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.
AFFIRMS ITS STATUS UNDER FEDERAL HOLDING COMPANY ACT
(San Francisco, CA) - In
a submission with the U.S. Securities and Exchange Commission (SEC)
today, PG&E Corporation (NYSE: PCG) responded to a petition by the
California Attorney General's Office that asked the SEC to review
PG&E Corporation's exemption from the Public Utility Holding Company
Act (PUHCA). The company issued the following statement regarding
"An objective review of
the law and the facts quickly shows that the issues raised in the
petition by the Attorney General's Office are entirely baseless.
Our submission to the SEC today demonstrates that PG&E Corporation
very clearly meets the SEC's long-standing, explicit criteria for
exemption from PUHCA. We have also shown that the holding company's
financial practices with regard to its Pacific Gas and Electric
Company utility unit have been prudent and proper, and have not
only been well within SEC standards, but in fact have exceeded them.
If the SEC decides to review the facts, we would embrace the inquiry,
and we are confident that the Corporation would be fully vindicated."
For a copy of the Executive
Summary to the company's SEC submission, click