ex9903.htm

PG&E

Corporation

Third Quarter Earnings Call

November 3, 2011

This presentation is not complete without the accompanying statements made by management during the webcast conference call held on

November 3, 2011. In addition, this presentation is complementary to the financial and other information contained in the exhibits attached

to PG&E Corporation’s Current Report on Form 8-K that was furnished to the Securities and Exchange Commission on November 3, 2011.

The Form 8-K, attached exhibits, and replay of the conference call are available on PG&E Corporation’s website at www.pge-corp.com

Exhibit 99.3

This presentation contains forward-looking statements that relate to management's guidance for PG&E Corporation’s 2011
and 2012 earnings per share from operations and various assumptions and estimates on which such guidance is based,
including forecasts of costs related to planned gas and electric operations improvements, the amount of costs related to gas
pipeline matters and the recoverability of such costs through rates, third-party liabilities associated with the September 9,
2010 natural gas pipeline accident in San Bruno, California, forecast capital expenditures, environmental remediation
liability, and future equity issuances. These statements are necessarily subject to various risks and uncertainties, the
realization or resolution of which may be outside of management's control. Actual results may differ materially. Factors that
could cause actual results to differ materially include:

•the outcome of pending and future regulatory proceedings and investigations related to the San Bruno accident and the safety of the Utility’s
natural gas transmission pipelines; the ultimate amount of costs the Utility incurs for natural gas pipeline matters that are not recoverable through
rates; the ultimate amount of third-party claims associated with the San Bruno accident that will not be recovered through insurance; and the
amount of any civil or criminal fines, penalties, or punitive damages the Utility may incur related to these matters;

•the outcome of future investigations or proceedings that may be commenced by the CPUC or other regulatory authorities relating to the Utility’s
compliance with law, rules, regulations, or orders applicable to the operation, inspection, and maintenance of its electric and gas facilities (in
addition to investigations or proceedings related to the San Bruno accident and natural gas pipeline matters);

•explosions, fires, accidents, mechanical breakdowns, the disruption of information technology and systems (including the newly installed advanced
electric and gas metering system), human errors, and similar events that may occur while operating and maintaining an electric and natural gas
system in a large service territory with varying geographic conditions that can cause unplanned outages, reduce generating output, damage the
Utility’s assets or operations, which could subject the Utility to third-party claims for property damage or personal injury, or result in the imposition of
civil, criminal, or regulatory fines or penalties on the Utility;

•the impact of storms, earthquakes, floods, drought, wildfires, disease, and similar natural disasters, or acts of terrorism or vandalism, that affect
customer demand or that damage or disrupt the facilities, operations, or information technology and systems owned by the Utility, its customers, or
third parties on which the Utility relies;

•the potential impacts of climate change on the Utility’s electricity and natural gas businesses, the impact of environmental laws and regulations
aimed at the reduction of carbon dioxide and other greenhouse gases, and whether the Utility is able to recover associated compliance costs
including the cost of emission allowances and offsets that the Utility may incur under cap and trade regulations;

•the outcome of seismic studies the Utility is conducting that could affect the Utility’s ability to continue operating Diablo Canyon or renew the
operating licenses for Diablo Canyon, the issuance of NRC orders or the adoption of new legislation or regulations to address seismic and other
risks at nuclear facilities, or to address the operations, decommissioning, storage of spent nuclear fuel, security, safety, cooling water intake, or
other operating or licensing matters associated with Diablo Canyon and whether the Utility is able to comply with such new orders, legislation, or
regulations and recover the increased costs of compliance through rates;

•whether the Utility’s newly installed electric and gas SmartMeter™ devices and related software systems and wireless
communications equipment continue to accurately and timely measure customer energy usage and generate billing information,
whether the Utility can successfully implement the system design changes necessary to accommodate changing retail electric
rates, and whether the Utility can continue to rely on third-party vendors and contractors to support the advanced metering system;

•the impact of environmental remediation laws and regulations, particularly those affecting the remediation of the Utility’s former
manufactured gas plants and natural gas compressor sites, the extent to which the Utility is able to recover compliance and
remediation costs from third parties or through rates or insurance, and the ultimate amount of environmental remediation costs the
Utility incurs related to the Hinkley natural gas compressor station;

•other factors and risks discussed in PG&E Corporation and the Utility’s 2010 Annual Report on Form 10-K and subsequent
Quarterly Reports on Form 10-Q that have been filed with the Securities and Exchange Commission.

