PRESS RELEASES 2002 RELEASE
FOR IMMEDIATE RELEASE
May 31, 2002
Contact: PG&E Corporation
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.

PG&E CORPORATION UNITS RESPOND TO FERC REQUEST FOR INFORMATION ON ENERGY TRADING TRANSACTIONS

(San Francisco, CA) - PG&E Corporation (NYSE:PCG) units Pacific Gas and Electric Company and PG&E National Energy Group (PG&E NEG) today filed responses to a request by the Federal Energy Regulatory Commission (FERC) for information concerning trading activities in the Western U.S. markets during 2000 and 2001. More than 100 companies were asked by FERC to provide information on trading activities involving the sale of an electricity product to another company together with a simultaneous purchase of the same product at the same price.

Pacific Gas and Electric Company's response informed the Commission that it did not engage in any activity of this type in the Western United States markets.

The PG&E NEG response stated that it investigated more than 25,000 electric trades transacted during 2000 and 2001 and identified 12 instances of sell-buy back trades.

These instances had no material effect on the company's reported financial results.

Copies of Pacific Gas and Electric Company 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 NEG summarizing their respective responses to FERC may also be viewed at www.pgecorp.com.


 

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