This document provides an earnings call summary and presentation for PG&E Corporation for the third quarter of 2013. Key points include:
- EPS from operations was $0.88 but EPS on a GAAP basis was lower at $0.36 due to $233 million in costs related to natural gas matters.
- Guidance for 2013 EPS from operations is $2.55-$2.75 but estimated EPS on a GAAP basis is lower at $1.60-$1.96 due to estimated natural gas costs of $686-$586 million.
- The company continues work on its Pipeline Safety Enhancement Program and has filed an update removing some pipeline replacement and adding other segments.
- Regulatory proceedings
2007 ASME Power Conference Maximizing Value of Existing Nuclear Power Plant G...Komandur Sunder Raj, P.E.
This document discusses the decline and rebirth of nuclear power. It provides a case study of a nuclear power plant that originally had a 67% capacity factor but was able to improve its performance, reliability and costs through a series of power uprates, license renewal, and improvements to operations and maintenance. These efforts resulted in capacity factors over 95% and lower costs. The plant was also granted a 20-year renewal of its operating license, demonstrating the ongoing viability of nuclear power.
The document provides SCE's business update for July 2018. It summarizes SCE's capital expenditure forecast of $13.7 billion from 2018 to 2020, which incorporates spending from SCE's GRC and other CPUC and FERC proceedings. The forecast also includes grid modernization spending and projects like electric vehicle infrastructure and energy storage. The update forecasts SCE's rate base to grow at a compound annual rate of 9.7% from 2017 to 2020 based on requests in SCE's 2018 GRC proceeding.
The document provides a business update for May 2018 that includes the following information:
- It discusses SCE's significant infrastructure investment and above average rate base growth driven by safety, reliability, grid modernization, and California's low-carbon objectives. Rate base is forecasted to grow by 9.7% annually through 2020.
- Key regulatory proceedings and drivers of long-term growth for SCE are outlined, including grid modernization, energy storage, transmission needs, and transportation electrification.
- SCE has a decoupled regulatory framework with major balancing accounts that promote energy conservation and stabilize revenues.
- An overview of SCE's efforts around California's wildfire risk mitigation is provided,
Progress Energy reported third-quarter ongoing earnings of $1.44 per share, up 50% from the prior year, and GAAP earnings of $1.82 per share. Core regulated utility earnings grew due to higher retail margins from customer growth, usage, and weather, partially offset by higher operating costs. Synthetic fuel earnings increased significantly due to higher sales volumes and tax credit recognition. The company reaffirmed its 2005 ongoing earnings guidance range of $2.90 to $3.20 per share.
Final repair regulations: What has changed and how will it impact you?Grant Thornton LLP
This webcast will provide you with an overview of the most significant aspects of the recently issued tangible property regulations that provide guidance on how to treat amounts paid to acquire, produce and improve tangible property (“repair regulations”), as well as re-proposed regulations regarding the disposition of depreciable property. The webcast will focus on important differences between the previous and new regulations, including opportunities and challenges relating to repairs, dispositions, asset groupings and the de minimis rules. In addition, we will address the transition rules to make changes in methods of accounting under the new regulations.
September 2011 - Michigan Energy Forum - David YanochkoAnnArborSPARK
Regulatory Drivers For CleanTech and Green Jobs: When people think of CleanTech, they usually think of wind turbines and solar panels, but there may be a burgeoning opportunity in energy efficiency. Many states, including Michigan, have adopted Renewable Portfolio Standards that requires utilities to generate a portion of their electricity from renewable sources. The U.S. Environmental Protection Agency recently promulgated a regulation (the GHG BACT) that will require utilities to reduce their carbon emissions, primarily through energy efficiency. However, several members of Congress are trying to cut back on GHG regulations arguing that these regulations are job killers. Come to the Michigan Energy Forum on September 8th to learn about the latest regulatory developments, what they have meant from green jobs in Michigan, and what the future might hold.
Progress Energy reported 2005 ongoing earnings per share of $3.33, exceeding guidance. Fourth quarter ongoing earnings were $0.71 per share. Key highlights included resolving an IRS issue regarding synthetic fuel tax credits and providing 2006 ongoing earnings guidance of $3.15 to $3.35 per share. Both regulated utility segments benefited from higher margins though also incurred higher operating costs. Progress Ventures saw lower commercial operations margins.
This document provides an overview of Valero Energy Corporation and their Bill Greehey Refinery in Corpus Christi, Texas. It discusses Valero's energy initiatives including their Corporate Energy Stewardship Program implemented at the Bill Greehey Refinery in 2009. The program involves setting dynamic energy targets, building energy models, forming an energy team to implement projects from an energy gap review, and constructing energy dashboards to monitor performance. To date, the program has exceeded initial savings estimates and provided high returns on investment.
2007 ASME Power Conference Maximizing Value of Existing Nuclear Power Plant G...Komandur Sunder Raj, P.E.
This document discusses the decline and rebirth of nuclear power. It provides a case study of a nuclear power plant that originally had a 67% capacity factor but was able to improve its performance, reliability and costs through a series of power uprates, license renewal, and improvements to operations and maintenance. These efforts resulted in capacity factors over 95% and lower costs. The plant was also granted a 20-year renewal of its operating license, demonstrating the ongoing viability of nuclear power.
The document provides SCE's business update for July 2018. It summarizes SCE's capital expenditure forecast of $13.7 billion from 2018 to 2020, which incorporates spending from SCE's GRC and other CPUC and FERC proceedings. The forecast also includes grid modernization spending and projects like electric vehicle infrastructure and energy storage. The update forecasts SCE's rate base to grow at a compound annual rate of 9.7% from 2017 to 2020 based on requests in SCE's 2018 GRC proceeding.
The document provides a business update for May 2018 that includes the following information:
- It discusses SCE's significant infrastructure investment and above average rate base growth driven by safety, reliability, grid modernization, and California's low-carbon objectives. Rate base is forecasted to grow by 9.7% annually through 2020.
- Key regulatory proceedings and drivers of long-term growth for SCE are outlined, including grid modernization, energy storage, transmission needs, and transportation electrification.
- SCE has a decoupled regulatory framework with major balancing accounts that promote energy conservation and stabilize revenues.
- An overview of SCE's efforts around California's wildfire risk mitigation is provided,
Progress Energy reported third-quarter ongoing earnings of $1.44 per share, up 50% from the prior year, and GAAP earnings of $1.82 per share. Core regulated utility earnings grew due to higher retail margins from customer growth, usage, and weather, partially offset by higher operating costs. Synthetic fuel earnings increased significantly due to higher sales volumes and tax credit recognition. The company reaffirmed its 2005 ongoing earnings guidance range of $2.90 to $3.20 per share.
Final repair regulations: What has changed and how will it impact you?Grant Thornton LLP
This webcast will provide you with an overview of the most significant aspects of the recently issued tangible property regulations that provide guidance on how to treat amounts paid to acquire, produce and improve tangible property (“repair regulations”), as well as re-proposed regulations regarding the disposition of depreciable property. The webcast will focus on important differences between the previous and new regulations, including opportunities and challenges relating to repairs, dispositions, asset groupings and the de minimis rules. In addition, we will address the transition rules to make changes in methods of accounting under the new regulations.
September 2011 - Michigan Energy Forum - David YanochkoAnnArborSPARK
Regulatory Drivers For CleanTech and Green Jobs: When people think of CleanTech, they usually think of wind turbines and solar panels, but there may be a burgeoning opportunity in energy efficiency. Many states, including Michigan, have adopted Renewable Portfolio Standards that requires utilities to generate a portion of their electricity from renewable sources. The U.S. Environmental Protection Agency recently promulgated a regulation (the GHG BACT) that will require utilities to reduce their carbon emissions, primarily through energy efficiency. However, several members of Congress are trying to cut back on GHG regulations arguing that these regulations are job killers. Come to the Michigan Energy Forum on September 8th to learn about the latest regulatory developments, what they have meant from green jobs in Michigan, and what the future might hold.
Progress Energy reported 2005 ongoing earnings per share of $3.33, exceeding guidance. Fourth quarter ongoing earnings were $0.71 per share. Key highlights included resolving an IRS issue regarding synthetic fuel tax credits and providing 2006 ongoing earnings guidance of $3.15 to $3.35 per share. Both regulated utility segments benefited from higher margins though also incurred higher operating costs. Progress Ventures saw lower commercial operations margins.
