PG&E 2014 Annual Report Download - page 71

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CAUTIONARY LANGUAGE REGARDING FORWARD-LOOKING STATEMENTS
This report contains 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 estimates, expectations, and projections about
future events and assumptions regarding these events and management’s knowledge of facts as of the date of this report. These
forward-looking statements relate to, among other matters, estimated costs, including penalties and fines, associated with various
investigations and proceedings; forecasts of pipeline-related expenses that the Utility will not recover through rates; forecasts of
capital expenditures; estimates and assumptions used in critical accounting policies, including those relating to regulatory assets
and liabilities, environmental remediation, litigation, third-party claims, and other liabilities; and the level of future equity or
debt issuances. These statements are also identified by words such as “assume,” “expect,” “intend,” “forecast,” “plan,” “project,”
“believe,” “estimate,” “predict,” “anticipate,” “may,” “should,” “would,” “could,” “potential” and similar expressions. PG&E
Corporation and the Utility are not able to predict all the factors that may affect future results. Some of the factors that could cause
future results to differ materially from those expressed or implied by the forward-looking statements, or from historical results,
include, but are not limited to:
the nal outcomes of the pending CPUC investigations and enforcement matters, the federal criminal prosecution of the
Utility, and the other investigations that have been or may be commenced relating to the Utility’s compliance with natural
gas-related laws and regulations, including the ultimate amount of nes imposed, whether a monitor is appointed to
oversee the Utility’s natural gas operations, and the ultimate amount of costs related to the Utility’s natural gas operations
that is disallowed or unrecoverable;
the timing and outcome of additional regulatory enforcement actions or criminal investigations that may be or have been
commenced relating to communications between the Utility and the CPUC that may have violated the CPUC’s rules
regarding ex parte communications or are alleged to otherwise be improper, and whether such outcomes or investigations
negatively affect the nal decisions to be issued in the 2015 GT&S rate case, the pending CPUC investigations, or other
ratemaking proceedings;
whether PG&E Corporation and the Utility are able to repair the harm to their reputations caused by negative publicity
about the San Bruno accident, the criminal prosecution, the citations issued by the SED against the Utility under the
CPUC’s gas safety citation program, the state and federal investigations, the CPUC’s restrictions on the Utility’s
communications with the CPUC, and the Utility’s ongoing work to remove encroachments from transmission pipeline
rights-of-way;
the restrictions on communications between the Utility and the CPUC that have been imposed by the CPUC that, along
with continuing public criticism of the Utility and the CPUC, may make it more difcult for the Utility to sustain or repair
a constructive working relationship with the CPUC and achieve balanced regulatory outcomes;
the timing and outcome of ratemaking proceedings (such as the 2015 GT&S rate case and the TO rate case) and whether
the cost and revenue forecasts assumed in such outcomes prove to be accurate;
the amount and timing of additional common stock and debt issuances by PG&E Corporation, the proceeds of which are
contributed as equity to maintain the Utility’s authorized capital structure as the Utility incurs charges and costs that it
cannot recover through rates, including costs and nes associated with natural gas matters and the pending investigations;
the outcomes of future investigations or other enforcement proceedings that may be commenced relating to the Utility’s
compliance with laws, rules, regulations, or orders applicable to its operations, including the construction, expansion
or replacement of its electric and gas facilities; inspection and maintenance practices, customer billing and privacy, and
physical and cyber security; and whether the current or potentially worsening state regulatory environment increases the
likelihood of unfavorable outcomes;
the impact of environmental laws, regulations, and orders; the ultimate amount of costs incurred to discharge the Utility’s
known and unknown remediation obligations; the extent to which the Utility is able to recover environmental costs in
rates or from other sources; and the ultimate amount of environmental 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 or NRC regulations, recommendations, policies, decisions, or orders relating to the
nuclear industry, including operations, seismic design, security, safety, relicensing, the storage of spent nuclear fuel,
decommissioning, cooling water intake, or other issues; and whether the Utility decides to request that the NRC resume
processing the Utility’s renewal application for the two Diablo Canyon operating licenses, and if so, whether the NRC
grants the renewal;