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.
AND ELECTRIC COMPANY DEFERS PREFERRED SECURITIES QUARTERLY PAYMENT
(San Francisco, CA)- Pacific
Gas and Electric Company announced today that it is deferring the
quarterly distribution payment on its 7.90 percent Cumulative Quarterly
Income Preferred Securities (QUIPS), Series A, issued by PG&E Capital
I, due on April 2, 2001 for the first quarter of 2001.
QUIPS distributions can
be deferred up to a period of five years under the indenture governing
those securities. Investors will accumulate interest on the unpaid
distributions at the rate of 7.90 percent per annum.
Future payments of preferred
dividends and QUIPS distributions will be resumed when Pacific Gas
and Electric Company's Board of Directors determines that the financial
health of the Company will support such action.