PRESS RELEASES 2003
FOR IMMEDIATE RELEASE
August 13, 2003
ISSUED BY:   Greg S. Pruett/Brian D. Hertzog 1-800-743-6397

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. SCHEDULES RELEASE OF SECOND QUARTER FINANCIAL RESULTS

(San Francisco, CA) - PG&E Corporation (NYSE:PCG) is scheduling release of second quarter financial results on August 19, 2003. A conference call with the financial community is scheduled to be held that day to discuss the results. Details regarding the call will be provided shortly.

The Corporation and Pacific Gas and Electric Company will file this week with the U.S. Securities and Exchange Commission (SEC) for an extension of the August 14, 2003, Form 10-Q filing deadline in order to provide PG&E National Energy Group, Inc. (NEG), additional time necessary to complete preparation of its second quarter financial statements.

NEG is currently reviewing its methods for netting certain revenues and expenses, primarily related to hedging activities. The outcome of this review is not expected to materially affect PG&E Corporation's operating income, net income, balance sheet or cash flow.

If NEG's financial statements are not complete by August 19, Pacific Gas and Electric Company intends to issue its separate results and file its Form 10-Q on a stand-alone basis.

As previously reported, on July 8, 2003, NEG filed for bankruptcy protection and concurrently filed a proposed plan of reorganization for emerging from Chapter 11, which if implemented would eliminate PG&E Corporation's equity in NEG. As a result of the Chapter 11 filing and the resignation of PG&E Corporation representatives from NEG's board of directors, PG&E Corporation no longer retains significant influence over the ongoing operations of NEG, including SEC filings made by NEG. NEG's financial results from July 8, 2003, forward will no longer be consolidated into PG&E Corporation's financial results.


 

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