This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

New Report Details PG&E's Impact On California Jobs And Economic Growth

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 Sacramento-based 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 Bakersfield.

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.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 16,965.17 +52.88 0.31%
S&P 500 1,995.83 +15.91 0.80%
NASDAQ 4,770.3910 -20.7610 -0.43%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs