SAN FRANCISCO - Pacific Gas and Electric Company today issued the following statement after the U.S. Bankruptcy Court denied the California Public Utilities Commission's (CPUC) request that the utility be required to pay UBS Warburg's fees and expenses:

"Pacific Gas and Electric Company is pleased that the U.S. Bankruptcy Court denied the CPUC's motion to require the debtor to pay the fees of the Commission's financial advisor, UBS Warburg."