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.
COMMENTS ON FERC MARKET MITIGATION ACTION
(San Francisco, CA) - PG&E
Corporation (NYSE: PCG) today issued the following statement on
Monday's action by the Federal Energy Regulatory Commission (FERC)
extending its wholesale electricity mitigation strategy beyond California
to an additional 10 western states.
"We're very pleased that
FERC saw the need to expand the existing mitigation to cover all
electric suppliers in all hours throughout the Western System Coordinating
Council. As a result of FERC's action, mitigation now covers the
integrated Western market.
"We look forward to working
closely with the FERC to monitor the functioning of the market and
the impact of these mitigation measures on customer prices.
"We're also pleased that
FERC has relied on a market approach to establish mitigation with
the long-term goal of returning to a functional market to provide
effective competition in the electric industry.
"We believe that customer
choice and competition can provide long term, stable benefits to
consumers. However, as FERC has recognized, some market mitigation
measures are appropriate in the Western U.S. at this time to deal
with California's broken market and the region-wide supply shortages."