This document provides an overview of Valero Energy Corporation and their Bill Greehey Refinery in Corpus Christi, Texas. It discusses Valero's energy initiatives including their Corporate Energy Stewardship Program implemented at the Bill Greehey Refinery in 2009. The program involves setting dynamic energy targets, building energy models, forming an energy team to implement projects from an energy gap review, and constructing energy dashboards to monitor performance. To date, the program has exceeded initial savings estimates and provided high returns on investment.
Hera Group quarterly report as at 31 march 2011Hera Group
The quarterly report summarizes Hera Group's financial performance for the first quarter of 2011. Some key points:
- Revenue and profits grew compared to the same period last year, with EBITDA increasing by €39 million.
- Expansion strategies in deregulated markets supported growth in electricity and gas customers.
- Results were also boosted by concessions in areas like energy distribution, waste collection, and water supply.
- The company continues its strategy of pursuing both internal and external growth opportunities.
- Equatorial reported operating and financial results for 1Q13, with consolidated net operating revenues reaching R$1,065.9 million, almost double the amount from 1Q12. EBITDA totaled R$59.8 million, a 52.2% decrease compared to 1Q12. The net result was a loss of R$24.6 million.
- CEMAR's energy sales increased 10.6% in 1Q13 compared to 1Q12. CELPA saw energy demand growth of 3.9% in the quarter. Both companies reported improvements in energy loss and service quality indexes.
- On April 19, 2013, CELPA's shareholders approved a
Progress Energy reported first quarter 2005 results, with ongoing earnings of $0.52 per share and GAAP earnings of $0.38 per share. Core ongoing earnings, which exclude synthetic fuels, were $0.53 per share, up from $0.45 per share in the prior year. Approximately 1,450 employees elected to retire under a voluntary enhanced retirement program. Progress Energy reaffirmed its 2005 ongoing earnings guidance of $2.90 to $3.20 per share.
SCE provided a business update and capital expenditure forecast for 2018-2020:
- SCE is forecasting $13.7 billion in capital expenditures over the period driven by infrastructure investment, grid modernization, and transportation electrification.
- Rate base is forecasted to grow at an average annual rate of 9.8% through 2020 to $33.3 billion, supporting continued core earnings growth.
- Key drivers of investment include safety, reliability, achieving California's climate goals, and supporting the expansion of electric vehicles and other clean technologies.
The document provides an overview and summary of key elements of Assembly Bill 649 and Senate Bill 450, which address clean energy and climate change issues in Wisconsin. The summary includes goals to reduce greenhouse gas emissions and increase renewable energy and energy efficiency. It also describes programs for energy efficiency, renewable portfolio standards, renewable tariffs, and considerations for new nuclear power plants. Additional sections cover transportation initiatives, energy efficient buildings and equipment, roles for state and local government, bioenergy, industrial efficiency incentives, and coordinating climate change programs.
The document discusses the key principles of multi-year tariff (MYT) framework for electricity regulation in India. Some key points:
- MYT aims to incentivize efficiency, reduce regulatory uncertainty, assist utilities in planning, and introduce efficient tariff design.
- It determines the regulatory framework for a period of time including principles for regulating returns, costs, and ongoing regulation.
- The framework separates controllable and uncontrollable costs and treats them differently. Uncontrollable costs like fuel costs are passed through while utilities share gains/losses from controllable costs.
- Utilities file multi-year applications covering ARR, revenue, capital plans and performance targets for a control period of typically 5
New rules for hydraulic fracturing from the Maryland Dept. of Environment. The rules are supposedly the strictest in the nation. A quick review shows that with features like a 2,000 foot setback from private water wells, there will be very little, if any, fracking in Maryland.
SCE provides electricity to 15 million customers across 50,000 square miles in central and southern California. SCE is forecasting average annual rate base growth of 9.7% through 2020, driven by safety, reliability, and California's clean energy goals. Key drivers of growth include grid modernization, energy storage, and expanding electric vehicle charging infrastructure. SCE operates under a decoupled regulatory framework with balancing accounts that promote energy conservation and revenue stability.
- The document presents operating and financial results for 4Q09. Highlights include an 8.5% increase in total energy volume for CEMAR and Light, and a 3.7 percentage point reduction in CEMAR's energy losses.
- Financial highlights show a 7.6% increase in net operating revenues and a 9.3% increase in adjusted EBITDA compared to 4Q08. Adjusted net income decreased 7.8% year-over-year.
- Recent events discussed include CEMAR and Light's adherence to the REFIS tax recovery program and investments made in 4Q09, which were down 16.6% year-over-year.
Sprawdziliśmy, jak pracownicy oceniają pracodawców!
Przeanalizowaliśmy 31 624 oceny, które 9 180 użytkowników GoldenLine wystawiło swoim obecnym i byłym pracodawcom w 2013 roku. Co cenią najbardziej? Na co narzekają najczęściej? Jaką ogólną ocenę wystawiają swoim obecnym i byłym pracodawcom?
Nie jesteśmy stworzeni do tego, aby osiem godzin dziennie siedzieć przed ekranem. Jeśli nasz organizm ma sprawnie funkcjonować, potrzebujemy ruchu. Z powodu jednostronnego obciążenia, nasze mięśnie utrzymywane są przez długi czas w stanie podwyższonego napięcia. Prowadzi to do skurczów, bólów i stresu. Badania potwierdzają również zwiększenie wydajności pracowników pracujących w biurach wyposażonych w tzw. standing workspace. Przyjrzyjmy się danym na infografice i spróbujmy wyciągnąć wnioski dobre dla naszego zdrowia.
Jak poprawić wydajność pracy w ciągu dnia? Wystarczy 15-minutowa drzemka, która doda nam więcej energii niż kolejna porcja kawy lub energy drinka. Czy to możliwe? Więcej na: http://kariera.goldenline.pl/jak-poprawic-wydajnosc-w-pracy-infografika/
Trzeba przyznać świętemu Mikołajowi, że dobrze zarządza swoim świątecznym biznesem. Prezenty dowozi na czas, spełnia marzenia dzieci i dorosłych, ze wszystkim zdąża na czas. Od Mikołaja można nauczyć się wiele, szczególnie jeśli chce się być dobrym menadżerem.
Znawcy tematu twierdzą, że na poszukiwanie pracy należy poświęć taką samą ilość czasu, jak na normalną pracę. Zebralismy więc kilka ciekawostek by sprawdzić jak Polacy szukają pracy.
Wizerunek stanowi bardzo istotny element pracy rekrutera. Specjalista HR reprezentuje przed kandydatami nie tylko siebie, ale przede wszystkim pracodawcę. Aby uniknąć negatywnych konsekwencji, należy świadomie i konsekwentnie budować markę osobistą.
The document is AEP's 3rd Quarter 2022 Earnings Release Presentation. Some key details from the summary:
- AEP reported operating earnings of $1.62 per share or $831 million for 3Q 2022.
- For the year-to-date period ending September 2022, AEP reported operating earnings of $4.04 per share or $2.07 billion.
- AEP narrowed its 2022 operating earnings guidance range to $4.97-$5.07 per share and introduced 2023 operating earnings guidance of $5.19-$5.39 per share.
- AEP is executing a $40 billion capital investment plan between 2023-20
The document summarizes Integrys Energy Group's fourth quarter 2008 earnings conference call. Key points included a successful merger integration with Peoples Energy, placing the Weston 4 power plant into service, completing four rate cases with interim rates approved for a fifth, and initiatives for 2009 including divesting the nonregulated energy services business and reducing capital expenditures and pay increases. Financial results for the fourth quarter of 2008 were discussed along with liquidity, credit ratings impacts, capital investment plans, and regulatory updates.
The earnings PowerPoint slide deck used during an earnings call for NFG to highlight their fourth quarter and full year performance. NFG includes Seneca Resources (drilling subsidiary) and Empire Pipeline (midstream subsidiary).
Slides used during the Feb 13, 2015 analyst call for DTE Energy. Of interest to us is the discussion surrounding the Marcellus/Utica Shale and the big role it plays in the company's future. DTE projects impacted by northeast shale include the Millennium Pipeline, Bluestone Gathering System, NEXUS Pipeline and Vector Pipeline.
