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.
VENTURE SIGNALS COMMITMENT TO CAPTURING ADVANTAGES OF THE "NEW ECONOMY,"
PG&E Corporation today,
with 14 other major energy companies, announced plans to launch
a new business-to-business Internet marketplace for the purchase
of goods and services (See
additional press release). By bringing customers and suppliers
together online, PG&E Corporation and the other founding companies
expect to streamline purchasing processes, shorten purchasing cycles,
and increase accessibility between buyers and sellers.
"This and other e-commerce
initiatives at PG&E Corporation leverage the power of the Internet
to do our business more quickly, efficiently, and cost-effectively,"
said Robert D. Glynn, Jr., Chairman, CEO, and President of PG&E
Corporation. "And, to help both buyers and sellers win in the new
economy." Glynn reiterated PG&E Corporation's commitment to supplier
diversity, saying "It is our intention that 'new economy' approaches
to purchasing benefit all segments of the supplier community."
The founders behind the
initiative plan to form an independent company by June 2000 to operate
the exchange. The company will initially be owned by PG&E Corporation
and the other founding members. They include American Electric Power,
Cinergy, Consolidated Edison, Inc., Duke Energy, Edison International,
Entergy, FirstEnergy Corp., FPL Group, Public Service Enterprise
Group, Reliant Energy, Sempra Energy, Southern Company, TXU, and