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.
STATEMENT AFTER CPUC ANNOUNCEMENT
SAN FRANCISCO - Pacific
Gas and Electric Company today issued the following statement after
the California Public Utilities Commission (CPUC) held a press conference
on the utility's Chapter 11 case:
"The CPUC's announcement
today, weeks after the voting period ended, underscores the fact
that its current plan is not feasible and cannot be confirmed.
"Since many of the important
details of the CPUC's arrangement have not been made public, PG&E
will need to obtain and thoroughly review additional information
in order to provide a detailed analysis.
"PG&E continues to believe
its plan of reorganization is the fastest, fairest and most feasible
solution to resolve its Chapter 11 case. PG&E's reorganization plan
is the only one that allows the utility to emerge from Chapter 11
as an investment-grade company, pays all valid claims in full with
interest and gives the State of California a clearly defined path
to exit the power buying business."