The document discusses National Fuel Gas Company's assets and operations across its Exploration & Production, Midstream, and Downstream segments. It highlights the company's:
- 2.3 Tcfe of proved reserves and 785,000 net acres in the Marcellus Shale
- $267 million in annual adjusted EBITDA across its balanced portfolio
- Strong balance sheet and $1.36 billion in liquidity as of June 30, 2016
- Opportunities for significant growth through its Appalachian acreage position and coordinated infrastructure build-out
Energy Alert - New Pennsylvania Natural Gas Operations Air Permitting Program...CohenGrigsby
As we previously reported, Governor Tom Wolf and the Pennsylvania Department of Environmental Protection (“PADEP”) formally announced a new methane reduction strategy. The 2016 strategy announcement came to fruition on June 8, 2018, when PADEP released its first general plan approval and/or general operating permit No. 5a for unconventional natural gas well site operations and remote pigging stations (“GP-5a permit”); a revised general plan approval and/or general operating permit No. 5 for natural gas compressor stations, processing plants, and transmission stations (“GP-5 permit”); and a revised Exemption 38 technical guidance document indicating which oil and gas production facilities are exempt or conditionally exempt from the general permitting process. The new permitting package takes effect on August 8, 2018.
Hera Group quarterly report as at 31 march 2011Hera Group
The quarterly report summarizes Hera Group's financial performance for the first quarter of 2011. Some key points:
- Revenue and profits grew compared to the same period last year, with EBITDA increasing by €39 million.
- Expansion strategies in deregulated markets supported growth in electricity and gas customers.
- Results were also boosted by concessions in areas like energy distribution, waste collection, and water supply.
- The company continues its strategy of pursuing both internal and external growth opportunities.
- Equatorial reported operating and financial results for 1Q13, with consolidated net operating revenues reaching R$1,065.9 million, almost double the amount from 1Q12. EBITDA totaled R$59.8 million, a 52.2% decrease compared to 1Q12. The net result was a loss of R$24.6 million.
- CEMAR's energy sales increased 10.6% in 1Q13 compared to 1Q12. CELPA saw energy demand growth of 3.9% in the quarter. Both companies reported improvements in energy loss and service quality indexes.
- On April 19, 2013, CELPA's shareholders approved a
Progress Energy reported first quarter 2005 results, with ongoing earnings of $0.52 per share and GAAP earnings of $0.38 per share. Core ongoing earnings, which exclude synthetic fuels, were $0.53 per share, up from $0.45 per share in the prior year. Approximately 1,450 employees elected to retire under a voluntary enhanced retirement program. Progress Energy reaffirmed its 2005 ongoing earnings guidance of $2.90 to $3.20 per share.
SCE provided a business update and capital expenditure forecast for 2018-2020:
- SCE is forecasting $13.7 billion in capital expenditures over the period driven by infrastructure investment, grid modernization, and transportation electrification.
- Rate base is forecasted to grow at an average annual rate of 9.8% through 2020 to $33.3 billion, supporting continued core earnings growth.
- Key drivers of investment include safety, reliability, achieving California's climate goals, and supporting the expansion of electric vehicles and other clean technologies.
The document provides an overview and summary of key elements of Assembly Bill 649 and Senate Bill 450, which address clean energy and climate change issues in Wisconsin. The summary includes goals to reduce greenhouse gas emissions and increase renewable energy and energy efficiency. It also describes programs for energy efficiency, renewable portfolio standards, renewable tariffs, and considerations for new nuclear power plants. Additional sections cover transportation initiatives, energy efficient buildings and equipment, roles for state and local government, bioenergy, industrial efficiency incentives, and coordinating climate change programs.
The document discusses the key principles of multi-year tariff (MYT) framework for electricity regulation in India. Some key points:
- MYT aims to incentivize efficiency, reduce regulatory uncertainty, assist utilities in planning, and introduce efficient tariff design.
- It determines the regulatory framework for a period of time including principles for regulating returns, costs, and ongoing regulation.
- The framework separates controllable and uncontrollable costs and treats them differently. Uncontrollable costs like fuel costs are passed through while utilities share gains/losses from controllable costs.
- Utilities file multi-year applications covering ARR, revenue, capital plans and performance targets for a control period of typically 5
New rules for hydraulic fracturing from the Maryland Dept. of Environment. The rules are supposedly the strictest in the nation. A quick review shows that with features like a 2,000 foot setback from private water wells, there will be very little, if any, fracking in Maryland.
SCE provides electricity to 15 million customers across 50,000 square miles in central and southern California. SCE is forecasting average annual rate base growth of 9.7% through 2020, driven by safety, reliability, and California's clean energy goals. Key drivers of growth include grid modernization, energy storage, and expanding electric vehicle charging infrastructure. SCE operates under a decoupled regulatory framework with balancing accounts that promote energy conservation and revenue stability.
- The document presents operating and financial results for 4Q09. Highlights include an 8.5% increase in total energy volume for CEMAR and Light, and a 3.7 percentage point reduction in CEMAR's energy losses.
- Financial highlights show a 7.6% increase in net operating revenues and a 9.3% increase in adjusted EBITDA compared to 4Q08. Adjusted net income decreased 7.8% year-over-year.
- Recent events discussed include CEMAR and Light's adherence to the REFIS tax recovery program and investments made in 4Q09, which were down 16.6% year-over-year.
Sprawdziliśmy, jak pracownicy oceniają pracodawców!
Przeanalizowaliśmy 31 624 oceny, które 9 180 użytkowników GoldenLine wystawiło swoim obecnym i byłym pracodawcom w 2013 roku. Co cenią najbardziej? Na co narzekają najczęściej? Jaką ogólną ocenę wystawiają swoim obecnym i byłym pracodawcom?
Nie jesteśmy stworzeni do tego, aby osiem godzin dziennie siedzieć przed ekranem. Jeśli nasz organizm ma sprawnie funkcjonować, potrzebujemy ruchu. Z powodu jednostronnego obciążenia, nasze mięśnie utrzymywane są przez długi czas w stanie podwyższonego napięcia. Prowadzi to do skurczów, bólów i stresu. Badania potwierdzają również zwiększenie wydajności pracowników pracujących w biurach wyposażonych w tzw. standing workspace. Przyjrzyjmy się danym na infografice i spróbujmy wyciągnąć wnioski dobre dla naszego zdrowia.
Jak poprawić wydajność pracy w ciągu dnia? Wystarczy 15-minutowa drzemka, która doda nam więcej energii niż kolejna porcja kawy lub energy drinka. Czy to możliwe? Więcej na: http://kariera.goldenline.pl/jak-poprawic-wydajnosc-w-pracy-infografika/
Trzeba przyznać świętemu Mikołajowi, że dobrze zarządza swoim świątecznym biznesem. Prezenty dowozi na czas, spełnia marzenia dzieci i dorosłych, ze wszystkim zdąża na czas. Od Mikołaja można nauczyć się wiele, szczególnie jeśli chce się być dobrym menadżerem.
Znawcy tematu twierdzą, że na poszukiwanie pracy należy poświęć taką samą ilość czasu, jak na normalną pracę. Zebralismy więc kilka ciekawostek by sprawdzić jak Polacy szukają pracy.
Wizerunek stanowi bardzo istotny element pracy rekrutera. Specjalista HR reprezentuje przed kandydatami nie tylko siebie, ale przede wszystkim pracodawcę. Aby uniknąć negatywnych konsekwencji, należy świadomie i konsekwentnie budować markę osobistą.
The document is AEP's 3rd Quarter 2022 Earnings Release Presentation. Some key details from the summary:
- AEP reported operating earnings of $1.62 per share or $831 million for 3Q 2022.
- For the year-to-date period ending September 2022, AEP reported operating earnings of $4.04 per share or $2.07 billion.
- AEP narrowed its 2022 operating earnings guidance range to $4.97-$5.07 per share and introduced 2023 operating earnings guidance of $5.19-$5.39 per share.
- AEP is executing a $40 billion capital investment plan between 2023-20
The document summarizes Integrys Energy Group's fourth quarter 2008 earnings conference call. Key points included a successful merger integration with Peoples Energy, placing the Weston 4 power plant into service, completing four rate cases with interim rates approved for a fifth, and initiatives for 2009 including divesting the nonregulated energy services business and reducing capital expenditures and pay increases. Financial results for the fourth quarter of 2008 were discussed along with liquidity, credit ratings impacts, capital investment plans, and regulatory updates.
The earnings PowerPoint slide deck used during an earnings call for NFG to highlight their fourth quarter and full year performance. NFG includes Seneca Resources (drilling subsidiary) and Empire Pipeline (midstream subsidiary).
Slides used during the Feb 13, 2015 analyst call for DTE Energy. Of interest to us is the discussion surrounding the Marcellus/Utica Shale and the big role it plays in the company's future. DTE projects impacted by northeast shale include the Millennium Pipeline, Bluestone Gathering System, NEXUS Pipeline and Vector Pipeline.
