PG&E Corporation Q1 2009 Earnings Call Transcript

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2009-05-06 12:47:14.0

Tags: Commission, PG&E Corp., Call Transcript, Earnings, Approval, Sales Force Management, Sales, Seeking Alpha

Question-and-Answer Session

Operator

(Operator Instructions) Our first question comes from the line of Michael Lapides with Goldman Sachs. Please proceed.

Michael Lapides - Goldman Sachs

?large scale potential projects that are down the road, can you give kind of an update on the regulatory process going forward for bringing transmission down from Western Canada? And can you talk a little bit about pipeline coming down from [Jordan Cove]?

Peter A. Darbee

Sure. Let me take a crack at it -- first with respect to the British Columbia transmission line, where we stand in that respect is the commission has authorized the expenditure of I believe the number was $14 million, approximately, for us to study this issue, and where we stand in that respect is that we have been working with the other utilities to identify the specific geography as to where the line would be located. And so we’ve engaged in discussions with them, we’ve also engaged with respect to the counter-parties in Canada, both on the transmission side and to some extent on the generation side.

What we need to do is finalize our plans in that regard and complete the study that will identify the costs and other issues, and then presumably we would submit that to the commission. But what I do want to emphasize is the commencement of this project, assuming all of the hurdles between the cooperation and agreement on the Canadian side, the cooperation of the utilities in the United States, and then here in California. Assuming that we hit all of that, the commencement of the construction would be really at the far end of the guidance period, and so very little if any, I don’t believe any expenditures are included in our guidance for that.

In terms of approvals, I am going to ask Chris if he would sort of expand on what I have to say but presumably we complete that study, we would outline the detailed plans for this to the commission, and they would either agree to a next phase or ultimately we would present the total plan to them and request their approval. Then we are going to need the approvals of the states in between and their PUCs, FIRC approval, the ISO was involved in the process, and we will need the cooperation agreement of the British Columbian Government.

Christopher P. Johns

That’s correct, Peter.

Peter A. Darbee

 

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