PRESS RELEASES 2000 RELEASE
FOR IMMEDIATE RELEASE
April 13, 2000
Contact: Greg S. Pruett
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 SELECTS BUYER TO PURCHASE RETAIL ENERGY SERVICES COMMODITY PORTFOLIO

(San Francisco, CA)- PG&E Corporation (NYSE: PCG) today announced that it will sell the stock of its PG&E Energy Services unit to Enron Energy Services Operations, Inc., the retail energy services unit of Enron Corporation (NYSE: ENE), for approximately $85 million, subject for adjustments for working capital. Through this transaction, Enron will acquire PG&E Energy Services' retail electric and gas commodities business.

The Corporation received offers from several parties interested in acquiring all or a portion of the Company's retail energy services unit. The transaction announced today will transfer the electric and gas commodities business and certain related infrastructure assets to Enron. The sale is subject to regulatory review, including approval from the Federal Energy Regulatory Commission. It is expected to be complete by the close of the second quarter of 2000.

PG&E Corporation continues to review offers from parties interested in acquiring the value-added services, technical and certain infrastructure assets of its retail energy services business.

"The announcement of this transaction, which comes about four months following our decision to exit the retail energy services business, demonstrates the speed and intensity with which we are implementing our strategy to grow financial performance and shareholder value," said Thomas G. Boren, President and CEO of the PG&E National Energy Group. "This transaction frees up additional resources that we will redirect to support our plans to aggressively expand and grow the competitive wholesale generation, energy commodities trading, and natural gas services businesses of the National Energy Group."

PG&E Corporation, with 1999 revenues of almost $21 billion and operations in 27 states, markets energy services and products throughout North America through its National Energy Group. PG&E Corporation's businesses also include Pacific Gas and Electric Company, the Northern and Central California utility that deliver natural gas and electricity to one in every 20 Americans.


 

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