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.
ENERGY GROUP TELLS FERC NO NATURAL GAS SELL/BUYBACK TRADES
BETHESDA, Md. - PG&E Corporation's
(NYSE: PCG) PG&E National Energy Group told federal regulators Wednesday
that it has not engaged in "sell/buyback" natural gas trades.
PG&E National Energy Group
reviewed its natural gas trading transactions during 2000 and 2001
in response to an inquiry from the Federal Energy Regulatory Commission,
which issued a request for information on gas trading practices
for the Western United States and Texas.
The FERC requested information
involving the sale of natural gas together with a simultaneous purchase
of the same product at the same price with the same counter party.
The company's review found no such transaction responsive to the
PG&E National Energy Group,
based in Bethesda, Md., develops, builds, owns and operates power
production and national gas transmission facilities and provides
a broad range of energy trading, marketing and risk management services
in North America.