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 RESPOND TO FERC REQUEST FOR INFORMATION ON ENERGY TRADING
(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
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.