SAN FRANCISCO, CA - As previously announced, PG&E
Corporation (NYSE: PCG) today filed a revised 2002 Form
10-K/A to reflect certain offsetting reclassifications
of operating revenues and expenses, which net to zero,
within its subsidiary PG&E National Energy Group
(PG&E NEG). The reclassifications resulted in no
change in PG&E NEG's or PG&E Corporation's reported
operating income, net income, balance sheet or cash
flow for the reporting period.
For the year ended December 31, 2002, the revision
is a reclassification of offsetting PG&E NEG revenues
and expenses of $467 million, which net to zero and
were strictly limited to discontinued operations.
Also, for the quarter ended March 31, 2003, PG&E
Corporation today filed a Form 10-Q/A to reflect certain
offsetting reclassifications of similar transactions
within its subsidiary PG&E NEG. For the quarter,
the reclassification of certain offsetting revenues
and expenses in continuing operations totaled $206 million
and netted to zero. The reclassifications resulted in
no change in PG&E NEG's or PG&E Corporation's
reported operating income, net income, balance sheet
or cash flow for the period.
In addition, PG&E NEG will file similar Forms 10-K/A
and 10-Q/A to reflect these changes.