PRESS RELEASES 2001 RELEASE
FOR IMMEDIATE RELEASE
October 19, 2001
Contact: News Department (415) 973-5930
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 ISSUES STATEMENT FOLLOWING DWR'S RELEASE OF LOWER REVENUE REQUIREMENT

SAN FRANCISCO -- Pacific Gas and Electric Company today issued the following statement after the California Department of Water Resources (DWR) released its revised revenue requirement:

"After an initial review, we are encouraged by DWR's announcement that their revenue requirement is approximately $4 billion lower than previously estimated. The new revenue requirement appears to reflect the changing market conditions that have led to lower gas and electricity prices.

"It is not yet clear how these new numbers interact with the California Public Utilities Commission's proposed $600 million cost shift between Northern and Southern California customers. We continue to support a fair and balanced distribution of costs between all utility customers, as DWR originally proposed.

"These new figures are another positive step in resolving the state's energy crisis. We look forward to working with the Governor in his on-going efforts to lower wholesale electricity prices and bring stability back to the market for our customers.

"We hope this development will facilitate efforts by Treasurer Angelides, DWR, and other parties to quickly and fully recover the state's power purchase costs."


 

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