EDITORS: Please do not use "Pacific Gas and Electric" or "PG&E" when referring to PG&E Corporation or its National Energy Group. The PG&E National Energy Group is not the same company as Pacific Gas and Electric Company, the utility, and is not regulated by the California Public Utilities Commission. Customers of Pacific Gas and Electric Company do not have to buy products or services from the National Energy Group in order to continue to receive quality regulated services from Pacific Gas and Electric Company.

PG&E CORPORATION ANNOUNCES FOURTH QUARTER DIVIDEND

(San Francisco, CA)-The Board of Directors of PG&E Corporation (NYSE: PCG) today declared a fourth quarter 2000 regular dividend of 30 cents per share on the Corporation's common stock. The dividend is payable on January 15, 2001, to shareholders of record on December 15, 2000.

This is the 340th consecutive quarterly dividend paid to shareholders of PCG stock. The Company's first quarterly dividend was paid in April of 1916.

PG&E Corporation, with 1999 operating revenues of almost $21 billion and operations in 21 states, markets energy services and products throughout North America through its National Energy Group. PG&E Corporation's businesses also include Pacific Gas and Electric Company, the Northern and Central California utility that deliver natural gas and electricity to one in every 20 Americans.