- July 31, 2008 "“ CSRwire: Innovest Strategic Value Advisors today announced that PG&E earned a AAA rating on its Intangible Value Assessment (IVA) for the company’s relative performance on social, environmental, and strategic governance (ESG) issues relative to sector peers.

"PG&E's 'AAA' rating reflects sector leading performance and strategies in key environmental and social indicators," said Innovest Senior Analyst Eric Kane. "In particular, the company's strategic focus on renewable energy, energy efficiency, and distributed generation suggest that it will be well positioned to mitigate the risks and capitalize on the opportunities associated with climate change, the industry's most significant ESG issue."

"We're very focused on being leaders on social, environmental and governance issues because it's the right thing to do for our customers, the environment, and our shareholders," said Steve Kline, vice president of corporate environmental and federal affairs for PG&E. "Earning the highest rating in Innovest's utility sector evaluation reflects this commitment and we're honored by the recognition."

The Innovest Strategic Value Advisors' IVA analyzed the social, environmental and strategic governance practices of 26 U.S. and international multi-utility sector companies. PG&E is one of two companies evaluated to have received a AAA rating.

The complete downloadable report is available for purchase through Innovest's partner CSRwire (click here).

By assessing differentials typically not identified by traditional securities analysis, Innovest's IVA ratings uncover hidden risks and value potential for investors. Ratings range from AAA (best) to CCC (worst). Scores on sub factors range from 10 (best) to 0 (worst).

Some of the areas of analysis for companies include:

• Supply Chain
  
• Human Rights
  
• Regulatory/Stakeholder relations
  
• Health and Safety
  
• Environmental Strategy and management
  
• Carbon Risk Mitigation
  
• Labor Relations
  
• Product Safety
  
• Workplace issues

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation, is one of the largest combined natural gas and electric utilities in the United States. Based in San Francisco, with 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.

About Innovest

Innovest Strategic Value Advisors is an internationally recognized investment research and advisory firm specializing in analyzing companies'performance on environmental, social, and strategic governance issues, with a particular focus on their impact on competitiveness, profitability, and share price performance.

Innovest currently has offices in New York City, Toronto, San Francisco, London, Paris, Sydney, and Tokyo.

Innovest Strategic Value Advisors, Inc.

Innovest Strategic Value Advisors, Inc.

Innovest Strategic Value Advisors is an internationally recognized investment research and advisory firm specializing in analyzing companies’ performance on environmental, social, and strategic governance issues, with a particular focus on their impact on competitiveness, profitability, and share price performance. Innovest currently has offices in New York City, Toronto, San Francisco, London, Paris, Sydney, and Tokyo.

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