The document discusses National Fuel Gas Company's assets and operations across its Exploration & Production, Midstream, and Downstream segments. It highlights the company's:
- 2.3 Tcfe of proved reserves and 785,000 net acres in the Marcellus Shale
- $267 million in annual adjusted EBITDA across its balanced portfolio
- Strong balance sheet and $1.36 billion in liquidity as of June 30, 2016
- Opportunities for significant growth through its Appalachian acreage position and coordinated infrastructure build-out
Energy Alert - New Pennsylvania Natural Gas Operations Air Permitting Program...CohenGrigsby
As we previously reported, Governor Tom Wolf and the Pennsylvania Department of Environmental Protection (“PADEP”) formally announced a new methane reduction strategy. The 2016 strategy announcement came to fruition on June 8, 2018, when PADEP released its first general plan approval and/or general operating permit No. 5a for unconventional natural gas well site operations and remote pigging stations (“GP-5a permit”); a revised general plan approval and/or general operating permit No. 5 for natural gas compressor stations, processing plants, and transmission stations (“GP-5 permit”); and a revised Exemption 38 technical guidance document indicating which oil and gas production facilities are exempt or conditionally exempt from the general permitting process. The new permitting package takes effect on August 8, 2018.
- Teck Resources reported its second quarter 2016 results, with revenues of $1.7 billion and EBITDA of $468 million. Profit attributable to shareholders was $15 million.
- The company continued to focus on cost management, lowering cost guidance for coal and copper. Production guidance was increased for coal, copper, and zinc.
- In coal, total cash unit costs decreased by $15 per tonne from Q2 2015. Copper C1 unit costs decreased by $0.15 per pound and total cash costs decreased by $0.21 per pound.
- The company maintained material movement in coal relative to production levels and lowered capitalized stripping costs due to cost reduction programs.
Teena/Reward Zinc Project
- Teck has acquired a 49% interest in the Teena/Reward zinc project in Australia, which contains significant drill-indicated zinc and lead mineralization based on recent drilling results.
- Drilling results show multiple mineralized zones across the project area with thicknesses of up to 38.8 meters and zinc and lead grades up to 14.7% and 2.3% respectively.
- The acquisition is subject to customary closing conditions and regulatory approvals but has the potential to provide Teck with access to new zinc resources.
constellation energy Q1 2006 Earnings Presentationfinance12
- Constellation Energy reported adjusted earnings per share of $0.68 for Q1 2006, above the guidance range of $0.46-$0.61 excluding synfuel earnings.
- Key drivers included stronger than expected performance from the Commodities Group and completion of planned nuclear refueling outages.
- The company reiterated its 2006 adjusted EPS guidance range of $3.65-$3.95 excluding synfuel earnings, and provided an outlook for 13-17% annual EPS growth through 2008.
- Political uncertainty in Maryland related to BGE's rate freeze expiration and the proposed merger with FPL Group increased during the quarter.
The document provides a business update for SCE in March 2019. It discusses SCE's long-term growth drivers such as infrastructure investment, grid modernization, transmission needs, energy storage investments, transportation electrification, and wildfire prevention and mitigation efforts. SCE expects to spend approximately $350 million on wildfire prevention and mitigation capital in 2019 to help address the increasing wildfire risk in its service territory. The regulatory framework for SCE includes decoupling of revenues from electricity sales and major balancing accounts which help stabilize revenues.
- The document provides an update on business performance and outlook for Edison International and its subsidiary Southern California Edison.
- It discusses SCE's historical and projected rate base growth of 7-8% annually through 2023, which is expected to drive long-term earnings growth.
- Key drivers of rate base growth include infrastructure replacement, grid modernization, transportation electrification, energy storage, transmission investments, and wildfire prevention and mitigation activities.
- Teck Resources reported solid first quarter 2019 results with revenue of $3.1 billion, in line with Q1 2018. Gross profit was $1 billion and EBITDA was $1.4 billion.
- The company closed a $1.2 billion partnership transaction with Sumitomo Metal Mining Co. and Sumitomo Corporation for their stake in the Quebrada Blanca Phase 2 copper project.
- Production guidance for 2019 remained unchanged for steelmaking coal, copper, zinc, and bitumen. The company has a strong financial position with $8.7 billion in liquidity and an investment grade credit rating.
This document provides an overview of JP Morgan's Energy Oklahoma City SCOOP/STACK & Houston Bus Tour on May 17, 2016. It includes forward-looking statements about future financial and operating results with various risk factors that could impact projections. It also contains non-GAAP financial measures and definitions. The presentation shows stable financial results for ENLK in Q1 2016 with adjusted EBITDA of $195 million, distribution coverage of 1.09x, and leverage of 3.8x debt to EBITDA. It highlights EnLink's premier positions in top U.S. oil and gas basins as well as its focus on execution and stability.
The document is the transcript from Integrys Energy Group's Third Quarter 2008 Earnings Conference Call on November 6, 2008. In the call, Integrys Energy Group discusses their third quarter 2008 financial results, revised guidance for 2008, liquidity and financing plans, and capital investment plans. Key highlights included a net loss for the quarter driven by large non-cash mark-to-market losses at Integrys Energy Services, revised 2008 EPS guidance lowered due to higher costs and losses, and planned capital expenditures of $1.7 billion through 2010 focused on utility infrastructure investments.
The document provides an update on business activities as of July 26, 2019. It discusses SCE's regulated business model including rate base growth drivers such as infrastructure replacement, grid modernization, and wildfire prevention. SCE's earnings are expected to track its increasing rate base over the long term. The regulatory framework includes decoupling revenues from sales and balancing accounts to provide stability. Forward-looking statements are subject to risks and uncertainties from factors such as regulatory proceedings and natural disasters.
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Presentation and Complete Earnings Exhibits
1. PG&E Corporation
Third Quarter Earnings Call
October 30, 2013
This presentation is not complete without the accompanying statements made by management during the webcast conference
call held on October 30, 2013.
This presentation, including Appendices, and the accompanying press release were attached to PG&E Corporation’s Current
Report on Form 8-K that was furnished to the Securities and Exchange Commission on October 30, 2013 and, along with the
replay of the conference call, is also available on PG&E Corporation’s website at www.pge-corp.com.
2. Safe Harbor Statements
Management’s statements regarding guidance for PG&E Corporation’s future financial results and earnings from operations per common share, general earnings
sensitivities, and the underlying assumptions about the future levels of capital expenditures, rate base, costs, and equity issuances, constitute forward-looking
statements that are necessarily subject to various risks and uncertainties. These statements reflect management’s judgment and opinions which are based on current
expectations and various forecasts, estimates, and projections, the realization or resolution of which may be outside of management’s control. PG&E Corporation and
Pacific Gas and Electric Company (“Utility”) are not able to predict all the factors that may affect future results. Some of the factors that could cause actual results to
differ materially include:
•
•
•
•
•
•
•
•
•
•
•
•
the outcome of the CPUC’s pending investigations related to the Utility’s natural gas operating practices and the San Bruno accident, including the ultimate amount of fines
payable to the State General Fund and the extent to which the Utility’s past and future unrecovered and unrecoverable costs to perform work associated with its natural gas
system are considered in reaching the final outcome;
the outcome of the pending criminal investigation related to the San Bruno accident, including the amount of any fines the Utility may be required to pay and the impact of
remedial measures the Utility may be required to implement, such as the appointment of an independent monitor;
whether PG&E Corporation and the Utility are able to repair the reputational harm that they have suffered, and may suffer in the future, due to the negative publicity
surrounding the San Bruno accident, the related civil litigation, and the investigations, including any charge or finding of criminal liability;
the timing and amount of insurance recoveries related to third-party liability incurred in connection with the San Bruno accident;
the outcomes of regulatory and ratemaking proceedings, such as the 2014 General Rate Case, the CPUC’s compliance audits of the Utility’s annual electricity procurement
costs, the 2015 Gas Transmission & Storage rate case, and the Transmission Owner rate cases pending at the FERC;
the ultimate amount of costs the Utility incurs in the future that are not recovered through rates, including costs to perform incremental work to improve the safety and
reliability of electric and natural gas operations;
the amount and timing of additional common stock issuances by PG&E Corporation the proceeds of which are contributed as equity to maintain the Utility’s authorized capital
structure as it incurs charges and costs, including costs and fines associated with natural gas matters, that are not recoverable through rates or insurance; and changes in the
availability and cost of borrowing and debt financing especially if PG&E Corporation’s or the Utility’s credit ratings are downgraded;
the impact of environmental laws, regulations, and orders and the Utility’s ability to recover associated compliance costs, including the costs to comply with cap-and-trade
regulations and the costs of renewable energy procurement;
the extent to which the Utility is able to recover environmental remediation costs in rates or from other sources; and the ultimate amount of environmental remediation costs
the Utility incurs but does not recover, such as the remediation costs associated with the Utility’s natural gas compressor station site located near Hinkley, California;
the impact of new legislation, regulations, recommendations, policies, decisions, or orders relating to the operations, seismic design, security, safety, re-licensing, or
decommissioning of nuclear generation facilities; the storage of spent nuclear fuel; or cooling water intake;
the occurrence of events, including cyber-attacks, that can cause unplanned outages, reduce generating output, disrupt the Utility’s service to customers, or damage or disrupt
the facilities, operations, or information technology and systems owned by the Utility, its customers, or third parties on which the Utility relies; and whether the occurrence of
such events subjects the Utility to third-party liability, or result in the imposition of civil, criminal, or regulatory penalties; and
the other factors and risks discussed in PG&E Corporation’s and the Utility’s 2012 Annual Report on Form 10-K and other reports filed with the Securities and Exchange
Commission.
