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.
STATEMENT FOLLOWING DWR'S RELEASE OF LOWER REVENUE REQUIREMENT
SAN FRANCISCO -- Pacific
Gas and Electric Company today issued the following statement after
the California Department of Water Resources (DWR) released its
revised revenue requirement:
"After an initial review,
we are encouraged by DWR's announcement that their revenue requirement
is approximately $4 billion lower than previously estimated. The
new revenue requirement appears to reflect the changing market conditions
that have led to lower gas and electricity prices.
"It is not yet clear how
these new numbers interact with the California Public Utilities
Commission's proposed $600 million cost shift between Northern and
Southern California customers. We continue to support a fair and
balanced distribution of costs between all utility customers, as
DWR originally proposed.
"These new figures are another
positive step in resolving the state's energy crisis. We look forward
to working with the Governor in his on-going efforts to lower wholesale
electricity prices and bring stability back to the market for our
"We hope this development
will facilitate efforts by Treasurer Angelides, DWR, and other parties
to quickly and fully recover the state's power purchase costs."