PRESS RELEASES 2003
FOR IMMEDIATE RELEASE
December 04, 2003
ISSUED BY:   Corporate Communications 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 URGES CPUC TO ADOPT PROPOSED SETTLEMENT AGREEMENT

SAN FRANCISCO - PG&E Corporation (NYSE: PCG) and Pacific Gas and Electric Company today issued the following statement after Commissioners Geoff Brown and Carl Wood released proposed decisions in the utility's Chapter 11 proceeding:

"Neither of the proposed alternates released today achieve the immediate and substantial rate relief contained in the settlement reached between PG&E and the CPUC staff."

"The proposed settlement agreement we reached with the CPUC staff represents a chance for all the parties to put the energy crisis behind us, and move to a more secure future for customers, employees and investors. We remain confident that the majority of Commissioners recognize this unique opportunity and will take the right action by approving the proposed settlement agreement without changes."

"PG&E urges the CPUC to vote for President Peevey's Alternate Number One, which would end the Chapter 11 case, restore our company to investment grade credit status, and bring an immediate, significant rate reduction to our customers."

PG&E and other parties will file comments on today's proposed decision by December 11. The CPUC is scheduled to take up the proposed settlement agreement and the proposed decisions at its December 18th meeting.


 

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