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Company Description

Contact Info

77 Beale Street

PO Box 770000

San Francisco, CA 94177

United States

Phone: 415-973-1000

Fax:

ty, MidAmerican Transmission LLC, and Citizens Energy Corporation were selected by California Independent System Operator to develop a new 70-mile transmission line to address the improving power demand in the greater Fresno area. The 230-kV line would span across Fresno, Madera, and Kings counties, running from the Gates to Gregg substations, which are owned and operated by the Utility. Electricity Distribution The Utility's electricity distribution network consists of approximately 141,000 circuit miles of distribution lines, 58 transmission-switching substations, and 603 distribution substations. The Utility’s distribution network interconnects with the Utility’s transmission system primarily at transmission switching substations and distribution substations where transformers and switching equipment reduce the high-voltage transmission levels at which the electricity transmission system transmits electricity, ranging from 500 kV to 60 kV, to lower voltages, ranging from 44 kV to 2.4 kV, suitable for distribution to the Utility’s customers. The distribution substations serve as the central hubs of the Utility’s electricity distribution network and consist of transformers, voltage regulation equipment, protective devices, and structural equipment. In various cases, the Utility sells electricity from its distribution lines or other facilities to entities, such as municipal and other utilities, which then resell the electricity. NATURAL GAS UTILITY OPERATIONS Natural Gas System Assets The Utility owns and operates an integrated natural gas transportation, storage, and distribution system that includes majority of northern and central California. As of December 31, 2013, the Utility’s natural gas system consisted of approximately 42,559 miles of distribution pipelines, approximately 6,000 miles of backbone and local transmission pipelines, and various storage facilities. The Utility owns and operates eight natural gas compressor stations, which receive, store, and move natural gas through the Utility’s pipelines. The Utility’s backbone transmission system, consisted primarily of Lines 300, 400, and 401, is used to transport gas from the Utility’s interconnection with interstate pipelines, other local distribution companies, and California gas fields to the Utility’s local transmission and distribution systems. Line 300 interconnects with pipeline systems located in the U.S. Southwest and the Rocky Mountains that are owned by third parties (Transwestern Pipeline Company, El Paso Natural Gas Company, Questar Southern Trails Pipeline Company, and Kern River Pipeline Company). Line 300 has a receipt capacity of approximately 1.1 billion cubic feet (Bcf) per day. Line 400 and 401 interconnect at the California-Oregon border with the pipeline systems owned by Gas Transmission Northwest Corporation (GTN) and Ruby Pipeline, LLC. This line has a receipt capacity at the border of approximately 2.2 Bcf per day. Through interconnections with other interstate pipelines, the Utility could receive natural gas from all the major natural gas basins in western North America, including basins in western Canada, the Rocky Mountains, and the southwestern United States. The Utility also is supplied by natural gas fields in California. The Utility owns and operates three underground natural gas storage fields connected to the Utility’s transmission and storage system and has a 25% interest in the new Gill Ranch Storage Field. These storage fields and the Utility’s Gill Ranch share have a combined firm capacity of approximately 48.7 Bcf. In addition, three independent storage operators are interconnected to the Utility's northern California transportation system. Natural Gas Services The core customer class primarily includes residential and small commercial natural gas customers. The non-core customer class primarily includes industrial, commercial, and electric generation natural gas customers. In addition, the Utility delivers gas to off-system customers (outside of the Utility’s service territory) and to third-party natural gas storage customers. The Utility provides natural gas transportation services to all

 

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PCG

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Valuation PCG Industry Range
Price/Earnings 28.1x
Price/Sales 1.3x
Price/Book 1.4x
Price/Cash Flow 7.4x
TEV/Sales 0.3x
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