New Report Details PG&E's Impact On California Jobs And Economic Growth - kcentv.com - KCEN HD - Waco, Temple, and Killeen

New Report Details PG&E's Impact On California Jobs And Economic Growth

Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact pressreleases@worldnow.com.

SOURCE Pacific Gas and Electric Company (PG&E)

Report Finds PG&E Contributed $22.2 Billion of Economic Activity and Supported Nearly 71,600 California Jobs in 2012

SAN FRANCISCO, Feb. 20, 2014 /PRNewswire/ -- A new report released today shows that Pacific Gas and Electric Company (PG&E) not only provides more than 15 million Californians with safe, reliable and affordable gas and electricity, but also helps drive California's economy. New research shows that PG&E contributed $22.2 billion of economic activity and supported nearly 71,600 jobs in its service area in 2012.

The findings were released in the utility's newly-completed, comprehensive economic impact study, conducted by the Sacramento-based Center for Strategic Economic Research (CSER). The report finds that PG&E accounted for two percent of all economic activity and supported about one percent of all jobs in its service area, which stretches from the Oregon border to Bakersfield.

Direct impact plus a 'ripple' effect

The economic impact study provides compelling statistics about the economic contributions of PG&E's general operations in 2012, accounting for the utility's direct economic activities, as well as the multiplier or "ripple" effect of those activities throughout the state, regional and local economies.

"The ripple effect shows that for every dollar of revenue created by PG&E, another 50 cents of economic activity is created in the economy," said Ryan Sharp, the director of the Center for Strategic Economic Research. "And for every job supported by PG&E, more than two jobs are supported in the economy."

Among other significant findings:

  • PG&E economic contributions in 2012 also included $5.8 billion in labor income and $3.4 billion of state and local taxes.
  • PG&E's impact exceeded other industries such as software publishing, wineries and scientific research and development services.
  • The impact is distributed across all of PG&E's service area as the economic output ranges between $4.1 billion and $6.6 billion in each of the company's four regions (Bay Area, Central Coast, Central Valley and Northern).

PG&E 'drives tremendous economic activity'

"This report illustrates PG&E's role as an essential contributor to our state's prosperity. We have a responsibility to provide our customers with safe, reliable and affordable gas and electric services, and also to do everything possible to maintain an economically healthy business that helps power California's economy. We take these responsibilities very seriously," said Tony Earley, Chairman, CEO and President of PG&E Corporation.

Within the study, PG&E's general operations refers to all activities associated with the utility's energy supply, electric and natural gas transmission and distribution, customer care, corporate and administrative services. The report also includes the market value of the goods and services PG&E provided to its customers.

Separately, the study also quantifies the economic impact of the company's customer energy efficiency programs, accounting for program expenditures, project investments, and the significant reduction in customers' bills from reduced energy use. These energy efficiency efforts also result in jobs, not only for PG&E employees but also at entities that conduct audits, install efficient lights and HVAC systems and many other products and services.

In a third section, the study found that PG&E's shareholder-funded community investments nearly doubled in economic output in the service area as a result of the positive impact on recipient charitable organizations. In fact, the study says, for every dollar that PG&E invested in education, environmental stewardship and economic and community vitality programs, another 90 cents of economic output was created.

For more information and to read the utility's full economic impact study, visit http://www.pgecurrents.com/wp-content/uploads/2014/02/pge-impacts-report_final.pdf.

PG&E partners to improve state's business climate

Gurbax Sahota is the president and CEO of the California Association for Local Economic Development, or CALED, a statewide professional economic development association that's committed to creating and retaining jobs.

"PG&E as a partner is not only vested in the business of what you do every day, but vested in working with our members, working with the state of California, finding ways to improve the business climate, finding ways to help us be more competitive, and also working with communities themselves," she said. "One of the things I love about PG&E is that the staff get engaged and involved at the local level."  

Earley agrees that PG&E's operations have significant local impact.

"The hard work that our employees do every day makes a huge difference for the safety and reliability of our local infrastructure," he said. "On top of that, we take great pride knowing that our work is creating economic opportunity in the communities we serve."

About PG&E

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE: PCG), is one of the largest combined natural gas and electric utilities in the United States. Based in San Francisco, with more than 20,000 employees, the company delivers some of the nation's cleanest energy to 15 million people in Northern and Central California. For more information, visit www.pge.com/ and http://www.pge.com/about/newsroom/.

http://www.pgecurrents.com
http://www.facebook.com/pacificgasandelectric
http://www.twitter.com\pge4me
http://www.linkedin.com/company/pacific-gas-and-electric-company
http://www.youtube.com/user/pgevideo

©2012 PR Newswire. All Rights Reserved.

  • Latest NewsMore>>

  • Korean War Monument Unveiled

    Korean War Monument Unveiled

    Saturday, April 19 2014 7:49 PM EDT2014-04-19 23:49:31 GMT
    (KCEN) -- Jesus Perez joined the Air Force in 1951 and went to Korea a year later, but he says many people overlook the war he fought. "A lot of people forget about this," Perez said. "You look at the history books and there's one little sentence. Not a paragraph. Just one little sentence."On Saturday morning, the Central Texas chapter of the Korean War Veterans Association set out to fix that with the unveiling of a new monument. It was an emotional moment that brought back memories for vete...More >>
    (KCEN) -- Jesus Perez joined the Air Force in 1951 and went to Korea a year later, but he says many people overlook the war he fought. "A lot of people forget about this," Perez said. "You look at the history books and there's one little sentence. Not a paragraph. Just one little sentence."On Saturday morning, the Central Texas chapter of the Korean War Veterans Association set out to fix that with the unveiling of a new monument. It was an emotional moment that brought back memories for vete...More >>
  • Thousands of Hispanic Youth Descend on Waco for 50th Annual Congreso

    Thousands of Hispanic Youth Descend on Waco for 50th Annual Congreso

    Friday, April 18 2014 8:19 PM EDT2014-04-19 00:19:28 GMT
    (KCEN)-- More than 5,000 Hispanic Baptist youth are in Waco for 50th Annual Congreso. It's the largest annual gathering of Hispanic Baptist young people in the state of Texas. This is the sixth yearMore >>
    (KCEN)-- More than 5,000 Hispanic Baptist youth are in Waco for 50th Annual Congreso. It's the largest annual gathering of Hispanic Baptist young people in the state of Texas. This is the sixth yearMore >>
  • BBQ Joints and Backyard Grillers Feel the Heat of Rising Meat Prices

    BBQ Joints and Backyard Grillers Feel the Heat of Rising Meat Prices

    Friday, April 18 2014 6:31 PM EDT2014-04-18 22:31:15 GMT
    (KCEN) – If anyone knows BBQ, it's Roy Hamilton. The 79-year-old has been around it his entire life. It's who he is. His father started Maurice's Pit BBQ in Harker Heights back in 1951, and now the fingerMore >>
    As you get ready to dust off those grills, be prepared to pay more. Beef and pork prices are skyrocketing just in time for BBQ season.More >>
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KCEN, Owned and Operated by London Broadcasting Company. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.