This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

PG&E Pledges Continued Focus On Safe, Reliable, Affordable Service

SAN FRANCISCO, May 12, 2014 /PRNewswire/ -- Pacific Gas and Electric Company (PG&E) is committed to building on its progress in improving the safety and reliability of its service as it lays the foundation for meeting customers' future energy needs, the company said today at PG&E's annual shareholders meeting.

"We've implemented enormous change across the company, and we're making tremendous strides," said Tony Earley, Chairman, CEO and President of PG&E Corporation. "We know we have more work to do, and we are going to do it right. Nothing will take our focus off this commitment."

PG&E President Chris Johns said: "Safety, reliability and affordability will always be the bedrock for the relationships we have with our customers and the public. Everything we're doing today is about achieving and sustaining leading performance in these fundamentals. We're investing $6 billion a year to make our gas and electric systems among the safest, most modern and most reliable in the country."

Signs of progress

Earley pointed to several examples of PG&E's progress:

  • Safety: The recently opened state-of-the-art Gas Control Center in San Ramon allows the company to identify safety or reliability issues on the gas system and respond to them faster than ever before. Earley also noted the pipeline safety work completed over the past three years, including hydrostatic pressure testing, pipeline replacement, and new valves that allow for faster gas shut-off during emergencies.
  • Reliability: PG&E's electric customers experienced fewer outage minutes in 2013 than ever before in the company's history, thanks to investments in modernizing the grid. These investments include devices on power lines to isolate outages and reroute power automatically.
  • Affordability: PG&E is working to keep energy rates affordable for customers, including by working with legislators and regulators to reform California's rate structure. Relief for some customers who experience high summertime electric bills could come as early as next month.

Laying the groundwork

Johns spoke about a number of initiatives underway that lay the groundwork for customers' utility of the future. PG&E is building a robust, modern electric grid that can integrate all of the energy innovation that customers want to pursue, he said, such as rooftop solar, electric vehicles and smart appliances.

The meeting concluded with the tabulation of shareholder votes for members of the boards of directors of Pacific Gas and Electric Company and its holding company, PG&E Corporation. All board members, with the exception of retiring director Lee Cox, were re-elected for a one-year term. Shareholders also ratified the re-appointment of the companies' independent registered public accounting firm, Deloitte & Touche LLP.

About PG&E

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric utilities in the United States. Based in San Francisco, with more than 20,000 employees, the company delivers some of the nation's cleanest energy to nearly 16 million people in Northern and Central California. For more information, visit / and\pge4me


1 of 2

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,992.96 +280.30 1.58%
S&P 500 2,084.49 +23.47 1.14%
NASDAQ 4,938.3950 +47.1760 0.96%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs