PG&E 2008 Annual Report Download - page 3
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 |
 |
A LETTER TO OUR STAKEHOLDERS
G . B
— ,
2008 . O
,
,
.
Last year’s adversities ran from horribly costly and disruptive
winter storms to radical swings in natural gas prices, aggressive
new forays by public power activists, paralysis in the credit
markets, and the astonishing reversal of fortune in the economy.
Confronting these and other pressures, our team never lost
sight of our priorities or the pledges we made to regain PG&E’s
momentum on a number of fronts. is perseverance paid o :
•
We generated annual earnings per share that beat the
consensus expectation of Wall Street analysts.
•
We bettered key system reliability, safety, and customer
satisfaction scores.
•
We carried out one of PG&E’s biggest and, arguably, best
storm recovery e orts in the past decade.
•
We helped customers realize extraordinary energy savings.
•
We brought large, complex infrastructure projects in on
time, on budget, and safely.
•
We improved productivity, processing jobs more quickly
and reducing cycle times for new construction work.
•
We won a key vote of con dence from customers in
San Francisco, who rejected an attempt to take over our business.
•
We continued to attract investors in the capital markets,
even when access to nancing was scarce or nonexistent
for most companies.
Our team would be proud to report these achievements
any year. Being able to do so a er a year like 2008 is all the
more rewarding.
Li ed by this performance, we turned the page on last year
con dent in the company’s direction and its outlook — yet fully
aware that the deepening recession promises painful challenges
for our customers.
In the face of the current uncertainty, we know many
customers are retrenching and attending to fundamentals as
they brace for di culties ahead.
We believe they would expect their utility to run its business
with the same focus. Accordingly, our operating plans are geared
heavily toward bread-and-butter priorities, like watching costs,
rming up reliability, and making things simpler for customers.
At the same time, we believe equally that customers see
opportunities for new leadership on energy issues to help build
the basis for a strong economic recovery. Americans sense that
while this crisis is creating hardships, it is also summoning us
to push ahead with bold changes that will enable and encourage
us to use energy more intelligently.
Against this backdrop, PG&E’s strategy remains simple:
continue to learn better than ever what our di erent customers
need and value — from basic reliability to smarter, cleaner