PRESS RELEASES 2003
FOR IMMEDIATE RELEASE
June 30, 2003
ISSUED BY:   PG&E Corporation and Pacific Gas and Electric Company
Please call 800-PGE-NEWS or 415-973-5930 for more information.

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 CORP COMPLETES FILINGS: NO CHANGE TO NET INCOME

SAN FRANCISCO, CA - As previously announced, PG&E Corporation (NYSE: PCG) today filed a revised 2002 Form 10-K/A to reflect certain offsetting reclassifications of operating revenues and expenses, which net to zero, within its subsidiary PG&E National Energy Group (PG&E NEG). The reclassifications resulted in no change in PG&E NEG's or PG&E Corporation's reported operating income, net income, balance sheet or cash flow for the reporting period.

 Related Documents
Form 10Q/A
Form 10K/A

For the year ended December 31, 2002, the revision is a reclassification of offsetting PG&E NEG revenues and expenses of $467 million, which net to zero and were strictly limited to discontinued operations.

Also, for the quarter ended March 31, 2003, PG&E Corporation today filed a Form 10-Q/A to reflect certain offsetting reclassifications of similar transactions within its subsidiary PG&E NEG. For the quarter, the reclassification of certain offsetting revenues and expenses in continuing operations totaled $206 million and netted to zero. The reclassifications resulted in no change in PG&E NEG's or PG&E Corporation's reported operating income, net income, balance sheet or cash flow for the period.

In addition, PG&E NEG will file similar Forms 10-K/A and 10-Q/A to reflect these changes.


 

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