PRESS RELEASES 2004
FOR IMMEDIATE RELEASE
February 12, 2004
ISSUED BY:   Corporate Communications 1-800-743-6397

PG&E CORPORATION TO REPORT 2003 FINANCIAL RESULTS ON
FEBRUARY 19

(San Francisco) - PG&E Corporation (NYSE: PCG) will report financial results for the fourth quarter and the full year 2003 on the morning of February 19, 2004. A conference call with the financial community will be held that day at 11:00 a.m. Eastern time (8:00 a.m. Pacific) to discuss the results.

PG&E Corporation and its utility business, Pacific Gas and Electric Company, do not expect to have a final decision by the California Public Utilities Commission (CPUC) in the utility's 2003 General Rate Case (GRC) in time to be included in the financial results announced next week.

The absence of a final GRC decision will not significantly affect Pacific Gas and Electric Company's or PG&E Corporation's 2003 total net income or overall revenues, because the majority of any revenues authorized in the GRC will come from existing headroom*, which will be included in total net income. However, the absence of the GRC decision will be reflected in lower-than-estimated earnings from operations. PG&E Corporation previously stated that its $1.90-$2.00 per share estimate for earnings from operations included the effects of a GRC decision, and advised investors that achieving that range would depend on the timing of the decision.

In September 2003, Pacific Gas and Electric Company entered into a settlement agreement with consumer groups and the CPUC's Office of Ratepayer Advocates to resolve the General Rate Case. The settlement agreement would authorize additional revenues (effective retroactively to January 1, 2003) for electric and gas distribution and electric generation to cover costs associated with rate base growth and inflation. Further, it would provide a mechanism for timely and predictable revenue adjustments in 2004, 2005 and 2006. Notwithstanding the revenue increases, the GRC settlement agreement enables Pacific Gas and Electric Company to lower electric rates substantially for customers. Electric rates are currently expected to go down by approximately $800 million in 2004 alone.

The financial results reported on Feb. 19 are expected to reflect complete consolidated results for PG&E Corporation and Pacific Gas and Electric Company. However, if a final review of 2003 results for the Corporation's National Energy & Gas Transmission, Inc. (NEGT) subsidiary is not complete at that time, the Corporation will announce results for Pacific Gas and Electric Company on a stand-alone basis, and Pacific Gas and Electric Company will file a separate Form 10-K. PG&E Corporation would file its Form 10-K reporting consolidated results later once the review of NEGT results is complete.

NEGT filed for Chapter 11 reorganization on July 8, 2003. Since then, PG&E Corporation no longer has had representatives on NEGT's Board of Directors and no longer retains significant influence over the ongoing operations of NEGT. However, PG&E Corporation is still required to provide 2003 year-end financial statements that consolidate NEGT's results for the time period before its Chapter 11 filing.

The conference call on Feb. 19 will be open to the public on a listen-only basis via webcast. Please visit our website at www.pgecorp.com for more information and instructions for accessing the webcast. The call will be archived at www.pgecorp.com for 90 days. Alternatively, a toll-free replay of the conference call may be accessed shortly after the live call through 9:00 p.m. EST, February 26 by dialing 877.470.0867. International callers may dial 402.220.0642.

* Headroom is the difference between Pacific Gas and Electric Company's generation-related revenues and its generation-related costs.


 

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