2
3. Key Focus Areas
Position company
for success
Resolve gas issues
•
•
Execute critical gas
work
Complete regulatory
and legal proceedings
as soon as possible
•
•
Rigorous multi-year
planning
Drive continuous
improvement
Partner effectively
•
•
Strengthen local
presence
Engage in public
policy
development
3
4. Operational Update
Executing
on Operations
PSEP
Update
Gas Progress (YTD)
• Tested, or validated through records, 159 miles of pipe
• Replaced 37 miles of pipe
• Installed 39 automatic or remote shutoff valves
• Completed ~5,800 miles of Centerline survey
• MAOP validation completed; work reprioritized
• PSEP update filed October 29
• ~90 miles removed from pipeline replacement
• ~50 miles added to pipeline replacement
• Updated portfolio includes short, high-cost segments
• Total costs not substantially changed
• Authorized revenues significantly lower per PSEP decision
• Q3 charge for disallowed capital: $196 million
4
5. Regulatory Update
• General Rate Case – Awaiting proposed decision
(scheduled November 19)
Regulatory
Update
• TO 14 – Reached settlement in principle
• TO 15 – Rates in effect October 1, subject to refund
• Gas investigations – Record closed October 15, awaiting decision
• Gas Transmission rate case – Filing by year end
5
6. Q3 2013: Earnings Results
Earnings
(millions)
Earnings from Operations
$
EPS
395
$
0.88
Items Impacting Comparability
Natural Gas Matters
(233)
Environmental-Related Costs
Earnings on a GAAP Basis
(0.52)
(1)
$
0.00
161
$
0.36
Natural Gas Matters
(millions, pre-tax)
Q3
Pipeline-related expenses
$
Disallowed capital
(196)
Accrued fines
-
Third-party liability claims
(110)
Insurance recoveries
Total
See Exhibit A for additional detail.
(113)
25
$
(394)
6
7. Q3 2013: Q over Q Comparison
EPS from Operations
(1)
(1)
Other reflects financing and depreciation costs for capital spending in excess of authorized levels, higher below-the-line costs, and miscellaneous
other items. See Exhibit B for additional detail.
EPS from Operations is not calculated in accordance with GAAP and excludes items impacting comparability. See Exhibit A for a reconciliation of EPS from
Operations to EPS on a GAAP basis.
7
8. 2013 EPS Guidance
Low
$
2.55
EPS from Operations
High
$
2.75
Estimated Items Impacting Comparability
Natural Gas Matters
Environmental-Related Costs
(0.91)
(0.04)
Estimated EPS on a GAAP Basis
$
Natural Gas Matters
(millions, pre-tax)
(0.78)
(0.01)
1.60
$
(1)
Low guidance range
High guidance range
Pipeline-related expenses
Disallowed capital
Accrued fines
Third-party liability claims
Insurance recoveries
$
(450) $
(196)
(110)
70
(350)
(196)
(110)
70
Total
(1)
1.96
$
(686) $
(586)
The guidance range for 2013 does not include future insurance recoveries or potential penalties (other than those already accrued) or any potential punitive
damages.
See the Safe Harbor Statements for factors that could cause actual results to differ materially from the guidance presented and underlying assumptions. See
Exhibit E for additional detail.
8
12. Updates to Appendix 1 Since the Previous Quarter
Slide 13
Gas Regulatory Proceedings Schedule
Slide 14
Gas Pipeline Safety Costs
Slide 15
CPSD Recommended Penalty – Total Shareholder Impact
Slide 18
2013 Natural Gas Matters
Remaining slides in Appendix 1 are excerpted from Q4 2012 Earnings Package, Feb 21, 2013.
12
13. Gas Regulatory Proceedings Schedule
Gas Pipeline
Safety OIR
R. 11-02-019
7/30: PSEP quarterly
compliance filing
10/29: PSEP Update
application
10/29: PSEP quarterly
compliance filing
8/19: Commission launches
Orders to Show Cause
10/1: Parties’ responses to
recommendations
on errata filing
9/6: Hearings
Orders to
Show Cause
8/30: PG&E verified statement on
gas pipeline error discovery
and subsequent actions
Recordkeeping OII
I. 11-02-016
Class Location OII
I. 11-11-009
Gas Pipeline OII
I. 12-01-007
9/26: Parties’ recommendations
on errata filing
7/30: ALJ ruling seeking comment
on fines and disallowances
8/21: PG&E reply to
first set of ALJs’
financial questions
8/1: PG&E motion to
reopen record
denied
8/28: Parties’ rebuttal briefs
9/20: Parties’ comments on second set
of ALJs’ financial questions
10/15: Parties’ reply comments
on ALJs’ financial questions
13
14. Gas Pipeline Safety Costs
Changes from prior quarter are noted in blue.
Shareholder Funded Gas Transmission Safety-Related Costs (Update)
($ millions)
2010-2012
2013 and Beyond
Estimated Forecast
Total
Pipeline Safety Enhancement Plan (PSEP)
PSEP Expense
599.5
~300
PSEP Capital
41.1
~510
Total PSEP
640.6
~810
$1,450.6
Gas Accord V*
264.2
~700
$964.2
Total Shareholder Funded (PSEP and Gas Accord V)
$2,414.8
* Expens es i n exces s of a mounts a uthori zed i n 2011-2014 Ga s Tra ns mi s s i on & Stora ge Ra te Ca s e ("Ga s Accord V")
PSEP Costs: Customer Recovery
($ millions)
Previously Authorized (Dec. 2012)
Expense
Updated for 10/29 Filing (Oct. 2013)
Capital
Expense
Capital
2011
0
47.2
2011
0
42.0
2012
2.6
260.3
2012
2.6
194.0
2013
73.3
348.2
2013
69.7
354.1
2014
89.2
348.0
2014
61.4
176.1
Total
$165.0
$1,003.8
Total
$133.7
$766.2
$1,168.8
$899.9
14
15. CPSD Recommended Penalty – Total Shareholder Impact
Changes from prior quarter are noted in blue.
($ millions)
Gas Pipeline Safety Costs Incurred or Committed (1)
2,415
Safety Division Recommendation - Fine
Safety Division Recommendation - Additional Shareholder Costs(2)
Total Shareholder Impact
(1)
(2)
300
1,515
$
4,230
Actual and forecast costs borne by shareholders for gas pipeline safety work, 2010 and beyond. See slide 14 for additional detail.
The CPSD penalty recommendation proposes a $300 million fine and recognizes only $435 million of shareholder-funded PSEP spending. The CPSD equates its
recommendation to a total of $2.25 billion, which would require $1.515 billion in incremental shareholder-funded gas safety work.
15
16. Assumptions for 2013 Guidance
Capital Expenditures Forecast
Authorized Rate Base (weighted average)
($ millions)
($ billions)
2013
1,850
850
350
800
800
Electric Distribution
Electric Transmission
Gas Transmission
Gas Distribution
Generation
Separately Funded
PSEP
450
Total CapEx
~5,100
Electric Distribution
Electric Transmission*
Gas Transmission
Gas Distribution
Generation
Separately Funded
PSEP
Total Rate Base
2013
11.9
4.5
1.8
3.0
4.5
0.3
~26.0
*Electric Transmission rate base reflects full TO14 request
Cost of Capital
Authorized ROE:
10.4% CPUC
9.1% FERC
Equity Ratio:
52%
EPS Factors
- Incremental O&M spending ($250 M)
- Financing and depreciation costs for incremental capex (~$1B)
- CWIP earnings 100% offset
- Lower gas storage revenues
+ Energy efficiency incentive revenues
Excerpt from Q4 2012 Earnings Package, Feb 21, 2013
16
17. Earnings from Ops Comparison
2012 EPS from Operations
2013 EPS from Operations
$3.22
+
ROE reductions
Higher shares
CWIP earnings 100% offset by below-the-line costs
Capital expenditures exceeding authorized
Rate base growth
$2.55 - 2.75
Earnings from Operations is not calculated in accordance with GAAP and excludes items impacting comparability.
