CalPERS developed a greenhouse gas (GHG) reporting project to be done in coordination with the California State Teachers' Retirement System (CalSTRS) and the Carbon Disclosure Project (CDP) with the objective to improve transparency in the Electric Utilities industry. We worked closely with CalSTRS and the CDP to implement the project which included drafting a section specific to the Electric Utilities industry that would be included in CDP's 2006 questionnaire (CDP4). The Electric Utilities section was included in the CDP4 version that was sent to the 265 largest Electric Utilities globally based on market capitalization, including CalPERS’ global portfolio Electric Utilities holdings (113 companies). The CDP4 was mailed to the companies on February 1, 2006 and they had until May 31, 2006 to respond.

We submitted letters to CalPERS’ global portfolio Electric Utilities companies expressing CalPERS’ strong support for the CDP4 and encouraging the companies to respond to it as well as to consider other forms of disclosure. Of the 113 Electric Utilities companies in CalPERS’ global portfolio, 84 either answered the questionnaire or provided information. For a complete listing of the 113 Electric Utilities companies and their CDP4 responses please click on the following link: CalPERS 113 Electric Utilities Companies Responses.

The CDP makes all company responses to its annual questionnaire available for free download at its website www.cdproject.net.

The Electric Utilities GHG reporting project has led to the first sector report for the CDP. The World Wildlife Fund (WWF), in collaboration with CalPERS and CalSTRS, commissioned Trucost to analyze and report on the responses of the Electric Utilities companies.

The report, Carbon Disclosure Project Report 2006 Electric Utilities 265 (PDF) , was released on January 29, 2007.

CalPERS would like to thank its partners, CalSTRS and the CDP, for their collaborative efforts and the WWF and Trucost for their efforts in producing the Electric Utilities Report. CalPERS remains supportive of the CDP and its on-going efforts to improve disclosure of environmental data.

The CDP 2007 questionnaire (CDP5) will be sent on February 1, 2007 to over 2,000 companies world wide. CalPERS strongly urges the Electric Utilities companies and all other recipients of the CDP5 to respond. The CDP provides companies with a reporting mechanism through which they can report on the four elements of climate risk disclosure required by investors, which are detailed in the Global Framework for Climate Risk Disclosure.