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.
BOOSTS STAKE IN NEW WEB-BASED WHOLESALE ENERGY TRADING PLATFORM
San Francisco -- PG&E Corporation
(NYSE: PCG) today announced that it is increasing its investment
in True Quote LLC, a new browser-based wholesale energy trading
platform. Truequote.com provides customers with real-time energy
prices on their desktops, and allows them to execute online.
The browser-based truequote.com
platform is the latest version of a technology introduced last year
as the first real-time, broker-assisted, Internet-based quote system
for the natural gas and electricity wholesale marketplace.
Broker assistance promotes
neutrality, anonymity, depth of market discovery, and liquidity
to all market participants. True Quote developed the new platform
in collaboration with EnFORM Technology and Microsoft Corporation.
In addition to its equity stake, PG&E Corporation's National Energy
Group is providing development advice to help optimize True Quote's
"True Quote's technology,
which allows flexibility in launching new products makes it especially
valuable in the rapidly evolving e-business market," said Lyn Maddox,
president and COO of PG&E National Energy Group's trading operation.
The truequote.com system
will link directly to EnronOnline, the largest online commodity
platform in the world. "We welcome EnronOnline's linkage to the
True Quote system," added Maddox. "This will bring unprecedented
liquidity through real-time distribution to the marketplace."
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.