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        PRESS RELEASES 2003
      June 27, 2003
      ISSUED BY:   PG&E Corporation and Pacific Gas and Electric Company
      Please call 800-PGE-NEWS or 415-973-5930 for more information.

      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.


      SAN FRANCISCO, CA - PG&E National Energy Group, a unit of PG&E Corporation (NYSE:PCG), today reported that it is revising its 2002 Form 10-K/A to reclassify certain offsetting revenues and expenses, which net to zero.

       Related Documents
      8K Filing

      The revision is strictly a reclassification of approximately $470 million of fully offsetting revenues and expenses from discontinued operations to continuing operations. The reclassification, which nets to zero, will result in no change in PG&E NEG's operating income, net income, balance sheet or cash flow. The only impact of the reclassification is an increase in operating revenues offset by an equal increase in operating expenses in its consolidated statements of operations.

      In addition, PG&E Corporation will revise its 2002 Form 10-K/A to reflect this change, which will result in no change in operating income, net income, balance sheet or cash flow.


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