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.
UNITS DID NOT ENGAGE IN ENRON TRADING STRATEGIES, FERC TOLD
(San Francisco, CA) - PG&E
Corporation (NYSE: PCG) reported today that its business units,
Pacific Gas and Electric Company and the PG&E National Energy Group
(PG&E NEG), have informed the Federal Energy Regulatory Commission
(FERC) that they did not engage in Enron trading strategies. The
Commission has asked more than 150 companies to provide information
on their power marketing and trading activities in the California
energy market during 2000 and 2001.
We are pleased to cooperate
with the FERC investigation and we hope that this will assist in
restoring confidence in the energy markets as speculation is replaced
Copies of Pacific Gas and Electric
Company's and the PG&E National Energy Group's responses to
FERC are available for viewing at www.pgecorp.com. Copies of the
press releases issued by Pacific
Gas and Electric Company and the PG&E
National Energy Group summarizing their respective response
to FERC may also be viewed at www.pgecorp.com.