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.
1999, PG&E CORPORATION SHARES FUTURE VISION DURING ANNUAL MEETING
(Boston, MA) - PG&E Corporation
(NYSE:PCG) had a strong 1999 and is poised to deliver superior value
to shareholders for the future. This was the theme delivered during
the Corporation's 2000 Annual Meeting held in Boston earlier today.
PG&E Corporation Chairman,
CEO, and President Robert D. Glynn, Jr. cited several key accomplishments
during his speech to shareholders including:
Earnings per share from
operations increased 15 percent in 1999 to $2.24 per share on
top of 12 percent growth in 1998.
Net income from operations
grew by 11 percent, driven by the strong performance of Pacific
Gas and Electric Company and the PG&E National Energy Group.
The PG&E National Energy
Group increased its earnings per share from operations by 42
percent over 1998 performance.
Pacific Gas and Electric
Company increased earnings from operations per share from operations
by 14 percent.
Glynn also highlighted a
number of projects underway:
PG&E Corporation continued
construction on the Millennium Power Project in Charlton, MA
a 360-megawatt natural gas-fueled plant, scheduled for operation
in the fourth quarter of 2000.
In Connecticut, the
Corporation broke ground on the Lake Road Generating Plant,
a 792-megawatt natural gas-fueled plant, scheduled for operation
In New York last week,
with Energy Secretary Bill Richardson, the Corporation broke
ground for the Madison Windpower Project - which will be the
largest wind generating facility in the Eastern United States.
In California, we started
construction of the 1,048-megawatt natural gas-fueled La Paloma
Generating Plant, also scheduled for operation in 2001.
Last week, the Corporation
announced that it was joining with 11 other energy companies
to build what will be the country's largest fiber optic telecommunications
And the Corporation
joined a consortium of 15 energy companies to establish a new
Internet-based business-to-business platform for buyers and
sellers of goods and services.
Glynn told shareholders
that PG&E Corporation is committed to delivering 8 to 10 percent
annual earnings per share growth going forward. He also noted that
the Corporation plans to generate 30 percent or more of these earnings
from its National Energy Group by 2002.
"When achieving these targets
is firmly in sight," said Glynn. "We will raise the bar higher.
We will execute and we will continue to grow and shareholder value
is our metric."
For a Full
text of Bob Glynn's speech to PG&E Corporation shareholders
please visit PG&E Corporation's website at www.42chongdong.com.
PG&E Corporation, with 1999
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
This presentation contains forward-looking
statements regarding the future performance of the Corporation.
These statements are subject to certain risks and uncertainties
that could cause actual results to differ materially. Some of the
factors that could cause actual results to differ materially include:
the pace and extent of the ongoing restructuring of the electric
and natural gas industries across the United States; future conditions
in the energy markets; the extent to which current or planned generation
development projects are completed and the pace and cost of such
completion; generating capacity expansion and retirements by others;
the Corporation's ability to successfully manage fluctuations in
commodity gas and electricity prices; the method and timing of disposition
and valuation of the Utility's hydroelectric generation assets;
the timing of the completion of the Utility's transition cost recovery
and the consequent end of the current electric rate freeze in California;
the pace and extent of competition in the California generation
market and its impact on the Utility's costs and resulting collection
of transition costs; future operating performance of the Diablo
Canyon Nuclear Power Plant; and other factors discussed in reports
filed with the Securities and Exchange Commission by the Corporation
and Pacific Gas and Electric Company.