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 ACHIEVES MAJOR MILESTONE WITH THE CREATION OF PANTELLOS
San Francisco -- PG&E Corporation
(NYSE: PCG) and 20 other major energy companies today announced
the creation of Pantellos Corporation to operate and manage an open,
independent Internet marketplace for the purchase of goods and services
between the energy industry and its suppliers.
"The launch of Pantellos
Corporation is an important milestone in our continuing efforts
at PG&E Corporation to capitalize on e-commerce opportunities to
improve the speed, efficiency and cost-effectiveness of the way
we do business," said PG&E Corporation Chairman, CEO and President
Robert D. Glynn, Jr. "We expect Pantellos to benefit our utility
customers and generate value for both our shareholders and suppliers
By bringing customers and
suppliers together online, PG&E Corporation and the other founders
of Pantellos expect to streamline purchasing processes, shorten
purchasing cycles, and increase accessibility between buyers and
Glynn also emphasized that
the Corporation expects the creation of the new online marketplace
to promote supplier diversity.
"PG&E Corporation maintains
a strong commitment to supplier diversity," said Glynn. "Pantellos
will provide small and historically underutilized suppliers open,
low-cost access and increased market reach. Our support of Pantellos
represents a great opportunity for us to further our ongoing commitment
to these suppliers. Specifically, through our businesses, we envision
using Pantellos' services in such a way as to enhance the access
of women- and minority-owned businesses."
Pantellos will have an initial
capitalization of $100 million. It will use the proceeds to fund
development of technology solutions and provide necessary capital
for ongoing operations. Pantellos also announced it has selected
Commerce One (NASDAQ: CMRC) as the primary technology partner.
Pantellos (pan-TELLos) is
a Greek word that can be interpreted as meaning "complete or absolute."
The name reflects the company's goal to provide total e-supply-chain
solutions to its customers. To date, Pantellos has initiated contact
with some 1,500 suppliers to forge strong, mutually beneficial partnerships
in areas of interest and opportunity to all supply chain participants.
The company is seeking participation from all suppliers. Regional
workshops are being scheduled to provide more opportunity for information
exchange and dialogue.
The members of Pantellos
are American Electric Power (NYSE: AEP), Carolina Power & Light
(NYSE: CPL), Cinergy (NYSE: CIN), Consolidated Edison, Inc. (NYSE:
ED), DTE Energy (NYSE: DTE), Dominion Resources (NYSE: D), Duke
Energy (NYSE: DUK), Edison International (NYSE: EIX), El Paso Energy
(NYSE: EPG), Entergy (NYSE: ETR), FirstEnergy Corp. (NYSE: FE),
FPL Group (NYSE: FPL), GPU (NYSE: GPU), Ontario Power Generation,
PG&E Corp. (NYSE: PCG), Public Service Enterprise Group (NYSE: PEG),
Reliant Energy (NYSE: REI), Sempra Energy (NYSE: SRE), Southern
Company (NYSE: SO), TXU (NYSE: TXU) and Unicom (NYSE: UCM).
For more information about
the exchange, please visit its Website at: www.pantellos.com