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Company Profile of Pacific Gas & Electric Company
Company Profile of Pacific Gas & Electric Company - May 12th, 2011
The Pacific Gas and Electric Company (PG&E), (NYSE: PCG) is the utility that provides natural gas and electricity to most of the northern two-thirds of California, from Bakersfield almost to the Oregon border. It is a subsidiary of the PG&E Corporation.
PG&E was founded in 1905 and is currently headquartered in the Pacific Gas & Electric Building in San Francisco.
Pacific Gas and Electric Company (Utility) is utility operating in northern and central California. The Utility engages in the businesses of electricity and natural gas distribution; electricity generation, procurement, and transmission; and natural gas procurement, transportation, and storage. PG&E Corporation is a holding company and conducts its business principally through Utility. As of December 31, 2010, the Utility served approximately 5.2 million electricity distribution customers and approximately 4.3 million natural gas distribution customers. Its revenues are generated mainly through the sale and delivery of electricity and natural gas.
In the 1850s, manufactured gas was being introduced as means of lighting for the first time and coal gasification works were being built in the larger eastern American cities. San Francisco pioneer foundryman and blacksmith Peter Donahue and his brothers established a foundry below North Beach, and later in the south of Market area. The foundry would become the Union Iron Works, the greatest industrial concern in 19th century San Francisco. Donahue learned all he could about gas manufacturing and with his brother James and a young engineer named Joseph G. Eastland incorporated the San Francisco Gas Company on August 31, 1852. The original location for the gas works was bounded by First, Fremont, Howard and Natoma streets south of Market, on the then shore of the San Francisco Bay. On the night of February 11, 1854, the streets of San Francisco were for the first time lighted by gas, and a banquet was held at the Oriental hotel. In a year, the company had 12 miles (19 km) of street mains, thousands of gas streetlights, two gas holders at First and Howard with a combined capacity of 160,000 cubic feet (4,500 m3) and a monopoly of city gasification contracts. The cost of gas was billed at 15 dollars per thousand cubic feet, where no meters were installed, the price was estimated from the size of the burners. Shortly thereafter, the Citizens Gas Company was given a fifty year franchise by the state legislature but when the company was built and ready to deliver gas, it sold out to the San Francisco Gas Company.
In April 1870, the City Gas Company was organized and built its works on the Potrero Point shoreline. Another company, the Metropolitan Gas Company, was established but was not a success, and it was quickly purchased by the San Francisco Gas Company.
All these companies were merged with larger infusions of capital into the San Francisco Gas Light company in 1873. A rival company, the Central Gas Company, came into existence in 1882 and the rate for gas went as low 0.90 cents a thousand cubic feet. The Central and the Pacific Gas Improvement Company were merged into the San Francisco Gas and Electric Company, (SFG&E Co.) September 1, 1903.
Rapid technological improvements in the processes of manufacturing gas were immediately adopted by the company. When petroleum was produced in California, the manufacture of water gas, then in general use in eastern and midwest states, began in San Francisco.
Water gas was first made from anthracite coal brought around Cape Horn from Swansea in Wales and enriched with California petroleum. The first water gas works, a thoroughly modern plant, was established at Potrero Point and the manufacture of water gas was a success due to the increased amount of petroleum available that reduced costs. The company then acquired land in North Beach at Bay, Laguna and Webster streets, and in 1891, the North Beach Gas Works was built. For many years this facility, with its 2 million cubic feet (57,000 m3) gas holder, was considered the finest gas works in the world. The original plant at Howard Street was dismantled.
Circa 1890 they also built a small electrical generator at the Potrero Point site, a first in California. This site would later become the Potrero Generating Station.
PCG_pe Industry Sector
P/E (TTM): -- 21.63 21.11
EPS (TTM): -- -- --
ROI: -- 1.20 1.45
ROE: -- 2.66 3.15
In December 1896, the San Francisco Gas Light Company merged with the Edison Light and Power Company under the new title San Francisco Gas and Electric Company and this company existed until 1903 and then dissolved.
Other companies that started in the business in active competition but eventually merged into the SFG&E co. were the Equitable Gas Light Company and the Independent Electric Light and Power and the Independent Gas and Power company, founded by Claus Spreckels, the king of California sugar.
Name Age Since Current Position
Cox, C. Lee 70 2008 Non-Executive Independent Chairman of the Board
Johns, Christopher 50 2010 President, Director
Cherry, Sara 41 2010 Chief Financial Officer, Vice President - Finance
Darbee, Peter 58 2009 Chairman of the Board, President, Chief Executive Officer of PG&E Corporation; Director
Keenan, John 62 2008 Chief Operating Officer, Senior Vice President
Harvey, Kent 52 2009 Senior Vice President - Financial Services
Simon, John 46 2007 Senior Vice President - Human Resources
Bottorff, Thomas 57 2005 Senior Vice President - Regulatory Relations
Wan, Fong 49 2008 Senior Vice President - Energy Procurement
Conway, John 53 2009 Senior Vice President - Energy Supply, Chief Nuclear Officer
Burt, Helen 54 2006 Senior Vice President, Chief Customer Officer
Pruett, Greg 53 2009 Senior Vice President - Corporate Affairs
Salas, Edward 54 2007 Senior Vice President - Engineering and Operations
Williams, Geisha 49 2007 Senior Vice President - Energy Delivery
Bell, Desmond 48 2008 Senior Vice President - Shared Services, Chief Procurement Officer
Park, Hyun 49 2006 Senior Vice President and General Counsel of PG&E Corporation
Andrews, David 69 2000 Independent Director
Rambo, Barbara 58 2005 Independent Director
Williams, Barry 66 1990 Independent Director
Herringer, Maryellen 67 2005 Independent Director
Meserve, Richard 66 2006 Independent Director
Kimmel, Roger 64 2009 Independent Director
Miller, Forrest 58 2009 Independent Director
Chew, Lewis 48 2009 Independent Director
Parra, Rosendo 51 2009 Independent Director
1906 also marked the year that PG&E purchased the Sacramento Electric, Gas and Railway Company. The history of the PG&E streetcar lines in Sacramento goes back to the Sacramento City Street Railway, a 5-foot (1.5 m) gauge horsecar railway that operated 9 miles (14 km) of street railway in Sacramento in the late 19th century. The Sacramento Street Railway was purchased by the Sacramento Electric, Power and Light Company Electric Railway. In 1896, the Sacramento Electric, Power & Light Company Electric Railway was purchased by the Sacramento Electric, Gas & Railway Company. In 1906, PG&E acquired the line and in 1915 PG&E operated the line under the PG&E name. PG&E's streetcars had lines such as the "#6 - Oak Park Line". In 1943, PG&E sold the lines to Sacramento City Lines which ended up in the hands of the National City Lines. National City Lines converted several streetcar lines in that era to bus service and the track was abandoned on January 4, 1947.
Pacific Gas and Electric Co
77 Beale Street
P.O. Box 770000
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