PG&E CEO Peter Darbee on their Ballot Initiative

[The following is quoted from PG&E's Q3 2009 Earnings Call Transcript. It is Peter Darbee, CEO of PG&E talking about the ballot initiative. ~ Dave]

Peter Darbee - PG&E CEO
In that same vein, we are going to share some information about a potential ballot initiative in June of 2010, in which we are actively involved. And it’s called the Taxpayers Right to Vote Act. If passed, it would require two-thirds approval from local voters before public funding could be used to take over utilities assets. This major if we proceed forward would guarantee that voters have a voice in cases where local officials are expending scare resources in an effort to take over parts of utilities operations. We believe taxpayers should have a say before the local government spends millions of dollars to get into the power business.

We have faced potential takeovers multiple times over the last several years, and we have had to expend significant resources to oppose these efforts. The success of this initiative if placed on the ballot could significant reduce the need for taxpayers and utilities to oppose these local government takeover attempts. Right now, the initiative is still being considered, and we will keep you updated as the initiative progresses.

Paul Patterson – Glenrock Associates
My interest sort of was peaked by this initiative that you guys are doing. I mean, for years, you have been meeting of these initiatives to take over the muni supplies parts of your system and they always seem to have not worked. Am I worried about that, I mean, has there ever been a successful attempt to take the muni supplies in the last 10 or 15 years?

Peter Darbee - PG&E CEO
Not in the recent past. We clearly taken a position that we value of our customers very much and we are going to stand up and resist efforts to take over our customers, and those efforts by municipal government.

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