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.
STRIKES MID-WEST TOLLING AGREEMENT WITH DTE ENERGY COMPANY
Bethesda, MD -- PG&E Corporation's
(NYSE: PCG) National Energy Group today announced a 10-year tolling
agreement with DTE Energy Services (DTEES). The alliance gives PG&E
National Energy Group marketing control of its first generation
asset in the Midwest power market. Under the terms of the agreement,
PG&E National Energy Group's subsidiary, PG&E Energy Trading - Power,
L.P., has contracted with DTEES for long-term capacity rights at
DTEES's 160-megawatt natural gas-fueled Georgetown peaking facility,
located in suburban Indianapolis. The facility began commercial
operation June 1, 2000.
"This partnership gave us
a timely entrance into the region's power market. With restructuring
gaining a foothold in Michigan, and legislation moving forward elsewhere
in the region, PG&E National Energy Group is poised to create tremendous
value for customers through both its marketing and generation arms,"
said PG&E National Energy Group Senior Vice President, Trading,
Sarah Barpoulis, referring to the tolling agreement and the Company's
planned merchant generation projects.
Peter Greenberg, Vice President
of Marketing, Eastern Region, added, "As a leading generation asset
owner and marketer in the East, we bring reliability and credibility
with us. Consumer confidence is increased as additional capacity
is made available to meet peak demands. We're pleased to formalize
this agreement with DTE Energy Services and look forward to a successful
DTE Energy Services, headquartered
in Ann Arbor, Mich., invests in, builds and operates energy projects
for large industrial, commercial and institutional customers. DTE
Energy Services is a subsidiary of DTE Energy Co., a diversified
energy company involved in the development and management of energy-related
businesses and services nationwide.
PG&E Corporation with 1999
revenues of nearly $21 billion and operations in 21 states, markets
energy services and products throughout North America through its
National Energy Group. The Corporation has ownership and management
interests in more than 30 power plants and has one of the largest
energy trading and risk management programs in North America.