PG&E Corp is quietly ramping up alternative energy assets - see page 14 of this pdf. What's quite exciting is that they are investing in some quite radical assets - like Finavera's 100 MW wavefarm and more recently, 175 MW of geothermal, subject to full regulatory approval. BTW, you should also be aware that PG&E Corp owns a subsidiary called (i.e. not the same company)  Pacific Gas and Electricity  which already has a substantial hydro resource.

It did occur to me that the diversified approach of the utility ramping up alternative energy assets, combined with  the dull conventional power assets make them a less volatile investment for investors worried about an alternative energy bubble. I suspect the utility angle on alternative energy is greatly under appreciated. With a stable, but consistent income of electricity paying customers, they have an easy to understand repeat business model, which may just make them the primary defensive stocks of the alternative energy sector.