activity'
"This report illustrates PG&E's role as an essential contributor to our state's prosperity. We have a responsibility to provide our customers with safe, reliable and affordable gas and electric services, and also to do everything possible to maintain an economically healthy business that helps power
California's economy. We take these responsibilities very seriously," said
Tony Earley, Chairman, CEO and President of PG&E Corporation.
Within the study, PG&E's general operations refers to all activities associated with the utility's energy supply, electric and natural gas transmission and distribution, customer care, corporate and administrative services. The report also includes the market value of the goods and services PG&E provided to its customers.