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.
TELLS CALIFORNIA STATE SENATE UNITS DID NOT ENGAGE IN ENRON-STYLE
(San Francisco, CA) - PG&E
Corporation (NYSE: PCG) reported today that its business units,
Pacific Gas and Electric Company and the PG&E National Energy Group
(PG&E NEG), have informed the California State Senate that they
did not engage in Enron-style trading strategies. On May 30, the
California State Senate's Select Committee to Investigate Price
Manipulation of the Wholesale Energy Market asked California's investor-owned
electric utilities and other energy providers to submit information
on their power marketing and trading activities in the California
In May, PG&E NEG and Pacific
Gas and Electric Company responded to a similar request by the Federal
Energy Regulatory Commission (FERC). Both businesses responses to
FERC, as well as today's responses to the California State Senate,
specifically denied engaging in the Enron strategies.
The Corporation is pleased
to cooperate with the California State Senate's investigation and
hopes that this will assist in restoring confidence in the energy
markets as speculation is replaced by fact.
Copies of Pacific
Gas and Electric Company's and PG&E
NEG's responses to FERC are available for viewing at www.42chongdong.com.
Copies of the press releases summarizing the Companies' respective
responses to FERC may also be viewed at www.42chongdong.com.