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.
LAUNCHES PACIFIC VENTURE CAPITAL, LLC
New Unit to Focus on Strategic
Energy and Telecom Investments
San Francisco - PG&E Corporation
(NYSE: PCG) today announced the launch of a new business unit, Pacific
Venture Capital, that will build and manage a portfolio of capital
investments in growing energy and telecommunications companies.
"Pacific Venture Capital's
mission is to generate new value for PG&E Corporation shareholders
by investing in fast-growing, innovative energy and telecommunications
companies, and to gain insight into new technologies and business
models to impact our company and business strategy," said Robert
D. Glynn, Jr., PG&E Corporation Chairman, CEO and President.
The Corporation announced
it has appointed Bryant J. Tong as senior vice president of PG&E
Corporation and president and chief executive officer of Pacific
Venture Capital. Tong brings to his new position more than 23 years
of experience, including leading successful corporations through
start-up and high-growth cycles. He is responsible for the development
and execution of Pacific Venture Capital's investment strategy,
and reports to Peter A. Darbee, PG&E Corporation senior vice president
and chief financial officer.
"Bryant's talents and executive
experience in the venture capital field, combined with Peter's Wall
Street experience at Goldman Sachs and Salomon Brothers, provide
a wealth of financial expertise to drive Pacific Venture Capital,"
Pacific Venture Capital
plans to invest between $50 million and $100 million in its first
year. "Our resources, industry expertise, and Northern California
location put us in an excellent position to identify, contribute
to, and share in the success of some of the most promising companies
in these businesses," Tong said.
Pacific Venture Capital
is a subsidiary of PG&E Corporation.
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