Excerpt from Q4 2012 Earnings Package, Feb 21, 2013
17
18. 2013 Natural Gas Matters
Changes from prior quarter are noted in blue.
($ millions)
2013
Unrecovered PSEP Expenses
125 - 175
Emerging Work
150 - 200
Rights of Way Encroachment
Integrity Management and Other Work
Legal and Other
Pipeline Related Expenses
Disallowed Capital
50 - 75
350* - 450
196
* Total does not equal the sum of the components
Penalties
Third-Party Liability Claims
Insurance Recoveries
Timing and magnitude depend on
outcome of investigations
110
Follows third-party liability claims
18
19. 2013 Equity Issuance
2013(1)
2012
$1B - 1.2B
+ Lower earnings from operations
+ Higher capital expenditures
~$775M
(1)
+ Q4 2012 PSEP capital charge
The guidance range for 2013 does not include potential penalties (other than those already accrued).
See the Safe Harbor Statements for factors that could cause actual results to differ materially from the guidance presented and underlying
assumptions.
Excerpt from Q4 2012 Earnings Package, Feb 21, 2013
19
20. Looking Ahead: Capital Expenditures
Capital Expenditures 2014 - 2016
$4.5B - 6B
$4.5B - 6B
2015
2016*
$4.5B - 5.5B
2014
The high end of the range reflects capex at GRC request levels, including attrition amounts for 2015 and 2016,
and current views of other future gas and electric proceedings.
The low end reflects capex consistent with 2013 spending levels, adjusted for completion of the Cornerstone
and Utility-owned Solar PV programs.
*Excludes Oakley Plant
Excerpt from Q4 2012 Earnings Package, Feb 21, 2013
20
21. Looking Ahead: Rate Base Growth
Rate Base Growth 2014 - 2016
$32B - 35B
$28.5B - 29B
CAGR*: 6 – 10%
2014
2016*
The high end of the range reflects capex at GRC request levels, including attrition amounts for 2015 and 2016,
and current views of other future gas and electric proceedings.
The low end reflects capex consistent with 2013 spending levels, adjusted for completion of the Cornerstone
and Utility-owned Solar PV programs.
*Excludes Oakley Plant
Excerpt from Q4 2012 Earnings Package, Feb 21, 2013
21
22. Looking Ahead: Natural Gas Matters
Pipeline Related Costs
PSEP Costs
2014
Unrecovered costs continue
2015
Future pipeline safety work incorporated in next Gas Transmission rate case request
Emerging Work
Right of Way Encroachment
Integrity Management
Legal and Other
2013-2017
Roughly $500 million of unrecovered costs
2014
Unrecovered costs continue
2015
Incorporated in next Gas Transmission rate case request
2014
Significant decrease
Excerpt from Q4 2012 Earnings Package, Feb 21, 2013
22
24. Exhibit A: Reconciliation of PG&E Corporation Earnings from Operations to Consolidated Income
Available for Common Shareholders in Accordance with Generally Accepted Accounting Principles
(“GAAP”)
Third Quarter, 2013 vs. 2012
(in millions, except per share amounts)
Three Months Ended September 30,
Earnings per
Common Share
Earnings
(Diluted)
2013
PG&E Corporation Earnings from
Operations (1)
Items Impacting Comparability:
2012
2013
2012
$ 395
$ 399
$ 0.88
(233)
(1)
(24)
(14)
$ 161
$ 361
Nine Months Ended September 30,
Earnings per
Common Share
Earnings
(Diluted)
2013
2012
2013
2012
$ 0.93
$ 1,019
$ 1,114
$ 2.31
$ 2.63
(0.52)
(0.00)
(0.06)
(0.03)
(287)
(4)
(229)
(56)
(0.65)
(0.01)
(0.54)
(0.13)
$ 0.36
$ 0.84
$ 728
$ 829
$ 1.65
$ 1.96
(2)
Natural gas matters (3)
(4)
Environmental-related costs
PG&E Corporation Earnings on
a GAAP basis
(1) “Earnings from operations” is not calculated in accordance with GAAP and excludes items impacting comparability as described in Note (2) below.
(2) Items impacting comparability reconcile earnings from operations with Consolidated Income Available for Common Shareholders as reported in accordance
with GAAP.
(3) The Utility incurred net costs of $394 million and $485 million, pre-tax, during the three and nine months ended September 30, 2013, respectively, in
connection with natural gas matters. These amounts included pipeline-related expenses to validate safe operating pressures and perform other activities
associated with the Utility’s pipeline safety enhancement plan (“PSEP”) that were disallowed by the CPUC, costs related to the Utility’s multi-year effort to
identify and remove encroachments from transmission pipeline rights-of-way and other gas-related work, and legal and other expenses. A charge was also
recorded for disallowed PSEP capital expenditures, reflecting forecasted capital expenditures through 2014 that are expected to exceed the amount to be
recovered. Costs incurred also included an increase in the accrual for third-party claims related to the San Bruno accident. These costs were partially offset by
insurance recoveries. There were no additional charges incurred during these periods related to fines.
(pre-tax)
Pipeline-related expenses
Disallowed capital
Accrued fines
Third-party liability claims
Insurance recoveries
Natural gas matters
Three Months Ended
September 30, 2013
$ (113)
(196)
(110)
25
$ (394)
Nine Months Ended
September 30, 2013
$ (249)
(196)
-(110)
70
$ (485)
(4) The Utility recorded charges of $2 million and $7 million, pre-tax, during the three and nine months ended September 30, 2013, respectively, for environmental
remediation costs associated with the Utility's natural gas compressor site located near Hinkley, California.
24
25. Exhibit B: Key Drivers of PG&E Corporation Earnings per Common Share (“EPS”) from Operations
Third Quarter, 2013 vs. 2012
($/Share, Diluted)
Third Quarter 2012 EPS from Operations (1)
$ 0.93
Growth in rate base earnings
0.05
Timing of incremental work
0.01
Miscellaneous
0.04
Reduction in authorized cost of capital
(0.09)
Impact of capital spending over authorized
(0.02)
Increase in shares outstanding
(0.04)
Third Quarter 2013 EPS from Operations (1)
$ 0.88
2012 YTD EPS from Operations (1)
$ 2.63
Growth in rate base earnings
0.15
Reduction in authorized cost of capital
(0.28)
Impact of capital spending over authorized
(0.03)
Gas transmission revenues
(0.02)
Timing of incremental work
(0.02)
Increase in shares outstanding
(0.11)
Miscellaneous
2013 YTD EPS from Operations
(0.01)
(1)
$ 2.31
(1) See Exhibit A for a reconciliation of EPS from Operations to EPS on a GAAP basis.
25
26. Exhibit C: Operational Performance Metrics
Third Quarter 2013 Performance
2013 Performance Results
Q3 YTD
Actual
EOY
Target
Meets YTD
Target (1)
Safety (includes both public and employee safety metrics)
Nuclear Operations Safety
Institute of Nuclear Power Operations (INPO) Performance
Gas Operations Safety
Leak Repair Performance
Gas Emergency Response
Electric Operations Safety
Transmission & Distribution Wires Down
911 Emergency Response
Employee Safety
Lost Workday Case Rate
Serious Preventable Motor Vehicle Incident Rate
Customer
Customer Satisfaction Score
Gas & Electric Dig-ins Reduction
Gas Asset Mapping Duration
Gas Pipeline Safety Work Index
System Average Interruption Duration Index (SAIDI)
Financial
Earnings from Operations
3rd Quartile
1st Quartile
-
2,978
21.87
1,000
22.00
11.4%
92.8%
3.0%
88.3%
0.281
0.318
0.240
0.280
-
75.4
4.34
86
0.39
85.73
75.2
3.89
90
1.00
121.6
$1,019
See note (2)
See note (2)
See following page for definitions of the operational performance metrics.
(1)
(2)
It is possible to meet EOY target while missing YTD target, as most metrics have YTD targets that vary from EOY targets.