Safe Harbor Statement

Tony Earley

Chairman, CEO and President, PG&E Corporation

Chris Johns

President, Pacific Gas and Electric Company

Kent Harvey

Senior Vice President and CFO, PG&E Corporation

Gabe Togneri

Vice President, Investor Relations, PG&E Corporation

Today’s Speakers

Initial Observations at PG&E

• Commitment to Excellence in Operations

• Benchmark - Celebrate the Gaps

• Organizational Structure Supports Improvement

PG&E Officer Team

Leadership team includes strong, diverse experience at PG&E and other utilities

PG&E Tenure

Avg. Utility Experience

11%

26%

63%

12 years

17 years

25 years

less than 1 year

1-5 years

5 years or more

Key Recent Additions

• Nick Stavropoulos, EVP, Gas Operations

• Karen Austin, SVP and Chief Information Officer

Improvement Plans

Restore Confidence
and Trust

Benchmark to Drive
Improvement

Additional

Gas and Electric
Spending

• Work to improve
operations is vital

• Consistently provide
better service

• Drive to operational
excellence and
accountability

• Compare to the best
in operations

• Identify gaps in
performance

• Set meaningful goals

• Accelerate previously
planned work

• Identified new work

• Will impact 2012 and
2013 earnings

Operational Review

Reviewed all areas of operations

Assessed opportunities to improve
safety, reliability, and customer
service

Identified work requiring additional
expense spending

Additional Expenses in 2012

Annual Projections Beyond Previously Planned Expense Level

Accelerated Gas and Electric Work

Performance Improvement Work

• Evaluate and remediate gas services vulnerable to corrosion

• Increase right of way clearances

• Protect or relocate gas distribution meters to prevent damage

• Increase staffing and training for gas control center

• Shorten leak repair and leak recheck intervals

• Improve integrity management and class location programs

Electric

Customer

2012: ~$200 million

2013: Comparable Amount

• Provide more support to small and medium business customers

• Increase overall customer communications and education efforts

• Improve technology used for field asset inventory system

• Accelerate pole reinforcement program and pole inspection cycles

• Increase hazard patrols in wildfire areas

• Accelerate overhead and underground line maintenance work

Gas

Natural Gas Pipeline Matters

Regulatory

Proceedings

Pipeline

Work

Third Party

Liability

Final Report Issued

NTSB

CPUC

Investigation (OII)

Rulemaking (OIR)

Proceedings on parallel
timeframes

Q3: Tested 46 miles

YTD: Cleared > 100 mi

Strength Testing

MAOP Validation

Met targets to date

End of 2011: 1,800 miles

Additional Accrual

Liability Range

$375 million - $600 million

Q3: $96 million charge

• New information about
nature of claims

• Experience to date
resolving key cases

• Developments in litigation
and regulatory
proceedings

Environmental-Related Costs

Q3 2011 Accrual Increase: $125 million

• Hinkley - final remediation plan proposal

• Chromium plume extends farther than previously believed

• Order for permanent replacement water

Primary Drivers

3Q 2011 EPS

3Q 2011 Q over Q Comparison

“Earnings from Operations” is not calculated in accordance with GAAP and excludes items impacting comparability.

2011 EPS Guidance

Does not include additional insurance recoveries or potential fines, penalties, or punitive damages.

Assumptions for 2012 Guidance

Equity Ratio: 52%

Cost of Capital

Expect 2012 CapEx: ~$4,600 - $4,800 million

Capital Expenditures Forecast ($ millions)

~$1.5

~$1.6

~$23.4

~$24.5

Authorized Rate Base (weighted average)

2012 Additional Expenses

Accelerate work previously planned
over a number of years

Plan to complete by end of 2013

2012: ~$200 million more than previously planned

Elevate ongoing performance to a
higher level

2/3

1/3

Earnings from Ops Comparison

2011 EPS from Operations

2012 EPS from Operations

“Earnings from Operations” is not calculated in accordance with GAAP and excludes items impacting comparability.

2012 EPS Guidance

Assumes approval of Pipeline Safety Enhancement Plan as proposed. Does not include insurance recoveries or potential fines,
penalties, or punitive damages.

Equity Issuance

YTD 2011

Through EOY 2012

+ Higher capex

+ Lower earnings from ops

+ Q3 accruals

- Lower unrecovered pipeline costs

In Closing

Resolve pipeline issues

Improve operational performance

Restore reputation with customers and regulators

Objective

Sustainable earnings and dividend growth

The Plan