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.
ENERGY GROUP TELLS FERC NO ENRON TRADING STRATEGIES FOUND
(Bethesda, MD) - PG&E National
Energy Group, a unit of PG&E Corporation (NYSE: PCG) reported to
federal regulators today that it did not engage in the energy trading
strategies described in Enron Corp. memos made public earlier this
The Federal Energy Regulatory
Commission issued a request to more than 150 companies for information
on energy trading practices in the western United States in 2000
and 2001. PG&E National Energy Group neither owned nor operated
any power generation facilities in California during the 2000-2001
energy crisis, nor was it a substantial player in the state's trading
"Our energy trading activities
were conducted consistent with the California Independent System
Operator's policies and practices, as explained to us by the ISO,"
said Lyn Maddox, president of the company's trading operations.
"It is our policy to always comply fully with the laws, rules, regulations
and guidelines that govern all the markets in which we do business."
The company's response to
FERC specifically denied engaging in the Enron strategies. In its
response, the company also provided details of the procedure it
used, with the knowledge and advice of the California Independent
System Operator, to sell electricity into the state's real-time
PG&E National Energy Group,
based in Bethesda, Md., develops, builds, owns and operates power
production and natural gas transmission facilities and provides
energy trading, marketing and risk management services in North