The 2013 target for earnings from operations is not publicly reported but is consistent with the guidance range provided for 2013 EPS from operations of $2.55 to $2.75.
26
27. Definitions of 2013 Operational Performance Metrics from Exhibit C
The Operational Performance Metrics focus on three areas: safety (public and employee), customer service, and financial performance. The column titled “Meets
YTD Target” shows illustratively whether or not the metric has met the year-to-date target, which may be different from the EOY target.
Safety
Public and employee safety are measured in four areas: (1) Nuclear Operations Safety, (2) Gas Operations Safety, (3) Electric Operations Safety, and (4) Employee
Safety.
1.
2.
3.
4.
The safety of the Utility’s nuclear power operations is represented by 12 performance indicators for nuclear power generation reported to the Institute of Nuclear
Power Operations (“INPO”) and compared to industry benchmarks.
The safety of the Utility’s natural gas operations is represented by (a) the number of certain open leaks at year-end and (b) the timeliness (measured in minutes)
of on-site response to gas emergency service calls.
The safety of the Utility’s electric operations is represented by (a) the percentage improvement in the number of wire down events with resulting sustained
unplanned outages, and (b) the percentage of time that Utility personnel are on site within 60 minutes after receiving a 911 call of a potential PG&E electric
hazard.
The safety of the Utility’s employees is represented by (a) the number of lost workday cases incurred per 200,000 hours worked (or for approximately every 100
employees), and (b) the number of serious motor vehicle incidents that the driver could have reasonably avoided, per one million miles driven.
Customer
Customer satisfaction and service reliability are measured by:
1. The overall satisfaction (measured as a score of zero to 100) of customers with the products and services offered by the Utility, as measured through a quarterly
survey performed by an independent third-party research firm.
2. The number of third party “dig-ins” (i.e., damage resulting in repair or replacement of underground facility) to Utility gas and electric assets per 1,000
Underground Service Alert (USA) tickets.
3. The timeliness (measured in days) of gas asset information being entered into the Utility’s gas mapping system after a gas project is completed.
4. The efficient completion of certain committed work for gas operations-related programs. The index is comprised of five components related to the completion of
committed work and three components related to the cost of completing the work.
5. The total time (measured in minutes) the average customer is without electric power during a given time period.
Financial
Earnings from operations measures PG&E Corporation’s earnings power from ongoing core operations. It allows investors to compare the underlying financial
performance of the business from one period to another, exclusive of items that management believes do not reflect the normal course of operations (items impacting
comparability). The measurement is not in accordance with GAAP. For a reconciliation of earnings from operations to earnings in accordance with GAAP, see
Exhibit A.
27
28. Exhibit D: Pacific Gas and Electric Company Sales and Sources Summary
Third Quarter, 2013 vs. 2012
Sales from Energy Deliveries (in millions kWh)
Total Electric Customers at September 30
Total Gas Sales (in millions Mcf)
Total Gas Customers at September 30
Sources of Electric Energy (in millions kWh)
Total Utility Generation
Total Purchased Power
Total Electric Energy Delivered (1)
Diablo Canyon Performance
Overall Capacity Factor (including refuelings)
Refueling Outage Period
Refueling Outage Duration during the Period (days)
(1)
Three Months Ended September 30,
2013
2012
24,682
24,224
Nine Months Ended September 30,
2013
2012
65,684
65,218
5,252,000
5,223,000
220
213
675
4,379,000
668
4,355,000
8,381
15,460
24,682
8,425
13,720
24,224
23,377
39,133
65,684
23,464
36,539
65,218
98%
None
None
100%
None
None
90%
2/3/13-3/23/13
49.0
89%
4/22/12-6/17/12
55.5
Includes other sources of electric energy totaling 841 kWh and 2,079 kWh for the three months ended September 30, 2013 and 2012, respectively, and 3,174 kWh and
5,215 kWh for the nine months ended September 30, 2013 and 2012, respectively.
Please see the 2012 Annual Report on Form 10-K for additional information about operating statistics.
28
29. Exhibit E: PG&E Corporation EPS Guidance
2013 EPS Guidance
Estimated EPS on an Earnings from Operations Basis
Estimated Items Impacting Comparability: (1)
Natural Gas Matters (2)
Environmental-Related Costs (3)
Estimated EPS on a GAAP Basis
Low
$ 2.55
High
$ 2.75
(0.91)
(0.04)
$ 1.60
(0.78)
(0.01)
$ 1.96
(1) Items impacting comparability reconcile earnings from operations with Consolidated Income Available for Common Shareholders as reported in accordance
with GAAP.
(2) This range corresponds to the range of unrecovered costs associated with Natural gas matters, after-tax, of $407 million and $347 million.
The pre-tax range of costs for items in Natural gas matters is shown below.
2013
(in millions, pre-tax)
Pipeline-related expenses (a)
Disallowed capital (b)
Accrued fines (c)
Third-party liability claims (d)
Insurance recoveries (e)
Natural gas matters
Low EPS
guidance range
$ (450)
(196)
(110)
70
High EPS
guidance range
$ (350)
(196)
(110)
70
$ (686)
$ (586)
(a) The range of $350 million to $450 million reflects pipeline-related expenses that are not recoverable through rates, including costs to perform work
associated with the Utility’s PSEP, work related to the Utility’s multi-year effort to identify and remove encroachments from transmission pipeline rightsof-way, the integrity management of transmission pipelines and other gas-related work and legal and other expenses.
(b) The $196 million reflects capital expenditures that are not expected to be recovered through rates, including costs to perform pipeline replacement work
associated with the Utility’s PSEP.
(c) The ultimate amount of fines imposed on the Utility that is payable to the State General Fund could be materially higher than the $200 million previously
accrued. The guidance provided does not include any potential future fines (other than those already accrued).
(d) Based on the cumulative charges recorded through 2012 of $455 million, the Utility’s best estimate of probable loss for third-party claims related to the
San Bruno accident is $565 million. The guidance provided does not include potential losses for punitive damages, if any.
(e) Although the Utility believes that a significant portion of the costs it incurs for third-party claims and associated legal expenses will be recovered through
its insurance, the amount and timing of future recoveries is uncertain. The guidance provided includes only insurance recoveries deemed probable under
applicable accounting standards.
(3) This range corresponds to the environmental-related cost range of $7 million to $30 million, pre-tax, primarily reflecting additional potential costs for the
Utility’s whole house water replacement systems and other remedial measures associated with the Hinkley natural gas compressor site. The guidance provided
is based on the assumption that the final groundwater remediation plan is adopted as proposed
Actual financial results for 2013 may differ materially from the EPS guidance provided. For a discussion of the factors that may affect future results, see the Safe Harbor Statements. 29
30. Exhibit F: General Earnings Sensitivities
PG&E Corporation and Pacific Gas and Electric Company
Variable
Description of Change
Estimated 2013
Earnings Impact
Rate base
+/- $100 million change in allowed rate base
+/- $5 million
Return on equity (ROE)
+/- 0.1% change in allowed ROE
+/- $14 million
Share count
+/- 1% change in average shares
+/- $0.03 per share
Revenues
+/- $8 million change in at-risk revenue (pre-tax), including
Electric Transmission and California Gas Transmission
+/- $0.01 per share
These general earnings sensitivities on factors that may affect 2013 earnings are forward-looking statements that are based on various assumptions.
Actual results may differ materially. For a discussion of the factors that may affect future results, see the Safe Harbor Statements.
