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.
MOVES TO DISMISS ATTORNEY GENERAL'S LAWSUIT
San Francisco - PG&E Corporation
(NYSE: PCG) today filed a motion in the Northern District U.S. Bankruptcy
Court to dismiss a lawsuit filed against the Corporation by the
California Attorney General. The Corporation said the attorney general's
complaint illegally interferes with the court's supervision of Pacific
Gas and Electric Company's plan of reorganization process and illegally
seeks to punish PG&E Corporation for co-sponsoring the plan of reorganization.
The attorney general's complaint
alleges that PG&E Corporation and its directors made improper use
of the Bankruptcy Court by virtue of PG&E Corporation's co-sponsoring
of the pending Plan of Reorganization. It also seeks restitution
of assets allegedly wrongfully transferred to PG&E Corporation from
Pacific Gas and Electric Company.
The financial transactions
cited by the attorney general have been thoroughly reviewed and
audited multiple times - by the California Public Utilities Commission,
and by the state Legislature - with no findings that the transactions
were anything but entirely appropriate and legal.
The company said it believes
the attorney general's complaint is without merit, and is part of
his ongoing efforts to obstruct Pacific Gas and Electric Company's
plans for emerging from bankruptcy.