PG&E 2008 Annual Report Download - page 7

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5
SmartMeterTM technology also will enable us to improve our
outage response capabilities and facilitate the future prolifera-
tion of electric vehicles. PG&E’s leadership in the transition
to a smart grid is one reason both CIO and InformationWeek
magazines named PG&E among their top 100 leaders in
information technology innovation last year.
We are also taking further steps to increase the future supply
of renewable energy available to our customers.  is adds to an
overall energy supply that is already one of the nation’s cleanest.
In 2008, PG&E signed agreements adding another
1,800 megawatts of new renewable resources to our supply.
ese included some of the largest agreements yet for utility-
scale solar power. We also recently announced PG&E’s  rst
major plans to build and own new renewable resources —
an indication of exciting opportunities on the horizon for us
in this critical area.
On the policy front, as a member of the U.S. Climate Action
Partnership, we continue to join with other leading companies
and environmental groups to call for federal action this year
to address global warming. We believe the right strategy for
the United States is an economy-wide cap-and-trade program,
which puts a price on carbon and sets limits on overall
emissions. Importantly, we support a design that would also
return value to our customers in order to mitigate the costs of
tackling this pressing challenge.
Our work on climate change, energy e ciency, renewables,
and other areas puts PG&E in a strong position among its peers.
In 2008, PG&E was named to the prestigious Dow Jones
Sustainability North America Index, which lists companies that
lead their industries in managing economic, environmental, and
social issues. We also earned the highest possible rating from
Innovest Strategic Value Advisors, a top analyst of investor risk
and value related to sustainability issues, which looked at our
performance on social, environmental, and strategic governance
matters relative to comparable companies.
Becoming e Leading Utility
As we study the industry and the economic landscape today,
the dimensions of the challenges ahead are evident. But — while
no company is immune to the current crisis — we can think
of no business we would rather be in than ours: providing
products and services that are needed in good times and bad.
We also can think of no place we would rather be in
business than California, with its current constructive
regulatory climate and unique energy policies that recognize
the value of maintaining a stable utility sector.
We are convinced that PG&E is suited as well as or
better than any other utility to continue performing well in a
tough economy.
Our infrastructure investment plans — many of which
are already approved by regulators — remain among the most
extensive in the industry.
Our nancial condition remains healthy, including our
capacity to  nance the growth that our strategy calls for.
Our experience and know-how on clean energy and e ciency
favor ongoing success in this increasingly important arena.
Our strategy and priorities continue to be in harmony with
those of California’s policymakers and consumers.
Our commitment to the community is — rightly so —
rmer than ever, backed by our highest-ever charitable
contributions goals.
Most essential, our people are as dedicated, innovative,
and resourceful as any in the industry.
ese advantages instill in our team great con dence
that our vision to be the leading utility remains well within our
grasp and that PG&E will emerge strong no matter the
challenges ahead.
Even so, we will never allow con dence to become
complacency. We intend to continually benchmark our perfor-
mance against industry standards. Our team will work tirelessly
in the year ahead to ensure that we are executing as promised
and, most importantly, to deliver again on our many
commitments. We look forward to sharing the results with you.
Sincerely,
Peter A. Darbee
Chairman of the Board, Chief Executive
O cer, and President, PG&E Corporation
President and Chief Executive O cer,
Paci c Gas and Electric Company
March 13, 2009