30
31. Exhibit G: Pacific Gas and Electric Company
Summary of Selected Regulatory Cases
Regulatory Case
Docket #
Key Dates
2014 General Rate Case
A.12-11-009
Nov 15, 2012 – Application filed (Phase I)
Apr 18, 2013 – Phase II filed
May 3, 2013 – DRA testimony
May 17, 2013 – Intervenor testimony and Safety and Enforcement Division (SED)
Liberty and Cycla reports
May 22 - Jun 25, 2013 – Public Participation Hearings (11 sites)
May 31, 2013 – SED Overland gas distribution report
Jun 28, 2013 – Rebuttal testimony
Jul 15 - Aug 9, 2013 – Evidentiary hearings
Aug 12-13, 2013 – Mandatory settlement conference
Aug 23, 2013 – Joint comparison exhibit
Sep 6, 2013 – Opening briefs
Sep 27, 2013 – Reply briefs
Oct 4, 2013 – Update filing
Nov 19, 2013 – Proposed decision
Dec 19, 2013 – Final decision expected
Gas Pipeline Safety Order Instituting Rulemaking
R.11-02-019
D.11-03-047
D.11-06-017
D.11-10-010
D.11-12-048
D.12-04-047
D.12-04-010
Dec 20, 2012 – Final decision on Pipeline Safety Enhancement Plan
Jan 28, 2013 – Intervenor requests for rehearing
Feb 21, 2013 – Replies to requests for rehearing
Apr 30, 2013 – PSEP quarterly compliance filing
Jul 30, 2013 – PSEP quarterly compliance filing
Aug 19, 2013 – Commission launches Orders to Show Cause
Aug 30, 2013 – PG&E verified statement on gas pipeline error discovery and
subsequent actions
Sep 6, 2013 – Order to Show Cause hearings
Sep 26, 2013 – Parties’ recommendations on errata filing
Oct 1, 2013 – Parties’ responses to recommendations on errata filing
Oct 21, 2013 – Line 147 prehearing conference
Oct 29, 2013 – PSEP Update application and PSEP quarterly compliance filing
Nov 12, 2013 – Line 147 SED investigation report
Nov 18, 2013 – Cross examination of PG&E in Order to Show Cause
Nov 22, 2013 – Line 147 proposed decision
Dec 5, 2013 – Line 147 Commission vote
31
32. Exhibit G: Pacific Gas and Electric Company
Summary of Selected Regulatory Cases
Regulatory Case
Docket #
Key Dates
Gas Matters Fines & Remedies
I.11-02-016
I.11-11-009
I.12-01-007
Jan 11, 2013 – PG&E financial analysis testimony
Feb 8, 2013 – CPSD rebuttal testimony
Mar 4-5, 2013 – Evidentiary hearings on fines & remedies
May 6, 2013 – Coordinated briefs on fines and remedies
May 24, 2013 – PG&E coordinated reply briefs on fines and remedies
Jun 7, 2013 – Coordinated rebuttal briefs on fines and remedies
Jul 8, 2013 – CPSD request to file amended reply brief
Jul 10, 2013 – Responses to CPSD request
Jul 16, 2013 – CPSD amended brief
Jul 18, 2013 – PG&E motion to reopen record
Jul 26, 2013 – Responses to PG&E motion
Jul 30, 2013 – ALJ ruling seeking comment on fines and disallowances
Aug 1, 2013 – PG&E motion to reopen record denied
Aug 21, 2013 – PG&E reply to first set of ALJ's financial questions
Aug 28, 2013 – Parties file rebuttal briefs
Sep 20, 2013 – Parties’ comments responding to second set of ALJs’ financial questions
Oct 15, 2013 – Parties’ reply comments on ALJs’ financial questions
Gas Transmission System Records Order Instituting
Investigation
I.11-02-016
Jan 7-18, 2013 – Evidentiary hearings
Mar 25, 2013 – Concurrent opening briefs
Apr 24, 2013 – Concurrent reply briefs
Class Location Designation Order Instituting
Investigation
I.11-11-009
Nov 20, 2012 – Concurrent opening briefs
Dec 5, 2012 – Concurrent reply briefs
Order Instituting Investigation into PG&E’s Operations
and Practices in Connection with the San Bruno
Explosion and Fire
I.12-01-007
Jan 7-18, 2013 – Evidentiary hearings
Mar 11, 2013 – Concurrent opening briefs
Apr 26, 2013 – Concurrent reply briefs
32
33. Exhibit G: Pacific Gas and Electric Company
Summary of Selected Regulatory Cases
Regulatory Case
Nuclear Decommissioning Cost Triennial Proceeding
Docket #
A.12-12-012
Key Dates
Dec 21, 2012 – Application filed
Mar 17, 2013 – Prehearing conference
Jun 17, 2013 – Scoping memo to bifurcate proceeding
Track 1 – Humboldt Non-Rate Related Issues
Jul 12, 2013 – Intervenor testimony
Jul 26, 2013 – Rebuttal testimony
Aug 7-9, 2013 – Evidentiary hearings
Sep 13, 2013 – Concurrent opening briefs
Sep 27, 2013 – Concurrent reply briefs
Nov 19, 2013 – Proposed decision
Track 2 – All Remaining Issues
July 22, 2013 – SCE supplemental testimony
Sep 20, 2013 – Intervenor testimony
Oct 11, 2013 – Rebuttal testimony
Oct 21-25, 2013 – Evidentiary hearings
Nov 22, 2013 – Concurrent opening briefs
Dec 13, 2013 – Concurrent reply briefs
Oakley Generating Station
A.09-09-021
D.10-07-045
D.10-12-050
D.11-05-049
A.12-03-026
D.12-12-035
D.13-04-032
Dec 20, 2012 – Final decision approving Oakley
Jan 28, 2013 – Intervenor requests for rehearing
Feb 12, 2013 – PG&E reply to requests for rehearing
Apr 18, 2013 – CPUC denies requests to rehear decision approving Oakley
May 17, 2013 – Parties appeal to California courts
Jul 8, 2013 – PG&E response
Aug 2, 2013 – Parties reply
SmartMeter Program Modifications
A.11-03-014
D.12-02-014
Dec 13-20, 2012 – Public participation hearings
Jan 11, 2013 – Opening briefs
Jan 25, 2013 – Reply briefs, request for final oral argument
2010 & 2012 Long Term Procurement Plan
D.13-02-015
R.12-03-014
Feb 13, 2013 – Final decision in Track I (Southern CA LCR needs) (D.13-02-015)
Sep 2013 – Track II (system reliability/ renewable integration need) cancelled
2013/2014 – Final decision in Track III (procurement rules) expected
Feb 2014 – Final decision in Track IV (local reliability needs due to SONGS closure) expected
33
34. Exhibit G: Pacific Gas and Electric Company
Summary of Selected Regulatory Cases
Regulatory Case
Docket #
Key Dates
Rulemaking to Reform Energy Efficiency Risk/Reward
Incentive Mechanism
R.12-01-005
Apr 4, 2013 – Commission Ruling proposing new incentive for 2013- 2014
Apr 26, 2013 – Comments on ruling
May 3, 2013 – Reply comments
Sep 5, 2013 – Final decision authorizing new incentive mechanism for 2013-2014
Sep 30, 2013 – Tier 3 Advice Letter requesting incentive earnings for 2011 of $21.5M
Transmission Owner Rate Case (TO14)
ER12-2701
Sep 28, 2012 – PG&E filed TO14 rate case seeking an annual revenue requirement
for 2013
Nov 29, 2012 – FERC accepted filing making rates effective May 1, 2013 but ordered
PG&E to refile with lower ROE
Dec 21, 2012 – PG&E refiled TO14 with 9.1% ROE and sought rehearing of FERC’s
order on ROE
Feb 25-26, 2013 – FERC settlement conference
Apr 15-16, 2013 – FERC settlement conference
May 28, 2013 – FERC settlement conference call
Aug 6-7, 2013 – FERC settlement conference
Oct 7, 2013 – FERC settlement conference - settlement in principle reached
Existing Transmission Contracts (ETC) Rate Case
ER13-616
Dec 21, 2012 – PG&E filed to increase the ETC rates for CDWR, BART and the
Transmission Agency of Northern California
Feb 28, 2013 – FERC accepted filing making rates effective August 1, 2013
Settlement for the ETC rate case consolidated with TO14
Wholesale Distribution Tariff Rate Case (WDT2)
ER13-1188
Mar 29, 2013 – PG&E filed WDT2 rate case seeking increase to initial generic WDT
service rates and increase to rates for CCSF, the Western Area
Power Administration, and six other WDT customers
May 31, 2013 – FERC accepted filing making rates effective November 1, 2013 but
ordered PG&E to refile with lower ROE
Jun 17, 2013 – PG&E compliance filing with 8.6% ROE
Jun 27, 2013 – FERC settlement conference
Aug 21, 2013 – FERC settlement conference
Nov 13-14, 2013 – FERC settlement conference
Transmission Owner Rate Case (TO15)
ER13-2022
Jul 24, 2013 – PG&E filed TO15 rate case seeking an annual revenue requirement for 2014
Aug 14, 2013 – Comments/interventions due to FERC on TO15
Sep 24, 2013 – FERC accepted filing making rates effective October 1, 2013 subject to refund
Oct 16, 2013 – FERC settlement conference
M ost of these regulatory cases are discussed in PG&E Corporation and Pacific Gas and Electric Company's combined Quarterly Report on Form 10-Q for the quarter ended
September 30, 2013 or PG&E Corporation and Pacific Gas and Electric Company's combined Annual Report on Form 10-K for the year ended December 31, 2012.
34